Impact of Entrepreneurial Ventures and Typologies on UK Economy

This report provides a comprehensive overview of entrepreneurial ventures, exploring various typologies such as small businesses, scalable ventures, large company businesses, and social entrepreneurship, and their respective roles and impacts. It delves into the similarities and differences between these ventures, highlighting their purposes, scopes, risk levels, and funding requirements. The report analyzes the impact of small businesses on the UK economy, using data and statistics to illustrate their contribution to economic and social growth, with a specific focus on the effects of BREXIT and its influence on government policies and business operations. Furthermore, it discusses the characteristics and skills of entrepreneurs, reflecting on how entrepreneurial personality influences motivation and mindset, and how background and experience can either hinder or foster entrepreneurial success. The report concludes by emphasizing the importance of entrepreneurial ventures in driving economic development and providing valuable services within the UK context.

ENTERPRENEURSHIP

Contents
TASK-1.........................................................................................................................................................3
P1 Entrepreneurial ventures and their relation with Typologies.............................................................3
P2 Similarities and differences between entrepreneurial ventures.........................................................4
TASK-2.........................................................................................................................................................6
P4 Small business and business starts up contribution in growth of the social economy.......................8
TASK 3..........................................................................................................................................................9
P5) Characteristics and skills of entrepreneurs........................................................................................9
P6) Reflection of entrepreneurial personality on motivation and mind set..........................................12
TASK-4.......................................................................................................................................................12
P7 Background and experience can hinder or foster entrepreneurship................................................12
REFERENCES..............................................................................................................................................14

INTRODUCTION
Entrepreneur is a person who derives the business risk associate with their business and has a
capability to generate returns on that risk. He always comes with new ideas and thoughts and by
using that ideas and thoughts during establishment and operations, so which helps them to
conduct their operations in successful manner. In today’s world the large number of small
business are present and each of them plays down a vital role under the countries growth and
development (Cherny, V.V. and et.al., 2016). They also improving the education, employment
and economic sector of the country and make them effective at the higher level. The present
report is based on BREXIT and how the UK has been exit due to that and it also impacted on its
monetary performances.Moreover,the different types of typologies have been discussed in favor
different entrepreneurs which been operated and conducted their operations under UK in
effective manner. More than that it also tells about the ideal entrepreneur and their mindset
which helps them to conduct their operations.
TASK-1
P1 Entrepreneurial ventures and their relation with Typologies
The entrepreneur is a person who have an ability to take the risk and earning returns on that risk
and he comes with the ideas, thoughts and intentions and carries their business operations in that
significant manner which helps them to earn down growth and profitability. He comes in the
market to take down risk and generate returns on that and before conducting out operations they
arrange down finance which helps them to start their business (Dooley and Kenny, 2014). The
various types of entrepreneurial ventures are at present and all of them working and conducting
their operations at various levels and they are social ventures, scalable ventures and small level
ventures and all of them comes with different ideas and thoughts and performed their functions
accordingly as per the mission and vision. They are been discussed in following manner and they
are as follows:
 Small business: It essentially works on smaller level and they operates their business
activities and performing it accordingly so that which direct made an positive impact on
the country growth and development and also helps down the UK in improving their
positions and also develop down economy sector under UK. It generally involves such
person who has unique think inking and different mindset which helps them to conduct
their operations.
 Scalable business: They essentially set up to create down any business and made them
expand their operations on the basis of innovation and creative thinking. It involves risk
for the business during their operations which essentially based on the new product which
the company is created in order to attract their user towards it.

