Entrepreneurial Ventures, Brexit, and Success: A Comprehensive Report

This report provides a comprehensive overview of entrepreneurial ventures, including different types such as small, medium, and micro-enterprises. It examines the similarities and differences between these ventures, highlighting their impact on the UK economy, particularly in the context of Brexit. The report discusses the importance of small and start-up businesses post-Brexit, analyzing the challenges and opportunities they face. It also explores the characteristics and skills of successful entrepreneurs, using the backgrounds and experiences of Bill Gates and Warren Buffett as case studies. The report emphasizes the significant contributions of small and micro-businesses to employment, GDP, and innovation, while also addressing the role of government in fostering a supportive environment for their growth. Finally, it analyzes the potential impact of Brexit on these businesses and the UK economy.

Entrepreneurship and
Small Business
Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1) Types of entrepreneur ventures- ............................................................................................1
2) Difference and similarities between entrepreneur ventures-..................................................3
3) Micro and small business impact on economy-......................................................................4
4) Importance of small and start-up business contribution after Brexit-....................................6
5) Characteristics and skills of successful entrepreneur-............................................................8
6) Background and experience of Bill Gates & Warren Buffet-...............................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneur is an individual who sets up business with financial risk for profit and
growth. Entrepreneurship is the method of designing, introducing a new business venture. It is
generally a small business entity which operate at micro level (Bhagavatula, Mudambi and
Murmann, 2017). Management of this company manage by one or more than people. They
identify opportunities and develop require resources for exploitation. Report will explain
different types of entrepreneur ventures similarities and differences between all of them. Impact
of micro or small business on country economy. It will describe importance of small and micro
business contribution after Brexit. Further report will tell about two successful business
personality Bill Gates and Warren Buffett. They both motivate other persons through their life
experience. Gates is founder of world largest software organization 'Microsoft' and warren was
chairmen of Berkshire Hathaway. This two person includes in the list of world richest man.
MAIN BODY
1) Types of entrepreneur ventures-
Entrepreneur- An entrepreneur is a person who rather than work as an employee,
establishes a small business, manage all risks and rewards of the venture. They are usually seen
as an innovator, generate new or different ideas, products, services. Entrepreneur is an important
part of country economy. They create business plan, appoint labours, acquire resources and
finance and provide leadership and management for the business entity.
Entrepreneurship- It is the process of designing, launching and run a new business, which is
generally a small business at initial level. People who operate these business known as
entrepreneurs. It is explained as the capacity and willingness to conduct, develop and manage
business activities to earn profit.
Entrepreneurial activity- Entrepreneurial activity is the enterprising action of a person during
doing something, through the create or expansion of economy with the help of launching new
products and services (Bruton, Zahra and Cai, 2018). Entrepreneurship is the phenomenon
related to entrepreneurial activity.
Enterprise- It is the another word for profit business or organization(company), but generally it
is associated with entrepreneurial ventures. There are different types of enterprise-
 Sole proprietorship.
 Partnership.
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 Corporation.
 Limited liability company.
Types of entrepreneurial ventures-
Small entrepreneurs ventures– They are privately owned corporation, sole
proprietorship and partnership which have few numbers of employees or generate less annual
revenue amount compare to regular business sized. It is classified as 'small' when they are able to
gain government support and qualify for country taxation policy (Farhat and et.al. 2018). Small
business also divided by annual revenue, sales, shipments, net profit, and numbers of employees
into the organization. Hairdresser is a small entrepreneur.
Medium entrepreneurs ventures- They are not too small entrepreneur, it has 50 number of
employees. Its start-up capital is not less than small entrepreneurial and not much micro
entrepreneur. They distribute their services and products the nearest market.
Micro entrepreneurs ventures- Micro entrepreneurs venture is an investment equity which is
offering in the early stage of organization. They are connects investors with business start-up,
service looking for increasing fund and take participation in choosing secondary market
opportunity. Micro ventures accepts both accredited investors and non-accredited. It usually
manages with less than 10 people and start business with small amount. They generally provide
their services or products in local areas.
Entrepreneurship and typology-
Typology- Typology is a system for classified things into various types especially in
science and social science. According to typology there four types of entrepreneurship.
Small business- This is the backbone of any country, they are generally private business. It
includes service or retail operation like convenience stores, bakeries, saloon, restaurants etc. The
term 'entrepreneur' is usually conflated with term of small business (Hornsby and et.al., 2018).
Generally they are sole proprietor and have small number of employees.
Scalable start-up- It takes an innovative idea, research for scalable or repeatable entrepreneur
model which will change it into a highly growth, profit generate organization. Aim of this
venture is to accomplish market need, solve business problem by create a successful model.
