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Importance of Start-up's and Small Business in Social Economy

   

Added on  2020-07-22

19 Pages5668 Words38 Views
ENTREPRENEURSHIPANDSMALL BUSINESSMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation to typology ofentrepreneurship..........................................................................................................................1P2 Similarities and differences between various entrepreneur's type.........................................2TASK 2............................................................................................................................................4P3 Impact of micro and small business on economy..................................................................4P4 Importance of start-up's and small businesses on growth of the social economy..................5TASK 3............................................................................................................................................6P5 Characteristic and traits of successful entrepreneurs.............................................................6P6 Personality that reflects entrepreneurial motivating and mindset..........................................9TASK 4..........................................................................................................................................10P7 Factors that fosters or hinders entrepreneurship traits.........................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONIn the modern days there are large number of small and medium sized company that arecoming up. It is known as the willingness and ability of creating, organising and managing abusiness ventures. Entrepreneurship is the process of designing, launching and running a newbusiness. It is done after checking all the risks that could possible act as an barrier in the process.In the present times when there are many small businesses that have succeeded is just becausethey have a totally different idea (Mariotti and Glackin, 2014). Since these firms have limitedresources hence they have to manage its resources in a more sustainable manner so as to ensurelong term growth. Management of such firms depends on the approach taken by theentrepreneurs. This report highlights the different kinds of typologies that are present in theindustries. It also illustrates about the socio-economic growth that these firms produces atregional and national levels. It also describes the behaviour of the individuals that havesucceeded as an entrepreneur.TASK 1P1 Different types of entrepreneurial ventures and their relation to typology of entrepreneurship.In the modern UK and all around the world there are many stories of entrepreneurialsuccessful ventures. It always depends on the quality and capability of the individual howsuccessful a business will be. The willingness of the entrepreneur to carry on with its businessalways foster the growth of a new firm. Various kinds of entrepreneurship are:Small business entrepreneurship: These are the start-ups that are lead by any person.Mostly they generally hire local workers and somehow they manage to make profits(Drucker, 2014). They have incompetency in providing the scale for attracting venturecapitals and hence funding is done by family wealth or by some friends.Scalable entrepreneurship: Entrepreneur starts a business underlining that there ideamay change the world. In general cases they pulls investors that are equally crazy andthey finance them after seeing the profit scope in their ideas. There duty is to findbusiness models which is scalable and hires the best with the motive on expandingrapidly.Large company entrepreneurship: These type of firms can grow through long terminnovation, developing products that are some how different from the primary product.1

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