Unit 9 Entrepreneurship Report: Ventures, Brexit Impact, and Traits

This report on Unit 9 Entrepreneurship delves into various aspects of entrepreneurial ventures. It begins by defining entrepreneurship and exploring different venture types, including social ventures, start-ups, small businesses, intrapreneurs, serial entrepreneurs, lifestyle entrepreneurs, and growth entrepreneurs, highlighting their similarities and differences. The report then analyzes the impact of small and micro businesses on the UK economy, particularly in the context of Brexit, discussing the potential for economic growth and GDP enhancement. Furthermore, it examines the contributions of small businesses and start-ups to socio-economic growth, also considering the effects of Brexit on trade and immigration. Finally, the report identifies characteristic traits of successful entrepreneurs, differentiating them from managers, and reflects on entrepreneurial motivation and mindset, concluding with a discussion on the hindering factors of entrepreneurship based on experience and background.

UNIT 9
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of Entrepreneur ventures and their relationship with topology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures.............................................3
TASK 2............................................................................................................................................4
P3. Impact of small and micro businesses upon the economy....................................................4
P4. Contribution of small business and start-ups towards socio-economic growth....................5
TASK 3............................................................................................................................................7
P5. Characteristic traits of two successful entrepreneurs differentiating them from other
managers.....................................................................................................................................7
P6. Reflection of entrepreneurial motivation and mind set by entrepreneurial-personality.......8
TASK 4............................................................................................................................................9
P7. Hindering of entrepreneurship by experience and background............................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is defined the ability of developing, organizing and managing various
types of entrepreneurial ventures by involving risks to gain high profits (Choi and Majumdar,
2014). The main characteristic trait defined by entrepreneurship is the ability of formulating
innovative methodologies to enhance the business.
The decision of UK leaving European Union is having a huge impact on UK's economy
since many trade connections exist in between these two. To confirm this, a referendum was
conducted in June 2016 in which majority of people voted in favour. This majority percent was
51.9%b among the total of 30 million people who voted. So leaving the EU might be an adverse
impact upon the economy of UK. So entrepreneurs in order to establish their businesses have to
fully utilise their entrepreneurial skills for facing the economic challenges after Brexit
(Davidsson, 2015).
The report emphasises upon different types of entrepreneurial ventures. Furthermore, the
effect of small-businesses upon economy has been analysed as well. Then, determination &
assessment of various aspects of having entrepreneurial mind-set has been done. In the end,
diversified environment fostering entrepreneurship have also been discussed.
TASK 1
P1 Different types of Entrepreneur ventures and their relationship with topology of
entrepreneurship
Entrepreneur is the person who sets its business to achieve its objectives. He has
potentiality, management and innovative skills for establishing successful business. The
entrepreneur provides good opportunities to the unemployed people, develop other sectors and
create wealth. There are different types of entrepreneur ventures exists in the market. These
includes social venture, start-up venture, small business ventures etc.
Social venture :
Social ventures are maintained by the organisations which are made by social
entrepreneur. They achieve social targets by providing proper solutions. They believe in making
sustainability in sustainable profits. The role of social entrepreneur is to bring innovative change
in different areas like enterprise development, education, health etc. Role of social entrepreneur
is to achieve systematic, sustainable social change by implementing new strategies and
approaches. He has to give more concentration on social values and make more efforts on
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minimizing the financial value. The social entrepreneur have common characteristics like
passion, strong belief to give contribution in social and economic development.
Start-up venture:
Start-up entrepreneur are the businessman who newly starts their business. They have
professional background in the domain which they have selected for their business. The start-up
ventures comes with new and creative ideas which works upon the solution of real life problems
of the people. They generally start their business by two persons or making team of 5 to 8
people. In this venture their risk of losing the business as sometimes it fails due to various
reasons like tough market, financial crises etc.
Small business venture:
Small business ventures are mainly established by the entrepreneur whose main purpose
is to earn money to fulfil their basic needs. They hire people to fulfil their short term goals and
benefits. Small business entrepreneur uses different strategies to achieve their goal. They collect
the funds from their relatives or from friends.
