Entrepreneurship Report: Ventures, Impact of Brexit on UK Economy

This report delves into the multifaceted world of entrepreneurship, examining various types of entrepreneurial ventures, including small businesses, scalable start-ups, large firms, and social enterprises. It explores the similarities and differences between these ventures, analyzing their goals, market share, and risk profiles. The report also investigates the impact of micro and small businesses on the UK economy, highlighting their contribution to employment and revenue, while also considering the challenges they face, such as the effects of Brexit. Furthermore, it discusses how small businesses and start-ups can contribute to the growth of the social economy in the post-Brexit era. The report also examines the characteristics, traits, and skills of successful entrepreneurs, contrasting them with those of managers, and explores how entrepreneurial personality and background experiences influence entrepreneurial motivation and mindset. The report concludes by emphasizing the importance of entrepreneurship in driving economic development and growth, particularly in the context of the UK's post-Brexit landscape.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 The various types of entrepreneurial venture ...................................................................1
P2 Similarities and differences between entrepreneurial ventures.........................................3
P3 Micro and small business impact on the economy............................................................5
P4 Small businesses and business start-ups will contribute to the growth of the social
economy after the Brexit........................................................................................................6
P5 Characteristics, traits and skills of successful entrepreneur and difference with the
manager..................................................................................................................................7
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind set...................8
P7 Background and experiences can hinder or foster entrepreneurship.................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship helps to create the business at the new level with implementation of
various innovation in it. In each and every nation it required in the various firms which bring the
effective development and growth to maximise profits. The economy development of the United
Kingdom is responsibility of these business firms. This view has been supported by countries
that experienced substantial poverty reduction over the last three decades. Countries like China
and the East Asian Tigers are said to have capitalised on this phenomenon to drive economic
development. With these identified benefits, the UK government is promoting the concept and
phenomenon for post Brexit economic growth and development. The report will determine the
various types of entrepreneurial venture and it is also related to the typology of entrepreneurship
and similarity and difference between this entrepreneur ventures. Further, the micro and small
business impact on the economy. Also, the characteristics, traits and skills of successful
entrepreneur explains with difference of the manager.
P1 The various types of entrepreneurial venture
Each and every nation has various kinds of entrepreneurial venture and it related to the
typology of entrepreneurship can be discuss below:
 Small business Entrepreneurship: it is the type of entrepreneur those are focusing on
the profit which makes the concern about the financial condition of the enterprises. In the
small business enterprises which brings the business into the new level. But they will not
get any benefits to modified their business. This business are mostly in the power of
family individual which don't have large manpower in the organisations. The products
this business individual are offered generally used for daily consumption for the people.
The funding of this types of business are not high(Gartner, 2010). They take loans from
their friends and family for setting up business.
 Scalable start up entrepreneurship: This kinds of entrepreneurship are bring new
things in the market. They have high vision to give innovative goods and services to
make set up an effective business organisations. For all start up business, it is difficult to
survive in the market which required to go ahead as per their vision. As in the London
600000 start -up have been started which can be determine by own business
development.
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 Large Firm Entrepreneurship: This are the business have large set up and have proper
level of management structure by various key people in the organisations. Large firm
have various number of goods and services which don't have any new segment so they
adopt strategy of product development under which they offer with the some
modification under the existing goods and services. Large firm entrepreneur will focus
more on the research and development for the various implementations in the
organisations. Mostly the financing will raise for such business by IPO (Initial public
offering) which will help to grow business with the high investment for expanding their
business in the other sector or the same.
 Social Entrepreneurship: This types of business are not for earning any profits but their
main motive is to develop the society by providing various services without any cost.
The entrepreneurial discuss above have the various kinds of typology which is related to them.
This are discus such as follows:
 The Sceptical Entrepreneur: This kinds of entrepreneur are debate in every conditions.
They raise their finger on positive things done by the other entrepreneur. If anyone have
contributing in their business with dedication and hard work the sceptical entrepreneur
will never appreciate them. They take decision on the basis of their previous experiences.
 Copycat Entrepreneur: This kinds of entrepreneur are will focus on the similarity of
other venture. The name itself suggest this enterpriser will copy each and everything
from the different firms. From the business card to their policy are copy as per the
successful business who had already set up their business(De Massis, 2018).
