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Impact of micro and small business on the social economy

   

Added on  2020-10-22

16 Pages4737 Words201 Views
ENTREPRENEURSHIP1

Table of ContentsINTRODUCTION...........................................................................................................................3LO1..................................................................................................................................................3P1 Different types of entrepreneurs venture and their relation with typology ofentrepreneurship..........................................................................................................................3P2 Similarities and differences between different types of entrepreneurial ventures.................5LO2..................................................................................................................................................7P3 Impact of micro and small business on the economy............................................................7P4 Contribution of small business to the social economy after Brexit ......................................9LO3................................................................................................................................................11P5 Traits and skills of two successful entrepreneurs and their differentiation with otherbusiness managers.....................................................................................................................11P6 Assessing how entrepreneurial personality reflect entrepreneurial mind-set and motivation...................................................................................................................................................12LO4................................................................................................................................................13P7 Examining how background and experience hinder or foster entrepreneurship..................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................152

INTRODUCTIONCollection of all the activities which an entrepreneur does for setting up and runningbusiness in a successful way is known as entrepreneurship. Most of the entrepreneurs start a newventure so earning profit but some also have other goal like do social service (Blackburn, Hartand Wainwright, 2013). There was a time when most of the people were interested in doing a jobinstead of starting their own business but now the trend has changed and younger generation isready to take big risk so they can earn high amount of profit in short period of time. Thisassignment will discuss about various information regarding entrepreneurs type and typology ofentrepreneurship. It will also include similarity and dissimilarity in various kind ofentrepreneurial ventures. Small enterprises and start-ups make a huge impact social economy andeconomic growth of a country. This point will be discussed along with characteristics ofentrepreneur. Past experiences affect the way an entrepreneur organises his/her businessactivities. This issue will be explained under the project. LO1P1 Different types of entrepreneurs venture and their relation with typology of entrepreneurshipEntrepreneur is a person who take risk in order to earn profit by starting new business andmaking changing in present one (Bridge and O'Neill, 2012). The number of entrepreneurs iscontinuously increasing because they are getting necessary amount of funding from varioussources and many small entrepreneurs are now considered as a business tycoon because of theircontinuous success. Below are few types of entrepreneurs venture:Serial entrepreneur – These entrepreneurs start one business and when they feel thatthey can now earn high profit by selling it then they sell it to some other organisation. They donot stick to one business and their main thinking is to launch a new venture and sell it whensomeone is ready to pay high amount for it. These entrepreneurs do not focus on long terminvestment and their main aim is to make grab more market share by keeping an aggressivemindset. They do not care about profit because they know that valuation is more important for acompany instead of profit, if entrepreneur want to sell it in future. Social entrepreneur – This world is continuously changing and now people are not onlyfocusing on profit, they also want to resolve the problems which are present in society. Socialentrepreneurs start a business whose main aim is to earn money by providing the solution of3

those problem which are stopping society from getting better (Carsrud and Brännback, 2011).These entrepreneurs do not primarily focus on profits, they understand that earning money isdifficult when they are trying to solve problems related to environment or society. Theseventures are run by social entrepreneurs. They do not seek profits, their aim is to make changesin society by resolving the issues which are negatively affecting public. Owner-manager entrepreneur – These entrepreneurs start a business which is owned bythem and they do not allow other person to manage it. Normally they operate at low levelbecause if they will employ more people then they have to dilute their ownership and delegatethe power which a manager have. Small business – These business are run by entrepreneurs who want to operate at a lowlevel and cover a limited area. They do not seek huge profit and their main target is to earnmoney for own and family needs. Scaleable venture – This is a venture which has capacity to become big organisation.They may target few customers and operate in limited region in starting but their main aim is torun a business which can become a multinational company and grab high market share. Typology of entrepreneurRelationship between owner-manager and lifestyle venture – Lifestyle ventures isstarted by those entrepreneurs who want to get a limit income and keep their focus on pursingtheir passion. They are not hungry of profit and the main reason behind starting a new businessfor them is to get some money for living and maintain their lifestyle. Owner-manager is a type ofbusiness which can be connected to lifestyle venture because these entrepreneurs own theircompany and they manage it by themselves. For example, it a person is starting a music makingcompany then he/she is doing it because of his/her passion and his/her main aim is to make goodmusic instead of making a profitable organisation. Relationship between managed growth venture and social entrepreneur – Managedgrowth ventures seek decent growth in business and they do not set aggressive target(Chittithaworn and et. al., 2011). Their main aim is to move forward towards their mission andvision and they do not have any aggressive expansion strategy. Social entrepreneurs understandthat they cannot resolve various problem of public in short period of time so they set achievabletargets and try to address the issue by breaking it in parts. 4

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