Intrapreneur:
Intrapreneur is the person whom company gives the power to create new products. It has
to promote and create the product without taking care of the success and failure of the product.
The intrapreneur get salary even if the product fails while this is not the case with entrepreneur
who has to take risk of failure of the product.
Serial entrepreneur:
Serial entrepreneur is the person who starts new business with new idea and then leave it
by giving responsibility to others. He established new business with different idea and start the
business again. This will be beneficial only for those entrepreneurs who have new and innovative
ideas to achieve the success.
Lifestyle entrepreneur:
Lifestyle entrepreneur do their work by setting up their own methodologies and ideas
around their objectives. They believe in enjoying their hobbies, spending time with their
families, charity work etc.
Growth entrepreneur:
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Growth entrepreneur mainly focuses on the growth of business. The growth entrepreneur
main aim is to grow its business at any cost. They always try to make the things better by
focusing more on the implementation of different business strategies.
P2 Similarities and differences between entrepreneurial ventures
All the entrepreneur's main aim is to concern the economic as well as social value so that
they can make more profits. The social entrepreneur venture has to decisions regarding social
values as well as sustainable profits. While other ventures focuses on achieving the business and
financial goals. Social entrepreneur has to make positive approach to target customers and for
this they use organic social media methods. Whereas, small business ventures believes in giving
the best quality of products and services to the customers. They also use traditional media to
promote their products.
Lifestyle entrepreneur are different from start-up entrepreneur because lifestyle ventures
believes in making money by fulfilling their wishes and hobbies while other entrepreneur
ventures work by properly following the schedules and policies of the company. Lifestyle
entrepreneur gives more priority to their lifestyle activities rather than profits.
Social Venture Start-up venture Small business venture
The major concern of social
venture is to make social
change by inventing new
things.
They are established to
achieve rapid success. This
business venture works on new
idea with team or with two
members.
Small business venture is made
to fulfill the needs of the
family. They hire people for
short period when they need
them.
They mainly focus on social
and economic growth of their
customers.
Start-ups venture relies on the
funds which either comes from
venture capital industries or
from different investors of the
market.
They do not concern the social
policies like health, education
but always try to create wealth.
They achieve their sustainable
goals by concerning systematic
methods
They use different innovative
ideas to sell their product in
the market.
They use traditional media to
promote their product and
services in the market.
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TASK 2
P3. Impact of small and micro businesses upon the economy
→ Micro Business : Within a micro-business there exists only a single owner with an
employee base of max-to-max 5 members (Decker and et.al., 2014). Ample of job opportunities
are offered by them thereby adding more in UK's economy.
→ Small Business : It is accounted to be profitable business which is independently
owned and is not at all dominant in any aspect. They are usually having more than 5 employees.
However, they could have maximum of 500 employees. This is dependent upon the type of
business.
→ Medium Business : A medium business usually consists of 100 to 999 employee base.
Decisions are often undertaken keeping in mind the viewpoints of both the owner and employee.
Henceforth, an enhanced customer base is assured via its aid.
Impact imposed by small and micro businesses on the UK's economy after Brexit :-
The micro along with small & medium businesses are not accountable for generation of
higher revenues but they account to be an important part of economies. If appropriate support is
provided and also effective utilisation of resources is done then, small these organizations could
be converted into big and successful enterprises (Eckhardt and Shane, 2013). These type of
businesses are often known for enhancing innovative ideas necessary for growth of a particular
business. Entrepreneurs are often found to emerge from such businesses because of inventing
new products. Furthermore, the communities are affected in positive way since time-to-time
taxes are paid by these enterprises. Furthermore, in addition to this, such type of businesses are
found to adjust in every type of environment no matter how complex or challenging it is.
