P3 Micro and small business impact on economy

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ENTREPRENEURSHIP AND SMALLBUSINESS MANAGEMENT
Executive SummaryEntrepreneur is the person who has ability and willingness to establish a business and enjoyingrewards. Small business and start-up firms always contribute in economy development of nation.They offer employment opportunity to society members and make them able to live a standardlife. Study highlights contribution of these firms in UK economy by taking assistance ofstatistics. Study has highlighted three successful entrepreneurs Peter, Richard andPhilip Green.Report also includes different business ventures alone with their typologies. Furthermore, itdescribes skills of entrepreneurs and their personality as well.
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Different types of entrepreneurial ventures............................................................................1P2 similarities in different entrepreneur venture.........................................................................2LO 2.................................................................................................................................................4P3 Micro and small business impact on economy.......................................................................4P4. Importance of small businesses and business start-ups to the growth of the social economy.....................................................................................................................................................5LO 3.................................................................................................................................................6P5 Traits and skills of entrepreneur.............................................................................................6P6 entrepreneurial personality reflect mind set and motivation of person..................................9LO 4...............................................................................................................................................10P7 Background and experience can hinder or faster entrepreneurship......................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship means starting new business with innovative idea with the main motive toearn profit (Kirzner, 2015). The study will examine different types entrepreneurial ventures.Study will describe types of typologies in entrepreneurial ventures. It will explain similaritiesbetween different types of ventures. Study will lay emphasis on Havering Council Borough.TheLondon Borough of Havering in East London, England, forms part of Outer London. Theprincipal town is Romford. Study will determine impact of small business on economy.Furthermore, it will measure importance of small business and Business start-ups growth insocial economy. Assignment will emphases on characteristics of successful entrepreneur. Inaddition, report will explain skills, traits and personality that reflects entrepreneurial venture.The main objective of report is to discuss impact of micro and small business contribution toHavering Council borough and on United Kingdom.LO 1P1 Different types of entrepreneurial venturesEntrepreneur is a person who discovers new idea in business to earn profit by taking riskand they start small business. Entrepreneurship means the combination of all five elements ofbusiness that is land, labour, capital, machinery and organization with hope to earn profit bytaking huge risk with innovative idea is termed as entrepreneurship. Entrepreneurial venture optsopportunities by generation of new idea, as their main motive is to grow and earn profit.Enterprise is an organization run by entrepreneurs that has aim to earn profit (Venkataraman,2019).Types of Entrepreneurial VenturePublic Sector Entrepreneurship:Public sector entrepreneurship focuses on innovation inpublic policy with economic wealth and make changes in policies to face uncertain situations.Purpose of public companies is to provide quality products to consumer rather than earning moreprofit. Legal structure of public firms is that public firms are run by board of directors not by itsshareholders, but shareholders have right to participate in annual general meeting of company.(Kuratko, 2016).Private Sector Entrepreneurship:Private enterprises are owned by individual it is free frommarket and the profits are earned by individual and also been operated by individual only.Purpose of private firms is to earn profit and to fulfil their personal motive. The legal structure of1
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