Entrepreneurship: Ventures, Brexit Impact, and Entrepreneur Traits

This report delves into the realm of entrepreneurship and small business management, exploring various types of entrepreneurial ventures, including small businesses, scalable start-ups, large firms, and social enterprises. It examines the similarities and differences between these ventures, highlighting their growth expectations and financing models. The report further analyzes the impact of micro and small businesses on the economy, particularly in the context of Brexit and its effects on the UK's economic landscape. It investigates the importance of small and start-up businesses in the growth of the social economy after Brexit. The report also includes research on the characteristics, traits, and skills of successful entrepreneurs, exploring how entrepreneurial personality reflects motivation and mindset. It also touches upon factors that hinder or foster entrepreneurship. The report concludes by assessing the overall impact of these factors on the entrepreneurial ecosystem.

Entrepreneurship
& Small Business
Management

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Small researches to examine different types of entrepreneurial ventures and typology of
entrepreneurship.....................................................................................................................1
P2 Similarities and difference between entrepreneurial ventures..........................................3
TASK 2............................................................................................................................................4
P3 Micro and small businesses impact on the economy........................................................4
P4 Importance of small and start-up businesses in the growth of social economy after Brexit. 5
TASK 3............................................................................................................................................6
P5. Small research on the characteristics, traits and skills of two successful Entrepreneurs. 6
P6. Entrepreneurial personality reflect entrepreneurial motivation and mindset...................7
TASK 4 ...........................................................................................................................................8
P7 Background and experience of Hinder or Foster entrepreneurship...................................8
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In this report displays that for economic growth and development entrepreneurship is
beneficial. From last three decades it is supported by many countries. Some countries capitalised
on this process to drive in economic development. After analysing these benefits and
performance UK is promoting these concepts and processes for Brexit post of development and
economic growth. So this study displays that several opportunities for start-up and other business
in UK country and several factors review and traits that drive entrepreneurship or limits
(Drucker, 2014). This report assesses the aspects of entrepreneurs personality that reflects
entrepreneurial mindset and motivation. This report will cover local, social and global
entrepreneurship and their scopes. This report will explore the various conditional factors,
differences and also their similarities and Characteristics and traits of entrepreneurs are shared.
This study examines the experiences and criteria of hinder entrepreneurship. This report carry
out small research to analyse the several types of entrepreneurial ventures and their typology of
entrepreneurship also their similarities and differences. This report interpret and illustrate micro
and small impacts on the economy of small businesses. Two successful entrepreneurs skills and
their traits and their difference from other managers of businesses.
TASK 1
P1 Small researches to examine different types of entrepreneurial ventures and typology of
entrepreneurship
The Ventures of entrepreneurial is owner and CEO of enterprise who sets and create
profits and benefits from the firm. Entrepreneurial ventures advising start-ups and also small
businesses. There are some entrepreneurial ventures is listed which are : Small business
entrepreneurship, Scalable start-ups entrepreneurship, Large firm's entrepreneurship and Social
entrepreneurship.
 Small business's entrepreneurship : In the US 5.7 million firms which are small
businesses and they around 50.00 % of employ and around 99.8% make up of every
workers in governmental (Kirzner, 2015). These small businesses may be like travel
agents, electricians, carpenters, some grocery or general stores consultants of firms, cyber
cafes and store fronts etc. Anyone from these that runs their own business. So for these
kinds of work they hire anyone like local family or employee. These types of peoples
1

have only one goal of success is to make profit. Not every peoples afford for opening a
new small business so they took a loan from persons or banks etc.
 Scalable start-up entrepreneurship : For example work of entrepreneurs and investors of
Silicon Valley. These kinds of firms have a vision and do something to change the world.
So they invest their money and attract on venture capitals. So they take brightest and best.
Their work is to research on the scalable and repeatable models of business. Whenever if
they found then they will concentrate the scalable requirements and venture capitals to
expand the rapid fuel (Baum, Frese and Baron, 2014). In innovation clusters, these type
of scalable start-ups creating the little portion of percentage of start-ups and
entrepreneurs. This because they attract the risk capitals and returns from outsides.
 Large firm's entrepreneurship : Big firms have limited life cycles. These alls are mostly
offering some different products and some different things for their products. They grow
from this kind of innovation and growth (Schaper and et.al 2014). Like updates always
arise in markets it may be new technology, new competitors, taste of customers etc. So
because of this big firms makes new products for new customers. The already existed
firms do this by creating their new imagination or innovation. But this is also difficult for
big firms because of their size and culture create troubled invention.
 Social entrepreneurship :These type of entrepreneurs are concentrates on making new
services and products that is solved and fit for the requirements in social things and their
issues. But in scalable start ups they are making the better place for the world not for any
kind of making wealth and shares for the peoples (Storey, 2016). They do their work
without taking any profits.
The typology of entrepreneurship is the sustainability for the business. These displays
engagements sustainability for the business in above diagram that is mostly used in businesses
for moving from economic concerns to environmental and social concerns. So that this displays
the sustainability problems that is faced by the society (Shepherd, 2015). In the created values
that remains the shareholders value. This is just only for refined value management for
shareholders.
2

