Entrepreneurship Report: Entrepreneurial Ventures in the UK

This report delves into the multifaceted world of entrepreneurship, examining various venture types such as small businesses, scalable ventures, large company entrepreneurship, and social entrepreneurship. It analyzes their typologies, similarities, and differences, highlighting their impact on the UK's economic and social landscape. The report investigates the influence of micro and small businesses on the UK economy, supported by statistical data and illustrations. Furthermore, it assesses the effects of Brexit on the UK's economic performance, discussing government policies and forecasting future trends. The report also explores the characteristics and skills of successful entrepreneurs, linking their personal backgrounds to their ventures' outcomes and providing critical evaluations of the scope and development of entrepreneurial ventures in the UK context. It emphasizes the importance of establishing new entities for the country's development, making it a comprehensive analysis of entrepreneurship in the UK.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
LO 1.................................................................................................................................................1
P1) Different types of entrepreneurial ventures and relation with typologies............................1
P2) Similarities and differences between entrepreneurial ventures............................................2
M1) Range of entrepreneurial ventures.......................................................................................5
D1) Critical evaluation on scope, development of entrepreneurial ventures..............................5
TASK 2............................................................................................................................................6
LO 2.................................................................................................................................................6
P3) Impact of micro and small businesses on country's economy..............................................6
P4) Impact on social and economic performance of UK as starting up new businesses after
'Brexit'.........................................................................................................................................8
M2) Differences in small and large businesses to make economy.............................................9
D2) Critical evaluation on impact of small businesses on economy........................................10
TASK 3..........................................................................................................................................10
LO 3...............................................................................................................................................10
P5) Characteristics and skills of entrepreneurs.........................................................................10
P6) Impact of entrepreneurial personality on motivation and mind set....................................12
M3) Lines of arguments relating to entrepreneurial characteristics..........................................12
D3) Evaluation on entrepreneurial characteristics to be successful entrepreneur.....................13
TASK 4..........................................................................................................................................13
LO 4...............................................................................................................................................13
P7) Background and experience influence on entrepreneurship...............................................13
M4) Relation between entrepreneurial characteristics and its impact on personal background
...................................................................................................................................................14
D4) Critical evaluation on link of entrepreneurs' characteristics with getting success.............15
CONCLUSION..............................................................................................................................15
REFERENCE.................................................................................................................................16

INDEX OF TABLES
Table 1: Differences between entrepreneurial ventures...................................................................3

ILLUSTRATION INDEX
Illustration 1: Uk's economy position..............................................................................................6
Illustration 2: Investment in technology in UK...............................................................................7
Illustration 3: Impact of Brexit on UK economy.............................................................................8
Illustration 4: Entrepreneurial skills...............................................................................................10

INTRODUCTION
Establishments of small business enterprises influence on country's economic growth at
higher level. It is related with improving education and employment by which entire
development of a nation is recognised. The present report is based on understanding significance
of entrepreneurship in UK's growth as of impact of Brexit. In this regard, different
entrepreneurial ventures and their typologies are to be discussed. However, impact on setting up
of new entities on country's growth can be identified in this report. Likewise, entrepreneurs'
characteristics and unique qualities are to be discussed that lead to get succeed in their ventures.
Along with this, entrepreneurs' characteristics and skills are to be identified for unique
achievement and contributing in country's development. However, importance of establishing
new entities for country's development is to be understood in this assignment.
TASK 1
LO 1
P1) Different types of entrepreneurial ventures and relation with typologies
Entrepreneurial ventures are identified in different ways such as; social, scalable, small
level and so on (Bae and et.al., 2014). However, new entities are established for different
purposes, scope and visions impact on growth of entity and nation as well. Various
entrepreneurial ventures can be discussed below: Small business entities: Setting up business and unique creations at small level come
under this venture which contributed in increasing country's economic position (Baker,
Grinstein and Harmancioglu, 2015). In this regard, new creations and businesses are
operated at small level initially. Scalable entrepreneurship: This venture is created for the purpose of expansion of any
company in context to creating innovations in its business operations (Bird, 2015). It is
risky and challenging for the entity to develop new products and attracting customers
towards it. Large company level entrepreneurship: A developing company also enter into
entrepreneurship as of investment on business operations for getting unique
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achievements. For instance; purchasing new machinery equipment for improving
products' quality services, establishing new entities for its expansion and so on.
