Entrepreneurship Report: Types of Ventures, Brexit, and Small Business

This report provides a comprehensive analysis of entrepreneurship, examining various types of entrepreneurial ventures, including small-scale, large-scale, social, and startup ventures. It delves into the similarities and differences between male and female entrepreneurs, as well as lifestyle and social entrepreneurs. The report further interprets data and statistics to illustrate the impact of micro and small businesses on the UK economy, especially in the context of Brexit. It highlights the importance of these businesses for society's growth and explores the characteristics, traits, and skills of successful entrepreneurs, along with the factors that either hinder or foster entrepreneurial endeavors. The report emphasizes the significant contributions of small and medium-sized enterprises (SMEs) to employment, GDP, and overall economic development, particularly in the post-Brexit era. It also discusses the role of government and financial institutions in supporting the growth of these businesses and fostering a favorable environment for entrepreneurial activities.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Examine different types of entrepreneurial ventures and its relation with typology of
entrepreneurship.....................................................................................................................3
P2. Similarities and differences between entrepreneurial Ventures ......................................4
TASK 2............................................................................................................................................6
P3. Interpret data and statistics to illustrate impact of micro and small business on the
economy. ...............................................................................................................................6
P4. Importance of small businesses and start ups in society growth after Brexit..................8
TASK 3............................................................................................................................................9
P5. Mini Research to determine characteristics, traits and skills of entrepreneurs................9
P6. Aspects of entrepreneurial personality that reflect entrepreneurial motivation and mindset
..............................................................................................................................................10
TASK 4..........................................................................................................................................11
P7. Background and Experience that hinder or foster entrepreneurship .............................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is an essential procedure of creating, designing and running a business
entity and the individual that take initiative to establish the business is known as entrepreneur. It
involve carrying out the work process in innovative and creative manner so that final objectives
can be meet out in effective way (Dennis, 2011). There are number of resources that are land,
labour, capital which have to be properly coordinated to produce goods and services in order to
satisfy the needs of people living in society. The report throws light on various types of
opportunities that were created post Brexit for UK as well as its impact on small businesses on
the economy. There are different types of entrepreneurial ventures that are available depending
on its nature and type and are related to each other. Apart from it, the assignment also highlights
the importance of background and experience that either hinder or foster the business operation.
TASK 1
P1. Examine different types of entrepreneurial ventures and its relation with typology of
entrepreneurship
Business environment is dynamic in nature and consist of different types of
entrepreneurial ventures performing distinctive types of activities that is focused to fulfil the
needs and objectives of individuals of society. Every business operates to earn high profits and
sustainability in market area thus, it is necessary to run the organisation in successful manner.
Entrepreneurs are the innovative individual personality to whom some ideas are
generated to establish business organisation in effective way. It is their duty to gather all
resources in optimum manner so that final aims and objectives could be attained. They must be
responsible to face all risks that get raise while performing work process. There are diverse types
of entrepreneurial ventures that are present in business environment that are described below: Small scale entrepreneurial venture: This type of business organisation is run by single
individual who have applied their capital into it. Some examples are plumber, general
stores, carpenter, tourism agencies. They are characterised with minimum number of
employees, capital and resources. It has been recorded that there are approx 5.0 million
small scale businesses according to the findings of UK data. Large scale entrepreneurial venture: They carry out their operation in large scale which
include huge amount of capital and resources. The risks are also complex in nature that

have to be faced in expeditious way. All departmental malls, cinema halls are the
examples of large scale organisation (Fassin, Van Rossem and Buelens, 2011). Social entrepreneurship Venture: This type of organisation is constituted to deliver
social welfare services in order to raise the living standards of people. It involve all
NGOs that are working to remove some social issue like poverty, food security etc.
 Start up ventures: This type of venture is some thing new and fresh which have not been
established by any other individual. They take help from number of investors who
provide financial assistance to them.
Relationship of entrepreneurial ventures with topologies Female entrepreneurial venture: This type of business is carried out by women of
society and work to produce goods and services for the people. They are responsible to
accumulate all resources and face different type of risks that come across. Oprah Winfrey
is one of the successful female entrepreneur dealing in film production. Serial Entrepreneurial venture: It is run by single person and later the fulfilment of the
objectives it is handed over to other individual entity so that it can be continued till the
ultimate aims can be reached.
 Social Entrepreneurial Venture: This type of business organisation is focused upon
uplifting the social status and standards so that their life gets improved at sustainable
level. They majorly, concentrates on improving numerous issues like educational level,
food security, poverty alleviation. Thus, their primary work is to enhance the quality of
life of people.
P2. Similarities and differences between entrepreneurial Ventures
Each and every business organisation that is operated in the society is different as well as
similar to each other on certain grounds and basis. Although their basic aim is to earn high
profits and sustainability in market place. Similarities and differences between entrepreneurial
Ventures are illustrated below:
Male entrepreneurs Female entrepreneurs
Differences Differences
 Male entrepreneurs do not take much  They take more time to come to correct