Scalable business are apparel, online shopping for electronics etc.
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Large company- A large enterprise is an enterprise which checks at least 5000 employees,
annual turnover more than 1.5 billion. It has many sub-company in various countries. It also
known as multinational organization. Tesco is a large company of United Kingdom.
2) Difference and similarities between entrepreneur ventures-
Differences-
Basis Small entrepreneurs
ventures
Medium
entrepreneurs
ventures
Micro entrepreneurs
ventures
Definition Small entrepreneurs
ventures are those who
operate business at
small level. Generally
they are sole
proprietor (Linton and
Solomon, 2017).
Their annual revenue
is much than small
entrepreneurs. They
run business not only
local market areas.
They invest their
money to take
advantages of
secondary market.
They start business
with small mount of
money. Micro
entrepreneur believe to
distribute products and
services outside the
local market.
Example Hairdresser is a small
entrepreneur venture.
Restaurant is an
example of medium
entrepreneur ventures.
Ice-cream po-lour is a
micro entrepreneur
venture.
Employees It can employee
maximum of 250
employees
It employees
minimum of 20 people
It employee
minimum of 9 people
Focus/ Aim Small venture earn to
serve their family and
maintain standard of
living
Medium entrepreneur
focus to expand
business and become
large scale.
Micro organisation
focus on the survival
of the business.
Investment They have minimum Medium size Minimum capital is
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amount of capital, they
arrange funds from
family and friends.
enterprise arrange
funds from financial
institustions like bank.
enough for micro
enterprise.
Similarities-
Small, medium or micro entrepreneur all are same on different level.
Ownership- In small, medium or micro entrepreneurs manage their enterprise individually. They
do not have much requirement for any employee. For example hairdresser is a small entrepreneur
who have need one person to manage their work easily. Same thin medium or micro entrepreneur
also require one person to handle work.
Customer satisfaction- Customer satisfaction is more important for them. They all want to
satisfied consumer through the best products and services. A hairdresser satisfied their customers
by their(consumer) desire services. Ice-cream parlour provide different or qualitative flavour in
products give more satisfaction to buyers (Mugler, 2017).
Innovation- Small, medium, micro all three business attempts to practice something innovative
for business growth. They offer different schemes to attract more customers towards their
products and services. Like hairdresser purpose discount on expensive services like hair-spa,
body massage. Ice-cream parlour offer buy 2 get 1 on discount. These kinds of services
3) Micro and small business impact on economy-
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Source : [Micro-small business impact on economy, 2016]
In United Kingdom small and medium business play important role in country economy.
Data present that in country new small or micro enterprises establishing year by year. Only in
2016 5.5 million private business sector were operating here, which up by 97,000 since 2015.
This is one of the reason increase loan percentage for business start-up. Positive impact of small
micro business on economy can be ascertained on the basis of employment, GDP and exports of
the country. Government of United Kingdom provide loan to small entrepreneur which increase
country GDP. According to Nabi and et.al., (2017) small or micro ventures generally use fewer
than 250 employees. In the past three years 60% of small micro entrepreneur has borrowed loan
from external financial institute (Hornsby and et.al., 2018). Financial start-up and micro
entrepreneur is important part of economy. Small organizations play specific role in growth of
country GDP. They create jobs at small level. In United Kingdom 99.3% of private sector
business in the beginning of 2016 or 99.9% contribution of small micro sized. Employment
number in SME was 15.7 million, 61% of overall private sector employment in country. At
other hand small and micro business contribute positively in growth of innovation. They design
products according to the customers requirement, in order to satisfy their demands. Because of
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Illustration 1: SME impact on economy

this enterprise competition increase new metrics for business operating. Airbnb, Uber etc. are
examples who manage their industries and create new platform for competing business. 2008
financial crisis contributed to generate financial technology start-up. Now, financial sector is
come with new solution and creative ideas which create opportunities for people and making
funds. This is the government responsibility to facilitate through develop a supportive
environment where SME's are provided with an opportunity to prosper. Easy rules and
regulation or taxation policy make entrepreneur life more comfortable. Generate good
environment for new business start-up also includes business advisors or capital. The supporting
growth of small micro entrepreneur and start up is necessary for United Kingdom economy in
context of innovation and economic upliftment. Innovative small medium entrepreneur make a
most important indirect effect which is not measurable contribution into country GDP growth.