 Large company business: They work on greater level and these business essentially set up
for making down investment activity which essentially helps down the business in
achieving their goals .In such business activity the ventures investing time to time under
the new activity in terms of machines, technology and so on which helps down business
in raising their objectives and also improve their functioning and performances in more
effective manner. For instance, the company made an investment under the purchasing of
new machinery which helpful for the business in raising their objective and also helps
them in improving their functioning and lead the business towards the growth and
development and also expand their business activity across the various nations.
 Social entrepreneurship: These ventures are essentially set up for social cause. The idea
behind such business is not to earn down profit but to provide services to the people who
essentially help down the country in terms of growth and development under social
sector. The company conducting various programs and on that basis they raising funds in
form of charity, gifts, and donations and utilising such amount in field related to the
employment, education sector so that person can improved their skills and also they don’t
have to depend on others for survival. The various entrepreneurship that set up their
business activity for the social cause and they are NGO,trust,charitable institution and
such business objective is not to earn down profit and growth but they essentially set up
with the idea of providing services to the person which helps them to meet their
requirements.
Entrepreneurship typologies-The different types of ventures are set up their business
operations under UK and in that regard the certain typologies have already been described.
Moreover, it also tells that before conducting any sort of operations under entrepreneurship
business it is essentially important for the individual having knowledge and ideas regarding
their business operations that they are going to conduct and on that basis he can achieve their
objectives and improve their performances and also create positive impact on the economy of
the country. In that course, the various idea and thoughts are generated by various business
person and all of them working accordingly to meet down objectives and also improving
their functioning which directly helps them in raising profits and productivity.
P2 Similarities and differences between entrepreneurial ventures
Entrepreneurship is a business which involves risks and entrepreneur is a person who has an
ability to take down risk and earning returns on that. Different entrepreneur are there and
each of them working differently as per their ideas and thoughts. Such business persons not
only raising achieving their targets but their operations also impacted on the country’s
growth and development in terms of positive manner. They also improving the nation
position and also give a healthy competition to its competitors. All of them established their
business operations in such a manner which helps down the country in their economic growth

and development. The certain differences between the ventures would be clear on the basis of
following table:
Basis Small
entrepreneur
business
Scalable
business
Large business Social
entrepreneurship
Purposes They perform at
minor level and
they work on the
basis of
innovative
thinking and
mindset towards
it and they
performed their
operations in
such a manner
which directly
contribute under
the country
economic
growth and
development.
They bring
down new
approaches and
modern
techniques
which help
down
organization in
conducting their
functions and
provide balance
to each aspect of
work under
business in
appropriate
manner.
They works on
greater level and
in such the
entrepreneur
made an
investment
under such
machines and
technology
which helps
down business
in conducting
their operations
in more
effective
manner and also
helps them in
raising their
productivity and
profitability.
They are not
generally set for
the aim of
making profit but
to provide
services to
individual in
each and every
aspects so which
helps them in
increasing their
efficiency and
individuals don’t
have to depend
on others for
meeting their
requirements and
the idea behind
set up is work for
social cause and
for the welfare of
the people.
Scope Such ventures
directly made an
impact under the
economic
growth of the
nation.
They creating a
balance under
the every level
of work which
performed
under the
organization so
that efficiency
can be increase
and work can be
complete in
Such ventures
using various
modern and
advance
techniques in
terms of
machines,
technology
which helps
them to conduct
out operations
The funds which
are raising is
essentially used
for the social
cause.

effective
manner.
and also
enhance its
productivity and
profitability.
Risk levels In such business
the moderate
level of risk is
involved.
It involved high
risk.
It considered
riskier.
It involved
minimum risk.
Requirement of
funds
It essentially
required
moderate funds.
Required greater
level of funds
for bringing
innovations.
Highest level of
fund is required
which
essentially used
for bring down
modern
techniques and
technology.
The fund can be
raised either in
form of lower
level or higher
level and
generally used
for social cause.
On that basis, it can considered that all the entrepreneurial business are not completely
similar to others and all of them objective and scope is different and on the basis of their
functions and operations each and every business made contribution under economic and
social growth of the country and its related development(Fayolle and Liñán, 2014.). All such
ventures generally set up their business operations on the basis of their thinking and mindset
towards it and on that basis they perform their operations and developing their business
activities in each course of conduct.
TASK-2
P3 Interpret relevant data and statistics and how the micro and small business impacted
It clearly been watching that the small business operations and their performances made an
impact on the country and also impact their monetary level of performances. It positively
made down impact on UK in such a way that the different sectors in form of education,
economic and social sectors are improved due to such monetary performances. The certain
things been easily cleared on the basis of following diagram and they are as follows:

