Entrepreneurship Report: Impact on UK Economy and BREXIT

This report delves into the multifaceted world of entrepreneurship, examining various venture types such as small businesses, social enterprises, scalable startups, female-led ventures, and lifestyle businesses. It explores the similarities and differences between these ventures, focusing on aspects like size, structure, aims, objectives, and sources of finance. The report analyzes the impact of relevant data on micro and small businesses within the UK, highlighting their contribution to employment and the economy. Furthermore, it investigates the significance of small businesses and startups in fostering social economic growth, particularly in the context of post-BREXIT Britain. The report also identifies and analyzes the characteristics, traits, and skills of successful entrepreneurs, contrasting them with those of traditional managers. It examines how entrepreneurial personalities influence motivation and mindset, and how background and experience can either facilitate or hinder entrepreneurial endeavors. The report provides insights into the dynamics of the UK market and offers a comprehensive overview of entrepreneurship's role in economic development.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1 Different types of entrepreneur venture ...............................................................................1
P2 Similarities and differences between different entrepreneurial ventures...............................3
TASK 2............................................................................................................................................4
P3 Interpret relevant data which impact on micro and small business ......................................4
P4 Importance of small business and start-up which contribute in the growth of social
economy after BREXIT..............................................................................................................6
TASK 3............................................................................................................................................7
P5 Characteristics, traits and skills of two successful entrepreneurs which is different from
other managers............................................................................................................................7
P6 How aspects of entrepreneurial personality reflect on motivation and mindset of people....8
TASK 4............................................................................................................................................9
P7 How background and experience hinder and foster entrepreneurship...................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is the important elements that make growth of the organisation and
economy as well. In this regard, country has benefits to work in significant manner to ascertain
more growth and outcomes at workplace. It is the systematic review of process that assists to
develop effective results in the business (Stokes, Wilson and Mador, 2010). In this context,
present report based on the Talon Outdoor which is small sector enterprise in UK market. They
are determines their operations in creative aspect to develop more profits and revenue in the
market. For gaining insight knowledge of the present study, it consists similarities and
differences between entrepreneurial venture that assists to meet with goals and objectives.
Furthermore, it includes impact of relevant data and statistical outcomes in the country on small
business performance. In addition to this, it involves importance of small business that
contributes growth of the social economy after BREXIT.
TASK 1
P.1 Different types of entrepreneur venture
Entrepreneurship refers as a path of several activities carried through for start a new
venture. Therefore, they are able to earn high amount of profit in current market condition.
Entrepreneur is focus on revenue of organisation (Hardy, Cynthia, and Maguire., 2017). In this
aspect different kinds of entrepreneur venture are as follows:-
 Small business enterprise :- In these types of venture is denoted unique and innovation.
It influences the individual towards the organisation. In small business enterprise is use
planing to start a new venture. Planing is most important to start a new venture, with the
help of planing use different techniques is to be used small business enterprise (Yan and
Yan, 2017). Further, they are also determines their operations and functions to make
themselves in systematic to compete with the market. It includes different types of
businesses such as barber shop, grocery stores, travel agency, etc. All these people are
highly skilled that assists to meet with opportunities that make creative functions and
operations at workplace. With the help of providing proper fund and money, the company
able to deliver their growth in the market to make themselves leader. Main typology
included in this is earning high profits so that people can fulfil their own and family
requirement in systematic manner.
1

 Social entrepreneurship :- In social entrepreneurship is focus on provide a social
services in community. With the help of this social welfare towards people increase so
fast and easily (Yan and Yan, 2017). In this way typologies is has been carried and
effective in society. In addition to this, their main aim is to provide social welfare in the
society so that they can easily develop their performances towards the effective results in
the business. It is the systematic process in which opportunities deliver to perform several
functions and operations at workplace. Favourable business idea consist very important
role that create high investment to develop more effective functioning at workplace.
Typology included in it is development of the society to carry several operations for
ascertain effective results at workplace (Stokes, Wilson and Mador, 2010).
 Sealable start up entrepreneurship: Further, it consists entrepreneurial venture which
is concerned to make effective innovations to attract many customers. It is the best way to
make creative business ideas to attract several customers in it. Therefore, it determines
opportunities to entrepreneurs to make high investment at workplace. It increases brand
image of the company in the future. Therefore, ideas need to be develop that is unique in
characteristic and ascertain effective results at workplace. These kinds of venture
determine typology in which main aim is to create innovations in the products and
services in systematic manner. Hence, organisation can easily attract several customers at
workplace (Lee and Drever, 2014).
 Female entrepreneurs :- In this type of entrepreneurship is focus to the expansion of the
enterprise in international market. It is different form the male entrepreneur. These kinds
of entrepreneurs has focus on the expansion of the profits and revenue through attract
foreign people. As results, they are able to deliver more profits and revenue at workplace
in systematic manner at workplace. In this way, different entrepreneur possess quality to
make sure that goals and objectives will be develops in systematic manner (Thorgren and
Wincent, 2015).
 Life style entrepreneurs :- In this life style is focus on future development is to be
organise in corporate world. With the help of this program organisation is obtained and
handle all risk in organisation. This is most important style in organisation, it is help to
organisation performance in the future (Zahra, Wright and Abdelgawad, 2014).
2