Brexit situation for small and micro businesses could prove to be quite beneficial since
they would be provided opportunities to establish and expand their business in UK. After the exit
from European Union, the micro and small businesses existing in UK will be provided with
ample opportunities to provide their innovative ideas in expansion of their business. So following
mentioned are some possible impacts imposed by small and micro businesses on economy of
UK:- Economic-growth in the future : Because of taking exit from European Union, effective
measures are consistently being taken to provide ample opportunities small and medium
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enterprises for enhancement of economy (Fayolle and Gailly, 2015). To do so,
government has planned a set of policies & procedures so that the demand & supply
regarding various products could be further increased.
 GDP enhancement : Since the economy of UK will no longer be dependent upon EU, so
ample of development opportunities will be provided to the small and medium
enterprises. Incomes of employees in such business enterprise will be impacted. This way
these businesses would be able to establish themselves as a successful enterprise in UK.
This will raise the job opportunities for local people of UK.
→ Contribution by large organizations towards socio-economic enhancement : Large
organizations are accountable for generating higher revenues since their employees are paid
much higher salaries than in small and medium organizations (Glaeser, Kerr and Kerr, 2015).
The highly skilled employee base of such organizations have helped them in establishing as
successful identity in international market. So, if ample of large-scale organizations are present
in UK then, automatically UK economy will be enhanced.
P4. Contribution of small business and start-ups towards socio-economic growth
About Brexit:-
The decision of United Kingdom to take an exit from European Union is defined as
Brexit. In the month of June 2016, UK finally took the decision of severing all the ties with EU.
This final decision was undertaken during referendum in which more than 30 million individuals
voted their opinion. As per the agreement, the final date of leaving is in the month of March
2016.
Many critical and opposite opinions have been observed regarding Brexit. EU is
responsible for funding many of the universities in UK. This exit will therefore be affecting the
universities since shortage of funding will be observed n initial stage. Furthermore, there are
many industries in UK whose suppliers supply raw materials from EU. So Brexit will limit
importing of raw materials (Martin, McNally and Kay, 2013). Although as estimated by various
economists, the flow of immigration between EU and UK. Although because of certain level of
fear regarding being thrown out of EU, majority of people have already applied for citizenship in
EU. The exit will be adversely impacting the UK's economy since ample of trade connections
between EU and UK will be terminated.
Importance of small business and start-ups after Brtexit:-
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Although the Brexit is sought to adversely impact UK's economy, despite this, ample of
opportunities for small as well as start-up businesses will be developed. These types of
businesses would be able to establish themselves as successful entities since exiting from EU
will allow them having own identity. To discuss the importance of small and start-up business
for UK each of the impact imposed by Brexit on economy and the areas will be taken into
consideration. The exports of UK will hit : Almost half of the global-goods are being exported to EU.
So, after the exit, there is a possibility of facing loss in terms of export. This will cause
increasing the tariffs as well as product's cost also thereby making the existing businesses
in UK less competitive. The loss in export is an ample opportunity for UK to enhance
their local trade. This enhancement of import could be done by aid of small businesses
and start-ups who are known for generating innovative and effective measures for
enhancement of business (Morris, 2015). So, the innovative ideas provided by these types
of businesses could be utilised for further enhancing the import business.
Loss of access towards single-market : After the UK's exit from EU, all the major trade
connections in between them at global level would be terminated. So this might prove to be a
loss of accessing the single EU market which is European Free Trade Association(EFTA).
Losing the trade connections with single EU market should be taken as an opportunity by UK's
government by encouraging local trade which will add more towards enhancement of economy.
This might be an emerging opportunity for small and start up business since this will encourage
them to have effective trade connections among themselves. Having strong trade connections by
aid of increasing small business and start-ups, UK will further seek enhancement in their
economy.
 Employment & labour impact :There will be an economic recession after the Brexit in
UK. Also, this exit will cause ample amount of individuals seeking out job outside UK.
This could turn out to be another opportunity that depicts importance of small business
and start-ups (Piperopoulos and Dimov, 2015). These business will aid the economy of
UK by providing ample job opportunities to the local people of UK. This could further
reduce the enhanced rate of unemployment to much greater extent. For providing
innovative ideas hiring of new employees would be there that could provide many other
entrepreneurs who want to establish themselves in market as successful entities.