Illustration: 1(Increasing Small Enterprise Impact on UK’s Economy, 2016)
With the help of this chart it can clearly been understood that the level of small enterprise is
continuously been rising since, 2013(Hmieleski, Carr and Baron, 2015).Moreover, it also
been explained that there is a great importance of small level and their contribution in terms
of economic and social growth and its development and all of them conducting their
operations in such a manner and impacted positively on the UK. It also clearly defined that
when BREXIT occurs, UK been separated and it also helps down government in setting up of
new policies and plans and implementing those policies, which is essentially been important
for the individuals in conducting their business operations and government also encouraged
various business person who are looking to conduct down venture activity or going to set up
their new business. This BREXIT situation helps down nation a lot because it improves down
the economy of the country and also develops the nation in field of financial, economic and
social growth. Due to BREXIT, the different company establishes their operations and
improving it at greater level. More than that it essentially give various qualities of services
and also improves it in each and every regard. The technology helps down a lot in conducting
down business operations in significant manner. The favourable change take place under the
businesses helps down UK in improving their positions in terms of economic growth and
development and also helps down ventures in increasing their operations.

Rising in ventures also made an impact on UK in field related to the technology and its
related advancement and this can be defined on the basis of such relevant chart and they are
as follows:
Illustration: 2 Investments in Technology under UK
The picture defines that that how the latest and advance technology is used by the ventures in
conducting their activity so that helps down ventures in improving their functions and
business performances and also positively impacted on the UK regarding its growth and
development. Along with it, it also describes that the appropriate balance should be there
under the import and exports activity which essentially takes place between one or more
countries. The latest and modern technology helps down ventures a lot because it increases
their efficiency and also improving its business functions and operations.
P4 Small business and business starts up contribution in growth of the social economy
It been clearly watching that due to BREXIT the UK got separated and it also made an
impacted positively and negatively under all the sectors such as business, economic and
employment. The government create various policies, strategies and plans and implement
those and which is essentially important for the ventures to follow all such while conducting
business operations (Mudalige, Ismail and Malek, 2016). The government also motivates to
the different individuals to adopt down all the rules and framework then conduct its

operations in significant manner. It also impacted the social, political, economical,
technological, legal factors at greater rates. It also helps down a country in achieve down
growth and development and impacted the nation in positive manner and also improving the
capability of the country at higher rates.
Illustartion:3 Impact of BREXIT on UK economy
It been recognised that the FDI is investment which helps down country in increasing their
growth and development. In this Chart it been cleared that the UK economy get increased due to
Foreign Direct Investment. Along with it, the certain positive changes are determined by the
business and lot of improvements made under the business activity. Regarding to such context, it
been clearly identified that the UK growth takes place and also its economy is growing in every
year. Apart from that, the different business operations been conducted in different manner and
such business can be growing year after year.
TASK 3
P5) Characteristics and skills of entrepreneurs
Entrepreneur is a person who has the ability to take down risk and generating returns on that and
they essentially set up their business operation on the basis of ideas and thoughts which comes in
their mind and by using those ideas they make the business activity meaningful and the
entrepreneur has special trait and characteristics as compared to other person and such
individuals are focus, innovative thinkers, confident towards handling of issue which arise during
conducting operations, risk takers, challenging, strong determinants(Zhang, Song and Zhong,
2016.). Such things impacted on entrepreneurs in a positive manner and also enhancing their
personality and professionalism and also make them determinant and capable towards to set their
own targets and performed it accordingly to achieve those objectives. Moreover, the strong
character and attractive personality of entrepreneur makes them different as compared to other
individuals and also helps them in improving their performance under business. Entrepreneurs

under the working in innovative manner and each of them approach is different towards work
performed and they set up examples such as Alan Sugar, Laurence Graff, James Dyson ,Richard
Branson and JK Rowling’s. In that aspect the JK Rowling’s is the first person who achieved net
worth near about 1 billion for the Harry Porter Series of Books. Along with it, the Richard
Branson is the CEO of Virgin Group who associated with the mobile and telecommunication and
this company achieved net worth is About 4.6 billion. These entrepreneurs have different
approaches and mindset towards work performed and on that basis they conduct their operations
and make their activity successful and the certain things also motivated them for learning the
new thinks and develop the ability towards work performed so that effective results can be come
out in every aspect of work done. The certain traits and characteristics which help down
entrepreneur in identified their personality and they are as follows:
 Risk taking: The entrepreneur essentially having the ability to take down risk and related
factor and earning returns on that and their risk taking ability define their character and
also helps them in determining their goals and objectives and work in that manner only
to achieve down success and growth. They are always been ready to take down risk
factor and accepting down challenges during course of conducting their operations and
they perform their work as per the mission and vision that decide before conducting out
operations.
 Focus: It is essentially one of the vital characteristic under entrepreneur which tells and
guides them to remain focuses on their activity also helps them to determined towards
the business innovational and creational factor and also helps them in raising their
objectives. They remain focused on their working and their mindset would also been
cleared and their mindset helps them to determined their goals and objectives and also
tells them that how it can be achieved. Moreover, this approach also helps down
entrepreneur in learning down the new things and also develops their attitude towards it
which is essentially been important according to their business perspective.
 Conducting work ethically: It is essentially important for the entrepreneur to maintain
down the sustainability during conduct work. It is an important factor because for
achieving objective and completing targets it is essential for the entrepreneur to conduct
their operations in effective manner and performed each and every work under the
organization in ethical manner (Drucker, 2014.). Set the targets, develop the standards,
follow the code of conduct , implement rules and regulations which essentially been an
important for them to follow all such factors while conducting out activity and the
certain things helps them to encourage to performed their work in ethical manner.

