Entrepreneurship and Small Business Management - UK (Solved)

   

Added on  2021-01-02

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Entrepreneurship and SmallBusiness Management
Entrepreneurship and Small Business Management - UK (Solved)_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Types of Entrepreneurial Ventures and their relationship with typology of entrepreneurship................................................................................................................................................1P2 Similarities and differences between entrepreneurial ventures.........................................3P3 Interpretation of relevant data and statistics to analyse impact of small and micro businesson the economy.......................................................................................................................5P4 Contribution of start up and small business towards growth of social economy after Brexit.................................................................................................................................................7P5 Characteristics, traits and skills of two successful entrepreneurs which differentiate themfrom other managers...............................................................................................................8P6 How entrepreneurial personality reflect their motivation and mindset.............................9P7 How background and experience can hinder or foster entrepreneurship. .....................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONEntrepreneurship is analysed as one of the most important components for the economicand social growth of economy (Scarborough, 2016). Continuously increasing trend ofintroducing entrepreneurial ventures in the economy of UK has provided major support towardsrise in employment opportunities for individuals. The entire approach of entrepreneurship iscomplex because individuals or entrepreneur has to face various challenges in establishingbusiness ventures with new ideas and concepts. Present report is based on the scenario of Joe Woods, which is a successful entrepreneurfrom last 2 years and it has successfully set its own IT business in UK. In accordance with this,different types of entrepreneurial ventures have been discussed along with their differenttypologies of entrepreneurs. Further, relevant data and statistics are also interpreted in order todetermine the influence on growth of economy. At last, characteristics and traits of twosuccessful entrepreneurs have been evaluated along with their personalities which reflect theirmotivation as well as mind set. TASK 1P1 Types of Entrepreneurial Ventures and their relationship with typology of entrepreneurshipEntrepreneurs are analysed as those important personalities who establish their ownbusiness with new ideas and concepts with an aim of maximizing profits. They usually carry outtheir business operations at their own risks in order to attain specific objectives. Entrepreneurship is analysed as structure of designing, introducing and running a newventure which is often a small business (Kirzner, 2015). The process is considered as one of themost creative approaches towards business and its activities to manage and lead people within anenterprise towards the business goals. In present context, there are various kinds of important business ventures that have beenestablished by entrepreneurs with new business ideas with different objectives. Some key ventures are mentioned below:Small Scale Ventures It implies to small-scale ventures established, managed and owned by privateindividuals at own risk and investment. It is also considered as sole proprietorship andpartnership firm which is established by one or more entrepreneur with an aim of maximizing
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profits. When it comes to small business, UK has immense rate in the sprout of small-scaleventures. It is important to determine that 99% of private sector enterprise in UK comes underthe category of small-scale ventures which employs almost 15.7 million individuals. Forexample: Local and regional supermarkets, internet cafe, automotive companies and even small-scale manufacturers constitutes Start-ups emerged in the last few years. 2
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