P2 Similarities and difference between entrepreneurial ventures
Similarities in small, scalable and large entrepreneurial ventures is their expectations in
growth and financing. But in social entrepreneurs are totally different from them because they
are only focusing on the society to make the best place for it without any profit (Carland, Carland
and Stewart, 2015). Small and large firms have similarities for making profits for businesses that
they are expecting from their business vision, mission but in scalable entrepreneurs have only
one aim that is to make profit.
 Social entrepreneurship ventures : They are similar because they also have
vision ,mission for the society (Bae, Qian, Miao and Fiet, 2014). But these is different
from large, scalable and small entrepreneurship because of this social entrepreneurship is
doing their work without making any profits.
 Small entrepreneurship ventures : In the context of tech field industries, this kind of
businesses argues that they must be short for start-ups and analyse to prove their structure
on business and their quickness. These businesses are start from the owners savings or
may be loan from bank and if these businesses are successful so they will retrieve funds
from investors, venture capitals etc (Carland and Carland, 2015). The driving force is
different. This small businesses owners keep their secure place in the local market. This
is similar to the large and scalable entrepreneurship because they want to make profits
and growth for their businesses but difference is that their working and ideas.
3

 Big entrepreneurship ventures : This have similarities of making growth and profits to the
small and scalable entrepreneurship ventures (Storey, 2016). But difference is that their
vision, working and mission because they follow a systematic structures, make
innovation something for business and models for businesses.
 Scalable entrepreneurship ventures : This is similar because of there is one aim is to make
profit to the small and big entrepreneurship (Bae and et.al 2014). The difference is their
working and ideas. Scalable start-up has the scope to make their business to large
businesses.
TASK 2
P3 Micro and small businesses impact on the economy
The pound impacting high on the small businesses of the UK economy. Pound was
decreased by 15% against in a basket of currencies. Votes in October show that sterling takes the
worst performance of currency in the globe which was falling behind 150 and others. This is all
because of Theresa May's plain to chase and Brexit was hard. Where the UK finishes the
sovereignty control which was operated by the individual markets (Carland and Carland, 2015).
EU accessing the single market and worth for EU was memorable so without any import-export
work or duties, EU independently trade. So this is widely observed in the reports and frees up
trade. This idea allows UK to conduct worth in billions from trade in every year for operating
this kind of market. So updates was not done because the Article 50 for that period was expired
or new changes is negotiated.
UK gets in the deal is that pound ignore the individual markets to operate and then pound
get big blow. Pound has its own weaknesses and challenges which influence small businesses
and GDP. Few peoples think that pound is weak because they purchase more than compared to
sell. Whilst selling goods cheaper than compared to purchase other expanses. Inflation is arisen
in the weal pound that increase the value of goods in UK (Ács, Autio and Szerb, 2014). This
impacting very high on start-up's and small businesses so clients feel pinch and more potential
for future. Tesco potentially raise their values and prices to battle their price that will definitely
give benefit of the economy of UK. This is very simple that If prices are going to high than
wages, clients will not spend more. So many big industries and companies set their currency for
the look forward on their upcoming contracts that will allows the pre planned weaknesses for
4

