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Entrepreneurship and Small Business Management - SME Assignment Sample

   

Added on  2021-02-20

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Entrepreneurship and SmallBusiness Management

INTRODUCTION...........................................................................................................................3MAIN BODY..................................................................................................................................3TASK 2............................................................................................................................................3Concept of SME..........................................................................................................................3SME impact on National, Regional, International and Social economy of UK..........................3Impact of Brexit on political and economic factor on SME........................................................4B. Role of SME’s and its contribution to national economy.......................................................4TASK 3............................................................................................................................................51. Difference between Entrepreneur and Manager......................................................................52. Characteristics and skills need by entrepreneur to get success................................................6Big Five Model:...........................................................................................................................8Analyse either there is correlation between entrepreneurial characteristics and entrepreneurialsuccess through Maslow’s Pyramid.............................................................................................9Factor that foster or hinder entrepreneurial success..................................................................10Influence of background and experience on entrepreneur.........................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................121

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INTRODUCTIONNow days SME’s are playing important role in the growth of UK economy, as UK’s maximumbusiness are part of SME’s. SME is affected by the Brexit as UK is now not a part of EU and itmakes trade barriers. SME also impacts each region of UK as in every reason of UK it becomevery important part of their economy. Croft-Simon had started business in UK named as Nomfood which is the company to produce organic popcorn and she also shares how does she makesthis new and unique product through sharing her full journey.MAIN BODYTASK 2Concept of SME.SME stands for Small Mid–Size Enterprise is that type of business in which assets, number ofemployees and revenues are maintained below a particular level. There are criteria to decide thatwhich business will come under SME like in European Union (EU), if any business or companyis having less than 250 employees then it will be considered as SME, and in US if any business ishaving employees less than 500 then it will be considered as SME. SME covers majority of business in most of the countries. SME cover most of the GDP of everycountry. SME impact on National, Regional, International and Social economy of UK.SME is that factor which bridge the economy of UK. Small and mid-size enterprises are thosebusiness in UK in which employees are less than 250. SME is that thing which creates majorityof GDP in UK. SME brings great impact in UK as it has increased UK's overall productivity.SME also brought innovation with it which help in expansion of international market, wheneverthere is any innovation done by any of the SME's there is so much growth given to internationaleconomy of UK. There are many impacts by SME to UK economy as the SME covers major partof UK's business, as there are many businessmen who are doing businesses which come underSME as it doesn't need high investment as compare with large business which needed highinvestment. SME is also called as backbone of UK's economy. As SME helps in drivingeconomy through creating jobs, opening new markets etc. There are many people who invest inSME, and they all come with new ideas and innovation, these ideas and innovation create a hugeimpact on UK international economy. In 2014 one research had been conducted in which it had3

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