Entrepreneurship & Small-Business Management - UK
Assess the impact of small businesses on the economy
13 Pages4205 Words40 Views
Added on 2020-07-23
Entrepreneurship & Small-Business Management - UK
Assess the impact of small businesses on the economy
Added on 2020-07-23
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ENTREPRENEURSHIPAND SMALL-BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION.......................................................................................................................................3TASK 1.......................................................................................................................................................4P1 Entrepreneurial ventures and their relation to the typologies.............................................................4P2 Similarities and differences between entrepreneurial ventures..........................................................5TASK 3.......................................................................................................................................................7P3 Micro factors impact and small business on the economy.................................................................7P4 Importance and contribution of small business and business start ups in the growth of social economy.................................................................................................................................................8TASK 4.......................................................................................................................................................9P5 Traits and characteristics of a successful entrepreneur......................................................................9P6Aspects of the entrepreneurial personality, reflect entrepreneurial motivation and mind-set............10TASK 5......................................................................................................................................................11P7 How background and experience can foster or hinder entrepreneurship..........................................11Conclusion.................................................................................................................................................12REFERENCES..........................................................................................................................................12
INTRODUCTIONEntrepreneurship and small-business management both are important as a business or in abusiness. Entrepreneurship helps an individual to become a successful entrepreneur in thebusiness activities and small-business helps UK to grow economy rate by providing employmentopportunities. In this introduction the different types of entrepreneurial ventures and theirtypologies are explained. There are also some similarities and differences given for theentrepreneurial ventures. The impact of small-business and micro-business upon UK economy isalso explained. The importance of small-business and start ups and their contribution towards thegrowth of global economy or social economy is also given. The introduction also includes thecharacteristics, traits and skills of a successful entrepreneur, which differentiate him from anyother business manager. The reflection of entrepreneurial personality upon the entrepreneurialmind set and motivation is also explained. Finally, the introduction ends up with the miniresearch of how experience and background of an entrepreneur hinder or foster entrepreneurship.TASK 1P1 Entrepreneurial ventures and their relation to the typologiesAn entrepreneur is important for any business in order to manage and control the businessactivities effectively. An entrepreneur create new opportunities and ideas which will helptowards effective decision making efficiently. Every entrepreneur faces challenges anddifficulties while establishing a new business (Bovée and Thill, 2014). He is also aware ofbusiness and individual goals in order to achieve them and also to take advantages of futureopportunities which will also help to take decisions appropriately and effectively. There aredifferent types of entrepreneur ventures, which are discussed below:Small business ventures: It is a very difficult and challenging work for an entrepreneur in orderto start a new business that he is one responsible for all the decisions and operational activities inthe firm. Local business takes support from friends and family members in order to expand orrun the business activities effectively. The small and local businesses are also managed byfemale entrepreneur. The main typology of small firm is that they can sell their business toanyone which will be the new entrepreneur for that firm.Scalable start up venture: It can be said that entrepreneurs are highly aggressive and motivatedtowards a business that they have the vision to change the world effectively. In this kind of firm,employees recruited by an entrepreneur are motivated, skill full and knowledgeable which willhelp to achieve the business objectives and goals. Female entrepreneur also manage suchbusinesses.
Large ventures: Large businesses have their own capital from which they manage and controltheir business operational activities and in order to achieve desired goals and objectives. Theyare mainly focuses on improving the profitability and production that they make plans andstrategies to accomplish it.Social ventures: Social businesses are those who are involved in social activities, operations andimprovement of societies effectively. Social firms are highly motivated to provide services andproducts to the customers without any profits. Workers involved in such activities known associal employees.Determined entrepreneur: Such entrepreneurs are mostly pacemaker rather than path follower.Entrepreneurs are determined in order to manage the business operational activities and also toincrease the production and profitability (Bryson and Daniels, 2015). They do not copy anyonebut make their own products and services to the customers. They believe in individual successwhich they acquire from determination.Thus, small business is highly motivated to earn profits by selling their products andservices in the market towards customers in order to achieve the success. This will also helpthem to take advantages of future opportunities effectively. Apart from this, large businesses arealso focused on earning profitability in order to increase the production. Social ventures aretotally different from these that they work for societies in order to provide quality products andservices to them.P2 Similarities and differences between entrepreneurial venturesEvery entrepreneur works in different conditions according to the business operations toimprove and develop the activities in the market. The mail similarity as well as the difference isthe production and profitability. Entrepreneurs are normally similar for all kind of firmsexcluding social entrepreneurs that they all work for increasing the profitability which can bedone by making quality products and services according to the customer preferences anddemands. The main difference is that all business has their individual goal and objectives whichare differ from one another that the operational activities and reasons are not same. Allbusinesses manage their business activities in various conditions. Small firm’s investment is lawthan the large businesses. Social ventures are not focused on increasing profitability that theywork to improve their quality products and services. This will help them to create their ownvalue and image in the market towards customer’s and society. Social firms improve and developtheir business aims through quality services which have its own preference and taste. Here aresome similarities and differences between various businesses ventures discussed below:SIMILARITIESSMALL-BUSINESSLARGE BUSINESS SOCIAL VENTURESmall business considers fewLarge firms considers highSocial ventures are the service
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