time to decide.
 They have a strong believe on concept
that facing high risk factors will result
into earning more profits.
 Male entrepreneurs are rigid in their
nature and they only focuses on making
objectives to improve their business
operations and transactions.
decisions as they evaluate several
things properly.
 Female entrepreneurs do not believe
that on the concept of high risk and
more profit earned.
 Female entrepreneurs are soft and
gentle in nature as they have to keep a
balance between their personal and
professional life.
Similarities
 Both male and female entrepreneurs carry out their business operations to earn high
amount of profits so that final objectives could be accomplished in set time period.
 They have to face different type and nature of risks that come across in their business
life.
 Both the entrepreneurs require some set leadership, innovative skills so that all possible
opportunities can be grabbed which will yield them high outcomes.
Lifestyle Entrepreneurs Social Entrepreneurs
Differences Differences
 The primary purpose of lifestyle
entrepreneurs is to come up with new
and fresh ideas in order to meet out the
needs and wants of people in adequate
manner.
 This business organisation is
established to earn high profits and
outcomes in period of time.
 This type of business entity modify
their organisational structure in
accordance to the need that is
 The primary aim of this type of
entrepreneurship is to improve the
quality of society by producing such
goods and services that will result in
increasing the quality of life.
 This type of organisation carry out their
work process in making society
problem free.
 Basically, this type of organisation do
not change their structure as it is
structured to remove issues and

prevailing in business environment. problem that are present in current
society.
Similarities
 Both these type of organisation focuses on producing such goods and services that have
high quality.
 Both organisation concentrates on meeting the basic needs and wants of people of
society so that they can purchase goods according to their buying capacity.
 Both the organisation is concentrated on improving the quality of life by carrying out
CSR activities.
TASK 2
P3. Interpret data and statistics to illustrate impact of micro and small business on the economy.
There are different type of micro and small business that are operating in business
environment and impose positive impact on the economy. They contribute in enhancing the
living standards of people by providing them employment opportunities as well as removing
poverty problem that exist in society (Gorgievski, Ascalon and Stephan, 2011). At the time of
Brexit, the conditions are not at all favourable for business organisation and hence results in
hindrance of overall performance. There are generation of adverse conditions that include high
tax amounts, more custom duties, complex legal procedures all these results in slowing down the
performance of small business. Some classification of business organisations are described
below:
 Sole Trader: It is formed by single individual and all work process is carried out by
himself. Therefore, that individual is held responsible taking all types of decisions. They
are also known as sole proprietorship who have to face all risk and enjoy profits earned
through their business operations.
 Partnership: This type of organisation is formulated by two or more individuals and is
guided by partnership deed (Zhao, Seibert and Lumpkin, 2010). Every partner have some
role and responsibility in partnership as well as contribute their own capital with some set
percentage.

 Micro Enterprise: It is carried out in small scale and have less number of operations to be
carried out. Female members can be the part of micro enterprise.
 Small Scale Organisation: They are different from large scale organisation in terms of
capital, employees and operations. It is run to accomplished set objectives and purposes
and operate with less number of resources.
 Large scale organisation: This type of business is operated at large scale and involve high
capital investment, many employees as well as draft strategic objectives to carry out their
work operations (Cowling, Liu and Ledger, 2012).
Impact of micro and small scale business organisation on the economy that are described
below: Create high employment opportunities: Micro and small business organisation helps in
creating employment opportunities for poor people so that they could earn their
livelihood. Removal of Poverty: When small or micro business carry out their operations and work
process in less developed areas or regions hence, results in creation of employment
opportunities so that people could live happy life. Contribute significant amount of GDP in national economy: Activities of small and
medium sized business helps in contributing some percentage of GDP in national
economy. Minimizing the difference between poor and rich families: Business enterprises create
number of jobs to poor people in order to enhance their living style or standards so that
the difference between rich and poor get minimized.
 Enhance the creativity level: MSME is established with new and fresh innovative ideas
therefore, bring creativity level in their work process and operations. It assist in carrying
out the work procedure with uniqueness so that final aims could be attained in set period
of time (Hall, Daneke and Lenox, 2010).
P4. Importance of small businesses and start ups in society growth after Brexit
Every business leads to creation of some growth and development in the economy where
it is operating. At the time of “Brexit”, there were worst conditions that creates hindrance for