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TASK 3
P5. Characteristic traits of two successful entrepreneurs differentiating them from other
managers
→ Comparing an entrepreneur and manager :-
An entrepreneur is responsible for creation new enterprise by involving risks in order to
gain major profits. On the other hand, manager has the accountability of handling & also to
control organizational administration. The focus of an entrepreneur is usually upon start-ups and
small businesses. However, manager seeks out to emphasise the ongoing operations. The
entrepreneur is always motivated by the thought of achieving more-&-more but a manager seeks
out to raise his power thereby being dominant at certain occurrences (Suddaby, Bruton and Si,
2015). For an entrepreneur reward is in terms of profits earned while a manager seeks out reward
in his salary.
→ Discussing the traits of successful entrepreneurs :-
The traits that are found in entrepreneurs are entirely different from those of normal
managers who mainly aim for gaining more power. Among ample of successful entrepreneurs
J.K. Rowling and Steve Jobs are emerging stars who have achieved new heights of success
leaving behind the whole world. The Harry Potter series originated by Rowling has been
consistently entertaining kids from entire world. Even the adults are quite fond of this series.
Apple launched by the godfather of digital world, Steve Jobs, has been centre of attraction for
tech geeks from all over the world. Its iPhone series of gadgets has proven to be the most
successful product in the history of digital market. The observed traits among these entrepreneurs
are depicted as follows :-
→ Passion and motivation are the key determinants in the success of every entrepreneur.
Having a clear idea about the passion towards achieving a set of objectives requires necessary
motivation to carry the activities for their accomplishment. So both passion and motivation play
a key role in making an entrepreneur achieve their goals as per their innovative strategy.
→ Risk taking is the key characteristic trait which differentiates these two entrepreneurs from
rest of the managers. An entrepreneur in order for implementing his innovative plan often takes
risks in order for achieving more success (McKeever, Jack and Anderson, 2015). The greater
success, more is the profits earned in form of rewards.
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→ Hard-working, self-believes & disciplinary dedication is another important trait which most
of successful entrepreneur have. They are adjustable in every type of environment and get very
much dedicated towards their set of formulated goals & objectives. This shows their level of
discipline regarding their main motives.
P6. Reflection of entrepreneurial motivation and mind set by entrepreneurial-personality
Entrepreneur has to undergo diversified environments for which he needs to have
different mind-set. So, in order for achieving success in each of environment along with unique
set of personality traits.
The entrepreneurial personality is present within an entrepreneur throughout his entire
life that usually impacts behavioural patterns as well. Five broad dimensions are included in it :
extroversion, conscientiousness, openness, neuroticism and agreeableness (Dimov and Dimov,
2017). Extroversion means to be very much concerned about something. These are all time
excited and assertive regarding their goals. Conscientiousness is that personality trait which
enables an entrepreneur to be focussed about their set goals in predominant way. Openness
categorised people are tend to be more flexible in decision making procedures. Neuroticism
category individuals often get emotional about their decisions and thereby take certain situations
in negative way. Agreeableness categorised individuals are very much fond of establishing new
social connections. This is the reason which enables them to have excellent social skills for
expanding their business.
The performance levels of an entrepreneur often get enhanced by the aid of affiliation
motivation towards the set objectives (Chatterji, Glaeser and Kerr, 2014). When the personality
traits of an entrepreneur get complimented by other individuals, they often get motivated to
increase their efficiency for accomplishment of goals. Accomplishment of goals also motivates
an entrepreneur to expand his business to higher levels. This was observed in case of Steve Jobs
who after the iPhone kept on launching new range of gadgets and has successfully established
the Apple's business at global level.
Adding more, an entrepreneur is the soul owner of his business. So, he possesses the
ability to take his own decisions. Considering this, it could be also said that he is solely
responsible for all the profits as well as losses that are experienced during his business (Kuratko,
Hornsby and Covin, 2014). Despite this, every bad outcome is treated as an experience by
entrepreneurs.
