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P4 Importance of small business and start-ups to the growth of social economy

   

Added on  2021-02-19

13 Pages4100 Words45 Views
Entrepreneurshipand smallbusinessmanagement

Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1 Various kinds of entrepreneurial entities and its relationship with topology of entrepreneurship...............................................................................................................................3P2. similarities and difference between different entrepreneurial ventures.....................................5TASK 2.................................................................................................................................................5P3 Impact on economy of micro and small business with interpret ans assess relevant data and strategical to issue............................................................................................................................5P4 Importance of small business and start-ups to the growth of social economy...........................7Task 3....................................................................................................................................................8P5. Characteristic traits and skills of successful entrepreneurs......................................................8P6. Different entrepreneurial personality reflecting the entrepreneurial motivation and mindset..9P7. Various ways by which background and experience can shackle the action of entrepreneurship.............................................................................................................................10Conclusion .........................................................................................................................................10References..........................................................................................................................................12

INTRODUCTIONEntrepreneurship and small business management is that person who start new business with a high risk for earn profit. An enter-pruner is a innovator who play an important role in business. All the decision is depends on the owner of the organisation. With the help of there skills they can find new opportunity for there business and fulfil all the requirements related to them. So an enter-pruner deal with many factors like labour, machinery, land, manufacturing, quality of products and services which they are providing for customers. All the responsibility related to the employees health and safety is also provided by them (Ahmad, 2015 ). So in this report focusing on micro and small business'simpact on the economy and importance of them. Beside it compression of small and micro enterprises with there differences and similarity. They are talking about the skills of enter-pruner improve the productivity with the help in motivation. All these things are important for the growth of the economies in a effective manner. TASK 1P1 Various kinds of entrepreneurial entities and its relationship with topology ofentrepreneurshipEntrepreneur is a individual who creates a new business, and provide various job opportunities in market. In other words, entrepreneur is a risk taker and have keen knowledge about market and its scenario and often seen as a innovator , source of new imagination and much more. Entrepreneur plays an vital role in economical aspect of any country. These are the individual who understand the market demand and try to figure out current and future trends of marketplace. If entrepreneur succeed in doing business will enjoy more benefit and if he looses will be opt out form the market forever.Different kinds of entrepreneurial venture are as follows: In the current scenario there are different kinds of entrepreneur to implement their ideas of exchanging goods and services. Some if the venture are explained below.Small-scale business entrepreneur: This is a small-scale business where employees are limited and they flow of raw material and production is done on very limited quantity (Audretsch and Caiazza, 2016 ). These kind of business are seen at every corner of street such as medics store, grocery and small manufacturing plant. These kind of business require less man force and limited capital to operate.Scalable Start-upEntrepreneurship: Successful business totally depend upon scalable business model. It is one of the major factor for entrepreneur while starting new

venture in market and aiming to take present business to its maximum. In this kind of business entrepreneur focus on his core strength and capabilities to make organisation successful. The example of scalable business are Facebook and other social media giants.Social Entrepreneurship: This kind of venture use their fund for social cause. These kind of companies work for society and upliftment of each and every possible individual working in organisation. This unique concept is depend upon the size, turnover and belief.Large scale entrepreneur: A large scale business have more than 5000 employees and there turnover must be over 1.5 billion euros ( Belz and Binder, 2017). These kind of organisation have ample amount of production and have their operations beyond there countries. The company take help of new technology to make their product effectively without wasting their resources.Topology of EntrepreneurshipThe Skeptical entrepreneur: These kind of entrepreneur belief in luck and theythink if other business is successful because of his luck and all stars fall in one place.These kind of individual sees success and start complaining about it and they look for theirluck to make their venture successful.The copycat Entrepreneur : These kind of person try to copy other business ideaand their model. They scan their whole bushiness process and make same to samebusiness as the other successful business are using. The research entrepreneur : This entrepreneur tries to grab new ideas and alwayslearn something new with his past experience. Only these kind of business people aresuccessful in future because they try every new possibility which are present in market inorder to make their venture successful ( Bryson and Daniels, Eds 2015 ).Determined entrepreneur : In this case entrepreneur have full confidence to makehis start-up of business successful in coming years. They work very hard and do not copyfrom other business model. They implement their own idea and effort to make more profit nthis competitive world.The manager Entrepreneur : These kind of people have taste the success byproving themselves. They have gone through various phase of difficulties and struggle toreach at this level.

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