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P3. Impact of micro and small businesses over economy

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Added on  2021-01-02

P3. Impact of micro and small businesses over economy

   Added on 2021-01-02

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Entrepreneurship andSmall BusinessManagement
P3. Impact of micro and small businesses over economy_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Different types of entrepreneurial venture and their relation with typology....................1P2. Similarities and differences between entrepreneurial venture.........................................2TASK 2............................................................................................................................................4P3. Impact of micro and small businesses over economy......................................................4P4. Role of small and start up businesses in social economy growth of UK after Brexit......6TASK 3............................................................................................................................................8P5.Characteristics, Traits and Skills of Successful Entrepreneurs.........................................8P6. Aspects of entrepreneurial personality that reflect motivation and mindset of entrepreneur................................................................................................................................................9TASK 4..........................................................................................................................................10P7. Background and experience can hinder or foster entrepreneurship...............................10CONCLUSION..............................................................................................................................11REFERENCES................................................................................................................................1
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INTRODUCTIONEntrepreneurship refers to the process of creating, setting, managing and developing abusiness venture with new and innovative idea by taking all the financial risk. Small businessenterprises plays a major in the development of economy as it provide various growthopportunities to country and citizens as well. This projects is explains about different types ofentrepreneurial venture and their link with typologies along with similarities and differences theyposes (Abdul Jalil, 2013). Further it describe about the role of small scale enterprises in growthof economy. In addition to this, it explains about characteristics, skills and trait that anentrepreneur have as well as its impact over mindset of entrepreneur. It also talks about variousfactors that foster or hinder an entrepreneur in their actions. TASK 1P1. Different types of entrepreneurial venture and their relation with typologyEntrepreneurship refers to the process of organising, launching, managing and running anew business by bearing all the financial risk in the hope of making profit. On the other hand,entrepreneur refers to a person who come up with new and innovative idea in order to establish abusiness. These entrepreneurs are sometime called as innovator, source of a new idea, businessor procedure. They have necessary skills and talent to bring new idea to market by analysingcurrent and future need. Following are the type of entrepreneurial venture:Small scale enterprises:- It refers to an enterprise which employee small number ofworkers that are not more than 50 and doesn't have high volume of sale. Small scaleenterprises are generally operated by sole proprietorship (Slavin and Young, 2012).These businesses include grocery stores, travel agent, plumber, electrician, carpenter etc. Scalable start-up entrepreneurship:- These entrepreneurs are the one who came upwith new and innovative idea to start their business with a vision to change the world.They attract large number of investor from their talent and innovative ideas (Types ofEntrepreneurs, 2018). Scalable entrepreneurs work toward searching new opportunity tostart a business and then after establishing that effectively, they sell out the business tostart a new venture. Large scale enterprises:- It refers to the business that includes at least 5000 employeesand have annual turnover up-to 1.5 million euro. Large organisations have finite lifecycle and are generally grow through sustaining innovations as well as by offering1
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variety in their products. Their main aim is to earn maximum profit by satisfying the needof their target market through offering variety of products that are aligned according tocustomer's demand. Social entrepreneurship: It refers to the kind of entrepreneurial venture that worktoward creating or providing product and services for the welfare of society. Their mainaim is to make world a better place and not to earn profit (Viles, Ormazábal and Lleó,2018). They can be not-for-profit, profit or hybrid which operates for the welfare of thesociety. There are different typologies of entrepreneurial venture that are exist within businessenvironment which are as follows:Research entrepreneur:- These kind of entrepreneurs love to learn by conductingresearch over every possible scenario for formulating strategies related to their futurebusiness operations. They always tries to find out what work and what action to beimplement to achieve the growth in business. Large scale entrepreneurs belongs to thistypology as they conduct research in order to identify the needs of target market as wellas strategies used by competitors. This help in taking better decision and develop actionplan that can be followed to achieve higher market segment. Copycat entrepreneur:- This type of entrepreneur sees other person's success and triesto copy them by establishing business with same idea. Small scale businesses are belongsto copycat entrepreneur as they generally start their business by copying others idea withthe thought of achieving same position as well as profit in market. Determined entrepreneur:- These kind of entrepreneurs identify the opportunities andwork toward exploiting this opportunity to get higher success in market. They establishtheir business by brining new idea which is not copied from any other entrepreneur(Jones-Evans and Klofsten, 2016). Scalable start-ups are belong to determinedentrepreneur as they always bring new idea in market with the vision to change the world.P2. Similarities and differences between entrepreneurial ventureThere are different types of entrepreneurial ventures that are different in term of theirbusiness size, aim and objectives but apart from this they also poses certain similarities that canbe better understand using following points:Similarities between entrepreneurial venture:2
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