 Researcher Entrepreneur: This are the entrepreneur which done all the research before
taking any decision. They have high knowledge and skill of the each and every field due
to lots of excess reading. But they only succeed when they applies all the learning and
knowledge at the right time in their business.
 Determined Entrepreneur: This kinds of entrepreneur don't get success early due to
low contribution in present condition of their business but they have ability to set
goodwill in front of others.
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P2 Similarities and differences between entrepreneurial ventures.
The various venture which are contribution in the nation growth and development have
the similarity and difference between entrepreneurial ventures which will gives the better
understanding of the business. With the respect of various venture which will includes the
lifestyle, serial objectives and differences. The difference and similarity of the venture will be
discuss such as follows:
Table 1 Similarities:-
Key points Small business Entrepreneurship Social Entrepreneurship
Motives This are the business which are not
motivate for the making profit.
This are the sane as the small business
entrepreneur which will not focus on the
profit maximising.
Goals The goal of the small business
entrepreneur is to manager their
daily expenses and make easily
lifestyle.
The social entrepreneurship will focus
on the betterment of society and develop
in the various filed which they are not
able to get easily.
Market Share They don't have any intervention to
cover the market share as they are
small business and also have
limited fund in the business(Bae,
2014).
The social entrepreneurial will not cover
the market share because their aim is to
develop the society.
Return on
investment
Small business required the limited
fund and their return on investment
will be decided the effort pout by
the single owner.
Social entrepreneur are not made any
investment but as they required the
better funds which received from the
charity and donation money(Welter,
2011).
Lifestyle This entrepreneur don't have any
high profile lifestyle.
Social entrepreneur will help to the poor
people and their lifestyle will be not so
high due to types of business.
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Table 2 Differences:-
Key points Scalable Start-up
Entrepreneurship
Large companies Entrepreneurship
Risk This business carry away high risk
and have less revenue in the business
due to new set up.
This business are well settle and know
the situation of the market so they can
control the risk which can be arise in
their business.
Team This business don't have big team. This are business which have large
number of team with the proper
organisation structure to manager the
business operation at various level.
Situation This business will analysis with the
proper research and make the
situation for the easy operation to
develop and grow their business.
This business are based on the market
condition and the performance will be
measure in each and every situation of
the market behave(Acs, Autio. and
Szerb, 2014).
Funds This business don't have huge
finance so before making any
investment they required to think.
This are business which have huge
finance and they are always ready to
invest at various sector where they can
get the better return.
Network They have to sort new network for
their enterprise dealing for the
This types of entrepreneur have
already set the large network which
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customer. must be focus to manage by
organisation various event and shows
to give better opportunity for
developing business.
P3 Micro and small business impact on the economy.
For the United kingdom the most of the busies are micro and Small business. This
business have high impact which can be positive or negative as per the situation face by the
nation. This enterprise are not in then better position due to globalisation and the downward
sloping economy of the UK. Around 98% of the United Kingdom economy is covered by this
businesses. The total 45% of the corporate revenue come from the small and micro business. The
lower level of products due to less demand of the various goods and service from the buyer is
impact on their profits. The 5 million business are in nation including micro and small business.
The major impact on the economy when this business are closed due to excess loss or low cash
flow in the organisations. On the other side the development of the society will also be most
important aspect due to change in the lifestyle of the people will also determine due to such
business will exit in the nations. But after the Brexit various organisation are not able to raise
their profits due to recession in the current economy of UK. The high consumption of the
different goods and service and the support from the government is reducing the impact on the
economy of the micro and small business. 1.6 million pound is the turnover this business which
shows the effective policy made by the government is beneficial to control this business. This
business have less than 10 employees but the volume of the organisation are high which shows
the opportunity of employment is high in this sector(Simsek and Heavey, 2011). On the hand the
UK economy is also facing the unemployment situation due to shut downs of this business. This
can be the monetary misfortune on the opposite side government need to give tax breaks to
smaller scale and independent venture for better development and advancement. Additionally the
polices and arrangement need to change to has beneficial outcome on the economy. In this
manner the miniaturized scale and private company associations of the United Kingdom are
commonly get points of interest and fabricate the successful relations with the entire countries
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economy. Thus 37% of miniaturized scale and private venture are involve creation movement
and it can be seen that this business are essential key drivers for the contender and compelling
development from the advancement. the monetary misfortune on the opposite side government
need to give tax breaks to miniaturized scale and independent venture for better development and
improvement. Additionally the polices and arrangement need to change to has beneficial
outcome on the economy. In this manner the miniaturized scale and private company
associations of the United Kingdom are commonly get favourable circumstances and construct
the compelling relations with the entire countries economy. Thus 36.5% of smaller scale and
private company are involve creation action and it can be seen that this business are necessary
fundamental mechanism for the contender and viable development from the advancement.
