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Small and micro entrepreneurship in UK economy

   

Added on  2021-02-21

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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Small and micro entrepreneurship in UK economy_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Various types of entrepreneurial ventures and their relationship with typologies ofentrepreneurship.....................................................................................................................1P2 Mention the differences and similarities in various entrepreneur businesses...................2TASK 2............................................................................................................................................4P3 Access and interpret relevant statistics and data to define the impact of small and microbusinesses on UK economy....................................................................................................4P4 Merits of business starts-ups and small organisations in the growth of social economy inUK .........................................................................................................................................6TASK 3............................................................................................................................................7P5 Characteristic, traits and skills of successful entrepreneurs that differentiate them frommanagers ................................................................................................................................7P6 Aspect of entrepreneurial personality that reflects their motivation and mindset.............8Task 4...............................................................................................................................................9P7 Background and experience can hinder or foster entrepreneurship..................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONEntrepreneurship is described as a way associated with running, designing & launching anew business in marketplace, most of the times a small business or a new starts-up so thatprofitable revenues and outcomes can be earned. Those persons which owns and manage thesebusinesses either solely or in partnership are called as entrepreneurs (Bryson and Daniels, 2015).This assignment will include and cover about different manner of entrepreneur businesses andtheir relation with varying entrepreneurship typologies. Also, difference and similarity indifferent businesses are mentioned. By using statistics and other information, influence of SMEon UK economy and their role in improvement economy at social level is mentioned. Besidethis, various traits, skills and characteristics of entrepreneurs is mentioned to differentiate themfrom managers of a company. Aspects about mindset and motivation of entrepreneurs along withfactors like background and education which hinders or fosters the success of entrepreneurs aredescribed under this report.TASK 1P1 Various kinds associated with entrepreneurial ventures and their relationship with typologiesof entrepreneurshipEntrepreneurship is referred as the willingness and capacity to manage, organise anddevelop an entire new business along with bearing different risks. Entrepreneur manages thesebusinesses to achieve high sales and profits so that comfortable livelihood can be enjoyed.Entrepreneurial ventures are medium and small sized businesses which helps an individual inearning capital in return of economic activities (Burrows, 2015). With the help of these activities,new, innovative and unique products can be offered to the customers so that business owner cangain high advantage over other business personal. Different entrepreneurial venture possesvarying size, service, scope, purpose that is stated beneath: Different kind of business ventureSmall businessSmall businesses needs limited quantity of workers and money to manage their businessoperations and activities. These businesses are small in size and their scope is limited as they areoperated at small level only. These ventures are run and managed to provide genuine servicesand good offerings to clients without charging them high. Owner of these businesses either work1
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solely or in partnership with other individuals. Main purpose for managing these businesses is toearn high amount of profits. These businesses earn up to 2 million pounds and hire less than 50workers. For example, Rowlinson Knitwear. Large businessesLarge businesses are managed and operated at high level and require large number ofworkers, money. As these business operates at large scale, their size and scope is wide. Theseventures produce high quality products so that expectation of clients will be fulfilled in a propermanner (Erasmus, Strydom and Rudansky-Kloppers, 2016). These business venture possesstrong position in marketplace due to achievement of high revenues and profits. For instance,marks & Spencer.Social enterpriseThese type of business firms are created for the well being and sake of society. Thesecompanies initiates new ideas so that population in UK can live a comfortable life. Scope ofthese organisations is very high as they provide high offer to residents and local individuals andtheir size depends upon their area coverage. These businesses firm never earn high profitmargins. For instance, save the children etc. Different kind of entrepreneurial typologiesLifestyle enterprises:These companies are managed and run to earn high living standardand comfortable life. This will allow the people to improve their lives. These companiesprovide wide job and employment opportunities to the local people so they can sustain agood and comfortable life. These type of business are part of social ventures. Forexample, Oxfam (Ferreira, Loiola and Gondim, 2017). Growth firms: These business firms are operated to attain more revenues. By taking helpof innovation, these organisations increase their productivity. These business ideas andconcepts are generated so that desire of clients can be fulfilled in a desired way. Thesefirms can either be large or small in size.P2 Mention the differences and similarities in various entrepreneur businessesIn business world, there exist various differences & similarities in business andentrepreneurial ventures or businesses which are listed below: DifferencesBasis Small enterpriseLarge organisationSocial firm2
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