 Social entrepreneurship: Entities which set up for contribution in nation's social
development at most come under this venture. For example; establishment of NGO,
foundation, charity trusts etc (Bruni, Gherardi and Poggio, 2014). Therefore, social
entrepreneurship aims to improve social status of the nation at maximum level.
Entrepreneurship typologies:
These refer as study of entrepreneurship and studying its different ways. However, for
different variety of entrepreneurial ventures, typologies are practised. In this regard, knowledge
regarding entrepreneurship and its ways get increased impact on business operations and getting
unique achievements. In addition to this, different ideas are generated to meet targets and
increasing efficiencies in wide range (Bruni, Gherardi and Poggio, 2014). Thus, entrepreneurial
ventures are linked with their typologies also impact on getting success and creating unique
quality featured in its products and services.
P2) Similarities and differences between entrepreneurial ventures
There are different kinds of entrepreneurial ventures related with accepting challenges
and creating unique quality features. They all aim to increase efficiency in business operations
and expansion of the entity. It influences social, economic and employment sector of the country
by which different ideas are generated for improving nation's effectiveness as well (Carland,
Carland and Stewart, 2015). However, similarities and differences between these entrepreneurial
ventures can be understood as follows:
 Similarities:
Entrepreneurial ventures are related with creating innovations in business operations and getting
unique achievement in it. In accordance to this, these all ventures targeted to contribute in social
and economic growth of the country at higher level also impacted on business' efficiency.
Including this, employment sector of the nation get improved influences its development in all
ways (Carraher and Paridon, 2015). Likewise, increasing entities influences country's monetary
position positively also remain effective for increasing competitiveness in comparison to other
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nations. However, all entrepreneurial ventures are established for social and economic
development of the nation effectively.
 Differences:
Although entrepreneurial ventures are established for contribution in country's development in
respect of social, economic and employment (Castello, Barbera and Vaara, 2016). But, these are
different in context to aims, scope and other aspects of business. However, comparison among
different entrepreneurial ventures can be understood as follows:
Table 1: Differences between entrepreneurial ventures
Base Small level Scalable
entrepreneurshi
p
Large company
entrepreneurial
venture
Social
entrepreneurshi
p
Aim Setting up new
entities at small
level.
To contribute in
country's
economic growth
To reduce
unemployment
Creating
innovations in
business
operations
Balancing entire
business
operations as well
working for
scalable
performance of
the entity.
Adopting
technological
advancement and
working for
improving
business'
performance
Increasing
productivity and
profitability of the
entity.
To contribute in
social
development of
the country
To increase
public welfare at
higher level.
Scope Increasing small
scale entities for
country's
economic growth.
Creating balances
in business
activities and
improving its
efficiency at
maximum level.
Expansion of
entity in different
ways as; adopting
new technologies,
improving
performance and
Increasing social
welfare and
people's trust with
operations of non-
profit
organisations.
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profitability on
large scale.
Fund required Moderate fund is
required
High level of
fund is required
for innovations
Highest level of
fund is required
for technological
advancement and
new creations in
business
operations at
maximum level.
Low and
moderate fund is
needed for social
welfare and
opening new
entities.
Risk level Moderate risks High level of
risks for making
market position
and business
operations.
Considers as the
highly risky and
challenging
entrepreneurial
venture in
comparison to
others.
Lower risk
occurred in
comparison to
other ventures.
However, entrepreneurial ventures are similar and different from each other as
established for different purposes and scope. It influences improvement in country's effectiveness
and growth properly. It is for creating innovations in business operations and improving quality
services at higher level.
