Entrepreneurship Report: Ventures, Impact on UK Economy, and Brexit

This report delves into the multifaceted world of entrepreneurship, providing a comprehensive overview of various venture types, including small businesses, scalable start-ups, large company ventures, and social enterprises. It explores the similarities and differences between these ventures, examining how they operate and contribute to the economy. The report further analyzes the impact of small and micro businesses on the UK's local, regional, national, and international markets, highlighting their role in job creation, economic growth, and market innovation. Additionally, the report examines the significance of business start-ups and small businesses, particularly in the context of Brexit, and discusses the characteristics, skills, and traits of successful entrepreneurs, including how their personality impacts their mindset and motivation. Finally, the report explores how experience and background can both foster and hinder entrepreneurial endeavors, providing a holistic perspective on the entrepreneurial landscape.

Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Types of entrepreneurial ventures and typologies.................................................................1
P2. Similarities and differences between entrepreneurial ventures.............................................3
P3 Impact of small and micro business on the economy.............................................................5
TASK 2............................................................................................................................................6
P4 Importance of business start-up's and small business.............................................................6
P5 Characteristic, skill and traits of entrepreneurs......................................................................8
P6 Entrepreneurial personality impact their mind-set and motivation......................................10
TASK 3..........................................................................................................................................11
P7 Experience and background can foster and hinder entrepreneurship...................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship refers to the process of planning, organising and implementing a
business venture (What is Entrepreneurship?, 2017.). The people who run this venture are called
entrepreneurs who understand the possibilities of failure and success before starting journey of
new business establishment. They often cater alternation in the structure or system which already
exists. It is their duty to allocate limited resources according unlimited requirements of business
or people which helps in functioning entire operations. Purpose of this study is to understand
various entrepreneurial ventures and typologies by recognising the characteristics. It will also
evaluate local, national, international and regional impact of small business on United Kingdom.
TASK 1
P1. Types of entrepreneurial ventures and typologies
Entrepreneur is an individual who begins a venture considering entire failure and success
probability. Despite of stressing on the probability, they lessons themselves from unsuccessful
efforts and encourage themselves to work harder. Ventures of entrepreneur is the adventurous
journey in which management of unlimited wants within limited resources is attempted for
meeting desired goals and objectives.
Small Business Entrepreneurship
Small businesses are often initiated by a person or group of people in order to earn their
living or betterment of surviving which includes businesses of grocery, saloon, travel agents,
electricians and many others (Alsos, Carter and Ljunggren eds., 2011). These organisations fail
to attract investors or sponsors for them so they hire bank loans, family or friends loans etc. for
the fulfilment of funds. They are interlinked with the survival ventures.
Scalable Start-up Entrepreneurship
Such business persons are often visionary people who initiate their idea as a business
hoping to changes the entire concept of market. These entrepreneurs look for those investors who
gladly sponsor their entire idea such as capitalist venture. The major aim of these people are to
gain more benefits or revenues and to build a structure which is repeatable and measurable.
These entrepreneurs often employ those candidates who are hardworking and potential workers
for performing tasks in their start-ups.
Large Company Entrepreneurship
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These organisations are framed to build and develop the amount of revenues. With
assistance of innovation techniques, these modify and advance their services and products to
sustain in the market (Audretsch, Falck and Heblich eds., 2011). Alternation is can stress their
business functions, for which the use of technique of disruptive services is made which is not
easy to implement in industry.
Social Entrepreneurship
These entrepreneurs aim to establish peace and develop society for which they execute
various strategies and events. These can be both non-benefit and benefit oriented organisation
whose purposes to reduce the issues in the society and create the world a better place to live.
These ventures are interlinked with all typologies of business which are discussed as
below:
Survival Ventures
These are interrelated with small business entrepreneur as they aim to earn the living for
their survival. These businesses are not particularly licensed, properly situated and no connection
with any banks mainly. Main purpose of these ventures are gaining revenues for fulfil their needs
and requirements.
Serial Entrepreneur
Such business persons or entrepreneurs pursuit for the new concept or idea or bring
change in market. These play a vital role in industry trends as well as help in managing all
organisational activities. These are useful in conveying and communicating new activities and
practices in industry or business.
Lifestyle Ventures
The ventures of lifestyles are those who alter their plans, strategies, objectives and
framework of operations according to the market trends. Such business enterprise contain
premise worker, accurate locations and less explanation and growth of business. These includes
constant number of employee in company.
Female Entrepreneur
Major purpose of these entrepreneurs are to develop and modify the place of business
women in society and change the traditional systems by communicating new message or ideas.
These often aim to form justice and equality to women in society in matter of work (Awogbenle
and Iwuamadi, 2010).