small business organisations. There were huge problems in front of entrepreneurs as they were
not able to take effective decisions in relation to their business operations and transactions.
Therefore, there is a need that get arise to modify the current rules and regulations so that proper
development process could take place. Small businesses as well as start ups contribute significant
amount in overall growth of the nation. Government also played a momentous role as they
deliver many assistance to the organisation which helps them to grow at significant level. They
have frame several number of norms and standards so that whole operations and transactions of
organisations is carried out in successful mode (Islam and et. Al, 2011). There are financial
institutions that are present in society that deliver huge amount of funds to run business in
effectual and efficient style. The importance of these businesses are described below:
 All business entities contribute significantly in reducing the unemployment percentage
that is prevailing in the current society.
 As resources are limited in number therefore, organisation always make efforts to use it
in efficient and optimum manner so that no negative impact is posed on environment
(Chittithaworn and et. al, 2011).
 It has been observed that around 40 to 50% of businesses are involved in SME that is
contributing high amount of GDP in economy where it is operating. Thus, they are
working towards social and economic development.
 UK government is continuously making efforts to improve the standards of business
organisation in order to encourage the business activities that are happening in society.
 These also contribute significant amount in GDP of the nation where it is operating
hence helps in growing of economy at good level.
 These business organisations focuses on carrying out their work process in such a way so
that it do not contribute in environmental damage. Therefore, focuses on making their
surroundings clean.
 Small business and ventures are the major source of revenues for the government as it
helps them to earn huge amount of profits in the form of tax, duties or fines which are
paid by these business organisation to government of that nation where it is carrying out
its work process (Lee-Ross and Lashley, 2010).

Social enterprise – These kind of organisations are basically establish to provide desired
services to customers in target market. These are society and community based organisations
who are working under social welfare practices.
Social Entrepreneur: This is a person who establish an enterprise with the implementation of
their own ideas and creative thoughts. Their main objective is to provide quality products and
services in society. They are working under risk and effort to create changes through initiative
ideas.
Growth of Social economy: In a developing economy, entrepreneur and enterprise both are
play a most important role. They addressing social and economic issues as well as challenges.
For this, they crate strategy to provide its better solution for the desired development and growth.
For an entrepreneur it is required to seeking these opportunities for the success of their future
success. Growth of a social economy is based on two different elements -
 Govt. Support of social enterprise: Government of a country always provides support
to an enterprise for the betterment of ecosystem. Their support is based on funds,
facilities, equity of service, legal benefits and so on.
 Large company CSR being delivered by small scale enterprise: For a business
organisation, it is required to be involved in CSR activities. Through this they can
completed their social responsibilities by conducting strong relationship with direct
customers.
TASK 3
P5. Mini Research to determine characteristics, traits and skills of entrepreneurs
Ever entrepreneur is different from each other in their attribute, skills and characteristics.
There are some qualities that must be present in individual that make him successful in his life.
Carrying out a business is a complex process that involve number of interrelated activities to be
performed so that effective outcomes could be earned. There are some examples of businessmen
who have set example for other due to their distinctive nature and feature. Hence, the presence of
certain skills and characteristics play a vital role in entrepreneur's life (Ligthelm, 2010). The
description of two successful entrepreneurs who is very much famous because of their unique
personality, skills and capabilities and are described below:
 Bill Gates: He is a most successful entrepreneur in world and owns Microsoft which is
consider the largest software organisation worldwide. He has been the richest person in

