ENTREPRENEURSHIP Report: Venture Types, Economy, and Brexit Analysis

This report provides a comprehensive overview of entrepreneurship, covering various types of entrepreneurial ventures, including serial, social, and female entrepreneurs, along with the characteristics of each. It delves into the similarities and differences between small and social ventures, and large and scalable ventures. The report assesses the influence of micro and small businesses on the economy at local, regional, and national levels, supported by statistical data. It further explores the importance of small businesses in contributing to the growth of the social economy post-Brexit. The analysis includes a discussion on the skills and traits of successful entrepreneurs and how entrepreneurial personality reflects motivation and mindset. Finally, the report examines how experience and background can foster or hinder entrepreneurship, concluding with a summary of key findings and references.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and its related typology.....................................1
P2 Similarities and differences within entrepreneurial ventures.................................................3
TASK 2............................................................................................................................................5
P3 Assess and interpret how micro & small business influence on economy............................5
P4 Importance of small business will contribute to the growth of social economy after 'Brexit'
.....................................................................................................................................................8
TASK 3............................................................................................................................................9
P5 Characteristics, skills and traits of two successful entrepreneurs..........................................9
P6 Entrepreneurial personality reflect entrepreneurial motivation & mindset.........................10
TASK 4..........................................................................................................................................12
P7 Examine experience and background can foster or hinder entrepreneurship......................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is the process who individually starts their own enterprise along with
that they bear all losses and risks by themselves (Blackburn, Hart and Wainwright, 2013). It
consider as an dynamic process in order to create wealth by taking higher level of risk in their
businesses. It should be in any form such as equity, time, cost etc. Entrepreneurs are having new
and innovative ideas which aid them in manufacturing a new goods within the market. Along
with this, it is necessary of entrepreneur to be innovative and creative for attracting large
numbers of customers. Small enterprise management is the process of managing activities and
operations which is organised within the small enterprises for controlling and maintaining it in an
proper way. In this report it involve the different types of ventures and its related typologies.
Along with this it also analyse the background and experience of entrepreneur which hinder or
foster the entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures and its related typology
Entrepreneurial Ventures
It is similar like a regular enterprise but it is not so. It is an business that is operated by an
innovative person as well as they know it effectively that how they can grab the opportunities to
produce social and economic value within the business. It is fast in creating wealth with higher
level of risk for manufacturing goods and services.
Entrepreneur
In this, persons starts their own enterprise and operate their business activities with the
limited resources. They are only responsible for making new and innovative products by taking
all losses and risks by themselves (Bridge and O'Neill, 2012).
Entrepreneurs types Serial entrepreneurs: In this, person starts their own enterprise in an continuous way and
sell it off at the later stage. They are having different kinds of innovative and new ideas
with them and funds as well. Social entrepreneurs: In this, person mainly concentrate on resolving issues of society
rather than gaining profits. Entrepreneurs are very much ambitious as well as capable in
handling important social problem which are faced by the members of society.
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 Female entrepreneurs: This kinds of entrepreneurs operate entire business which mainly
consists of women. These businesses are regulated and owned by female itself. Along
with this they are responsible in order to create 51% employment.
Entrepreneurship
It refers as the willingness and capabilities to develop, manage and organise a enterprise
venture with taking higher level of risk for earning profits. It is the person who develop and run
all the activities of business by themselves.
Types of Entrepreneurial ventures Small business entrepreneurship: According to present scenario, there are 6 million
small enterprises which are operating currently in the market within United Kingdom. It
involve different kinds of enterprises such as travel agents, grocery stores, consultants,
electricians and so on. These all are operating their own enterprise with their own profits
and risks by themselves. Social Entrepreneurship: In this kind of enterprises are operating to give advantages to
society by providing them products as per their requirements. They manufacture a
healthy goods which cannot give harm to peoples in an negative manner. For example:
Ayurvedic products, Patanjali goods are giving healthy items to their customers at cheap
rates (Carsrud and Brännback, 2011). Scalable Entrepreneurship: These are the business which are created through their
strong ideas. This kinds of entrepreneurship are having the vision of changing the world
through their ideas. They manage finance from the market along with this they have to
convince persons for investing on their ideas.
Relationship of ventures with its typologies
All these ventures are related with the typologies in some or other way such as scaleable
entrepreneurship is linked with social and lifestyle entrepreneurship which is linked with
managing the growth of venture typology. Their are various kinds of typologies which are
connected in an effective way with the ventures which are running within the market.
Types of Topology Lifestyle ventures: In this kind of enterprises provide immediate profits to business. They
mainly like to work alone.
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 Survival ventures: In this kinds of enterprise are started for accomplishing basic
requirements of the family. It is a type of small enterprise which are barber store, grocery
store, internet cafe and many more.
 Managed growth ventures: these kinds of enterprise are operated by an smart
businessman as they know how to earn lots of money. These peoples invest only on those
businesses in which they know that their money will not go waste and they will definitely
earn profits.
