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Micro and Small Business Enterprises Impact on the Economy

   

Added on  2020-10-05

16 Pages5176 Words184 Views
EntrepreneurshipLanguages and Culture
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ENTREPRENEURSHIP ANDSMALL BUSINESSENTERPRISE
Micro and Small Business Enterprises Impact on the Economy_1

Table of ContentsINTRODUCTION...........................................................................................................................1P1 Types of entrepreneurial ventures..........................................................................................1P2 similarities and differences between different types of entrepreneurship ventures..............2Differences between micro, small and medium sizes enterprises :.............................................3Scope of entrepreneurship :.........................................................................................................4Roles of private enterprises :.......................................................................................................5role of public enterprises ;...........................................................................................................5M1...............................................................................................................................................5P3 Micro and small businesses impact on the economy.............................................................6P4 Importance of small scale business and business starts ups on the growth of socialeconomy......................................................................................................................................6M2...............................................................................................................................................8P5 Factors which makes a successful Entrepreneur ...................................................................8M3...............................................................................................................................................9P6 Personality of entrepreneur reflect on entrepreneurial motivations and mindset ................9P7 How background and past experience can effect on foster entrepreneurship.....................10M4............................................................................................................................................11D3 .............................................................................................................................................11D4 .............................................................................................................................................11REFERENCES..............................................................................................................................13
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INTRODUCTIONEntrepreneurial defines as the innovations and creativity to develop business. Smallbusiness enterprises are an independent authority. New or existing small business are supportedby SBDC (small business development corporation). Present report is based on small businessthat carry to make development in further aspects (Burns, 2016). In addition to this, it coversdifferent types of entrepreneurial ventures. Furthermore, roles, characteristic, differences ofseveral entrepreneurs describes. Moreover, it helps to provide small business part to creategrowth and effective results. At last, there are different entrepreneurs describe who possessinnovative characteristics. (Burns, 2016)PART 1P1 Types of entrepreneurial venturesThere are four types of entrepreneurial ventures like small business entrepreneurship, scalablestart up entrepreneurship, large company entrepreneurship and social entrepreneurship. 1)entrepreneurship of small business : In a small business entrepreneurship, they hire localemployees or members of family. These types of businesses are barely profitable.Anyone who runs their own business, are entrepreneurs(Burns, 2016.). The main aim ofthese types of business is to fulfil the needs and requirements of the family and then makea profit, to take over any industry is not aim of these types of business because they don'tprovide the scale to attract capital of ventures . Related to the typology of smallenterprises there are some kinds of benefits like : less time in solve the problems ofcustomer, easy to handle client's concerns and questions immediately, ability to givingservices to the customers. In small enterprises, they are able to send experts on a lessercost. Overheads cost are lesser than other enterprises, it is more flexible because ofaccepting market conditions immediately(Schaper, And et.al., 2014). 2)Entrepreneurship of scalable start-up : where small business means risk and return isreasonable, whether scalable start-up means risk and return is unreasonable. The vision ofthe scalable start up business is to make a large or new market, they willing to make bestof time and money(Lofstrom,, Bates, and Parker, 2014). In the order to related withtypology of entrepreneurship, there are some benefits like independence to choice allaspects, entering cost is low, high quality of life, independence to ask question and so on. 1
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3)Entrepreneurship of large company : there are requirements to create new products andto sold into new customers. In an entrepreneurship of large company there are changes inlegislation, new technologies and taste of customers(Amato, And et.al., 2017). There aresome benefits in according to related with typology of entrepreneurship like : accessibility to financeexpansion and growthhigher capacity to take risktalent of attracting customersbenefits from many types of advertisementoverhead cost will be lesserlabour division 4) Social entrepreneurship : these are innovators or entrepreneurs who focus on creating thatproducts or services which can solve the social problems and needs. By using of otherentrepreneurs and start up companies, they develop fund and investment to solve the problems ofenvironmental issues. This entrepreneurship is applicable to different type of organization withvariety of sizes and beliefs(Burns, 2016). Social entrepreneurship is facilitated by using of socialnetworking sites or social media websites. Social entrepreneurship is not a new idea but inpresent time it has become a popular among academic research. Social entrepreneurship can bedivided into different categories like community based, social responsibility based, societyeconomic based or industry professionals based. These enterprises are the best way to raisecapital of an organization by relating with typology of entrepreneurship. It is easy to promote andmarketing of their product and service. It is cost effectiveness enterprise. (Burns, 2016)P2 similarities and differences between different types of entrepreneurship venturesDifferences between private or public sector entrepreneurship ventures :Private sector Public sector Structure of organisationStructure of organization iseasy to understandStructure of public org. iscomplex with various tasks.performancePerformance related to returnon investment Performance is based onmultiple indicators and targets.Issues of management Management includes issuesManagement includes issues2
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