Small business has certain employment of United Kingdom. According to medium business data
it had 59% of jobs in country economy in the year of 2004. This sector provides new
employment opportunities for youth. High growth innovative enterprises give more contribution
to job creation. The direct impact of innovative or creative small medium entrepreneur on United
Kingdom GDP growth is not easy to measure. Every high profitable company in the small
medium sector is not necessary to be an innovative, Franchisee of a growing organization enter
in to a local unstructured market of fashion is the best example of this. As per Newman, Schwarz
and Ahlstrom, (2017)in May 2015 UK businesses employ less than 10 people, accounting for
33% of employment and 19% of turnover. Small micro enterprises are responsible for 15.2
million jobs. SMEs have ability to fuel economic growth, increase competition among peers and
develop different market scenario. When a new entrepreneur enter into in this sector, their
innovative ideas make impact on country economy. They always try to increase revenue that is
created positive effect. There is a reciprocal relationship between small micro entrepreneur and
economy, mean development in GDP ensures the creation of new SMEs and creation of them
develop boost success in economy.
4) Importance of small and start-up business contribution after Brexit-
Brexit is the impending exit of United Kingdom from European Union. Referendum on
23 June 2016, British voters supported in majority to leavening EU. United Kingdom has 2
years from date to negotiate a new relation with European Union. On 8 December British and
EU negotiators announced a deal related to country's divorce settlement with bloc. They will pay
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an exit bill of 35 Euro billion and this agreement paves cover the way for talks on country future
relation with EU. On 12 October Barnier told to a press conference that enough progress had not
been accomplished. On December 8 however, two factors released a mutual statement describing
“agreement in principle” related to complicated separate issue.
Arguments about Brexit-
“Leave” voters base their support for Brexit on various factors, including European debt
crisis, terrorism, immigration bureaucracy on British economy. United Kingdom has wide wary
of EU projects that leavers feel threat from UK sovereignty. They have tended to stress matter of
national pride, safety and economic arguments.
Importance of small micro business after Brexit-
The United Kingdom voted to leave European Union in referendum held on June 2016.
Importance on small business from country GDP is wide ranging because they are the backbone
in developing UK economy. Weak GDP will have impact on small micro business in terms of
their activity and buyers like to purchase products and services. This business are susceptible to
shocks and they usually have a lower field of operation (Parker, 2018). Falling GDP means
micro enterprise may struggle especially if they import products and services across. United
Kingdom wealth of small and micro sized business will be support to charge in unknown
economy, at least consumer level. For example, the small business refers to cigarette industry
which come into light for developing economical level. Another one thing is that difficult matter
of multinational workforces or free access economic issues are discussed. This is the United
Kingdom high street shopper which has growth economy since referendum.
1. Wealth distribution- The customers of United Kingdom are very excited to purchase
products and services through online facility. This helps in increasing wealth and per
capita income of the country after the impact of Brexit. It is fact that it is related to
geographical place but in this digital world with the help of WiFI and 4G access,
consumers can purchase anytime, anywhere. in addition to wealth distribution, physical
outlets are designed very well according to their role, but online purchasing provide
better opportunity for shopping.
2. Economic growth: Number of self-employed workers are increased in United Kingdom
after Brexit. Another way to increase economical growth is that to attract consumers to
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spend on small and micro businesses. Other important factor to increase growth is to
seek customers by offering valuable and advanced products in this global world.
3. Reduction in poverty:- In globalization, small and micro business practices more to
reduce poverty level in UK. Most of us still stay within global business environment. A
greener Britain is on the horizon with sustainable with more energy resources and like to
buy local products (Regnier, 2017). This type of business model one is fluid in its market
study and flexible when it comes in different sales format, which will thrive in
uncertainty of after Brexit economy. Sustainability and stability will define the behaviour
of United Kingdom small micro business. Globalisation represents a greedy for profit and
success, to strive to take chance on every opportunity.
5) Characteristics and skills of successful entrepreneur-
Bill Gates- William Henry Gates III was born October 28 1955 is an American business
personality, investor, author, founder of Microsoft Corporation. During the time of his career at
Microsoft, Gates worked as a chairman, CEO and chief software architect, and is the largest
shareholder in May 2014. In 1975 Gates and Paul introduced Microsoft, which become largest
PC software organization. He leads the organizations as chief executive officer end of the 2000.
In June 2006 he made an announcement that he would going to transitioning from full-time job
in company to part-time job or full time work at Bill& Melinda Gates Foundation which
introduced in 2000 . He appoints Ray and Craig on his behalf. He retired from chairman position
in 2014 February and offered a different responsibility as technology adviser to support newly
appointed CEO Satya Nadella.
Early life- He was born in Seattle, Washington on 28 October 1955. William H. Gates and Mary
Maxwell Gates was his parents. At 13, he enrolled in Lakeside School and took an interest in
programming the GE system in BASIC. He wrote his first computer program on this machine, an
implementation of tic-tac toe that allowed users to play against computer. From 1995 to 2017 he
held the richest person title on Forbes.