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TASK 4
P7. Hindering of entrepreneurship by experience and background
An entrepreneur is often praised by individuals since they often contribute towards
economy of country. The characteristic traits possessed within an entrepreneur are responsible
for defining his behaviour in diversified environments. An entrepreneur often has to struggle in
course of accomplishing the set goals & objectives (Kerr, Nanda and Rhodes-Kropf, 2014). This
ability to struggle on consistent basis is regulated by levels of motivation and also from
experiences. However, in case of having bad experience in business, entrepreneur should learn
from it and take according measures to avoid those circumstances in the future. Adding more, the
background from where an entrepreneur comes also plays a crucial role in success of them.
→ Positive impact of experience in case of J.K. Rowling and Steve Jobs
J.K. Rowling comes from a very challenging background which provided necessary
motivation to her to emerge as successful entrepreneur. At her early 20's she faced a very tensed
situation regarding her mother's death. Then after marriage she suffered from miscarriage and
had often rifts with her husband because of which they soon took divorce. She had a daughter
with whom sjhe moved to UK as very poor and depressed girl (How each of these 5 highly-
successful people overcame their quarter-life crisis, 2017). The idea of magical characters of
Harry Potter came in her mind when she took teaching jobs at Sxcotland's Edinburgh. After
getting ample times rejected, Harry Potter and the Socerer's Stone finally got a deal with
publishers. And then she emerged as one of the most successful entrepreneurs by launching 6
more novels in the Harry Potter series. In this case, her bad experiences proved to be motivation
for the entire course towards success. So, experience plays a crucial role and it is up to an
individual that whether he takes it as positive or negative.
Steve Jobs earlier used to work in a garage. In the middle only, he dropped out from his
college and went India to find out the main motive of his life. Herein he did experiment with
psychedelic-drugs. This uncertainty of life gave him the opportunity of working with Steve
Woznaik, who was Apple's co-founder. And that was the moment of in the course of his
experience which led him to realise that he possesses the ability of designing a computer that
could change entire world.
→ Impact of background upon hindering of entrepreneurship
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The family from where an entrepreneur is coming often affect his behavioural traits. If
the environment is not good then there is a possibility that this might be affecting his decisions in
negative way. And if he takes a decision with frustration then, the possibility of facing loss is
increased. So, the bond with different family-members play crucial role in enhancing his
behaviour and decision-making ability. Education could also be a hindrance for entrepreneurship
if proper learning-skills are not paid attention to (Terjesen, Hessels and Li, 2016). Education is
also a key factor in deciding the way in which an entrepreneur apply his skills in business. Also,
if an entrepreneur is found to be coming from a religious & ethnic background then, he would be
able carry out his innovative business practices in a more systematic manner.
CONCLUSION
From the report it can finally be concluded that in order for achieving success in business
and entrepreneur needs to take risk. The risk taking ability is most important characteristic trait
along with passion hard-working nature for accomplishment of goals. Adding more to this, an
entrepreneur need to take every bad situation or outcome as a learning experience. Also,
examples of successful entrepreneurs such as J.K. Rowling and Steve Jobs should be taken as
role-models for sustaining the struggling environment. If entrepreneurs are able to take all these
mentioned points in consideration then, definitely all the goals will be accomplished for
enhancement of business.
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REFERENCES
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Glaeser, E. L., Kerr, S. P. and Kerr, W. R., 2015. Entrepreneurship and urban growth: An
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Morris, M. H., 2015. Entrepreneurship as Experience. Wiley Encyclopedia of Management.
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Suddaby, R., Bruton, G. D. and Si, S. X., 2015. Entrepreneurship through a qualitative lens:
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Terjesen, S., Hessels, J. and Li, D., 2016. Comparative international entrepreneurship: A review
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ONLINE
How each of these 5 highly-successful people overcame their quarter-life crisis, 2017. [Online].
Available through : <http://www.cnbc.com/2017/06/22/how-6-highly-successful-people-
overcame-their-quarter-life-crises-.html>. [Accessed On : 29th June 2017].
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