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Entrepreneurship and small business management in a social economy

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Added on  2021-02-19

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The following types of entrepreneurial ventures which are explained as given below: Small business entrepreneurship – The small businesses and start-ups in the United Kingdom are very large in number as most of the companies are operating in small business such as electricians, carpenters, travel agents etc. There are different types of entrepreneurial ventures which are explained as given below: Small business entrepreneurship – The small businesses and start-ups in the United Kingdom are very large in number as most of the companies are operating in small

Entrepreneurship and small business management in a social economy

   Added on 2021-02-19

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ENTREPRENEURSHIP AND SMALLBUSINESS MANAGEMENT
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Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1. Types of entrepreneurial ventures and its relation to typology........................................1P2. Similarities and differences between entrepreneurial ventures........................................2LO2..................................................................................................................................................4P3. Impact of micro and small businesses on economy.........................................................4P4. Importance of SMEs on the growth of social economy...................................................6LO3..................................................................................................................................................7P5. Characteristics traits and skills of successful entrepreneurs............................................7P6. Reflection of entrepreneurial personality on motivation..................................................9LO4................................................................................................................................................10P7. Examine background and experiences can hinder or foster entrepreneurship...............10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONAn entrepreneur is a small business owner who will possess small business and employeesto meet the requirements of the customer. Entrepreneurship means that business owner highlightson creating a market for the products as well as services based in a business plan. This dependson testing the business ideas which requires an entrepreneur who decide early the role of thesmall business manager or hire any other person to overview the daily tasks and operations.Present report based on Make it work which is a consultancy firm that tells the clients about thetypes of the entrepreneurial ventures and typology of the ventures. Report also lay emphasis onthe outcome of micro and small business on an economy. It also highlights on the similaritiesand difference between the entrepreneurial ventures such as funding, brand recognition, creativeideas and also constant innovation.LO1P1. Types of entrepreneurial ventures and its relation to typology.The business venture with financial risks which includes the process of developing andlaunching the business in the marketplace which is the important part for economic developmentof the country and the business in expanding the global marketplace (Burns and Dewhurst,2016). There are different types of entrepreneurial ventures which are explained as given below:Small business entrepreneurship – The small businesses and start-ups in the United Kingdomare very large in number as most of the companies are operating in small business such aselectricians, carpenters, travel agents etc. and employing 50% of non-governmental workers.Most of the people who run their own business by hiring local people or family members so thatthey can make profit in order to fulfil their basic needs. Their agenda is not to take over theindustry or make £100 million business but to generate profit in order to feed their families.Scalable entrepreneurship – This type of entrepreneurship is based upon vision and mission ofthe organization from day 1 that can change the world. Their main focus is on expanding theirbusiness rapidly as they have financial investors that can help them in their entrepreneurialventures. Silicon Valley is the best example in scalable start-ups which attracts most of the riskcapital. This type of entrepreneurship usually includes high tech firms like Google, Facebookwho have started their business in IT sector and expanded their business all over the world.s
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Large company entrepreneurship – The life cycle of large company is finite as they have tosustain their business in the market through innovation and making new products. The largecompanies are required to make new products which can be offered to new customers in the newmarkets (Hatten, 2015). For example, Tesco is the retail company which is focused on providingexcellent goods and services to their customers at reasonable rate.Social entrepreneurship – This type of entrepreneurial ventures is focused on developing newproducts and services which can help in fulfilling the needs and problems in social aspect. Thisbusiness is focused on making the world a better place not like scalable business which aims ontaking market share and creating wealth for the founders. For example, NHS is the large sizesocial venture and a non-profit organization who is focused on the welfare of the society.Typology of entrepreneurshipSurvival firms – Small scale businesses comes in the category of survival firms as they have tomake lot of efforts in order to make their business profitable and they don’t have investors whichcan grow their business globally. They just work to make small amount of profit to feed theirfamilies or completing their basic needs.Lifestyle firms – Scalable entrepreneurship can be known as lifestyle firms as it is focused onmaking more profits and life rewards by having a passion about the work they are doing.Managed growth firms – This type of venture can be compared with the scalableentrepreneurship as their objective is to expand their business rapidly with the help of financialinvestors or venture capitalists.Social enterprise – This can be compared with social entrepreneurship as the business is startedto help the community in fulfilling their social needs with the help of commercial strategieswhich overall increase the improvements in their business.P2. Similarities and differences between entrepreneurial ventures.The following are the similarities that can be find out in the different types ofentrepreneurial ventures which are discussed above:Strong-willed entrepreneur – This is the common quality of entrepreneur that can be seen inevery entrepreneurial ventures like small, scalable, large and social entrepreneurship. They havestrong willing nature towards their business and wants to run and expand their business in orderto make profitable business. They take complete responsibility for the executing their businessand work very hard in order to make their business stable and never get demotivated when thes
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