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Entrepreneurs and Small Business Enterprises Analysis

   

Added on  2020-07-22

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ENTREPRENEURSHIP ANDSMALL BUSINESSENTERPRISES

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P1 Types of entrepreneurial ventures and their relationship with typology andEntrepreneurship.........................................................................................................................1P2) Similarities and difference between Entrepreneurial Ventures............................................2P3) Impact of micro and small business on the economy of UK ...............................................3P4) Establishment of small scale enterprises' significance in social development of country....5PART 2............................................................................................................................................5P5) Description on the features, attributes and ability of the two successful entrepreneur whichmake him different from other enterprise managers...................................................................5P6) Entrepreneurial personality reflect entrepreneurial motivation and mindset.......................6P7) How Background and experience can hinder or foster entrepreneurship.............................7CONCLUSION................................................................................................................................8REFERENCE...................................................................................................................................9

INTRODUCTIONEconomy of the United kingdom is widely driving by two principle, which areEntrepreneurship and the other one is the management of the small business. With the help ofincreased entrepreneurship activities the country the company is able to use new products andservices which are developed by country's entrepreneur, and on the other side the development insmall business activities in UK, the country is earning huge revenue and sources of employmentfrom this section. It was recorded that there were 5.5 million private sectors of small business inUK during the start of 2016, it is also recorded that the number of employing business was alsoincreased by 14,000 and the increase in self employed was around 84,000 with the annual growthof +3%. This report will be focus on ventures of entrepreneur and impact of SME on economyafter Brexit. Other than this several characteristics of skills will be discussed which assistsentrepreneur to become successful and the quality of two entrepreneur Mark Zuckerberg andRichard Branson which foster and hinder their business will be discussed. PART 1P1 Types of entrepreneurial ventures and their relationship with typology and EntrepreneurshipEntrepreneurship can be defined as the setting of small business by an individual in orderwith the objective to make profit and develop a source of earning. In order to this there aredifferent types of ventures which are started by entrepreneurs to achieve their aim and objectivesfor the success (Bae and et.al., 2014). These are some entrepreneurial ventures: - Small business Entrepreneurship: - These entrepreneurial system is the most commonway for starting up a new business. This ventures include small stores and business suchsmall grocery stores, travelling agencies, small shops, small restaurants and others. Thesesmall ventures are majorly open in relation to make small profit and wages for living. Theset aims and objectives of these ventures are not so high in relation to the developmentand profit making these small business make small amount of profit on daily or regularbasis. Further these ventures hires local individuals as an employee for very small wages.For the setting up and starting of these ventures funds are initially arranged with the helpof small banks loans or from the help of family and friends (Baker, Grinstein andHarmancioglu, 2015). In this small business enterprise the entrepreneur survey byhimself about the need and strategies for setting up of business. Makor typology of thesmall business is to earn profit for livelihood. 1

Scalable Start up Entrepreneurship: - This type of business is based on the ideas andobjective which has a potential to attract investors to provide fund for the developmentand setting up the business. The main vision and objective of this business to provide newand innovative idea which has the potential to change the world with their products andservices. Because, of their foresighted vision these entrepreneurs hires most professionalsto carry out their work. For the development of these type of entrepreneurship severalactivities carry out where different entrepreneur can put their ideas (Bird, 2015). Thismain typology of this kind of business are to provide the best innovative ideas which canhelp in the development of the society and to provide their customers with the bestpossible services. Large company Entrepreneurship: - In this type of entrepreneurship their focus is onthe development of whole organisation. This type of venture works for the developmentof business at huge level. In relation to the development this entrepreneurship are focusedto the compatibility in the market. In context to maintain their compatibility in the marketthese organisations generally acquires other small business in their company, or by thedevelopment of further new and innovative products and services as compared to theircompetitors to serve their customers (Bruni, Gherardi and Poggio, 2014). These businessventures mainly concerned about the big deals and making of big profit. Social entrepreneurship: - Main work of these business venture is not to make profit butfor the welfare of the society. As, it is very much clear from the name these businessentrepreneurs work in direction to develop new business and innovative ideas for otherand help other in order to develop their business. These social entrepreneurship can beconsidered as the non-profit or profit making venture. In United kingdom many of theorganisation are working as a social entrepreneurship to serve other entrepreneur in orderto develop their business (Carland, Carland and Stewart, 2015). These ventures are alsosupported by the government and other charity function in order to rise their funds andother activities. P2) Similarities and difference between Entrepreneurial VenturesThe major difference entrepreneurial ventures are discussed above on the basis of theirset up, other than this, entrepreneurial ventures can be further classified on the basis of the sizeof their business. 2

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