P4 Small businesses and business start-ups will contribute to the growth of the social economy
after the Brexit.
In each and every country the enterprises are contributing to the development of the
economy and growth as per the requirement. The Brexit had change the whole enterprise
development cycle on the grounds that the European association and extraordinary Britain
separation. Under this all the little and new company are related. In any case, due to the Brexit
the advancement of the different firms have been decay. The GDP of the country likewise
diminish and colossal joblessness(Ekpe, 2015). Additionally the expansion have been increment
in the country up-to 1.9% and 10% estimation of the Euro diminishes which demonstrate the
prompt impact. The fleeting weakness will be looked by the country and the Britain won't
contribute amid the move of European association will be influenced to the different business.
The country like china and the east Asian tigers is helping the advancement and thought of the
new companies business which conveys the positive commitment to the country economy. The
private company in the United kingdom contribute around 2 million turnover and they don't
required in excess of 10 representatives to control such business. The little and new companies
have just contrast is that, start-up will contributing with the new thoughts and strategies with the
successful entrepreneurial endeavours. Duty in Employment which can be the genuine
responsibility of these meander as they make business opportunity in the UK economy which
will make distinctive progression. As it will reduce the poverty in the nation if the more
prominent business will be created by this meander in the United Kingdom. Brexit give the
unmistakable bearing the United Kingdom economy in wording more work will be out of reach
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and government utilization will be reduce which will add to financing for new organization in
the nation will make more occupations. On the opposite side independent company will give the
products and ventures which are as of now exist in the market. For that legislature is supporting
to build up this business for the social and monetary improvement. The transient misfortune will
be increment yet in the long terms this little and new company will build the work and abatement
the neediness.
Also, the powerful changes in expectation for everyday comforts of the overall public because of
the private ventures and start-up are having huge impact in transit of life of the all inclusive
community. The technique for desire for regular solaces has changed with there thing and
organizations given to the overall population had profoundly expanded. For example UBER has
change in the penchant for the all inclusive community to self drive to use this organizations with
apparent charges and extra there time(Fayolle and Gailly, 2015). Vitality for Entrepreneurship is
likewise a commitment The little and new organization fulfil the social needs and in addition
they make eagerness among people to do there have business with limited resources and
resources. This will impact money related improvement and headway with all the more little and
start-up will be to show. As showed by analyse in the previous year in London more than 6 lakhs
new organizations has exist in the market. Money related improvement will increase with this
open entryway. So it has adequately set nature for big business.
P5 Characteristics, traits and skills of successful entrepreneur and difference with the manager.
The nature of the entrepreneur and their success will be depends on the characteristics,
traits and skills. The two successful entrepreneur Mark Zuckerberg who is the founder of
Facebook and Bill gates the founder of Microsoft are compared with the manager.
The different traits, characteristics and skill of both the entrepreneur are discus below:
 Bill gates habit of excessive readings: This can be the most important characteristics of
the Bill gate which have the habit of reading 50 books in a year. The learning and
knowledge will give him to take effective decisions for their business.
 Bill gates doest not keep rules and regulation: This can be the another traits of the
successful entrepreneur which don't bound with the rules and regulations(Read, 2016).
Bill gates focus on the outcomes with the accomplishment of work with the quality from
their employees.
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 Mark Zuckerberg work together for the higher reason: This can be the another traits
of the highly successful entrepreneur in which the Facebook founder will work together
with their employees to build effective relationship with them the outcomes will be as per
their planing.
 Mark Zuckerberg is a forceful yet promising pioneer: This can be the characteristic of
the mark Zuckerberg in the various situation the frustration shows on his face for getting
the result as per his planning. He is kind of dominating nature leadership.
 Time administration aptitude in Bill gates and Mark Zuckerberg: Time management
of the Bill gate is same as the successful entrepreneur. He wake up early in the morning
and check their mail which are important for his business. While mark Zuckerberg get up
at 7 am and wear the same colour T-shirt every week to save the time on thinking to
choose what to wear(Nga and Shamuganathan, 2010).
