Regent College HND Business - Unit 9 Entrepreneurship Report on Brexit

This report, submitted for the HND Business program at Regent College, provides an in-depth analysis of entrepreneurship and its various facets. It begins by exploring different types of entrepreneurial ventures, including scalable, small business, large company, and social enterprises, highlighting their similarities and dissimilarities. The report then assesses the impact of small businesses on the UK economy, considering factors such as employment, contribution to GDP, and the potential effects of Brexit. Furthermore, it differentiates between the roles and characteristics of entrepreneurs and business managers, emphasizing personality, mindset, and motivational aspects. The report also examines the influence of background and experience on entrepreneurship. The document utilizes research findings, figures, and tables to support its claims, providing a comprehensive overview of the entrepreneurial landscape and its challenges, especially in the context of Brexit. The report is designed to fulfill the requirements of Unit 9: Entrepreneurship and Small Business Management.

UNIT 9
ENTREPRENEURSHIP
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Executive Summary
In order to maintain effective objectives and effective business, a prerequisite entrepreneur plays
an important role in an enormous company or business. In addition to that, in order to gain
fruitful visionaries and end goals, the entrepreneurs need to be effective in terms of business
decisions and planning of strategies. On the other hand, in order to develop the business growth
and maintenance of business issues, proper administrative capabilities need to be appropriate. In
terms of business, different business possesses different numbers of employees and thus helps to
categories the business in different types. As businesses helps to balance the economic
development through contributing the shares in enhancing gross domestic products, thus the
government needs to concentrate on the small scaled businesses in order to develop the focal
point on the small scale and thus top gain economically developed. On the other hand, in order to
gain successful business, proper motivation and mindset of entrepreneur needs to be appropriate.
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Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK 1...........................................................................................................................................4
LO1................................................................................................................................................4
P1. Different types of entrepreneurial ventures .........................................................................4
P2. Entrepreneurial ventures similarities and dissimilarities .....................................................6
Task 2............................................................................................................................................9
LO2................................................................................................................................................9
P3. Economic influence through micro and small business ......................................................9
P4. Social economy growth through small business and business start-ups..........................13
Task 3..........................................................................................................................................15
LO3..............................................................................................................................................15
P5. Difference between entrepreneur characteristics and business managers ......................15
P6. Personality mindset and motivation aspects of entrepreneurs .........................................17
Task 4..........................................................................................................................................18
LO4..............................................................................................................................................18
P7. Background and experience influence on entrepreneurship ...............................................18
CONCLUSION.............................................................................................................................20
Reference list ..............................................................................................................................22
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INTRODUCTION
Entrepreneurship is considered as the individual willing to make profit through
approaching the business, with taking potential risks of failure. In addition to that,
entrepreneurship is also referred as the innovative business of individuals which are connected
by an individual in the economic system. This discourse highlights different ventures of
entrepreneurs with reference to their similarities and differences. In addition to that, this course
study demonstrates the influence of business on economy and focuses on the economic growth
through the small business enterprises. On the other hand, this critique differentiates between the
roles of managers and entrepreneurs, in relation to business. Moreover, this discourse highlights
the influence of entrepreneurs, with reference to their personality and experience. Overall this
present report based on entrepreneur opportunity and growth in small scale sector. It will cover
the types of entrepreneurs. It will also explain the skills of successful entrepreneurs which
differentiate from the manager in the organisation.
TASK 1
LO1
P1. Different types of entrepreneurial ventures
Entrepreneurs started their own business in order to gain a profit with considering the risks of
business. In the view of Chaston (2017, p.16), entrepreneurs gain an advantage of having proper
establishment of start-up business through approaching the entrepreneurial business. Different
entrepreneurs have succeeded in managing a successful business at a global level such as, John
Cadbury of Cadbury Company, M&S of Michael Mark and Thomas Spencers, Jeff Bezos of
Amazon and many others. In the opinion of Barreto (2013, p.56), small business enterprises are
considered as the economic backbone of United Kingdom. In terms of business, the choice of
Brexit of UK might influence the economic capability of UK based on long-term future, with
spending the expenses and taxes on infrastructure development rather than paying to EU.
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Figure 1: Company Size in UK
(Source: Research Open Data Business, 2017)
Based on the business, the entrepreneurs are engaged in different ventures, such as:
Scalable
Scalable entrepreneurship is considered as the business, which is done on the famed and existing
products and services, in order to establish a large business based on long-term. Yavli and
Farfetch can be some examples of UK, which can be considered as the scalable business. In the
opinion of Bruton et al. (2015, p.20), in order to gain funds and investment expenses, the
scalable entrepreneurs seek to financial investors, in order to establish their business in a long
terms sight.
Small business
Small business entrepreneurship is considered as the local business or doing business at a local
area, in order to make a profit from the business. In the view of Autio et al. (2014, p.1102), small
business entrepreneurship aims to provide the services and products, in order to gain customer
satisfaction and high profit through distributing the products and services at local area. The
examples of small business entrepreneurship can be considered as the local shopkeepers in
streets. In addition to that, the investments and funds, in order to establish the small business are
gained from the local people, clubs, relatives or friends.
Large company
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Large company entrepreneurship are considered as the establishment of business with a aim the
customers at a larger population at global level through using different channels and mediums of
business. In the opinion of Amit et al. (2015, p.296), the larger company entrepreneurship aims
to gain a high amount of revenue generation and high profit. Some examples of larger company
entrepreneurship can be Amazon, Tesco Plc, Cadbury and others in UK.
