Entrepreneurship: Ventures, Impact, and Brexit Analysis Report

This report provides a comprehensive overview of entrepreneurship and small business management. It begins with an introduction to the core concepts of entrepreneurship, defining its role in economic and social growth. The report then delves into different types of entrepreneurial ventures, including scalable start-ups, small businesses, large corporations, and social entrepreneurship, along with a discussion of entrepreneurial typologies such as survival, lifestyle, managed growth, and aggressive growth ventures. It highlights the similarities and differences between various types of entrepreneurial ventures. The report further examines the impact of micro and small businesses on the economy, including job creation, worker productivity, innovation, product competitiveness, and their role in managing inflation, supported by relevant data and statistics. Additionally, it explores the significance of small businesses and start-ups in contributing to the growth of the social economy after Brexit. Finally, the report discusses the characteristics, traits, and skills of successful entrepreneurs and how background and experience can affect entrepreneurial performance.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Different types of entrepreneurial ventures and their relationship with the typology of
entrepreneurship..........................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures..............................................5
TASK 2............................................................................................................................................7
P3 Interpret relevant data and statistics in your mini-research, to illustrate how micro and
small businesses impact on the economy....................................................................................7
P4. Explain how important small businesses and business start –ups will contribute to the
growth of the social economy after ‘Brexit’................................................................................8
TASK 3............................................................................................................................................9
P5. Characteristics, traits and skills of two successful entrepreneurs..........................................9
P6 Aspects entrepreneurial personality.....................................................................................11
TASK 4..........................................................................................................................................11
P7 Different ways by which background and experience can hamper the performance of
entrepreneurship........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship refers to the planning, organising, directing and controlling the business
activities of ones own business. For economic and social growth, entrepreneurship can be one of
the fundamental components. It facilitates national development along with regional and local
development too. Entrepreneurship is dynamic and a complex activity. Along with this, different
entrepreneurial skills are found in different individuals (Ács, Autio and Szerb, 2014). These
skills are an overall outcome of the knowledge and experience they acquire in their lives. The
following assignment is based on various aspects of entrepreneurship with focus on different
types of entrepreneurial ventures and their similarities and differences. It also includes impact of
small businesses on the economy of the country. In addition to this, emphasis has been given on
the contribution of small and medium-sized enterprises in the growth of social economy after
Brexit. Lastly, characteristics, traits and skills of two successful entrepreneurs are briefly
discussed.
TASK 1
P1. Different types of entrepreneurial ventures and their relationship with the typology of
entrepreneurship
Entrepreneurship is a skilful approach to organise, manage, control and lead individuals
within a firm towards organisational objectives. It is necessary for development of the
organisation. It expands organisations function by producing and enacting materials in an
innovative way and by proper utilisation of techniques used in production of these materials.
Different types of entrepreneurial ventures are described below:
 Scalable Business Start-ups: Focus of these businesses is completely towards the
creative points of the business. The persisting model is dynamically changed by these
ventures. They target at employing efficient personnel in their workforce to achieve this
objective. They rely on venture capital funds and financial investments for their
expansion (Blackburn, Hart and Wainwright, 2013). Small Businesses: These are the businesses that are mostly independently owned and is
very limited in size, for instance, cafes, auto-mobile retailers, etc.. The revenue
generation from these businesses is also limited. Currently, UK is experiencing a boost in

these businesses. These businesses are also helping the country in increasing its overall
employment level.
 Large Corporations: These are those businesses which operates on large scale. They tend
to generate immense revenue for its stakeholders to acquire and the number of people
associated with these companies are also huge. They aim towards sustainability as well as
growth by employing new products and services, along with the business of existing
services and commodities (Bosma and et. al., 2012). This is the reason of them having a
specific life cycle. Competition level in these businesses is very high. It is required of
them to continuously formulate their strategy along with modifications in their products
and services according to market needs.
 Social Entrepreneurship: These type of entrepreneurship aim towards development of
services and products for societal progress and betterment of people. The main agenda is
to provide social services by implementing the firm's products and services towards
betterment of population as well as to increase the effectiveness of the society.
Typologies of entrepreneurship ventures:
Typology can be described as classification of a group or a class, having characteristics in
common, on the basis of general type, structure, form, style, plan, etc. The four types of
typologies found in entrepreneurship are mentioned below:
 Survival Ventures: These ventures are limited to providing basic subsistence to
entrepreneurs and their families. They are usually not formally registered and don't
operate in any premises (Bridge and O'Neill, 2012). These ventures have to no banking
relationships and just operate with few basic assets. Reinvestment in these ventures is
usually not a suitable option as they exist to satisfy basic financial needs of its owners.
Micro-businesses are covered in this type of topology. Lifestyle Ventures: These type of ventures provide stable income for its entrepreneurs.
These ventures adopt a maintenance approach and workable business model. These
ventures are subjected to competition in local markets. These ventures usually have few
employees and operate in single premises. Businesses in lifestyle ventures do not aim at
growth or expansions. Number of employees in these ventures remain comparatively
constant. All kinds of small businesses are covered in this segment.