world according to Forbes magazine. He has also been into conducting number of social
work and hence contribute some part of his total earnings to charitable issues. He had
completed his studies from Washington university.
 Steve Jobs: He is the owner of Apple company which is a well known and established
mobile brand over world. They have their own macintosh operating system. He have
distinctive skills and features of being successful entrepreneur as posses determination
character ion himself. He carried out his education from high school and had done lots of
hard work in his life to reach at successful level.
From the above discussion, it has been observed that entrepreneurs are not born
successful but must develop some skill, characteristics with time so that they become successful
and set examples for other business man too. Some characteristics or attributes of business
entrepreneurs are illustrated below: Face Risks: Risk factors are consider part and parcel of business entity, there are
different types of risk that have to be managed. Therefore, business entrepreneur need to
be prepared themselves to face all risks that come across in their way so that it can be
removed and work process can be carried out in significant manner. There are several
risk that can be ignored as it do not cause harmful effect but majority of it has to be faced
by entrepreneur. Hard working: Nothing is achieved without doing hard work thus, it is necessary that
business man must do hard work every time so that its results can be attained in effective
way. Hence, this is a primary trait that must be inculcated in individual to become
successful entrepreneur. Flexible in decision making process: as business environment is dynamic in nature
which keeps on changing with time. Hence, to be a successful entrepreneur it is necessary
to be flexible in decision making so that required changes can be adopted wherever it is
necessary. Business man have to modify their decisions
 Innovator: to perform the work process with innovation helps in standing apart from
number of competitors that are present in business environment. Innovation refers to
carrying out the work activity with new and fresh methods that has not been performed
by anyone else. Successful entrepreneur must be innovator to succeed in his work.

P6. Aspects of entrepreneurial personality that reflect entrepreneurial motivation and mindset
It has been observed that personality of entrepreneur determines the entrepreneurial
motivations and mindset (Ackermann, 2012). The examples of successful entrepreneurs that
have been discussed above have been successful as they contain distinctive personality. Some of
the features of their personalities are illustrated below: Being a experience holder: Experiences play a essential role in entrepreneur's life as it
will help them to guide their path of working as well as assist them in taking effective
decision. Experiences aids in differentiating between what is right and what is wrong so
that whole work process can be completed in proficient mode. Hence, it has been
observed that experience play a significant role in entrepreneurial life. Possess influential behaviour: It is important for every business man to influence the
behaviour of individual in order to persuade them to buy particular product and services
of organisation. Therefore, it is necessary that entrepreneur must have influential
behaviour so that customers get attracted towards them and results in increase in sales
volume. It is the nature of customer to get attracted towards those entrepreneurs that treat
them properly and solve their problems hence, it can be attained when business man
contain influential behaviour (Burns, 2010). Determinant: It is also a distinctive feature of successful entrepreneurial personality
which involves that businessman must be determined towards their work so that set aims
and objective could be achieved in set time period. Eagerness to learn new things: It must be highlighted in behaviour of entrepreneur the
eagerness of learning new things and concepts so that proper decision can be made for
running their business organisation. On the other hand, it will also assist them to analyze
preferences, behaviour of customers that is prevailing in current environment so that
decision can be taken place. Be focused: It is necessary for the business entrepreneur to be focused so that ultimate
goals and objectives can be meet out in effective style. This feature also involve building
healthy and conducive relation with their employees as well as customer so that correct
path can be adopted to reach final goal. There are number of situations that have to be
focused properly so that entrepreneurs could work in considering all the conditions
properly.

 Must contain out spoken behaviour: It is requisite that business man must possess out
spoken behaviour so that they could able to share their ideas, thoughts with other
individual. It also involve carrying out the communication process so that proper message
can be transferred from one individual to another so that set objectives could be earned
(Blackburn, Hart and Wainwright, 2013).
TASK 4
P7. Background and Experience that hinder or foster entrepreneurship
It is very much indispensable to examine the experience and background of entrepreneur
as it will help them that whether it will result in fostering or hindering the performance of
business. Thus, it is crucial to study the background and experience so that final aims can be
accomplished in effective way. Individual's Skills: The type and nature of skills that is possess by individual personality
helps in taking the decision according to requirement and need that is prevailing in
business environment. Personal Experience: past experiences that is faced by business man helps in carrying
opt the work process in current condition as they could formulate correct plans and
procedures accordingly. Some individual have good experience and some may have bad
hence, both the conditions helps in making decisions considering both the aspects (Bridge
and O'Neill, 2012). Background: It refers to customs, beliefs, customs, religion that each entrepreneur
consist of. For example, entrepreneur having strong financial background will not face
much problem in running their business operations and transactions as compared to one
who have weak financial background.
 Personality feature: The skill, nature and capability in individual play a important role to
determine the success, scope so that sustainable amount of profits could be attained.
Therefore, it is necessary that personality feature helps in determining the level of
profitability and productivity level in effectual and efficient level.
From the above discussion, it has been concluded that background and experience of
entrepreneurs play a vital role in conducting business operations so that final intent and