Characteristics and skills: - The key is to not lose key quality such as humble attitude, vision or
empathy in the success. A great leader like Bill Gates has some characteristics and skills-, which
are below-
Passionate- Bill Gates is very driven and does not believe in naysayers. Whenever he sees
various opportunity for growth, always try to give his best. He is always passionate in increasing
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the growth of company which makes him different from others. He found himself more
passionate person as compared to others who have same vision.
Vision- Gates has an incredible vision and focus on his work as other people refuses to do any
challenging task. He not only learn from others failure but from own mistakes too. He believes
that everyone has to learn from failure before make them correct.
Continuous learner- One of the skill is that Gates is a serious thinker and has a great personality
of passion for learning and always make efforts to learn new things. As compared to other
manager they are not eligible for continuous learning and development. He loves continuous
development in himself that involves to read and write. He asks other for their innovative ideas
which are more important for their life and success.
Positive attitude- The main and last skill of Gates is to carry positive attitude to keep himself
motivate. He always finds opportunities by solving problems within the organization. Bill was
very determine to make work easy, overcoming obstacles and reaching his objective.
Warren Buffett- Warren Edward Buffett was born on August 30, 1930. He is an American
business icon, speaker, investor who works as a chairman and CEO of Berkshire Hathaway. He
is one of the successful investor in the world. His net worth of US$84billion on June 2018,
making him 3rd richest personality (Ramadani and et.al., 2017). Warren was born in Omaha,
Nebraska. He created interest in business or wanted that other youth also enter in corporate
sector. He developed the Buffett Partnership after meeting Munger and his organization acquired
a textile producing firm with the name of Berkshire Hathaway. He was the chairman and largest
shareholder of Hathaway. Buffett is a notable welfare person who pledged his 99% worth to Bill
& Melinda Gates Foundation. He is also active contributor to political issues, have endorsed
Democratic candidate Hillary Clinton in 2016 US president election.
Early life- Warren was born on August 30,1930 in Omaha, Nebraska, second of three children
and only son of his parents. He started his education at Rose Hill Elementary School. After
finishing school and ready to get success with entrepreneur and investment venture, he wanted to
skip college or go to directly into business sector. In one of first business ventures Warren sold
chewing gum, coca-cola bottles and magazines door to door. His interest in stock market and he
spent in customers lounge of near stock brokerage.
Characteristics and skills-
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Independent thinking- Warren Buffett says that public opinion poll is no substitute for thought.
He is one of those personality who believe in own thoughts. According to him a person can get
success with their own thinking.
Modesty- Warren Buffett is inherently modest person. He constantly acknowledges the limited
and connected role which he plays in something big from himself. He knows that he is merely a
good investor and make efforts to get which things that he hasn't got, this skill makes him rich.
Communication- Warren believes that if a person want to achieve something unique in life they
have to follow their own plans (Shelton and Minniti, 2018). The important skill is
communication which should be flexibly performed from top to bottom level. This makes him
different from other managers in company. Never try become a part of crowd, with this concept
nobody will stop you to fulfil yours dream.
Bill Gates and Warren Buffett believe that to achieve life goal person has to take risk.
They motivate with their own thoughts. According to both of them individual has to make efforts
consistently to accomplish life objectives.
6) Background and experience of Bill Gates & Warren Buffett-
Bill Gates life experience- Gates was born on October 28, 1955. He is the founder of world
largest software organization Microsoft. His journey is not easy, he made many efforts to achieve
life goals. From early days he was ambitious, competitive and mentally strong. This uniqueness
helped him to attain good position in profession he chose also he was regard by peers and
teachers as the intelligent child on company placement. The most important decision in Gate's
life where he introduced to first computer. He was very excited in computer formed
'Programmers Group' in 1968. In the next year Bill got first opportunity in Information Science
Inc. in which he chose as a programmer. With Allen he developed a small computer to measure
traffic flow (Simonova and et.al., 2017). Through this project they earned $20,000. They both
generally discussed new ideas for another project and his friend Paul pushed him for launch a
new software company. He is visionary person and works hard to accomplish goals. Bill likes to
play game of risk and world domination.
Warren Buffett experience- Warren Buffett is a greatest investor of all time. For decades CEO
of Berkshire Hathaway (another name 'Oracle of Omaha) has shown ability of this personality.
He was born on August 30, 1930 in America. According to Forbes he has $82 billion which
make him one of the richest person on the planet. At 7 years old he purchased 3 shares of Cities
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