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Social Entrepreneurs
These entrepreneurs usually initiate their journey for serving society and community to
resolve the issues in system. They work for the betterment of country despite of earning
revenues. Major purpose of social entrepreneur work to provide fundamental right to people and
avoid exploitation from society.
P2. Similarities and differences between entrepreneurial ventures
Types of Ventures Similarities Differences
Small and social
entrepreneurial
1. Both ventures make use of
innovative and creative
strategies for reaching at desired
objectives.
2. Both of them target to public
one aim for selling products and
other to serve products (Bruton,
Ahlstrom and Li, 2010).
1. Small business ventures
initiate to earn money for their
living whereas, social
entrepreneurs focus over public
serving and reducing issues
from society.
2. The aim of social
entrepreneur is to serve country
or community. On the other
hand, small business aim to
serve their own needs and
requirements.
3. Social entrepreneur desires to
resolve issues from world
whereas, small business focuses
on increasing their own
benefits.
Large and scalable
entrepreneurs
1. Scalable and large; both aim
to gain more benefits out of
activities.
2. Both vision to change
structure and concept of
1. Large organisation includes
infinite loss and benefits
whereas scalable contain
limited resources and
expenditures.
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industry.
2. In matter of employee,
preferences of both ventures are
potential and bright worker.
2. Large organisation pursuits
for sponsor or share buyer for
expansions of business whereas
scalable entrepreneur seek
venture capitalist to support
their ideas.
Lifestyle venture and serial
entrepreneurial ventures
1. Main purpose of both entities
is to do trade in various
markets.
2. Both believe in utilization of
effective and new ideas for
business.
1. Serial ventures find
opportunities for deployment of
business whereas, lifestyle does
not merge with small
businesses.
2. Lifestyle provides assets and
services related to comfort in
daily routine and serial ventures
seek different ideas of services
and products for running their
business (Desai, 2013).
Female and male
Entrepreneurial
1. Female and male
entrepreneurs have same level
of knowledge and information.
2. Both make hard efforts for
the achievements.
3. Danger of achievements and
failure in business are same for
both.
1. Male entrepreneurs are often
comfortable in making decision
where as female have to face
difficulty according to the
situations.
2. Female entrepreneurs are
more sensible in matter of
financial risk whereas male
entrepreneur easily convinced
in it.
3. Female entrepreneur focus
over effective relationship with
their worker whereas make
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entrepreneur are often task
oriented manager.
P3 Impact of small and micro business on the economy
Small Business
SME's involve partnerships, corporations and sole along with limited amount of worker,
benefits and resources. Such companies consist of employee from 50- 3000 performing for their
organisation (Djankov and et. al., 2010)_.
Micro Business
It consist of organisations which are formed on very micro levels and capable in hiring
maximum 1-9 worker for their company. Such enterprise contain average amount of benefits and
minimum 3 owners to manage the entire work.
Medium Sized Business
Such business enterprise includes less than 250 employee working in their organisation
which maximum earn between 20- 600 Euros to maintain the revenues and assets if employee.
Characteristic & Nature of Sole, Private and Partnership
Private
The companies which are private are owned by some people which is associated by them
and the company shares can not be publicly traded. These entities consist of shareholder of 50 an
more who ons the shares of it. It need two directors minimum for the maintenance and
management of functions of enterprise and its operations which are usually formed for benefit of
family or friends.
Sole
Sole enterprises or business is owned by one individual person who is responsible for all
operations and functioning of benefits, loss and legislative structure of company. These requires
lesser decision-making obstruction and paper work for the enterprise. Only the owner is liable
for the decision making process which occur in working environment. There are various risks in
such organisational structure but the major profits of sole business is , it can be organised and
initiated easily by any individual (Drucker, 2014).
Cooperation
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These types of business firms are often owned by the stakeholders which follow a legal
structure. Each and every stakeholder have their rights on the decision making as well as benefits
of enterprise. These are often large in sizes which pay a large amount of taxes. Amount of
stakeholder can be hundreds, thousands and millions of people. It require a whole legal process
to comply for existences as a cooperation. These includes limited liabilities of people who owns
the shares of enterprise.
Economy Impact
Local Impact
The United Kingdom is positively influenced by the small business in their overall
economy. There are 92% SME is entire organisations. Local business and enterprise impact on
nation economy by contributing a very large part through paying taxes. This also avail state in
generating employment for youth by providing jobs to people helping in reducing the
unemployment in local areas and country (Fayolle, 2013). Every year, 64%b of jobs are created
with the help of small business and start-up business. Also these also are responsible for
alternation in market and industry trends which cater changes in whole style of marketing and
promotion. They are able to influence the minds of people by creating or supporting new
innovation which is introduced by them.
