ENT101: Entrepreneurship Report - Ventures, Brexit, and Skills

This report provides a comprehensive overview of entrepreneurship, examining various types of entrepreneurial ventures, including small, medium, large, and social enterprises. It analyzes the impact of micro and small businesses on the UK economy, highlighting their importance in job creation and economic growth. The report also explores the effects of Brexit on the social economy, particularly how small businesses are impacted. Furthermore, it delves into the characteristics, traits, and skills of successful entrepreneurs, assessing how these aspects reflect entrepreneurial motivation and mindset. The report discusses how background and experience can hinder or help entrepreneurship. Overall, the report offers valuable insights into the multifaceted world of entrepreneurship, providing a thorough analysis of key concepts and their practical implications.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explaining different types of entrepreneurial ventures and explain how they relate to
typology of entrepreneurship..................................................................................................1
P2 Similarities and difference between the entrepreneurial ventures...................................3
TASK 2............................................................................................................................................4
P3 Impact of micro and small business on the economy........................................................4
P4 Explaining the importance of small business in growth of social economy after Brexit..5
TASK 3............................................................................................................................................7
P5 Explaining the characteristics, traits and skills of two successful entrepreneurs and how
they are different from each other..........................................................................................7
P6 Assessing how aspect of entrepreneurial skills and characteristic reflect entrepreneurial
motivation and mind set.........................................................................................................8
TASK 4............................................................................................................................................9
P7 How background and experience hinder entrepreneurship...............................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is a process of designing, launching and running a new
business in market offering goods and services for sale or hire. There are different
type of entrepreneurial ventures operating in economy like small, medium, large and
social enterprise all working for profits. Small businesses have evolved and grown
very fast in UK's economy and helping UK in the economic and social development.
But after Brexit the small business growth was hindered which is now coming on
track after 1 year of Brexit. In entrepreneurship the background and experience impact
in the development of an individual and the enterprise. Entrepreneurs are motivated by
some economic and financial factors which may be external or internal.
TASK 1
P1 Explaining different types of entrepreneurial ventures and explain how they relate
to typology of entrepreneurship
Entrepreneurship is a broader concept which means setting up a business or more than
one business knowing and taking all types of risks for gaining profits. A person who is
making the entrepreneurial business is known as entrepreneur (Campbell And Park,
2016). Entrepreneur ventures are that businesses which are set up by the entrepreneur
taking all risks of business for making profits.
Illustration 1: Entrepreneurship
[Source: Entrepreneurship, 2017]
There are four types of entrepreneurial ventures.
 Small business entrepreneurial venture- This type of venture are very small
and include very little amount of capital. Small business doesn't need the large
amount of investment. Small business entrepreneur only needs to make the
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profit which can feed their families. This type of venture do not need many
employees, they can take help from their family members or colleagues. Types
of small business are small departmental stores, plumbers, carpenters etc.
 Medium business entrepreneurial venture- This type of business venture is
little bigger from the very small entrepreneurial venture. These ventures are
started while keeping in mind that they have become big and they should
achieve their goal (Carson and Pavelin, 2016). These ventures needs somewhat
bigger amount of capital and investment. These ventures need to hire the
employees which are best and efficient by this only they can make their vision
change the world.
 Large business entrepreneurial venture- These types of ventures are big and
large and have long running cycles. Large businesses have to give their
customers new products time to time and should keep in mind the taste and
preferences of their customers. Large ventures should and can use the different
types new technologies in their business because they have a very good amount
of capital with them. These venture should offer attractive and new products to
their customers. These ventures should have continuous innovative techniques
which helps them to be on their position.
 Social entrepreneurial ventures- Unlike the small, medium and large
entrepreneurial ventures these ventures does not work for making profits but
they work for making world a better place. They can make profits but their
main aim is not to make profits but solve the social problems and make a
healthier environment (Chaston, 2017). Social entrepreneurial ventures make
the products which are beneficial for betterment of social life and environment.
These ventures can be non-monetary, monetary or both.
Typology of entrepreneurship can very much relate to the entrepreneurial ventures.
