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Impact of micro and small businesses on the growth of social economy

   

Added on  2020-06-03

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UNIT 9ENTREPRENEURSHIP

TABLE OF CONTENTSINTRODUCTION................................................................................................................................1TASK 1.................................................................................................................................................1P1. Types of entrepreneurial ventures and their effects on typology of entrepreneurship.........1P2. Differences and similarities between entrepreneurial ventures............................................3TASK 2.................................................................................................................................................5P3. Impact of micro and small businesses on economy..............................................................5P4. Contribution of small businesses and new start-ups to the growth of social economy........6TASK 3.................................................................................................................................................8P5. Different characteristics, traits and skills of successful entrepreneurs.................................8P6. Entrepreneurial motivation and mind-set............................................................................10TASK 4...............................................................................................................................................12P7. Examining background and experiences that can foster entrepreneurship.........................12CONCLUSION..................................................................................................................................13REFERENCES...................................................................................................................................14

INTRODUCTIONEntrepreneurship refers to willingness of developing, organising and managing a venturealong with taking all the risk that is associated with that business venture. The main purpose ofany entrepreneur is profit making. Starting a business is an obvious example of entrepreneurship.in the present report, types of different entrepreneurial ventures has been discussed along withtheir effect on typology of entrepreneurship. Types of different ventures can be similar to eachother in some contexts and can also be different from each other in other aspects. Suchdifferences and similarities have also been focused in this report. A critical part ofentrepreneurship is small businesses and new start-ups, their impact on the growth of economy iscrucial which is also explained below along with characteristics, traits and skills of successfulentrepreneurs that make them different from the business managers.TASK 1P1. Types of entrepreneurial ventures and their effects on typology of entrepreneurshipEntrepreneurial ventures are different in their nature, size and scope. The different typesof entrepreneurial ventures are:Corporate entrepreneurshipSmall business entrepreneurshipNew start-ups entrepreneurshipSocial entrepreneurshipPublic sector EntrepreneurshipCorporate Entrepreneurship:These are those ventures where entrepreneurial activities are carried out in largecorporations and have infinite life cycles (Bae, Qian, Miao and Fiet, 2014). Main factor thataffects the growth of these ventures are innovation and new products offering. Factors like newtechnologies, change in customer taste, increasing competition forces the companies for more1

innovation and production of new products for attracting new customers and for expanding tonew market.Small business Entrepreneurship:The most growing sector in any economy is small business entrepreneurial ventures.There are approx 5.8 million small businesses in UK. Examples of small business entrepreneurialventures are travel agents, small grocery stores, salons, electricians, etc. These ventures arebarely profitable. Main motive of these ventures is to earn enough so that they can feed theirfamily and can earn profit (Bhachu and et.al., 2017). They do not focus on undertaking anindustry. They raise funds through their savings, friends or small bank loans.New start-ups entrepreneurship:These ventures are not like small business entrepreneurship. These starts at a little largerscale by starting a company with a mission and vision to change the world. For the purpose offunding these ventures, entrepreneurs raise funds through attracting investors and venturecapitalists.Social Entrepreneurship: As the name suggest, these ventures work for the social welfare and growth. The focus ofthese entrepreneurs is on innovation and creation of new products and services that can help insolving the needs and problems of society. Their main aim is to make the world a better place tolive in. Mostly these work as not for profit organisations. Public sector entrepreneurship:These ventures include those activities that are carried out by state owned enterprises orgovernment linked companies. Mostly these organisations are formed under nation'sprivatization programme. These ventures work to serve their services to public. Entrepreneurship causes effect to economy. More the industry grows, more is the growthof economy, it is directly associated with the development of industry (Bruton, Khavul, Siegeland Wright, 2015). Types of entrepreneurship can be different on different basis. For example on2

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