P2 Similarities and differences between different entrepreneurial ventures
In order to deal with different activities of entrepreneurial ventures in the market, business
perform their functions in systematic manner. It is the best way through goals and objectives will
be accomplished at workplace (Martin, McNally and Kay, 2013). In this regard, following are
certain similarities and differences ascertain:
Size and structure: It has been noted that small size business consist crucial element and it
assists to meet with goals and objectives in systematic manner. As compare to the large business,
SME consist their important role and provide unique quality of goods and services to attract
several customers (Cowling, Liu and Zhang, 2015). For example, planning to start retail sector
business, entrepreneur needs to focus on TESCO and ASDA performances and strategy. Through
ascertain these types of activities the company will easily understand the concept of retail sector
business. This is because, ASDA and TESCO are the biggest players of the UK market in retail
sector. It assists to assess the concept of business that assists to SME to make innovative
products and services in the business environment. Along with this, in sealable start-up business,
size and structure never matter because it is start-up business that assists to develop profits and
revenue (Fayolle and Wright, 2014).
Aims and objectives: There is another difference which lies in aims and objectives of the
different entrepreneurial ventures. Hence, social entrepreneurship has opportunity to create better
life which assists to enhance revenue of the organisation. Beside this, sealable start-up venture
assists to provide innovative ideas and opinion to earn more profits and revenue at workplace
(Martin, McNally and Kay, 2013). It assists to increase share of the business in all over the UK
market. Therefore, it can be identified that there are great similarities and differences between
aims and objectives that make high growth in the business. Aims and objectives determines
products quality to sell it customers.
Sources of finance: There is another different in which different business obtain finance to
operate their functions and operations in systematic manner. Thus, it is important to arrange fund
amount so that SME will expanding their operations in new areas of the world. In order to
compare it with social entrepreneurs, they are focusing on the creating welfare of the society.
This is because, they have no motive to earn profit. Main similarity is that they are possessing
unique concept to attain desired results at workplace.
Lifestyle venture and business similarities Serial entrepreneurs ventures similarities
3

These kinds of entrepreneurs require human
resources that possess effective skills and
characteristics to determine more profits and
revenue at workplace.
These types of businesses also need human
resources so that skilled members will be
appointed at workplace to increase
effectiveness at workplace.
With the help of innovative ideas and features,
the organisation develops business and
performances in systematic manner.
They are also determines innovative ideas for
the future development in the organisation (Lee
and Drever, 2014).
They possess capabilities to take risk at
workplace (Martin, McNally and Kay, 2013).
They are also possess risk taking capacity to
perform activities in the business.
Differences
Lifestyle entrepreneurs need to focus on the
reward that assists to provide effective results
at workplace to enjoy and create passion in
which they perform several activities (Yan and
Yan, 2017).
Serial entrepreneurs are also focus on the ideas
and strategy that assists to start new business in
systematic manner. Therefore, it possess
important role to create regular functioning in
the new areas of the world (Hardy, Cynthia,
and Maguire., 2017).
Female entrepreneurs business similarities Male entrepreneurs business similarities
Female always looking for expanding their
operations and functions in international areas
(Fayolle and Wright, 2014).
Male are also looks forward to expand
operations and functions in international areas
that assists to meet with goals and objectives.
Turnover is very less that assist to create more
effective functioning at workplace.
They are also encourages towards the work
performances to make effective results at
workplace.
Differences
These entrepreneurs are female These entrepreneurs are male
They are largely cover 1/3rd areas of the
business in international market.
Male entrepreneurs amount is high as compare
to the female entrepreneurs.
4