Typologies helps in understanding the relationship between the subject and its types
so the typology of entrepreneurship helps in better understanding the entrepreneurial
ventures. These typology helps the entrepreneurs to choose the key element of their
business organisation, what activities are to be performed, how to use the scarce
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resources, to take proper decisions, to make the better organisation and typology also
helps to improve efficiency and effectiveness of the performance of the business. In
this way typology of entrepreneurship can help the or can relate to entrepreneurial
ventures by helping them to achieve their goals and objectives.
P2 Similarities and difference between the entrepreneurial ventures.
Similarities between entrepreneurial ventures- There are very less similarities
between the entrepreneurial ventures. Some of them are-
1- Most of the entrepreneurial ventures starts with the small business set up (Dana,
Grandinetti and Mason, 2016). This does not mean that all entrepreneurial ventures
are small.
2- All entrepreneurial ventures are different from the businesses which have the sole
or one man ownership on the business.
Difference between the entrepreneurial ventures-
Basis Small entrepreneurial
venture
Medium entrepreneurial
venture
Large entrepreneurial
venture
Social entrepreneurial
venture
Objectives This venture is only to
meet the need of
families and make
profit according to
them.
This venture has the
prior vision to make a
position of business in
the world and make
profits.
This venture has set up
to make large profits
for the firm and use
them accordingly.
This social venture is only
for the social welfare.
This venture only works
to meet the social needs or
to solve the social
problems and make a
healthier environment.
Capital This venture does not
need the capital.
Business can set up
with a very small
investment.
This venture need some
capital to invest in the
business. This venture
can take the loans from
bank or from some
financial institutions.
Large ventures need
very large or big
amount of capital to
invest in their business.
Social ventures need
capital to invest in
business but it can be
generated by donations
they receive or the
products they sell.
Monetary or Small venture only This is a monetary This is also the Social venture can be both
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non-monetary need money to fulfil the
basic needs.
venture, needs money to
keep its vision in action.
monetary venture,
need large sum of
money to innovate
things.
monetary or non-monetary
Innovation This venture does not
need innovative things
to keep it going.
Medium venture need to
innovate the products
they sell.
Large venture and
innovate their product
very much with the
large investments.
Social venture only
innovate the things which
are helpful in social
welfare and solve the
social problems.
Workers This venture does not
need to hire the
workers. It can take the
help of the family
members or colleagues.
This large venture needs
the workers, who are
efficient and effective in
their work and help the
business to meet its
vision.
This venture needs
very big amount of
workers because the
large entrepreneurial
venture is a very big
set up.
Social venture also needs
the amount of workers
depending upon how big
or at what level the
venture is.
TASK 2
P3 Impact of micro and small business on the economy
Micro and small business both are the business which are owned by the only
one owner. Whereas micro business can have only five workers which also includes
the owner and on the other side small business can have more than the five employees
but can also have as much as 500 employees depending upon the size of the business.
Micro and small both businesses have some impact on the economy. Small
businesses mostly affect the economy of UK. these small businesses are the heart of
UK because these businesses makes the economy of country grow or helps in keeping
it stable. Most businesses of UK are the small scale business. Small business have
very large impact on GDP of have very wide impact on the small businesses because
there most businesses are small or can say that they are the heart or lifeline of the
country. There is a record of starting small business in country in the year of 2013 and
2014 and are not stopping from that time (Dunne and et,nl., 2016). This was the best
time in UK to start the business. That's why the country wants or needs the small
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businesses to have growing or a healthy economy. 99% of all UK business are small
or medium. Small businesses in UK are so important because they give the best
turnover. In the start of 2014 these small businesses gave the combined turnover of
$1.6 trillion with the medium sized business. Which 47% overall turnover is of small
businesses. Well it is said that small business have the single owner or these
businesses does not have the employer and works as an independent owner but rather
than this small businesses give more employment to people of country and create
large job creation for them. 24.3 million of UK's population is employed by the small
businesses. Which means 60% employment and overall 81% workers.
