Small Business Management and Entrepreneurship
Added on 2021-01-01
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Entrepreneurship andsmall businessmanagement
Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3The range of ventures types that consider the entrepreneurial....................................................3LO 2 ................................................................................................................................................5The impact of the small business on the economy. ....................................................................5LO 3 ................................................................................................................................................8Asses the key aspects of the entrepreneurial mindset.................................................................8LO 4 ..............................................................................................................................................10The different environment factors that foster and hinder the entrepreneur. .............................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneurship is basically te process of designing launching and operating a new start-up orbusiness which is initially a small business and the people who creates and operate thesebusiness are called as entrepreneurs. Small business management is the process in which theentrepreneur got helps while running and operating the business operations, entrepreneurs arerequired to understand about the requirements of managing the business( Kirzner, 2015). The present study is based on entrepreneurship and small business management andreport will depict the detailed information about the range of venture retypes by entrepreneursand also the assessment of the small business s and their operations on the economyFurthermore, the report will explain about the key aspects and factors whichentrepreneur keep in mind for successful, implementation of their decision and in addition to thisbrief understanding of different environmental factor which helps to foster and motivate theentrepreneurship for the new start up.LO 1The range of ventures types that consider the entrepreneurial.Entrepreneurship The willingness and capacity to develop, manage and organise the ventures of thebusiness along with the risk order for making the profits and also to setting up the activities for abusiness or businesses and taking the financial risk in the hope of revenues and profit. Entrepreneurial activities The activity of the entrepreneurial is to enterprising the activities of the human actionswhich pursuit the values of the generations, through the expansion and creation of the economicactivities which has been exploiting and identifying the new products, market and process(Dees,2017. ). Difference between serial entrepreneur, entrepreneurs and owner managers.Serial entrepreneurEntrepreneurs Owner manager It Continuously comes up withinnovation and new ideas andstarts multiple business inlimited period of time. It is a type of process forstarting, launching and runningthe new business. Own business for taking thechance and opportunity formaking the profit and money. Unique traits which makeThe persons who create theIt depends on their own hard
them successful for long term. business. work and learningopportunities. The typology of the entrepreneurshipLifestyle firms:- Lifestyle firms are those firms who set the business and also run bytheir own founders. The main purpose of the lifestyle firm is to maintain and aim to sustaining aparticular level and it also altering their own lifestyle with the purpose of making profit. Lifestylefirms typically have the limited scalability and growth for potential(Storey, 2016). Growth firms:- a growth firm is a company which grows faster then to peers or thebroader of the companies. It is generally increase the annual revenues on the average over thesustained period rather then focus on day to day profits. Roles and characteristics of micro, small, and medium sized organisations. Micro sized organisation:- Micro sized organisation term refers to the small businesswhere only 9 or fewer people and it has the balance sheet and also less turnover than theparticular certain amount. The role and characteristics of the micro sized organisation is toimprove performance and also tackle all the constraints which has been faced by the youth andwomen entrepreneur. It is type of business which has been operated at very small scale. Micro business has 95% of the employees level and also 33% of its turnover over theyear of 2017 and 2018. in micro sized organisation the numbers of the employees and workersare at small number. It does not reach at high level and also not the high volumes of the sales.Micro sized organisation are basically a private owned organisation and it actually operated thesole of the proprietorship, corporations and partnerships of the business. The main reason andaim behind people turning towards the traditional 9-5 jobs or stating its own personnel ventures.Predictable, UK has the highest ratio of the small business enterprise which was calculated as perthe 1000/- residents in every region of the country(Etzkowitz and Zhou, 2017).small sized organisation:- small business enterprises are those where employees 0-250range of employees. It also consists of the micro, small and medium size enterprise. There are566000 businesses of small business enterprises which are 99.9% of the total business of the UKand it also created 8802000 opportunities for their employment for micro business, 4083000 ofsmall business and 3399000 for medium business, the total of 60% opportunities.the role and
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