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Illustration 1: Employment through SME(In digital sector Only)
Source 1: The digital sectors - making the UK the best place to start and grow a digital
business, 2017
Regional Impact
Micro and small business impact on the regional market of United Kingdom in many
ways. The business industry and competitors evolve the marketing strategies according to the
choices and interests of regional SME. It helps in avoiding the unemployment in initial levels as
well as aid in inventing new techniques and innovative ideas. It also affect the financial situation
of a nations and economy as well as capital exchange.
National and International Impact
Start-ups and small business play a large role in national and international trade and
evolving standard of living of people. UK market is facilitated more than 26million job
opportunities entirely as well as indirect jobs to 1.9 million and more. More than 56% of youth is
working in private sector of country which increase the aggregate employment sum of nation.
England is considered one of most elite countries globally. Also by the help of tax policies, UK
get a lot of support from the business organisation in overcoming from period of crisis.
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TASK 2
P4 Importance of business start-up's and small business
Brexit
This is identified as the concise form of “British Exit” which was introduced on 23 June
2016 as the judgements for UK (Hlady‐Rispal and Jouison‐Laffitte, 2014). This is the famous
withdrawal of nations from EU. According to this, country will be ruled under single market and
domestic legislation of European Unions will no longer to imposed on the techniques of
marketing of UK. After this, small business and start-ups of business are valued as it have
supported the country with employment opportunities and reduced taxation rates. This have
given a large threat to political parties and legislature framework.
Importance
Importance Small-business Business start-up's
Values in Economic Parts This support in terms of profit
to each and every company. It
play significant role in in
economic growth increment.
This avail more than 60% of
employment in United
Kingdom.
This is the innovative part of
each organisation. The major
aim of these businesses are to
gain more opportunities of jobs
and facility country in
understanding factors of local
market. This is essential part of
every company as it render
support in social economical
growth. It helps in 81% of
development of company.
Decrement in amenities of
society and growth in
employment opportunities
This are the essential as it avail
United Kingdom in catering
new innovation and invention.
This is new and developed
terms which help in increasing
the product development
process (Kiss, Danis and
This is new type of business so
it aid in adaptability and
employment of United
Kingdom. This assist in
increasing job opportunities
which is essential for
managing the rates of
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Cavusgil, 2012). This increase
standard of living of people of
local areas as well as improve
working abilities.
unemployment of nation.
Gain in government revenues
through tax
This is important aspects as
SME should gain more
revenues and sales amount in
order to higher tax rates
formed by state.
The working with business are
creative as well as new which
employ new worker as well.
They provide best probability
to increase and evolve their
business to gain more revenues
which is important to develop.
The standard of society also
changes in better ways cause
of decrease in unemployment
and more opportunities of jobs.
Social and Economical
Evolvement
This is the major source of
United Kingdom which
contribute in employment as
well as economy of country
(Kuratko, 2016). Small
business organisation make
more than 99.9% companies
which are private and 60% of
private sector jobs. Brexit.
Such enterprises are evolve
according to expectations
which are able to enclose
approximately 20 billion in
economical and social by the
end of 2020.
These are rendering various
opportunities of employment
and creative services and
products concepts to
consumers. This also helps in
increasing living standard of
society which helps in
balancing GDP of UK.
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P5 Characteristic, skill and traits of entrepreneurs
Entrepreneur are often distinguish from other business persons based on their personality
and traits which makes them different. For example there are two distinct entrepreneur: William
Kiss and Brent Davidson in which both of them have achieved success in their entrepreneurial
venture. Their traits are different from other which led them to success in business venture:
Hard working
William Kiss work hard and very decisive personality which is the reason of his constant
growth and achievements in a company (Meyer, 2011). This is very significant quality which an
entrepreneurs should have for making their own decisions and meet the desired goals and targets.
Risk Taking
William Kiss and Brent Davidson, both of them have took risk and start their
entrepreneurial ventures which have led them to the success. This is the major aspects of
businessmen to embrace the risk possibilities and ignore failure despite worrying over it.
Money management
Money management is most essential aspects of a business which is required for both of
them to understand and manage in order to grow and increase revenues. Small business and new
start-ups often contain less financial assets. Proper administration can lead to success.
Motivation
Entrepreneur should be inspiring personality and optimistic who should be able to seek a
way in thousands of obstructions. They are the only key of worker inspiration and stimulation
who are working under their guidance.
William Kiss and Brent Davidson are very successful entrepreneur who plan and
administrate entire activities such as profitability, productivity of services and development etc.
They are able to identify the importance of proper planning and effective strategies in the
organisation.
Traits and skills of both Entrepreneurs:
Determination
William Kiss and Brent Davidson have traits of determinant personality which is very
essential for a person to develop and success after all the barrier and obstructions they face. Both
of them have suffered many struggle in path of success but determination of success helped
them, in accomplishing goals and objectives.
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