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Entrepreneurship and a Small Business Management (pdf)

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Added on  2021-02-19

Entrepreneurship and a Small Business Management (pdf)

   Added on 2021-02-19

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Entrepreneurship andSmall BusinessManagement
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INTRODUCTIONEntrepreneurship and small business is define as a course of action which an entrepreneurperform in order to generate revenue(Allen and Truman, 2016). In other words, it is define as actwhich help in building a business in order to generate revenue. This report is based on twoentrepreneur Larry Page and Alan Sugar. Larry page is a computer scientist and internetentrepreneur whereas Alan Sugar is a business magnate, media personality, political advisor andpolitician. This report explains about various categories of entrepreneurial venture and theirrelationship with various typologies. Along with this, it also explains about similarities as well asdifferences between these entrepreneurial ventures. It also describes about importance of microas well as small business and its influence on the growth of social economy. There are differentcharacteristic and trait of various entrepreneur which makes them different from each other.Therefore, this report also states that there are various stages such as family background,financial issues and other which either hinder or foster entrepreneur in order to get successTASK 1Covered in BookletTASK 2P3 In today's era, establishment of entrepreneurship is increasing at micro as well as smallbusiness level. In any country, government support those entrepreneur who had imaginative andinsightful idea that will help them to run their business in effective mode (Filser, Krausa andMärk, 2013). This will bring positive impact on growth of economy that will change standard ofindividual. There are various articles which is based on the impact of micro and small businesson economy in positive manner. As per some article it is constituted that small business requireless amount of capital investment because at time of high risk, company will not able to handle itwhich can lead them in loss and ultimately it will shut down. Along with this, there are not everybusinesses which is supported by central or state government due to which there are very fewinvestors who invest in small businesses. It is considered as a driving force that assist in thegrowth as well as development of economy. Therefore, small business helps in providing
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employment opportunities in the country in which it is operating. In addition to this, it also helpsin reducing outline between small and large scale enterprises.From above bar graph, it is able to examine that there are 5.7m small as well as mediumenterprises which has over 99% of private sector organisation and 60% of UK private sectoremployment opportunities. Small as well as medium companies has 73% of net private sector jobcreation in United Kingdom by creating 2m jobs in 2010 (Brexit’s impact on small businesses:the experts may be spot on after all, 2019). SMEs respond to uncertainties that occur from Brexitwhich has a important influence on the growth of the economy. In order to measure the influenceof Brexit on Small and Medium Enterprises, government of United Kingdom had researched onnearly 10000 SMEs. From the graph, it can be analysed that micro business generate lessemployment possibility i.e. 18.9% as compared to small business i.e. 23.4%. along with this, it isalso examined that micro business has less number of employees (1-9) as compared to smallbusiness (10-49).Illustration 1: Impact on economy of UK(Source:Brexit’s impact on small businesses: the experts may be spot on after all, 2019)
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