Social
Apart from the above business ventures, social business entrepreneurship is generally considered
as the non-profit organisation, which aims to deliver the services to the customers in order to
help them with social factors. As Dentine (2015, p.269) has commented that, social business
entrepreneurship can engage the social topology entrepreneurs. Examples of such social
entrepreneurship companies are Key Funds, CASA, Settle Hydro and others.
Please follow unite leader’s suggestion:
Entrepreneur is the person who start business individual or from group of persons.
These may be male and female. Enterprise venture start from the family funds or from
partnership. For that entrepreneur person are the person who takes all responsibilities on its
own and make them better and profitable. They need to require many resources and machines
to operate their business functions.
P2. Entrepreneurial ventures similarities and dissimilarities
Based on the entrepreneurship ventures, all the ventures possess both dissimilarities and
similarities in the procedure and process of business.
Similarities and dissimilarities of entrepreneurial ventures
Type of entrepreneurship Similarities Differences
Large Entrepreneurship
 Both the large
entrepreneurship and
small
entrepreneurship aims
to gain profit and
revenue through the
business.
 According to Kitching
(2015, p.140), the
products and services
of both the large
 The large business
entrepreneurships
have specific structure
and market
segmentation.
However, as Ridley
Bull (2015, p.28) has
stated that, small
business
entrepreneurship does
not possess at specific
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Small Entrepreneurship
entrepreneurship and
small
entrepreneurship are
customer centric.
 Customer satisfaction
is the similar aspect
which is considered
by both of the
entrepreneurship
ventures.
departments in order
to serve the
customers.
 The customer target of
large business
enterprise is extended
from the local
customers to global
customers of different
places and
geographical areas.
However, the small
business
entrepreneurship has
their target customers
limited to the people
and individuals of
residential and local
area.
 The small business
entrepreneurship does
not need much skilled
and specified
employees. However,
a large business
entrepreneurship
recruit’s employee
with high skilled
individuals and
through a proper
hiring process.
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Similarities and Dissimilarities of Serial Entrepreneurship & Social Entrepreneurship
Types of Entrepreneurship Similarities Dissimilarities
Serial Entrepreneurship &
Social Entrepreneurship
 Both the serial
entrepreneurs and
lifestyle entrepreneurs
applies the business
model and innovative
ideas based on the
choice and preferences
of customers.
 As Ojala (2015, p.831)
has stated that, in
order to gain
innovative and
business flow with the
trend, both the
entrepreneurs
implement, new ideas
and innovations, in
terms of products and
services.
 The products and
services of the serial
entrepreneurs and
lifestyle entrepreneurs
are customer centric
and are produced
based on the feedback
and preferences of
customers.
 The lifestyle
entrepreneurs follow a
particular model of
business in order to
avoid and minimize the
potential of risks in
their business.
However, on the other
hand, as Fayolle (2017,
p.62) has stated that,
serial entrepreneurs take
risk in their business
through approaching
new and innovative
ideas in their business.
 The chances of taking
risks in approaching the
business strategy and
model are high in the
serial entrepreneurship
rather than the social
entrepreneurship.
 The serial entrepreneurs
approach different
business models and
ideas in their business,
In order to experience
the services and
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products and customer
choice. On the other
hand, in the view of
Schaper (2016, p.47),
lifestyle entrepreneurs
approaches the single
and existing model of
business.
Task 2
LO2
P3. Economic influence through micro and small business
As there are different types of business and entrepreneurships, thus, different business types
possess different business size and other features. In the view of Kitching et al. (2015, p.134),
based on different features of business, it is considered in three main categories of small,
medium and large business enterprises. All the business has different numbers of employees,
which helps to categorize the business in small, medium and large business. In the opinion of
Bagwell (2015, p.341), a medium business consists less than 250 employees with 50m turnover,
small businesses consist > 50 employees with 10m turnover.
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Figure 2: Business contribution in UK economy
(Source: Source: gov.uk, 2016)
Further, the business is widely distributed in the following three categories, based on the UK
standard:
Sole Proprietorship
In order to gain high revenue and profit, a single owner of the business runs the business.
However, on the other hand, as Storey (2016, p.59) has commented that, the proprietor might
hire other individuals in order to establish and run the business in a successful manner.
Private
The numbers of employees and staffs of the private business owners limit from the owner of
business to the concerned investors.
Partnership business
Two or more than two individuals run a business of partnership, with having different shares and
thus, gain a high amount of profit and revenue, with delivering the products and services to the
customers.
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Figure 3: UK SME employment, share and turnover
(Source: BARCLAYS, 2016)
As small business is considered as the backbone of United Kingdom’s economy, thus the choice
of Brexit might influence the economic factors of UK. In the view of Wilson et al. (2014, p.6),
Brexit might influence the EU immigration policy in terms of UK, which might influence the
immigration of low skilled labor of European Union to enter in UK territory, in relation to the
job sector. Thus, as the maximum of economic development is based on the small-scale business,
it might hinder the availability of low skilled and waged laborers in the small businesses.
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Figure 4: After effect of Brexit on GDP growth
(Source: Business Insider, 2016)
In addition to that, as Zacca et al. (2015, p.19), has commented that, implication of Brexit policy
in United Kingdom can help them to gain overall single market, where the UK can develop their
business at global level and with the non- EU countries. However, in order to do so, UK needs to
have proper skilled labor and employees. On the other hand, according to Epifanova et al. (2015,
p.140), United Kingdom needs not to give the expenses of tax and tariffs to EU in order to do
market, which can be spent to develop the economic condition and business growth of UK.
Brexit policy implementation in UK on the other hand can help their local and small business to
boost up, with gaining of competitive advantage and lower cost of import.
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