Illustration: 4 Skills of Entrepreneur
 Confident and problem solver: Entrepreneur must be confident towards each and every
work that he conduct in the organization, towards every decision he made under the
organization and should have confidence in every code of conduct and also have a ability
to solve down the problems which created under the organization under different
situations. The JK Rowling and Richard Branson are the best examples because they
handled all the problems and issues with great confidence and also solve the problem in
effective manner which maintain the goodwill of the business. It also describes that the
new ventures should be confident before conducting out operations and should take down
step in such a manner which helps them to make their business activities effective.
 Core values: The certain core values also been presented under entrepreneurs in form of
honesty , loyalty , trustworthy , faithness towards the work that he performed under the
organization and it also helps them in build up their confidences and meet their goals and
objectives. It been essential important that the entrepreneur should work with dedication
and honesty which helps them in accomplishing their goals and objectives.
 Competition: In this they explained about the Richard Branson and how there thinking is
unique while compared to others. The entrepreneur should performed their business
activity in effective manner so that it helps them to performed their work and also beat its
competitors.

The Richard Branson and JK Rowling are having the special characteristics and skills and
that helps them to conduct their work in effective manner and also improve their business
performance and on the basis of that quality they are able to beat down his competitors in
the market.
P6) Reflection of entrepreneurial personality on motivation and mind set
The characteristics and traits which present under entrepreneur made an impact on the
motivation and mindset. This technique helps down individuals in meeting their targets. For
getting success under the business it is essential important that the motivation and mindset
should be there under individuals, so which made them stronger and also enhance its confidence
so that work can be conduct in effective manner and also skills can be improved. It is important
that individual should have confidence which encourages them to work harder (Hart and
et.al.,2015). It is essential that individual should be motivated in each course so that it helps them
to set down new targets. Along with it , the entrepreneurs becomes confident and should accept
down all the challenges and risk which occurred under the organisation and set their targets
accordingly , so that certain things helps them in accomplish their goals and similarly, it is
necessary for the entrepreneur to develop their learning style and grow their abilities so which
essentially them to take down decisions and also been updated time to time with the recent
conditions and factors which are going in the market. Moreover, it is necessary for the
entrepreneur to take down the risk and related factor which are creating in the market because the
certain things helps them in making down strong and also creating value in the market and
enhancing its personality. The entrepreneur should have strong mindset regarding the business
operations and perform it accordingly and should have clear plans and goals in mind and should
perform their accordingly to those plan that been set by them and implement it for successful
conduct and the certain things helps down entrepreneur and also motivates them to work more
harder.
TASK-4
P7 Background and experience can hinder or foster entrepreneurship
The entrepreneur develops their ability and skills on the basis of continuous learning process and
such skill is only developing when entrepreneur is attending different lectures or classes. Regard
to this, the different classes are been conducted under the organization so by attending such
classes individual can enhance their skills and also helps them in performing their jobs. Training
is conducted in different manner which helps down individuals in developing their personality
and traits and also make their business operations better(Acs, Autio and Szerb, 2014) .The
individual can develop and improve their skills on the basis of book reading ,article and
magazines, author books and the certain things also helps down individuals in improving their
performances and also enhance their skills. Moreover, the certain videos and pictures are
available on the internet which helps down individuals in improving their performances and also
develop their traits. Along with it, the continuous learning process also helps down individual in