future like the big supermarkets and Moter industry. So these agreements survive on their value
and it will maximize and this can be seen by customers so they fell pinch. No concrete planes on
Brexit that requires for clients and businesses, so there requires a clarification to motivate
customer activity and businesses.
In recent news for GDP is facing that UK economy is growing with 0.2% high than
expectations so this is good news for UK economy. This all figure in percentages representative
current growth of UK that decline and now it still at on the preliminary levels after long process
and to leave the EU. Nothing has updated instantly and small businesses must protect from
future shocks because they get the news for taking their combat (Bruni, Gherardi and Poggio,
2014). Some businesses change or different markets create sense for limited effects will impact
on their businesses if any suppliers or clients gets into problems. Some peoples comment for
Brexit that it is not bad wolf and they believe on the ahead of votes. In the UK economy they
have not stops their businesses from the sterling and some crisp words. So there is nothing to
update in the relationship with EU. The effects for long term ties trading partners of UK will
confidently rise problems for small and micro businesses.
P4 Importance of small and start-up businesses in the growth of social economy after Brexit
The performance and movements economy for UK is playing a major key point to current
classification of the effects and impacts of Brexit. This is purely analysed information for the
Gross domestic product on the time period of July-Sept that displays around 0.5% economy
expansion, 0.2% is measured by from the expectations (Schaper, 2016). In 23rd June 2016
selection of UK take option in Referendum to leave the Eu so that time in few months fight was
started by the investors and businesses. At that time of period, from the votes of UK was not
imagined the negative effects for long time concerns. This is very important to note that
percentage was 0.7% which is remove 0.5% into perspective. So in the economy growth the rate
is instantly decreased. That time the percentage is been very bad around 0.3 or may be getting
more down.
The GDP is like lifeblood for the UK economy because it impacts on the small
businesses in very wide range. In overall businesses clients purchasing firms services and
products and it falls in the GDP that small businesses impacts very largely (Carraher and
Paridon, 2015). After that this percentage was increased by the 0.3 % and grew with 0.8% so this
all declines in the process of production and construction. Manufacturers observed headline that
5

pound was boosting in growth. This all considered pound was weak, whilst helpful, so this is not
get profits in the area of UK economy. Small firms was sensible and they shock because they
grew from the lower field of process. If small businesses are compared to the big firms then
people will get that both businesses are struggled for their aims and goals but getting loan from
banks or desirable is easy for businesses so that makes market weaker. Small businesses
struggled with their talent and confidence and small businesses secure and make their place in
the local market so this is the reason that they fall in GDP.
Small businesses are known the market and region, they already aware of the
requirements of customers so they struggle and this affect in the marginal businesses. The
businesses rely on the other local businesses. From the example an industrial Estate based
businesses like sandwich van or cafes. So that was over in some few months because of the vote
for brazen and its comments from the UK and EU so there are no updates in the relation with EU
(Carland and et.al., 2015). In around 24th June, UK's economy was falling down night by night as
compared to the previous economy of UK. So this all affecting on businesses like confidence.
For today's businesses are growingly faster with day by day analytics.
TASK 3
P5. Small research on the characteristics, traits and skills of two successful Entrepreneurs
Entrepreneurship can be determined as a method of starting a new business initially as
start-up company which provides its products and services for sale. Entrepreneurs are the persons
who start these business. Steve Jobs, the founder of Apple company is the successful
entrepreneur in today's era (Hatten, 2015). There are different characteristics which made him
successful. The first characteristics is the thinking power which makes his products popular
among the public. Secondly he allowed his employees and company to grow without imposing
any limitation. He loved what he makes and developed the design of the product uniquely from
the other entrepreneurs. He made the products beyond the customers wish and needs.
The another famous entrepreneur is Bill Gates who is the founder of the Microsoft
Company. He has brilliant communication skill which is very important in the IT architecture
(Storey, 2016). His passion of working on the computer makes him one of the richest
6

businessman in the world. He schedules all his plans and never give up in the case failure. The
common traits and skills of both the entrepreneur are as follows:
1. Self motivation : Both the entrepreneurs are self motivated and are thrust of
knowledge though they are successful.
2. Hard working: The life of the entrepreneur is fragile. They wake up before the
sunrise and there is no tomorrow for them to complete their work.
3. Risk takers : They never satisfy with their product and always tried to make it
better by taking many risks and challenges (McKenzie and Woodruff, 2014).
They never give up during failure.
4. Unbelievable imagination power : The imagination power makes their product
incredible and have better approach to take better decisions.
5. Open minded: They are open minded and allows their employees to go beyond
the edge without any limitations (Schaper and et.al., 2014).
6. Full determination towards their work: They do their work with full determination
without any carelessness.
P6. Entrepreneurial personality reflect entrepreneurial motivation and mindset
Entrepreneur is the person who has to motivate its customers, has to create innovative
ideas, research the new ideas for the promotion of their services, products in the market. The
main motive of any entrepreneur is the creation and the implementation of new ideas. Benefits
and Profits are less important than the innovation and creation of the ideas (Shane and et.al.,
2015). Anybody can have idea to implement the business but the ideas which are based on the
solution of the real life problems is considered as the important one. To understand the mindset
of the entrepreneur, the motivational design structure and personality characteristics are the
important criteria s. Motivation and encouragement is very necessary to be given in order to
know the mindset of the entrepreneur. It is the key factor to overcome the problems, pressure and
uncertainty. The six criteria s in entrepreneurial motivation are as follows:
1. Requirement to Achieve the goal
2. facing Risk and challenges
3. Fault tolerance (Pope, 2017)
4. Focus on the Control and management
5. self-accuracy
7

