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P3 Influence of micro and small business on the economy

   

Added on  2021-02-19

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Entrepreneurship and SmallBusiness Management
P3 Influence of micro and small business on the economy_1
INTRODUCTION ...........................................................................................................................................3TASK 1..........................................................................................................................................................3P1 Different types of entrepreurial ventures and its typology ................................................................3P2 Similarities and differences between various entrepreurial venture .................................................5TASK 2..........................................................................................................................................................6P3 Influence of micro and small business on the economy ....................................................................6TASK 3........................................................................................................................................................10P5 Characteristics and skill of successful entrepreur and explain how they are different from managers...............................................................................................................................................................10P6 Examine entrepreurial personality reflect over their encouragement and mindset. ......................12TASK 4 .......................................................................................................................................................13CONCLUSION ............................................................................................................................................14REFERNCES ...............................................................................................................................................16
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INTRODUCTIONEntrepreneur is an individual who undertakes the creation, organization, ownership andrisk of business in order to enhance the lifestyle of community as well as improves the scenarioof economy in a better manner (Baum, Frese and Baron, 2014). Moreover, there are variouskinds of entrepreneurial venture who contains their own set of roles, size and structure in order toachieve their business goal in an impressive way. In this study it covers several types ofentrepreneur venture along with their typology and also examine their similarities or differences.Furthermore, impact of small, micro and start-up companies towards an enhancement of nationor social economy. Finally, analyse how entrepreneur are unique from managers by comparingtheir skill, mindset, traits as well as application of suitable theories to identify their motivationlevel is also mentioned here. TASK 1P1 Different types of entrepreneurial ventures and its typology Definition of entrepreneurship Entrepreneurship refers to the activity which is associated with developing and runningone's own business in order to earn profit, as well as to ensure social benefits to economy.Moreover, entrepreneurs are considered to be those individual who look forward to producevalue through creation and development of economic activity by highlighting and identifyingnovel products, processes or market segments. Differentiate entrepreneur from intrapreneurs One of the most effective differences between entrepreneur and intrapreneur is thatentrepreneur is responsible to take effective risks in order to effectively manage their ownbusiness enterprise. On the contrary, intrapreneur is an employee which is remunerated within anorganization on the basis of success of the unit for which they are hired. However,intrapreneurship is the change initiatives taken along with a going concern by the people workingin company. Although both are fully focused on innovation or creativity yet entrepreneurs enjoysbetter advantages than intrapreneur as they are not restricted with any sort of regulation orenvironment i.e., their flexibility level is wider than intrapreneurs (Burns and Dewhurst, eds.,2016). Different activities linked to entrepreneurship
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Market Prediction: One of the most prominent activities linked to entrepreneurship isthat an entrepreneur must effectively indulge in predicting the overall market which is essentialin order to appropriately enhance the scope of profit within the business.Product and Business Planning: Another activity is related to the planning which couldbe in context with the planning of business as well as the development of new products orservices.Different types of entrepreneurial venturePrivate:It is a business unit which is established, owned and operated by an individualand their main motive to generate profit, instead of by or for any government or its agencies. Thygrab opportunity in order to maximize profit and create economic advantages to others. Forinstance, Virgin Airlines is one private organisation, which aims at providing aviation services topublic and earn effective profit.Public: These entrepreneurship is an alternative, inventive approach for leading changesin public realms. However, they are defined as the generation of novel or innovative idea and thedesign or implementation of creative thoughts into public sector enterprise and their main aim isto generate profit and also enhance the life style of community or societies. One such publicorganisation is NICE, which provides effective health care services to public as per CQCStandards.Social: This kind of entrepreneur not just only maximize profit but they are triggered toimprove the societal well-being. However, they are defined as those individuals who run socialenterprises that are private entities used to conduct activities in public interest whose solemission not just to earn profit but attainment of various social or economic goals as well ashaving capabilities of implementing innovative ideas for the issues of unemployment and socialexclusion. For instance, there are several organisations like NHS, which provides social servicesin the form of health and social care to employees.Large: Sustaining innovation supports in the growth of these companies by providingnew products. The factors which create pressure on entrepreur to introduce innovative productsare changes in taste of customer, new technologies, competitors etc. the culture and size of largefirm are difficult to manage. Typology of entrepreneurial ventures
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