P2 Similarities and differences within entrepreneurial ventures
Businesses Similarities Difference
Small and social
entrepreneurial
 Sort of both business use
different creative and
innovative ideas for
achieving their set
outcomes in an effective
way.
 Main purpose of both the
organisation is to provide
goods and services to their
customers (Chittithaworn
and et. al., 2011).
 Small enterprises are
formed for achieving
their higher level of
advantages. On other
hand, social entrepreneur
purpose is of segmenting,
society issues and
problem solving.
 Social entrepreneurial
solve major issues along
with nation barriers for
making a better
workplace.
 Major goals and
objectives of social
ventures is to provide the
services to peoples who
are suffering with
miserable situations.
Large and scalable
entrepreneur
 Both entrepreneurial
venture purpose is to make
 Scalable entrepreneur
involve less number of
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the changes in structure
and perception of a
merchandising and market
(Chrisman and et. al.,
2012).
 Major aim of this business
is to earn various
advantages out of
activities of different
running business.
spending and resources.
On other hand, large
organisation which are
contains higher level of
loss as well as direct
advantages.
 Scalable venture aid
firms in improving and
sustaining their ideas.
Lifestyles and serial
venture
 It carry out similar aims of
applying different ideas
within the market place of
business.
 Both ventures are work
brighter for providing
ideas as well as hard
working (Dennis Jr, 2011).
 Lifestyle ventures are not
merge with small
enterprises. On other
side, serial venture seeks
every opportunities which
will give growth to
business.
 Lifestyle business
supports goods and
services for human
comfort. On other hand,
serial venture are having
long thoughts for having
clear ideas which aid in
running a business
activities smoothly.
Female and male
entrepreneurial
 These both entrepreneurial
work for their set
objectives.
 Male and female both are
 Male entrepreneur can
take decisions, on other
side, females
entrepreneur will face
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hard working for
achieving targets in an
effective manner.
 Consists equal skills and
knowledge.
various issues as well as
have to handle the
situation effectively.
 Female Entrepreneur are
are very much sensible
towards their work for
taking decisions. On
other side, they are more
ambitious (Drucker,
2014).
TASK 2
P3 Assess and interpret how micro & small business influence on economy
Their are several kinds of enterprises which are organised within the society. It is
classified in three different parts which are as follows: Micro Business: In this, enterprise are mainly having their one owner. The total numbers
of workers are working there are 0 to 9 involving owner. Their are several kinds of micro
enterprises which are started the women or youngster. It is a flexible kind of enterprise in
which owner work according to its capabilities and skills. In United Kingdom, there are
around 5.3 million micro enterprises are operating (Micro and small-business ventures,
2017). Small Business: It is a kind of enterprise which is started by an particular person whose
purpose is to earn higher level of profits. In this workers range is 0 to 500 only. Each new
business is started are involved in small firms. It is a reason that United Kingdom is
having more than 6 million small enterprises. These enterprises are responsible for
creating 64% of new vacancies of jobs within the last 20 years. Medium Size Business: These organisation are categorised in large and small businesses.
Medium sized enterprises are somewhere in between there is no official definition is
provided for it (Fassin, Y., Rossem and Buelens, 2011). But in some organisations where
numbers of workers ranges are from 250 -500.
Influence of economy on small and micro enterprises
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Management of micro and small businesses are used to organise a effective research for
finding out present trends within the market. It will aid in determining customers requirements
and manufacturing goods. Basically, these kind of businesses are categorised on the basis of
small and micro according to their numbers of workers, structure and size. Major influence lie
within small and micro sized enterprises which are as follows:
Local impact: Organisation within this sector influence on local areas in a large way as they
concentrate much on accomplishing citizen demands only. In this, they mainly target the local
buyers only at the time of running and establishing their enterprises (George and Bock, 2011).
As they provide employment to local peoples which will help in declining the rate of
unemployment.
(Source: Local impact on micro and small enterprises, 2017)
Interpretation: In this data, it is interpret that through increasing of small enterprises it will help
in declining the rate of unemployment. Micro level enterprises provide employment to 18.9%,
small business give job to 23.4% population and medium organisation give 29.2% of
employment. .
Regional impact: Both the sector of organisation gave a huge influence over societies in an
negative and positive way. In this they are accomplishing local persons demands which reflects
its positive side of micro enterprises. It will gave negative part while selling goods and services
at fixed rate.
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Illustration 1: Local impact on micro and small enterprises

(Source:Regional impact on micro and small enterprises, 2016)
Interpretation: According to above graph, it shows that comparison of 2001 to till, micro
enterprises economy is increasing at higher level.
National impact: In this, business within small sector are increasing with very fast rate. So,
power of earning of them also gave impact on countries economy (Gorgievski, Ascalon and
Stephan, 2011).