6. Determination of the goal.
Entrepreneurs have the potential that can attract other people by their innovative ideas
and technology. The key factor that makes them successful are their brilliant characteristics and
skills which help to achieve the success in their business (Burrows, 2015). They have superb
ideas and strategies that can inspire the next generation in order to achieve the goals of the
successful organizations. Bill Gates and Steve Jobs are the famous entrepreneurs in this modern
world who have achieved the success by their skills and implementing innovative ideas. They are
fully devoted towards their work done hard work to achieve the success in the world. The family
background also plays vital role in affecting the personality of an individual. A good family
background helps an entrepreneur to develop the effective communication skills and managing
skills to ensure the long run growth. . Another factor which affects the personality of the good
entrepreneur is high quality of education which helps them to take better decision in every
critical issue.
TASK 4
P7 Background and experience of Hinder or Foster entrepreneurship
Steve Jobs has a crystal clear vision of what he wanted to achieve, namely user friendly
technology and he was damned if he was going to let anyone stop him. He probably polarized the
world into two camps- those who help and those who hinder (Morris, 2015). He got along well
enough with the former e.g., Jonathan Ive. But if he though anyone were a hindrance, he would
be very clear about getting someone out of this world. Some peoples call this arrogance but for
some, Steve was someone with clarity of purpose who refused to let nay-sayers, critics and
reactionary types get in the way of realizing his vision. In the end, matters that the iPhone in
peoples pocket is a great piece of technology, or whether the man made it was nice.
Steve Jobs was a genius as he was crazy behind new inventions of technology. Yes he
was mean sometimes but it is in every youngster's nature to be mean at times. Actually, what he
did was get others to do the job in the right way (Glaeser and Kerr, 2015). He would sometimes
yell at his employees and they would also hate him for it and consider him a dictator but that is
what got them to get their backs straight to work and kept them motivated and moving on with
successful work. So this explains that man was a genius but in real terms he did not know much
as the technical terms but he did know hot to introduce things to others. He has been doing it his
8

whole life that also includes introducing new styles of doing work to his employees and all this
makes him legendary.
Steve Jobs very sensitive guy so that is one of the things that makes his antisocial
behaviour, his rudeness, so unconscionable. Peoples can understand why they are thick-skinned
and unfeeling cab be rude, but not sensitive people (Bruton and et.al 2015). He has very clever
ability to get really worked up about something and it does not stay with him at all. But there are
other times, when he is very frustrated and his way to achieve catharsis is to hurt somebody. He
feels he has liberty and a license to do that. The normal rules of social engagements, he feels that
do not apply to him. Because of how they very sensitive he is, he knows exactly how to
efficiently hurt someone and he does to do that. Many can consider himself self important but he
was really genius who has ability of make dent in the universe.
Steve Jobs was visionary and he knew what he wanted. He was particularly about
colours, fonts, food, and so on (Martin, McNally and Kay, 2013). Many peoples think of his
drive and result orientation to achieve his vision as arrogance; however, if someone continues to
accept bad up deliveries of hardware, software, food. Etc. than they continue to make
expectations to their vision and it will never fulfil. This all hinders and fosters for Steve Jobs as
an entrepreneur was used from his experience and his background.
Bill Gates entrepreneur is very fascinate about the computers. In very young age he
creates a program and learn them. Gates take decision that he passionate in computers so he will
go in the computers and program learning (Decker and et.al 2014). So his passion for the
computers is the main foster for Bill Gates. Gates know that only hard work and work tirelessly
will true his dreams. So because of these Gates spend many years for learning, coding,
programming in his garage.
Bill Gates is great leader because he believes that success it is not about to think a good
idea. So leadership needs passion and action to make and apply that good idea in to the real
world. Gates always looks forward because he is legendary. Bill Gates is always focusing on
their goal so he constantly deep evolving in the projects (Goffee and Scase, 2015). He was
always helping to others in the organization. He is admirable leader and give guide ns and
direction , using his experience and knowledge. Gates always learned from his real life lessons.
If entrepreneurs is not educates in the field that he doing his business then this hinder seen for
entrepreneur for example : assume if bill gate is not going for college and not completed his
9