TASK 2
P3 Interpret relevant data which impact on micro and small business
In order to accomplish desired results and outcomes, it has been interpreted that micro
and small business possess huge impact on the economic performance of UK market. In this
regard, it assists to improve financial performance of the organisation to develop their profits and
revenue in systematic manner. It creates clear vision and objectives of the selected business to
increase their profits and revenue at workplace. Large enterprise also contains high contribution
in the economy to attain overall targets and goals in systematic manner. Businesses are classified
in several contexts such as micro, small, medium, large, partnership, etc. Employment structure
and capital owned is the important perspective which make effectiveness in the business. Private
businesses possess effective nature to obtain clear vision at workplace. Therefore, they are able
to earn high amount of profits and revenue at workplace. With the help of obtaining partnership
business, organisation has benefits to make sure their targets will be accomplish on time.
Therefore, each and every partner will share their profits and revenue with equal rights which
increases more effective results at workplace. Further, it also helps to ascertain financial
statements that are owned by the company to develop their performance in different areas of the
world. Because of the diminishing performance of UK economy, SME is highly impacted and
their profits are goes down. It is the main reason which create impact on the performances and
objectives of the organisation (Cowling, Liu and Zhang, 2015). In this context, rate of growth of
SME is increasing continuously in 2016. It was around 2.0 million. The highest rate of the
increasing business with innovations are 7% that make creative functioning which assists to
develop more profits at workplace. It impacts on the UK economy in the following aspect:
 Contribution through employment: It is the important strength in which SME consists
employing several numbers of people in significant aspect. In UK, there are several
people exists that got employment opportunities through ascertain creative things at
workplace. It is the best way in which more number of candidates take place in the
market (Lee and Drever, 2014). Big enterprise provide several numbers of employment
opportunities to candidates to make effective functioning in it. There are almost 250
employees got opportunities. On the other hand, in the large business, there is no limit to
recruit candidates at workplace. In addition to this, micro businesses are determines
employment opportunities in very less amount to ascertain effective results at workplace.
5

From last 2015 and 2016 years, population growth of the UK increasing by 97000 which
assists to promote effective functioning at workplace. Therefore, it is the biggest
opportunities to make creative results at workplace (Martin, McNally and Kay, 2013).
 Economic impact: Further, it has been assessed that SME play very important role to
make sure that their profits and revenue will be increasing continuously in systematic
manner at workplace. SME sector business assists to develop more profits and revenue so
that country economy performance also going very high. As results, UK will easily
compete with other organisation to make sure that profits and revenue will be develops
successfully. Further, these kinds of firms are also proves that it impact highly to make
innovative results at workplace. Therefore, it ascertains effectiveness in the business unit
for growing more profits. For example, in the recession time of UK, SME assists to
overcome issue and problems that make creative functioning in the business unit. It
makes development outcomes at workplace for ascertain effectiveness in the country.
 Flexibility with changing scenario: In addition to this, it has been identified that
fluctuating in the UK performances creates advantages to make rapid changes at
workplace. Therefore, there are different elements has been take place in the micro,
macro and small firms to develop profitability at workplace. SME creates several changes
through making alteration in the business environment. Therefore, they require high
amount of investment through profits and revenue will be enhances easily.
 Revenue of the sector: In respect to grow performances of UK market, it has been
ascertained that SME able to generate 46% of revenue easily. In this aspect, targets and
goals will be accomplish to set huge investment amount at workplace. Therefore, their
profits and revenue will be increasing continuously (Hardy, Cynthia, and Maguire.,
2017).
P4 Importance of small business and start-up which contribute in the growth of social economy
after BREXIT
In order to accomplish desired results and outcomes, BREXIT is the element that stated
in term of UK out form EU. Therefore, it influences to the organisation to accomplish their
desired results in systematic manner. In this way, SME possess several difficulties to ascertain
more profits and revenue at workplace. Therefore, operations are not easily carried to make
effective functioning in the business. This is because, EU never permits to the any business to
6

grow their operations and functions in new areas of the world (Fayolle and Wright, 2014).
Therefore, it impacts negatively on the functions and outcomes of the small businesses. Further,
main issue occurs with different countries rules and regulations that impact on the operations and
functions of the organisation. In this regard, economy get impacted and it reduces efficiency of
the organisation (Zahra, 2015).
In addition to this, BREXIT assists to the company to enhance their operations and
functions in systematic manner at workplace. In this regard, organisation has several advantages
to make sure their profits and revenue are continuously grows that assists to diminish poverty
and increase efficiency of the people. Further, it also encourages providing more revenue to the
government that increase efficiency of the company in systematic manner. Therefore, it is the
systematic process in which UK country continuously grow easily. It is needed to make wealth
distribution that make society benefits as well (Lee and Drever, 2014). It increases taxes rates
and foreign exchange so that organisation are more profitable that enhance performances as well.
In order to improves the performances of the organisation, the company has benefits to make
sure that they can easily develops their efficiency to provide employment opportunities at
workplace.
Further, there are several advantages has been made with implementing BREXIT in UK
market. This is because, the country can make effective results in economic and social
development that assists to enhance standard of living people in the country. It make growth of
the economy conditions in UK. Along with this, it included social security that also enhance
international trading in the business (Cowling, Liu and Zhang, 2015).
TASK 3
P5 Characteristics, traits and skills of two successful entrepreneurs which is different from other
managers
An successful entrepreneur have many quality in personality. A successful entrepreneur
is different types of skills and characteristic. This skills help to achieve goal in organisation. It is
focus on different aspect of working conditions in organisation (Hardy, Cynthia, and Maguire.,
2017). An entrepreneur is a person focus on each and every single aspect in every business. In
this regard, effective characteristics, traits and skills possess by the Mark Zuckerberg and Steve
Jobs that assists to meet with goals and objectives as well. It is the systematic review of the
7