 High risk taker: This can be the most important skill have in the highly successful
entrepreneurs which is the risk taking ability. Both the entrepreneur have this skill which
makes him a different from other entrepreneur.
The both the successful entrepreneur have the effective key skill and traits and their working
style is also different from the other. As compared to the manager required to implement the
various knowledge and skill on the set of direction to manage the firms resources and guide to
the employees as per the plan. The roles and responsibility are define by the entrepreneur
according to the requirement and objectives set for the business. Manager will give only efforts
for the organisation when the firm will give importance and pay high salary.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind set.
The most of the business are only develop when their founder give show the different
personality to the society and set and mind set to increase the motivation for entrepreneurial. The
only entrepreneurship will increase if the split and personality will be reflect on the entrepreneur
and encourage people to start their own business. Mark Zuckerberg mind set and motivate to the
people for the entrepreneurial personality which will be understands in various manner:
 Initiative and self directions: It can be the significant part from the mark Zuckerberg
which takes the initiative to accomplishment of various task with their team for effective
outcomes. They are also self direction and achieve goal for the business which created
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the most innovative firm Facebook(Mandrinos, 2015). He had reflect the effective
personality and motivate to the society which the more entrepreneurship will comes up.
 Creative and innovation: It is the mind set of the successful entrepreneur which will
motivate by the Mark Zuckerberg with the his dynamic personality reflect for the
entrepreneurial with the high creativity and innovation for organisations. It is important
for the every individual who is focusing on the new ideas which gives the positive impact
on the business. The mark Zuckerberg had set and creative and innovation personality to
established the Facebook.
 Flexibility and Adaptability: This can be also the mind set and motivation for the
entrepreneurial reflect on the personality required to be more flexible and adaptability.
Mark Zuckerberg believe in the flexibility but the outcomes must be effective with the
coordination of all the employees in the organisations.
 Critical Thinking and problem solving: This can be the another mind set and
motivation which will reflect the entrepreneurial personality. The Mark Zuckerberg is
reflect the personality of critical thinking and problem solving skill which will help to
reduce the conflicts from the organisations. This can be important for the individual who
wants to be an entrepreneur.
P7 Background and experiences can hinder or foster entrepreneurship.
For every business it required the dedication and passion towards the work they had
chosen. The background and experiences may be hinder of foster on the entrepreneurship which
can be depend on the venture and the personality of the entrepreneur. But the era of start more
start-up have been compare which required the basic knowledge and skill for the particular field
of the business. The education of the family and kinds of exposure get the individual have affect
on the business growth and development. If any individual is from the business family it will
help to grow their business as per their own skill. While any individual who wants to become
entrepreneur required the huge financial support from the family which will be depend on the
condition. As result, the Mark Zuckerberg have ability to change their thought and wants to
connect with his friends set an entire company called Facebook. So the background and
experience never be hindrance for the business but it will give the positive impact to build the
business in different manner(Hasbollah, 2015). The motivation from the experience will be
reflected to take the business opportunity to be take for the betterment for the organisations.
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Same as the Apple Inc., was started by Steve jobs in the year 1976 with the 1 personal computer
in a small garage and today it was the number one organisation in the world. So the experience
need to be use for developing the business. The past situation of the individual is either better or
worst but the future will be in the hand of the individual which can be easily change. Hence the
background and experience of the person will never be foster of hindrance for them while it will
encourage them to develop their own skill and knowledge for become highly successful
entrepreneur.
CONCLUSION
From the report entrepreneurship, it can be inferred that small and micro business are
important for the UK development and growth of the society as well for the economy. But this
business are also impact on the business when they are not able to perform. The successful
entrepreneur Mark Zuckerberg which takes the initiative to accomplishment of various task with
their team for effective outcomes while Bill gates focus on the outcomes with the
accomplishment of work with the quality from their employees by not setting up any rules and
regulations which shows both the have different characteristic and traits and also motivate and
mind set for the business. The background and experience of the person will never be foster of
hindrance for them while it will encourage them to develop their own skill and knowledge for
become highly successful entrepreneur.
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REFERENCES
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Ekpe, I. and et.al., 2015. Enhancing the Socio-Economic Wellbeing of Malaysian Local Women
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