 Managed Growth Ventures: Over time, these ventures aim at stable business growth and
consists of workable business model (Carsrud and Brännback, 2011). These ventures aim
at steadily expanding their facilities, innovative product launches, entry in new markets,
shifting their locations, employing new staff, etc. Reinvestments in the ventures are
ongoing. All the medium-sized enterprises are included in this typology.
 Aggressive Growth ventures: These ventures are technology-based in nature and possess
strong innovative potential. These businesses seek exponential growth overtime and rely
on equity capital for their funds. Such ventures operate nationally as well as
internationally with aim to enter new markets over time. This topology covers all the
large businesses and enterprises.
P2 Similarities and differences between entrepreneurial ventures
There are certain elements which makes one another different or similar while
performing any kind of activities or task. So, to understand the concept in a better manner both
similarities and differences are explained below:
Types of Enterprise Similarities Differences
Small v/s large business
enterprise
 Large and small both
the enterprise works
for their own benefits
and for this they try to
give better services
and facilities according
to the needs and
wants of customers.
As a result, it assist
firm in improving its
sales and profitability
in a given time frame.
 Financial condition is
the biggest factor that
makes small business
different from large
enterprise because
latter one
comparatively has
huge amount of
money for operating
its business or
executing the plan in
an effective manner
(Luiz, 2011).
 Whereas in relation
with small business

because they perform
their activities within
local areas and earn
just to fulfil the needs
of its own family
members.
Social v/s Scalable Enterprise  Scalable and social
ventures generally
work with the motive
of providing better
services to people who
are living in the
society.
 For this, they develop
new ideas which can
be beneficial for
people in order to
make their lives easier.
 Entrepreneurs who are
working in this field
have the tendency of
taking risks so as to get
better outcomes and
results in return. In
order to do the same
new and latest
technologies are being
adopted.
 Social is all about to
deal with society so
that lives of people
can be enhanced. This
will help them in
improving their
standards.
 Whereas in relation
with scalable
entrepreneurial
ventures works with
the motive of changing
the world for a better
living and in order to
do the same they
implement new and
innovative ideas and
thoughts (Lee-Ross,
and Lashley, 2010).
Lifestyle and survival  Both lifestyle and  Lifestyle

entrepreneurial venture survival ventures work
with the purpose of
earning more money
for survival and
establishing a good
image in front of
people.
entrepreneurial
ventures basically to
do with following
passion and work
which an individual
loves to do. For
example: a travel
bloggers who travel to
different places just to
follow his/her passion.
TASK 2
P3 Interpret relevant data and statistics in your mini-research, to illustrate how micro and small
businesses impact on the economy
Micro and small business organisations are the backbone of a country’s economy. These
enterprises drive economic development of country by delivering goods and services and
creating job opportunities (Chittithaworn and et. al., 2011). Over the years, quantum of micro
and small business entities has gradually increased. Some of the major impacts that these
businesses have on the economy of a country are explained below:-
Job Creation: It is important to realize that micro and small businesses play a major role in
providing both employment opportunities. These organisations are more likely to employ
potentially less skilled and knowledgeable workers and individuals which have no or negligent
work experience. This type of employee hiring practice has two fold benefits. At first, it results
in creating job opportunities for incompetent people who would otherwise have had difficulty in
securing jobs. Second merit is the increase in productivity of these individuals by giving them
induction and training.
High worker productivity: Micro and small enterprises have typically less-diffused ownership
and owners are themselves involved in management. This means that their organisational
structure is simpler than that of large enterprises. Thus, leaders or managers can establish direct