activities that assists to ensure that targets and outcomes will be develops in systematic way
(Dana, Grandinetti and Mason, 2016). An entrepreneur has different characteristics and skills
that explains under here:
Characteristic and traits
 Planing for everything :- An entrepreneur is a person is use proper planing in each and
every business in organisation. Planing is most important to every new business.
Entrepreneur is a person use planing for achieve growth in the future. It is the effective
ability to lead with large brand that operate at global market as well. In respect to
compare with ordinary businesses, such leadership skills not effectively plan in the
activities to achieve task (Stokes, Wilson and Wilson, 2010).
 Development for competitive age :- In this entrepreneur is to be focus on innovate idea
generated by an entrepreneur. An entrepreneur is a person focus on innovation in
business. It can believe to change to do something new in market. New things attract
customer in market, it helps to increase profit and growth rate in organisation (Donald,
2016). This is because, their vision is to make effective results in future so that they
accomplish assign task to achieve goals.
 Idea converted into reality :- An entrepreneur is a person focus on different factor in
organisation. An entrepreneur is developed idea converted into reality. This is done by
entrepreneur only. It is help to increase productivity in nay organisation (Drucker, 2015).
Skills
 Risk taking :- An entrepreneur is a person who take new risk in organisation and help to
achieve profit in organisation. If entrepreneurs not taking risk, they are unable to make
successful operations and functions in their operations. Risk taking is help to increase
performance in organisation (Martin, McNally and Kay, 2013).
P6 How aspects of entrepreneurial personality reflect on motivation and mindset of people
Personality consists very important and crucial element to make successful operations
and functions at workplace. In this regard, success entrepreneurs possess skills and
characteristics to ascertain more profits and revenue in their business. Personality also
encourages on the different elements such as lifestyle, culture, etc. It is the systematic view that
develop positive mindset towards the aims and objectives (McAdam, 2013). Entrepreneurship
requires effective personality so that it could be influence to the other people towards the goals
8

and objectives through set targets. In this regard, following are certain dimension included in
OCEAN strategy:
 Openness: In this element, different aspects included such as culture, originality which
assists to develop experience among the individual.
 Consolidation: In this kind of activity includes aims that assists to develop effective
results to achieve tendency in systematic manner. Therefore, aim can be completed
through ascertain more specific outcomes (Minniti and et.al., 2016).
 Extroversion: It included energy with positive emotions that ascertain to attain desired
results at workplace.
 Accommodation: In addition to this, it included tendency that make compassionate with
suspicious outcomes and performances.
 Neuroticism: It assists to develop effective results and operations that comes through
experience and unpleasant emotions at workplace (Casson, 2017).
TASK 4
P7 How background and experience hinder and foster entrepreneurship
It could be identified that accomplishment of reward and drawbacks are important
elements of the entrepreneurship that make effective results at workplace. In this way,
capabilities and skills assists to compete with other organisation in systematic manner. In
addition to this, there are several elements exists which could assists to fostering the
entrepreneurship program at workplace (Baty and Blake, 2015). Therefore, it assists to develop
crucial outcomes for ascertain more profits and revenue as well. Moreover, past experiences and
educational history are major aspect which demonstrates crucial outcomes in the business. In this
regard, Mark Zuckerberg has effective performance to enhance their capabilities and skills
towards the goals. In order to foster the entrepreneurship, businesses also develop their
performances that ascertained to make it creative and innovative (Stokes, Wilson and Mador,
2010).
In addition to this, Steve Jobs also create advantages to ascertain more profits and
revenue in the business. In this regard, risk taking capabilities and experience assists to foster
entrepreneurship venture that increase opportunities at workplace. Hence, market efficiency also
9