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(Solution) Entrepreneurship and Small Business Management Characteristics

   

Added on  2020-12-29

14 Pages4152 Words261 Views
Entrepreneurship andSmall BusinessManagement

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1. Entrepreneurial ventures and Entrepreneurship....................................................................1P2. Similarities and differences between entrepreneurial ventures.............................................3LO2..................................................................................................................................................4P3.Interpretation and assessment of micro and small business impact on economy...................4P4.Importance of small businesses and start-up businesses to growth of social economy.........6LO3..................................................................................................................................................7P5. Characteristics and skills of successful entrepreneurs...........................................................7P6. Entrepreneurial motivation and mind-set..............................................................................9LO4................................................................................................................................................10P7. Background and experiences affecting entrepreneurship....................................................10CONCLUSION..............................................................................................................................10REFERNCES.................................................................................................................................11

INTRODUCTIONEntrepreneur is the person who is mainly responsible for operating, generating income orprofits, managing people or employees and identifying opportunities from outer world as well.Small business is having greater impact on growth of social economy of any nation like theycontribute into employment, development of nation, GDP and National Income as well(Chittithaworn Islam and Yusuf, 2011). So small business and start-ups are growing in theeconomy of UK on both national and international level they are very much important for nationto be able to grow and develop.Within this current assessment focus will be on types of entrepreneurial ventures and howare they linked with typology of entrepreneurship. Then discussion will be made on impact ofsmall and start-ups business on economic development and growth with use of relevant data andstatistics. Thereafter, this all major aspects of a successful entrepreneurs differentiating themwith other business managers will be studied with exploring traits, skills and characteristic ofbusinessmen.LO1P1. Entrepreneurial ventures and EntrepreneurshipEntrepreneur will be responsible person who starts and operate a business in order to runtheir business and make profits with minimising risk or problems. So entrepreneurial ventureswill be considered to, as small business which is running in order to earn profits with availableresources and according to demand of their customers. There are various types of ventures thatare been divided on the bases of their function, size, location and profit earning capacity (Islam,Khan and Alam, 2011). Basically there are 4 types of entrepreneurial ventures which are beendivided according to their size of operations and number of workers working into like that ofsmall, scalable start-ups, large and social.1Types of EntrepreneurialventuresSmall businessScalable start-upsLarger businessSocial enterprise

Small business-Any business or venture which is having lesser number of employees, profits andinvestment and only operating within the local areas will be termed to as small business ventures.The number of small business in the UK are marking up to 99.9% of total entrepreneurialventures and employing 50% of total workers of nation. Small business will be mainly like thatof grocery stores, beauty parlours, travel agents, electricians and many more. They are mainlyprivately owned by local people or having partnership within the family members only (Davis,Babakus and Pett, 2010). Within the context of UK small business will be defined to as thatwhich is having employees less than 50 and the turnover is less than €10 million.Scalable start-ups-These are the start-up business which are providing innovative idea within a certainspecified field and then turning their ideas into reality. The main objective or vision of these startup business will be putting their efforts for changing way people are living or earning and this isalso attracting huge amount of investments. Scalable start-up will be emerging business ideasthat are aiming in meeting up of marketplace demand in order to develop product, service andplatform. At the initial stage of start-up business they will be gaining immense popularity due totheir innovative idea and promotional tactics but then after this their failure rate will also be highas compare to success rates. Some of the innovative clusters of start-up business will be like thatof Silicon Valley, New York, Bangalore and Shanghai.Larger business-These are the huge business that are having larger scale of investment, number ofemployees are more, growth and development is also more than that of any other business.Larger business has the potential to grow in market of both national and international level asthey are having demand is also more of their variety of product range (Fairoz, Hirobumi andTanaka, 2010). Other than these there are many challenges which large business will be facinglike that of pressure from community group, changes in customers taste, new legislations orcompetitors in market. But all innovations within market or industry will be certainly difficult forthem to carry or implement into as they are having rigid and tough policy formulation that is notallowing company to take attempt to include these changes.Social enterprise-2

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