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Small and Micro Business Impact the Economy : Assignment

   

Added on  2020-07-23

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ENTREPRENEURSHIP
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determine the typology of entrepreneurship.........................................................................1P2 Examine the differences and similarities between entrepreneurial ventures.........................2TASK 2 ...........................................................................................................................................4P3 Examine how small and micro impact the economy.............................................................4P4 importance of small business and start-ups to economy........................................................6TASK 3............................................................................................................................................7P5 Explain the traits, skills and characteristic of successful entrepreneur..................................7P6 Assess the different aspect of personality reflecting entrepreneurial mind-set & motivation.....................................................................................................................................................8TASK 4..........................................................................................................................................10P7 Explain how experience and background can hinder entrepreneurship...............................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
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INTRODUCTIONEntrepreneurship can be defined as the willingness and capability to design, manage andorganise a business venture along with the financial, political risk attached to it in order to makeprofit (Acs Autio and Szerb, 2014). It is generally considered as the process of establishing &running new entity which is small at initial level and the individuals who make it are known asEntrepreneurs. According to J.B Say an Entrepreneur is the one who transform economicresources possessing lower productivity into higher productivity which results in generatinggreater yield. The definition of entrepreneurship is mainly deals with how some people or teamdiscover opportunities and decide them to exploit it whose outcome is in the favour of satisfyingconsumer needs and wants.This report talks about different types of entrepreneurial ventures and determine how differenttypes of personality reflects entrepreneurial mind-set and motivation. TASK 1P1 Determine the typology of entrepreneurshipEntrepreneurship can be describes as an individual ability to start a new business venturein order to make profit. Such people are often regarded as Entrepreneurs as they look for theopportunities and further evaluate them which results in developing goods & services thatsatisfies the needs of vast number of customer. They exploit various factors of production intobusiness opportunity which in turn yields higher profit for the venture. There are differenttypology of entrepreneurs through which an individual can make profit which are as follows: 1.Small-Business Entrepreneurship: Most of the entrepreneurial ventures starts with thesmall business. Such business firms are mainly owned by single-proprietor and managedby them only. Generally a start-up falls under the category of small-business firm asinitially they do not posses much human, financial and physical resources. Today,massive number of start-ups in UK are still small entities. They normally make up 94%of all other companies and employ 52% of all non-governmental workforce. Their mainaim is to yield profit for their survival and they focuses on producing those goods &services which satisfies the dynamic wants of potential buyers (Bhachu, 2017).2.Scalable Start-up Entrepreneurship: A scalable start-up can be defined as thosebusiness entity who takes an creative and innovative idea & looks for a repeatable1
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