networking with personnel to take feedbacks from employee in terms of issues faced by them
while conducting operations (Choi and Majumdar, 2014). Also this helps the leaders in
ascertaining the performance of individuals closely and work towards improvement in their
productivity levels. Improvement in individual productivity of workforce will lead to overall
productivity raise of organisation.
Contribution to innovation: Innovative ideas are more likely to develop in small and micro
businesses when compared to large business enterprises. They bring innovation and development
in their products and services to increase their stake in market and also to build a brand position.
Along with that, in context of service industry, there are constant fluctuations in demand levels
of customers which create opportunities for these enterprises.
Product Competiveness: Micro and small business entities are the major players of
creation of competition among businesses in terms of their products or services (Chrisman and
et. al., 2012). These enterprises promote product competiveness through their low cost products
due to less overhead cost, and their cost effective solutions to problems. Their products and
services require less time for procurement or manufacturing due to simpler organisational
structure and methods or processes of conducting operations.
Inflation: Micro and small firms have greater flexibility than large enterprises in terms of
adjustment of their levels of production. Thus, they are able to adapt to short term fluctuations in
demands of customers. These enterprises provide greater flexibility to businesses within the
industry to tackle with the challenges arising due to inflation. Such firms can engage themselves
in industry cooperatives which is a process of pooling resources and funds with an existing
business within the same industry to do savings.
Development into larger enterprises: Small and micro business enterprises do not always
stay small. With evolution of time, improvement in technology of their operations and rapid
innovation in the products and services offered by them to the community, they grow in terms of
scale of operations and number of employees (Decker and et. al., 2014). Consistent growth in
terms of size of these small and micro level enterprises aid them in expanding their operations to
a larger level and evolve into a large scale business organisation. These large scale enterprises
that initially started their business as small enterprise recognise the need for promotion and

development of more such small and micro level business enterprise. Also these conduct
operations in a way that encourage the evolution of more of new small and micro enterprises.
P4. Explain how important small businesses and business start –ups will contribute to the growth
of the social economy after ‘Brexit’
The word “Brexit” comes from the term British exit which refers to the dissociation of United
Kingdom from European Union. The voting took place in June 2016 where a majority of 52%
people voted in favour of referendum stating that Britain should leave European Union. While
England and Wales voted to leave, Northern Island and Scotland wanted to stay a part of
European Union. In March, 2017 the UK government invoked the Article 50 of treaty on
European Union. Thus still the negotiation process is going on and only after 2019 can the exit of
Britain from European Union be called definite unless an extension is agreed upon by UK and
EU. The result of voting process had a great impact on the economy of country (Dennis Jr,
2011). Increase in inflation and collapse of currency were some of the impacts. The agreement
that will be made between Britain and EU is not definite yet many speculations have been made
in this context like decline in foreign trade.
The idea of small businesses and start-ups can largely help the economy in overcoming the crisis
by reducing employment levels. Small businesses contribute towards the development of
economy by bringing growth and innovation in the products and services they offer to the
community in market. Small businesses and start ups also aid in stimulation of economic growth
of country by providing employment opportunities to people who may otherwise not be hired in
larger corporations. These enterprises aim at hiring those individuals and talented people who
perceive the importance of development in existing products or implementing innovation in new
products and services (Drucker, 2014). Large business corporations also emphasize upon
development of small businesses and start ups within the same local community as many large
scale enterprises depend upon small businesses for the completion of various business functions
of their operations through the process of outsourcing. Thus, government of such nation also
promote the growth of small businesses and start-ups.

TASK 3
P5. Characteristics, traits and skills of two successful entrepreneurs
It is essential for every business owner to keep enhancing their capabilities and furnish
their skills overtime for their businesses to sustain in an uncertain environment with tough
competition (Fassin, Van Rossem and Buelens, 2011). There are two successful employees
whose characteristics, traits and skills distinguishes them from the average entrepreneurs. These
elements of their personalities are mentioned below:
Characteristic of Richard Branson: Innovative Thinking: Richard Branson is known to be innovative. All the outstanding
strategies of Virgin Group are the result of this thinking of its entrepreneur. With being
an innovative thinker himself, he promotes this trait in its employees to and encourage
them to bring innovative ideas that could contribute to the success of the firm. Decision Making: The success of Virgin Group is the outcome of the effective and
strong decision making power of Richard Branson. At times when strong leadership is
required, Richard Branson aims at taking decisions best for the firm.
Skills of Richard Branson:
 Leadership: Richard Branson adopts collaborative and democratic leadership styles
which helps to motivate his employees and facilitates a healthy working environment.
His leadership strategies are acknowledged and respected all around the world (Fisher,
2012).
 Attention to detail: According to Richard Branson, it is necessary to get the little things
right in order to make the whole plan successful. A close attention to tiny details from the
very beginning of any business activity can be a strong success factor for achieving
business purposes. He promotes this culture in his organisation and motivates his
employees to work with precision.
Characteristics of Peter Jones
 Passionate: While working for passion it is important that the person maintains the same
zeal throughout the life as it will assist him//her in giving best from business. In relation
with Peter Jones, he is a passionate person because even after failures he kept on trying
new things just to follow his passion of becoming a television presenter. Thus, working