(Source: National impact on micro and small enterprises, 2016)
Interpretation: According to above data, it shows that GDP rate of United Kingdom increase
from 1% to 3.9% from the year 2010-2015.
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Illustration 2: Regional impact on micro and small enterprises
Illustration 3: (Source: National impact on micro and small enterprises,
2016)

P4 Importance of small business will contribute to the growth of social economy after 'Brexit'
Brexit
It is British Team which is also known as British Exit. It is very famous team which is
used to discuss the prospective withdrawal of United Kingdom from EU. It was began from 29th
march 2017. Here, British people voted for British Exit as well as its chairman was not within
the favour of it. At the time of final discussion, Prime Minister gave resign from the post. After
the new PM they try to break stereotype within European Union negotiation after the Brussels.
Difference within Start-ups & small-business
Small-business Start – ups
 It is made out with a new idea for
accomplishing basic needs of family.
 It gives a traditional goods to its buyers.
 It involve less scaleable as compared to
start-ups (Goss, 2015).
 It is privately owned company. Along
with this it also have 250 workers.
 It is established by creating new idea.
 It creates their own creative and
innovative idea along with this it is
having a large size of market.
 It is having a scalable model of
enterprises.
 They are having a innovative ideas and
they try to provide something new and
innovative to their buyers (Jones and
Rowley, 2011).
Impact of small enterprises on social economy of United Kingdom
According to present situation of United Kingdom market, it seems that there are
thousands of organisations are operating the business in micro and small sector. They give
several advantages to UK government for increasing their economy which are as follows: Social and economic development: Small enterprises are termed as a powerhouse of
economy of the nation. It is analysed that there are 5 Million of small and micro
enterprises within UK. They create the vacancies to more than 15.2 millions jobs within
UK. It gave a positive impact on United Kingdom.
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 Effects on taxes and revenue: It gave a very strong impact on UK by creating job
vacancies within the economy. As it generate income within the nation due to that they
have to pay taxes. Hence, nation will able to collect higher amount of taxes. It is having a
direct relationship with taxes and revenues. If revenue increases then it will gave rise to
level of income (Karlan and Valdivia, 2011). Improvements on social economy: It is the factor that aid in enhancing stability of
income within the UK economy. It will aid in giving them regular income which is lost
because of disability, death or retirement. It gave impact on economy at high rate and it
still not in BOP.
 Effect on poverty and many others factors: It gave a very huge impact on economy. As
if poverty take place within economy then it will gave slow growth of economy. Small
firms will aid in declining of poverty rate from the economy by making higher level of
wealth and employment within the economy.
TASK 3
P5 Characteristics, skills and traits of two successful entrepreneurs
Starting up of an business is a very easy task but for becoming a entrepreneur is not an
easy job. In order to become a entrepreneur they must have some characteristics and skills which
are utilized at the time of operating business. Joe Woods and Elisa Mianka are the two successful
entrepreneurs and their characteristics & traits of entrepreneur and manager are as follows:
Characteristics/Skills Manager Entrepreneur
Strategic Vision Manager must have a strong
vision which aid in guiding
workers in an effective way
(Neck and Greene, 2011).
Entrepreneur have to make a
business successful as well as
only having a better idea of
business is not enough. It will
also require a vision and
strategy which are used at the
time of organising the activities
of enterprise.
Communication It is very essential skills of
communication which should
This skills of communication
play a very main role for
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be their within every managers.
It will aid in gaining trust of
workers and their problems.
making a successful business.
As they have to communicate
the actions and ideas with their
workers.
Delegation They sometimes delegated their
work to its employees. It will
assist in accomplishing all the
business activities within the
limited period of time.
Entrepreneurs have to divide
their work among the entire
team members. As they do not
accomplish the whole work by
his own (Schaper and et. al.,
2014).
Critical thinking They have to think deeply for
understanding the policies and
plans which are applied within
the market.
They have to do deep thinking
about the work they have to
perform within the organisation.
All their actions and ideas are
based on their thinking.
Some of traits of successful entrepreneur like as Joe Woods and Steph Croft-Simon are as
follows:
 Joe Woods is very much dedicated for accomplishing their set targets along with this they
have to work hard for it.
 Entrepreneur have to be a risk taker due to that only they can able to earn higher level of
profits as risk and entrepreneur both are interrelated with one another.
 They must have a higher confidence level within themselves. With this they will able to
face any kind of situation within their life (Storey, 2016).
 Entrepreneur should be always ready to grab new things for making a business successful
and apply their new learning within their enterprise activities.
P6 Entrepreneurial personality reflect entrepreneurial motivation & mindset
Its importance of entrepreneurial personality within the developing enterprises in an
economy. As it is very crucial for every owner to have their personality for organising all the
business activities. So, it is necessary to have a better personality for giving a better influence on
society. For having a better personality their should have a several skills, traits and personality
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