M1) Range of entrepreneurial ventures
It is recognised that entrepreneurial ventures are useful for creating uniqueness in
business operations and business' performance at higher level. Therefore, social and economic
growth of UK can achieve. In addition to this, it is beneficial for business' effectiveness and
adopting technological advancement as well contributing in country's growth (Charness, 2014).
Moreover, various ideas are generated for innovations and uniqueness in business activities.
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Thus, various entrepreneurial ventures have maximum ranges to develop and improve its
operations.
D1) Critical evaluation on scope, development of entrepreneurial ventures
On critical evaluation, it is evaluated that entrepreneurial ventures are different in ranges,
aims and scopes. Similarly, it is quite challenging and risky for any entity to adopt new changes
and getting success. Likewise, there is risk in getting success and working for entity's growth
further. For example; due to changes in market price, people's interests impact on innovations
and business operations adversely (Cherny and et.al., 2016). Moreover, differences in scope and
purposes affect development and creations in business activities negatively.
TASK 2
LO 2
P3) Impact of micro and small businesses on country's economy
It is considered that small and micro businesses impact on UK's monetary performance
increasingly. In this regard, eduction, economic, social and other sectors get improved in wide
range (Dooley and Kenny, 2014). In accordance to this, it is analysed that UK's monetary
position has developed as increasing in small businesses. It can be understood with the help of
following statistical data:
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Illustration 1: Uk's economy position
(Source: Increasing small enterprises impact on UK's economy, 2016).
It is identified that number of enterprises in UK at small level get increased from 2013.
However, there is constant growth in enterprises and impacted on economic position of UK
positively (Drucker, 2014). In addition to this it is also recognised that due to Brexit, UK's
government made policy for entrepreneurship and encouraging people towards setting up new
entities. It is resulted in financial and social development of the country and influencing
employment sector as well. However, large number of companies get established impact on
business operations and its effectiveness at higher level. In addition to this, it remains helpful for
improving quality services and business operations in terms of technological advancement.
Likewise, improvements in business sector of the country has been recognised for which
employment also get influences positively (Fayolle and Gailly, 2015). Thus, positive changes are
identified in UK and its economic position for which new innovations are created in business
operations effectively.
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In addition to this, increasing in enterprises also impacted technological development of
UK can be understood as follows:
Illustration 2: Investment in technology in UK
(Source: Technological development of UK, 2016).
It is evaluated that there are constant new technologies adopted for improving business
operations in UK impacted on quality services and country's growth positively. Including this, by
adopting digitalisation in business activities, its development has been recognised which impacts
on financial and innovations in business operations. Apart from this, it is also identified that
there is effective balance created between import and export of goods within countries of the
world (Hmieleski, Carr and Baron, 2015). Therefore, UK's economic and technological growth is
identified in terms of adopting new technologies and improving business operations on larger
scale.
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P4) Impact on social and economic performance of UK as starting up new businesses after
'Brexit'
As UK got seperated from EU impacted on its business, economic and employment
sector both positively and negatively. Further, government made policy plans for encouraging
people towards businesses and their establishment. It impacted on economic, social and
technological sectors of the entity increasingly (Mudalige, Ismail and Malek, 2016). Including
this, positive impacts are recognised in country's growth and improving efficiencies at higher
level. However, economic position in respect of GDP of UK after Brexit is identified as follows:
It is recognised that British economy get increased in context to foreign direct
investment. In accordance to this, various positive changes are determined in business and their
improvements (Schlaegel and Koenig, 2014). On behalf of this, forecasting is created for
increasing businesses as well developing new creations in their operations. In this regard,
forecasting on UK's economy is predicted as growing. However, its economy and number of
businesses can be increased at higher level in the future time.
M2) Differences in small and large businesses to make economy
It is recognised that setting up businesses impact on country's economy positively.
Similarly, it is also emphasis on its technological, business, employment and other sectors of
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Illustration 3: Impact of Brexit on UK economy
(Source: Brexit influence on country's monetary position, 2016).