with passion will definitely motivate the person in achieving and doing things even better
in life.
 Optimistic: Winning or losing is a part and parcel of business thus; changing negativity in
positive is an important thing which matters a lot. Even after having his own business of
manufacturing computer Peter Jones found a job of commercialising products online.
Although this was a small job but because he was optimistic hence, this helped him out to
become one of leading entrepreneur in United Kingdom (George and Bock, 2011).
Skills of Peter Jones
 Confident: Every person who is working in any field must possess this quality i.e.
confidence as it will encourage an individual in adopting things or performing any
activity differently. This is the quality which made Peter Jones a very confident person as
a television presenter because job of television presenter is not easy as they have to face
many cameras at a single point of time.
Time Management: This quality is very helpful in accomplishing the entire task in time frame
and as a television presenter there might be a possibility that Peter Jones has to manage two
activities. So, this skill is assisting him in finishing the entire task in a given time frame without
any much complexity (Gorgievski, Ascalon and Stephan, 2011).
P6 Aspects entrepreneurial personality
Every individual has traits which is different from one another and these are the skills
that assist a person in pushing their limits so that targets or set objectives can be achieved.
Possessed skills and knowledge helps a person in shaping its personality which can further assist
him/her in attaining its goals in a limited time frame (Islam and et. al., 2011). According to
above two entrepreneurs some of the personality which reflects entrepreneurial motivation and
mindsets are explained below for better understanding:
Extraversion: In order to accomplish the task a person should be passionate and must have a
positive sight of seeing things as a result, it will assist him/her in becoming optimistic in every
outcome whether positive or negative. In addition to this, it will assist the individual in
encouraging its fellow members and subordinates. In terms of their mind set these people are
different and always look out for chances of trying different activities in a better manner.

Agreeableness: Every person whether running a business or not he/she should have a nature
of agreeableness and along with they must have a tendency of convincing other person with their
thoughts and ideas. For this, influencing power should be very good and in relation to this,
entrepreneurs must use effective communication skills so that they can be able to deliver what
they wanted to get from others.
Conscientiousness: In order to run a business it is crucial that a person has a presence of
mind because it will aid him/her in implementing new and innovative ideas (Kirzner, 2015).
According to the current market scenario, where world is changing in a rapid speed an individual
have perseverance of accepting changes and modifications as it will assist in operating business
in a better way without any complications.
TASK 4
P7 Different ways by which background and experience can hamper the performance of
entrepreneurship
In terms of performance, skills and knowledge background & past experience always plays an
important role because it sets the base for an individual and determines how the future will be.
For shaping personality traits both external and internal factors are essential thus, a person
should try to build o incorporate all the skills since childhood and it all starts from education
which is being received (Kiss, Danis and Cavusgil, 2012). Therefore, it can be said that
performance of an entrepreneurship can depends upon what kind of education he/she has
attained. Henceforth, teachings, given in school, college or knowledge gained by family are
important because they are the primary source who helps an individual in developing personality
attributes and these further makes them eligible in attaining goals and objectives in a limited time
frame.
In addition to this, peer group or people with whom the person lives also put a great impact on
individual’s mind. This is the stage where person try to build trust and an entrepreneur should
develop this quality because they tend to meet new people who are important for giving some
directions to business run by an entrepreneur (Kuratko, 2016). This develops a sense of mutual
understanding and faith element amongst one another. Henceforth, making connection with lot
many people will foster business of entrepreneur

Therefore, in the life of an entrepreneur or any other background and past experience plays a
crucial role because it always provides a better knowledge and information which he/she can
apply in future activities. From the past experience a person can know about the flaws which can
be avoided in future proceedings. Henceforth, all these assist an individual in enhancing its skills
and knowledge for performing activities in an effective manner.
CONCLUSION
From the above it has been concluded that, there are various kinds of entrepreneurs and all
of them are different from one another. All these entrepreneurial ventures are different from one
another and perform their activities according to the needs for instance: large enterprises work
with the motive of gaining benefits but social enterprise provides services with the motive of
making other lives better and easier. Moreover, to run these businesses it is important that a
person has skills and knowledge. Along with this, they should have certain qualities like
confidence, decision making etc., this will aid them in achieving their targets in a limited time
frame. All these qualities not only influence other individuals but it also encourages them for
opting something new which is different and unique. Other than this, background and past
experience also plays a crucial role as it assist an entrepreneur is shaping its business or ideas so
that better outcomes can be gained.

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