Entrepreneurship and Its Impact on Small Scale Business | Report
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Added on 2020-01-28
Entrepreneurship and Its Impact on Small Scale Business | Report
Added on 2020-01-28
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ENTREPRENEURSHIP
TABLE OF CONTENTINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different types of entrepreneurial ventures and their relationship with typology ofentrepreneurship..........................................................................................................................3P2 Similarities and differences between entrepreneurial ventures.............................................4TASK 2............................................................................................................................................6P3 Impact of micro and small businesses on the economy.........................................................6P4 Importance of small businesses and business start up contributing into the growth of socialeconomy......................................................................................................................................6TASK 3............................................................................................................................................7P5 Characteristics, traits and skills of a successful entrepreneur that differentiates them fromother business managers..............................................................................................................7P6 Aspects of entrepreneurial personality reflecting upon entrepreneurial motivation andmind-set.......................................................................................................................................8TASK 4..........................................................................................................................................10P7 Background and experience that either hinders or fosters the tact of entrepreneurship......10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONA succeeding entrepreneurship is referred to have a considerate role in the enhancementof nation's overall economic growth. It is with a due involvement of some successfulentrepreneurs who believes in a prosperous development of the business with promising agendas.It however needs them to possess certain impelling characteristics that includes a visionaryapproach accompanied by some speculative missions and a strategic plan to implement the same(Bae, Qian, Miao and Fiet, 2014). The below report is based upon a similar context ofentrepreneurship and its impact on the small scale businesses. It is with a leading considerationof the start up businesses in UK where their qualities of their entrepreneurs will be discoursedover here. It will however initiate with a foremost differentiation of distinct entrepreneurialventures by linking it to dissimilar typologies of entrepreneurship. It is with a fundamentalconsent of determining a factual contribution of small size and start up businesses in theeconomic status of countries like UK. TASK 1P1 Different types of entrepreneurial ventures and their relationship with typology ofentrepreneurshipEntrepreneurship is duly defined to be a process of scheming, introducing and operating anew business set up that typically initiates as a small business enterprise reflecting a start upventure. They however involves the process of offering goods and services by togetherconsidering some other procedures of firing people, etc. However, the individuals whocommence a new business set up are duly termed as entrepreneurs where the capacity ofentrepreneurship is duly measured by the willingness to create and administrate the establishedwith risks earning profits (Boh, De-Haan and Strom, 2016). It is where entrepreneurship is dulyreferred to be a fundamental trait of distinguished opportunities by together assessing them in thebest possible way to decide that what opportunities must be employed by framing new proposalsfor the targeted set of users. This gives an elementary idea to the entrepreneur to either launch anew industrial firm to make a proper utilization of the wealth generated by them. There exists 4distinct type of entrepreneurial ventures to operate into the current era of business that are asdiscoursed below:Small business ventures- These type of businesses are mostly owned by the smallentrepreneurs where they themselves operate its undertaken activities. It mostly involves
grocery stores, consultants, travel agencies that are usually being operated by their ownfamily members. It is where these businesses are mostly believed to operate with aleading motive of earning profits.Scalable start up ventures- They have a pivotal motto behind setting up a new businessestablishment with a prompt vision to change the world with some creative ideas(Carland, Carland and Stewart, 2015). For this, they are mostly apparent to hire the mostproficient workforce with a prompt vision of upgrading their business as well. Large company ventures- Such type of organisations are usually established with arelatively high investment of capital resources with a finite life cycle. Herein, they dulyconsider the tact of innovation as a way of offering new goods and services to the userswhere it is usually done to higher their satisfaction level. This in turn postulates them toundertake new technological measures by adhering to the legislative norms that in turncreates a pressurised state on the contenders to opt for disruptive innovation. Social ventures- These organisations are with a prime motive of contributing the societyby fulfilling their realistic needs and demands by proposing newer services to them thatmeets their exact requirements (Davidsson, 2015). These are generally designated as nonprofit organisations with a leading focus on creating a better world. Additionally, all of these are directly related to the typology of entrepreneurship thatspecifies that varied entrepreneurship companies are duly connected with the above classifiedforms. Herein, a major categorization is among the small scale and large scale businesses wherethe small scale businesses involves small entrepreneurs with a major agenda of generating profitsby commencing a small size business (Gorgievski, Ascalon and Stephan, 2011). Where it isthoroughly being managed by the family members and other known bodies. Large scalebusinesses on another hand are more concerned with capital investment with a major agenda ofincreasing their earnings to attain more number of profits. For which, they mostly refer toacquire a high return from the consumers on their offered goods and services. P2 Similarities and differences between entrepreneurial venturesThere exists various entrepreneurial ventures that are being established in UK and areproven to be highly beneficial for a developmental growth of its overall economy. There existsseveral entrepreneurial ventures that are either small business owned by any local entrepreneur,or a global entrepreneur to running a large scale business or the social ventures (Kirzner, 2015).
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