Small businesses are growing very rapidly in UK and in fact only these
businesses have grown so much in country. Innovation always helps in growing
business and keep it productive and continuous in market. That's why most of small
businesses in country are engaging themselves in activities which leads to innovation.
It is calculated that 37% of small businesses in UK are in the activities of innovation.
Between 2009 and 2013 there was 47% enhancement in the numbers of small scale
business (Frese, 2016). Which is the main reason of recovery of UK's economy after
its 2008 recession. At that time these small scale businesses were the main reason of
recovery that's why the having small business or the entrepreneurial spirit have grown.
There are many large industries in UK but the small industries are the heart of
economy of the country. 46% of small scale business revenue comes from the large
sector industries and 3 out of 20 small scale business become the large scale business
or industry. This also states that how much these small industries are important of the
economy of UK. small scale businesses are very much beneficial for the country and
also country's present condition is beneficial for the small businesses. Its said that in
past years of country have proved that small scale industries are essential from
country's growth. After UK had opted to quit the EU membership, small scale
businesses have to help country to maintain the healthier economy.
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P4 Explaining the importance of small business in growth of social economy after
Brexit.
Brexit is the abbreviation used for Britain's decision to exit European Union in
a referendum on 23rd June 2016 with 51.9% vote. And after this UK's Prime Minister
Theresa May announced that UK would no more the member of EU from 29th March
2019. Immediately after Brexit there was an economic crisis in UK with down fall of
pound by 10% compared to dollar and 15% down compared to euro. Inflation was
raised after June 2016 which stand at 3% and unemployment continued to fall to at
4.3% which was lowest in past 42 years. Small business are likely to be hit the hardest
by Brexit disruption as there are 99% small businesses operating in UK form about
5.5 million private sector businesses with an annual turnover of £1.8 million (Gil and
et.nl. 2016).
Britain subsequently will not be a part of single market which rights it was
enjoying while a member of EU. Being in single market all the members of EU have
four freedoms which are the free movements of goods, services, capital and people in
all the European countries (Powell and Eddleston, 2017). European countries can
easily trade with each other without paying tariffs and people can work and live in EU
countries without the need of Visa or work permit. And after this decision of Britain to
leave European Union it will no longer enjoy being in single market, the people have
to take visa and work permit and all goods and services traded between UK and EU
countries need to pay tariffs.
In UK small businesses 92% export to Europe and 85% import from EU
countries according to FSB. Now they all will be subject to tariffs and will cost on
both sides whether UK or EU countries. By this the price of small businesses goods
and services will be raised and will be altering their supply and demand will fall
down. But certainly UK will now be trading independently with other countries of
world which it was not doing before Brexit like with that of India this will shift their
focus from EU countries to others (Lee, Hallak and Sardeshmukh, 2016). This will in
tern give small businesses more opportunity to grow in global market leaving EU
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countries small enterprise will gain more profits from export of its goods and services
across the world.
TASK 3
P5 Explaining the characteristics, traits and skills of two successful entrepreneurs and
how they are different from each other.
And entrepreneur is that person who owns the business singly and is the
founder of the business. To become a successful entrepreneur an individual need to
posses some special qualities, characteristic and skills which will distinguish them
from others. Qualities like a good team leader, communication skills, having the
knowledge of market, confident in the work, dedicated, risk taking, identifying the
weakness and strengths of business and problem solving quality make an entrepreneur
successful (Linton and Solomon, 2017). Victoria Beckham was named UK's most
successful entrepreneur in the year 2014 based on sales, number of job her company
and her estimated net worth. She started her career as a modal and then a fashion
designer and now is a successful entrepreneur of UK. Sir Philip Green is amongst the
top entrepreneur in UK and is a multi talented entrepreneur and finest retailer in world
and he is a high school drop out. Both of them are having many similar qualities,
characteristic and traits as a successful entrepreneur.
Illustration 2: Qualities of successful
Entrepreneur
[Source: Qualities of successful
Entrepreneur. 2017]
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 Good team leader- they both are very good team leader as an entrepreneur
they know how to manage their team and how to motivate them to perform
better.