education. In today's entrepreneurs facing problems in finance and if they do not have fund for
firm then they can not make and apply an idea on their business.
CONCLUSION
This report is emphasized the norms that the entrepreneurship is beneficial for economic
growth and development. These things have been supported and viewed by many countries so
that experienced substantial poverty reduction is seen over the last three decades in UK. For
successful entrepreneur this is required a present report to aspiring entrepreneurs on Brexit and
several entrepreneurial business start up opportunities in the UK. This report displays review of
various factors and traits that limit or drive entrepreneurship. In this study also consists assess
and aspects entrepreneurial personality that reflect entrepreneurial motivation and mind set.
10

REFERENCES
Journals and Books
Ács, Z.J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications.Research Policy. 43(3). pp.476-494.
Bae and et.al., 2014. The relationship between entrepreneurship education and entrepreneurial
intentions: A meta‐analytic review.Entrepreneurship Theory and Practice. 38(2). pp.217-
254.
Baum, J.R., Frese, M. and Baron, R.A., 2014.The psychology of entrepreneurship. Psychology
Press.
Bruni, A., Gherardi, S. and Poggio, B., 2014.Gender and entrepreneurship: An ethnographic
approach. Routledge.
Bruton and et.al., 2015. New financial alternatives in seeding entrepreneurship: Microfinance,
crowdfunding, and peer‐to‐peer innovations.Entrepreneurship Theory and Practice.
39(1). pp.9-26.
Burrows, R. ed., 2015.Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Carland and et.al 2015. Seeing what's not there: The enigma of entrepreneurship.Journal of small
business strategy. 7(1). pp.1-20.
Carland and et.al 2015. Self-actualization: The zenith of entrepreneurship.Journal of Small
Business Strategy. 6(1). pp.53-66.
Carland, J.W. and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and
educational implications.Journal of Small Business Strategy. 8(1). pp.1-14.
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the
discipline.Journal of Small Business Strategy. 19(2). pp.89-98.
Decker and et.al 2014. The role of entrepreneurship in US job creation and economic
dynamism.The Journal of Economic Perspectives. 28(3). pp.3-24.
Drucker, P., 2014.Innovation and entrepreneurship. Routledge.
Eckhardt, J.T. and Shane, S.A., 2013. Response to the commentaries: The individual-opportunity
(IO) nexus integrates objective and subjective aspects of entrepreneurship.Academy of
Management Review. 38(1). pp.160-163.

Glaeser, E.L., Kerr, S.P. and Kerr, W.R., 2015. Entrepreneurship and urban growth: An
empirical assessment with historical mines.Review of Economics and Statistics. 97(2).
pp.498-520.
Goffee, R. and Scase, R., 2015.Entrepreneurship in Europe (Routledge Revivals): The Social
Processes. Routledge.
Hatten, T.S., 2015.Small business management: Entrepreneurship and beyond. Nelson
Education.
Kirzner, I.M., 2015.Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016.Entrepreneurship: Theory, process, and practice. Cengage Learning.
Mariotti, S. and Glackin, C., 2014.Entrepreneurship and small business management. Pearson
Higher Ed.
Martin, B.C., McNally, J.J. and Kay, M.J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes.Journal of
Business Venturing. 28(2). pp.211-224.
McKenzie, D. and Woodruff, C., 2014. What are we learning from business training and
entrepreneurship evaluations around the developing world?.The World Bank Research
Observer. 29(1). pp.48-82.
Morris, M.H., 2015. Entrepreneurship as Experience.Wiley Encyclopedia of Management.
Schaper and et.al 2014. Entrepreneurship and small business.
Schaper, M. ed., 2016.Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Shane and et.al 2015. Academic entrepreneurship: Which inventors do technology licensing
officers prefer for spinoffs?. The Journal of Technology Transfer. 40(2). pp.273-292.
Shepherd, D.A., 2015. Party On! A call for entrepreneurship research that is more interactive,
activity based, cognitively hot, compassionate, and prosocial.Journal of Business
Venturing. 30(4). pp.489-507.
Storey, D.J. ed., 2016.Entrepreneurship and new firm. Routledge.
Storey, D.J., 2016.Understanding the small business sector. Routledge.
Online
12

Pope, E., 2017. THE DIFFERENCE BETWEEN A STARTUP AND A SMALL BUSINESS.
[Online]. Available Through <https://generalassemb.ly/blog/difference-between-a-
startup-and-a-small-business/> [Accessed on 24th May 2017].
13