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Federation of Small Business in United Kingdom : Assignment

   

Added on  2020-07-22

18 Pages4985 Words31 Views
Entrepreneurship andSmall Business

Table of ContentsINTRODUCTION...........................................................................................................................3PART 1............................................................................................................................................3P1 Types of entrepreneurial ventures and typologies............................................................3P2 Similarities and differences between entrepreneurial ventures.........................................5M1 Understanding of entrepreneurship in both public and private sector.............................7P3 Impact micro and small business have on the economy...................................................8P4 Importance that small businesses and business start-ups on the growth of the socialeconomy...............................................................................................................................11M2 Differences that small, medium and large businesses make to the economy, applyingrelevant data and statistics....................................................................................................12PART 2..........................................................................................................................................13P5 Skills, characteristics and traits of entrepreneurs............................................................13P6 Entrepreneurial attribute effect their mind-set and encouragement................................14M3 Different lines of argument relating to entrepreneurial characteristics.........................15P7 Influences of personal background and experience to specific successful entrepreneurs15M4 Link between entrepreneurial characteristics and background and experience influences16CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18

INTRODUCTIONEntrepreneurship refer to the planning, functioning and launching procedure that help inoperating the new business which is often small companies. The person who are often engaged inoperating such entrepreneurial activities are known as entrepreneur. United Kingdom is enlistedone of the most entrepreneurial country in entire Europe. This assignment is prepared over theFederation of Small Business in United Kingdom that represents entire medium and small sizedbusiness (Alsos, Carter and Ljunggren eds., 2011). This report is seeking for the major types ofentrepreneurial venture as well as typologies along with their influence on the regional, local,international and national economical influence on United Kingdom economy. This report willalso evaluate different entrepreneurship skills as well as role of background on the activities ofbusiness. PART 1P1 Types of entrepreneurial ventures and typologiesAn entrepreneur refer to the individual who operate and functions the limited businessresources and successful organisational activities through maintaining the probable danger.These are the entities which start a venture considering the failure and organisation successprobability and administrate their whole enterprise by themselves (TYPES OFENTREPRENEURSHIP, 2017). As FSB carry out and track entire records of small businesses ofUnited Kingdom. Difference between Intrapreneur and Entrepreneur:BasisIntrapreneurEntrepreneurDefinitionThis can be termed to theworker who is liable fordemonstrating numerousinnovation in service,products, procedure etc. Entrepreneur can be termed asthe individual who determinenumerous business conceptsand aspects which are oftennew. RiskEmployed by organisation.Borne through oneself. Works forDeveloping a leading marketposition.Alter and reconfigure existingframework and culture oforganisation.3

TechniquesRecuperative Spontaneous ResourcesOrganisation render moreresources. Own resources and practicesare optimised.Capital Financed through enterprise.company.Self emerged EnterpriseExisting One Newly Established DependencyDependent IndependentHere are mentioned some of the basic types of entrepreneurial venture i.e. discussed as below: Small-business enterprise: These business organisation are formed and functioned by aperson with the purpose of earning their living and reaching their basic requirement. This consistof salon business, barber, grocery stores etc. the major financial funds are often gained throughfamily, friend or bank loan etc. Scalable entrepreneurial start-up: Such business are often introduced to gain theincrement and more revenues. Silicon Valley fund investor are usually form such businessenterprises. The major role of these activities are to cater change in the working system who hirehard working employee for reaching their purpose. Large Venture Enterprise: These elements often contain limited life-cycle that developmore disruptive innovation for sustaining and reaching to the targetted outcome. Modification inlegislative, competitors and taste, company create more innovation in their commodities. Social Entrepreneurship: Aiming to the betterment of social issues and miseries, theseentrepreneurs functions their operations of business. These are often profit-oriented, hybridwhose purpose is to reduce the social issues and menace. In the market, there are numerous typologies of enterprise that is interlinked with theabove mentioned enterprise in which some are discussed as below: Survival Venture: These enterprises are interlinked with the entrepreneur of smallbusiness that are focused over the surviving and learning aims. These organisation are notproperly licensed, or located at certain place. Lifestyle Venture: These entrepreneur believes in the evolution and growth as per themarket condition according which they modify their objectives, structure and strategies.It include the large number of worker.4

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