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Entrepreneurship and Small Business Doc

   

Added on  2020-12-09

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ENTREPRENEURSHIPAND SMALL BUSINESS
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Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation with typology ofentrepreneurship .........................................................................................................................1P2 Similarities and differences between entrepreneurial ventures............................................3TASK 2............................................................................................................................................4P3 Assess and interpret how small and micro business impact on economy..............................4P4 Small firms and start-ups contribute to growth of social economy after Brexit....................6TASK 3............................................................................................................................................8P5 Characteristics, traits and skills of entrepreneurs and differentiation with manager.............8P6 Entrepreneurial personality reflect entrepreneurial motivation & mindset.........................10TASK 4..........................................................................................................................................12P7 Examine how background and experience can hinder and foster entrepreneurship............12CONCLUSION..............................................................................................................................13REFERENCE.................................................................................................................................14
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INTRODUCTION Entrepreneurship is defined as the procedure of designing, introducing and managing anew business, usually a small business. Individuals which run and manage these firms are knownas entrepreneurs. It is the ability and willingness of business owner to take risk in return ofgenerating profit. Also, these micro and small business have a considerable impact on theeconomy of UK (Boons and Lüdeke-Freund, 2013). This present assignment undertakesdifferent kinds of entrepreneurial ventures along with related typologies. Also, impact andinfluence of micro and small business on overall economy is mentioned. Importance of thesestart-up for citizens of UK after Brexit is also discussed. At last, background and experience oftwo successful entrepreneur is discussed which differentiates them from business managers.LO11 Different types of entrepreneurial ventures and their relation with typology of entrepreneurshipAn entrepreneur is a person which founds and run a small or micro company rather thanworking under other organisations. Entrepreneur is an innovator which incorporate new ideas sothat firm can achieve desired targets. Entrepreneurship is considered as a process of organizingbusiness in market with the objective of earning revenue and profits. These people managebusiness at small scale and employees working under them are less in numbers. Basically thereare four kinds of entrepreneurial ventures which are mentioned beneath: Types of entrepreneurshipSmall business entrepreneurship: These businesses are owned and managed byentrepreneurs on the basis of their working potential and risk bearing capability. Smallbusinesses are plumbers, electricians, consultant and travel agents etc. These people runtheir business operations with the help of family and local workers. Their main aim is tolive a peaceful and healthy life along with earning little profit. These people funds theirbusiness with the help of business loans, family or friends. Scalable start-up entrepreneurship: These individuals run and manages business with avision to change the world. They fund their finances and investments via venturecapitalists. These people hire smart, skilled and hard-working employees and they preferscalable and repeatable model for business. These entrepreneur are small in number andattracts risky capital.1
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Large business entrepreneurship: Large organisations have complex business cycle.To attain desired outcomes, these firm needs to incorporate innovation, modern conceptsand new products along with managing sales of existing services and goods. Change inconsumer needs, advancement in technology, new laws and regulations pressurise thesefirms to formulate and introduce new and modern products (Bridge and O'Neill, 2012). Social entrepreneurship: These entrepreneur are innovators which focus on satisfyingsocial requirements and needs of people. Unlike scalable business, their aim is to solveproblems of needy people without considering their profit margins. These companies caneither be hybrid, For-profit or no-profit. Typologies of entrepreneurshipSkeptical entrepreneur: These entrepreneur questions on the achievement and successrates of other individuals. They analyse and identifies successful businessmen as luckypeople and believe that success can be only achieved if stars will fall into right place.There people are considered as the scariest kind of entrepreneur Copycat entrepreneur: They analyse the working strategies of other entrepreneurs andcopy them. They represent themselves and their business aspects such as website &business cards same as the leader of their industry. These entrepreneurs consider this as asmart way to grab attention from masses.Accomplished entrepreneur: These individuals have passed all the stages ofentrepreneurship and attained success. Their main objective is to enhance their marketpresence and expand their business. They figure out solutions which will helps them inreaching towards success. Relation of ventures with its typologiesManaged growth venture: Owners of these businesses incorporate innovativeand modern tactics. They provide standardised services, facilities and products totheir customers which benefits firm in enhancing their profit margins and marketshares. It is associated with accomplished entrepreneur. Lifestyle venture: Main motive of starting this business is profit and revenueearning which allows business owner to live a standardised life (Brush, 2013). Toconduct operations properly, it is must for entrepreneur to have requiredcapabilities and skills. It is related to copycat entrepreneur. 2
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