Impact of Micro and Small-business on UK economy : Assignment
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Added on 2020-07-23
Impact of Micro and Small-business on UK economy : Assignment
Added on 2020-07-23
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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Different types of entrepreneurial ventures and their relationship with typology ofentrepreneurship.....................................................................................................................1P2. Differences and similarities of different types of entrepreneurial ventures.....................3M1 investigating a diverse range of entrepreneurial ventures ...............................................6D1 the scope, development and growth of entrepreneurship ventures...................................6P3. micro and small-business impact on the economy...........................................................7P4. importance of small businesses and start ups in social economy.....................................8M2 small, medium and large businesses make to the economy, applying relevant data andstatistics..................................................................................................................................9D2 small businesses have an impact on different levels of the economy............................10Task 2.............................................................................................................................................10P5. Determinations of characteristic,traits and skills of successful entrepreneurs...............10P6. Aspects of the entrepreneurial personality reflect entrepreneurial motivations and mind set..............................................................................................................................................11M3 lines of argument relating to entrepreneurial characteristics.........................................13D3 characteristic traits, skills and motivational drivers of successful entrepreneurs ..........13P7. Different environment that foster or hinder entrepreneurship.......................................13
M4 link between entrepreneurial characteristics and the influences of personal backgroundand experience......................................................................................................................14D4 background and experiences influences entrepreneurs, both positively and negatively14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................16
INTRODUCTIONEntrepreneur is a person who starts his own business rather than working as an employeein another organisation. They are risk takers as individuals bear the risk or uncertainties whenstarting a business venture. Most successful entrepreneurs are self-motivated. Entrepreneurshiprefers to a creative activity to try new methods rather than routine (Ackermann, 2012). It isrelated to innovation and has objective of economic success which is based on the utilisations ofresources. In this assignment, various types of entrepreneurship and their relations withtypologies would be discussed. It will also describe similarities and differences betweenentrepreneurial ventures. Successful entrepreneurs and their characteristics, traits and skills willalso be explained in this report. It will also examine different types of factors or forces whichmay have to be faced by the entrepreneurs. Overall, assignment will conclude entrepreneurshipand various concepts related with same. TASK 1P1. Different types of entrepreneurial ventures and their relationship with typology ofentrepreneurshipEntrepreneurshipis defined as a process of bringing together various elements or factorsof production, activities of profit gaining, organisation and distributing economic goods andservices for income. It includes several activities which followed by entrepreneurs to achieveorganisational goals and objectives. They come with new ideas and innovation and start theirown ventures. Success of entrepreneurship depends on the ability to respond to creativity as wellas innovative things. It is result oriented activity which believes in high level of achievementsand performance (Blackburn and Wainwright, 2013). Entrepreneur’s qualities can be acquired asit is not necessary that they are born not made and so, they can learn to achieve progress. Different typologies of Entrepreneurship such as:Serial entrepreneurs: In this, individuals continuously comes with new innovative ideasand starts a new businesses. Their aim is to set up venture with creative ideas and then hand overthis to the someone else and move to another new venture or business.Intrapreneurship: in this defined that it is act as of behaving such as an entrepreneur whileworking in the firm. They are also known as the practices of corporate management which1
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