Entrepreneurship and Small Business Management : Assignment Solved

Added on - 21 Feb 2021

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Entrepreneurship and Small BusinessManagement
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3TYPES OF ENTREPRENEURSHIP:.........................................................................................3Scope and growth of the entrepreneurship:.................................................................................4Impact of entrepreneurship:.........................................................................................................4Role of small, medium and large enterprises:..............................................................................5TASK 2............................................................................................................................................7Different types of entrepreneurs:.................................................................................................7Situational factors, similarities and differences:..........................................................................8Traits and Characteristics of entrepreneurs and how they are different from businessmanagers-.....................................................................................................................................9Characteristics-............................................................................................................................9Background Experiences of Entrepreneurs-.............................................................................10Motivational Drivers-................................................................................................................10Conclusion-....................................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship is the starting of new business with aim of success and growth with thecombination of land, labour and capital that can help in achieving profits. Under thisentrepreneurship it involves an entrepreneur who takes action in the business for success, growthand taking initiative for change in the environment. Innovation and risk ability of entrepreneur isan important part of the entrepreneurship in the ever-changing environment and increasingcompetition. In this report there are various types of entrepreneurship in the which have variousimpact and importance on the economy of the country. It also shows the growth anddevelopment of the ventures of the business in the organization. There are variousentrepreneurship like small business, medium business and large business. Entrepreneurshipmeans focus on the goals of achieving profits in the competitive markets b beyond the feelingsand emotions of the entrepreneur.TASK 1TYPES OF ENTREPRENEURSHIP:There are two types of entrepreneurship which is used by the entrepreneur for stating thenew business in the markets of UK these are social entrepreneurship and lifestyleentrepreneurship. An entrepreneur is the one who run and regulate the business with limitedresources for maximizing the profit and increasing the profit for the business. Social and lifestyleentrepreneurship are part of environment in which entrepreneur run their business. These typesare explained below:1. Social Entrepreneurship:under this entrepreneurship companies use the different techniquesand methods for starting up their business and entrepreneur try to develop the funds and bringssolution for the social, cultural, or environmental issues. These techniques of entrepreneurshipdepend on the size, aim and beliefs of the organization. Under the social entrepreneurship thereis need of investors to invest the money in the organization for achieving the goal and improvethe business. Social entrepreneurship is followed by different ventures these ventures help indetermining the legal rights and taxable amount of the Angel Cars in the UK these ventures aresole proprietorship, general partnership, LLC, LLP, limited partnership and corporation. Undersocial entrepreneurship sole proprietorship have no legal and financial difference between theowner and business. Sole proprietor is personally liable for the losses and damages (Ateljevicand Page, 2017). Next venture which included in the social entrepreneurship is partnership it
means two or more persons help in achieving the goal and profits of the business. All the parterstake both legal and financial responsibilities of social, cultural, and environmental issues andtakes the company to the growth and success.2. Lifestyle entrepreneurship:Under this entrepreneurship a person establishes their business asper the purpose of their lifestyle not for the profit basis. An entrepreneur gives more importanceto the life reward in the business and do the business according the passion of their choice. Theseentrepreneurs do not want an investor for investing in the business, but they invest their ownmoney in the business. This entrepreneurship is not bounded by the location they could conductthe business wherever they want (Audretsch, 2017).Ventures like sole proprietorship and limitedliability company(LLC) could start the business on their own lifestyle by the entrepreneurbecause they do not have limited legal and financial restrictions in this entrepreneurship.Partnership ventures are sometimes not involved in this entrepreneurship because there is limitedliability and partnership have liability on both partners.3.Large company entrepreneurship: large entrepreneurship focus on the success and growth asa long term in the business environment. Large companies have to face lots of problems due toglobalization and digitalization. It refers to the developing the new ideas, techniques, innovationfor achieving the profits of the company.Scope and growth of the entrepreneurship:Scope and growth of entrepreneurship is depending upon the attitudes and abilities of theentrepreneur by how innovative their measure and the ability of risk taking in the company.Angel cars of UK focuses on the quality rather than quantity this will improve the growth of thebusiness and scope as well. The strength of Angel Cars in UK is its entrepreneur’s ability to givebest services to their customers which are available in other business in the competitive market.Impact of entrepreneurship:Innovative and dynamic companies of the UK increasing the growth and returnopportunities through finance such as EIS and secured debts fund. Small and mediumentrepreneurship plays an important role in providing employment opportunities to the people ofUK. These SMEs cover 98% of businesses in the UK private sector which will help in increasingthe growth of the economy (Rawhouser, Cummings and Newbert, 2019). The contribution of
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