 Communication skills- the objective which they set should be conveyed to
their team members. What ever problem the employees are facing Philip Green
and Victoria Beckham should have a good communication skill. Entrepreneur
has the skill of communication to mange their work.
 Knowledge of market- Victoria Beckham have a very good knowledge of the
market and the trends prevailing in market. As a fashion designer know what
are the demand and latest trends in market and then work accordingly.
 Confident in work- whatever be the work Philip Green and Victoria Beckham
are doing they need to be confident in their work and their future projects.
 Dedicated- they both are very passionate and dedicate towards their work as
Philip Green and Victoria Beckham both are doing the work in which they are
having interest.
 Risk taking- if the entrepreneur are not able to take risk then they certainly can
not be successful in their businesses (Nabi and et.nl 2017). Philip Green and
Victoria Beckham are very risk taking entrepreneur in their different fields.
P6 Assessing how aspect of entrepreneurial skills and characteristic reflect
entrepreneurial motivation and mind set.
There are many aspects of entrepreneurial personality which reflects or give
motivation to the entrepreneur and also reflects their mind set.
 Need of achievement- Need of achievement will give motivation to the
entrepreneur to work harder (Walsh and Cunningham, 2016).
 Focus and self control- This entrepreneurial personality will help the
entrepreneur to have better focus and self control which will give motivation
and have better mind set.
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 Innovativeness- the quality of making things innovative will give them profit
and gaining profit will give entrepreneur a motivation and a mind set to where
to work and how to work.
 Stress tolerance- this quality of entrepreneur will help them to keep their stress
in check. Which will also give them motivation and have a proper mind set
(Solomon and Linton, 2016.).
 Risk taking- efficiently taking the risks of business will also give the
entrepreneur a required motivation to have a proper mindset.
 Passion for work- entrepreneur, s passion to work will give them the much
required results which will give them motivation to work hard again and have
success in the business.
 Proactive personality- the proactive personality of the entrepreneur will lead
to work hard whenever needed which will give them good results and also
motivate them work hard again and have a proper mind set of where to work
and how to work.
TASK 4
P7 How background and experience hinder entrepreneurship
Background and experience of entrepreneur can always hinder or foster the
entrepreneurship. Background of the entrepreneur will definitely hinder or foster their
entrepreneurship programmes (Struwig and Lillah, 2017). For better entrepreneurship
programme the entrepreneur should have better background. Like for starting business
the person will need some capital for the investment but if persons did not allow or
does not have the capital to invest than it will affect the entrepreneurship. As well if
the background of the person did not allow the person to have proper education or the
person does not have motivational factors from its family, social factors does not
allow him take the charge or some political factors, cultural or psychological factors
come in his way to make or expand the business will hinder or foster the
entrepreneurship definitely. So background of the person plays the key role in
affecting his entrepreneurship programmes.
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Like the experience of person will also hinder or foster entrepreneurship. If the
person does not have the enough experience to starts its own business then it will
definitely affect his entrepreneurship programmes (Tselepis, Mastamet-Mason and
Antonites, 2016). The person who does not know that how to start up the business and
run it then it will be very much difficult for the person to have his own business
enterprise or to run the enterprise efficiently. So this states that a person should have
the enough experience to make his own enterprise or to become an entrepreneur. A
person can also have some mentor to help them in gaining experience. The lack of
experience in the person will definitely hinder or foster his or her entrepreneurship
programmes. This states that background and experience of the person can hinder or
foster its entrepreneurship programmes.
CONCLUSION
From the above report on Entrepreneurship it has been concluded that there are
different forms of entrepreneurial ventures like the small businesses, medium, large
and social enterprise. They all are being set up to grow and develop in their industries
to increase profits and to take risk. Small businesses are now playing very crucial role
in the development of economy as a whole. They are providing employment,
generating taxes and revenue, contributing in import and export of a country and
providing raw materials to big firms. A successful entrepreneur need to have certain
specified qualities, skills and characteristic which distinguish them from other
entrepreneur.
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