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P3 Impact of micro and small business on UK economy

   

Added on  2021-02-20

15 Pages5386 Words26 Views
Business DevelopmentEntrepreneurshipProfessional Development
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ENTREPRENEURSHIP AND SMALLBUSINESS MANAGEMENT
P3 Impact of micro and small business on UK economy_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1Different type of entrepreneurial ventures and typology of entrepreneurship........................1P2 Explore similarity and difference between entrepreneurial ventures....................................3P3 Impact of micro and small business on UK economy...........................................................5P4 Importance of small business and business start up for growth in context of socialeconomy......................................................................................................................................6P5 Traits, skills and characteristics of that differentiate entrepreneurs from managers.............7P6 Aspects of entrepreneurial personality and entrepreneur motivation as well as mindset....10P7 Ways in which background and experience can hinder and foster entrepreneurship..........11CONCLUSION..............................................................................................................................12REFERENCE.................................................................................................................................13
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INTRODUCTIONEntrepreneurship is one of the most buzzing word in 21st century. Entrepreneurs are knownfor their risk-taking behaviour and innovations which they do in their products and businessoperations. In current research study detail discussion is carried out on entrepreneurship inmultiple ways. In the report types of entrepreneurial ventures and its typology is discussed indetail. Apart from this, impact of small and micro business on the UK economy is discussedbriefly. Managers and entrepreneurs are differentiated from each other in respect to skills, traitsand characteristics. At end of the report, relationship between aspects of entrepreneurialpersonality and entrepreneur motivation as well as mindset is identified. Along with this, role ofbusiness background and experience on individual to become entrepreneur is also evaluated. Inthis way, entire research work is carried out. TASK 1P1Different type of entrepreneurial ventures and typology of entrepreneurshipEntrepreneurs are the entities that take risk and implement new business idea. They playvital role in growth of nation. Wide variety of entrepreneurial ventures are observed across theworld. All these entrepreneurial ventures are different from each other which are discussedbelow.Large size firms: Scope of large size entrepreneurial firms is high as they operate onlarge scale and consistently innovate their existing product line in order to meet demandof the customers. In past couple of years these type of entrepreneurial ventures grow atrapid pace. With passage of time customers become more demanding and want productsthat provide more comfort to them (Kirzner, 2015). Thus, relevant entrepreneurialventures are meeting demand of the people in proper manner which lead to sharpelevation in their growth rate. In many nations now, a day’s special funding is done toinnovation projects which indicate that government is seriously promotingentrepreneurial ventures and assist them a lot which lead to their consistent developmentat fast pace.Medium size firms: Scope of medium size business firm is moderate as they offer limitednumber of products to the customers. Over past few years medium size firms developed1
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at rapid pace. Growth rate of medium size firms also increase in UK. Now only growthrate many new medium size firms established in UK in recent years. This reflect thatcongenial environment is provide to the business firms which lead to their businessexpansion.Small size firms: Small size firms number in terms of innovation is small as huge amountof investment is required in new business idea. Hence, small size firms in terms ofinnovation and development are not growing at fast pace. Uncertain economic conditionsgreatly affect small size firm’s business. Hence, they are not able to absorb shock.Economic turmoil greatly affects development and growth of these business firms(Venkataraman, 2019).Micro size firms: Micro size firms scope is narrow as they have only 20 to 30 employees.Such kind of firms make available product at low price and innovation is at very lowlevel. Development and growth of these firms heavily dependent on economic conditionof the nation. If economy is not good then in that case spending from public also reducedwhich heavily affect micro size firm’s profitability. Thus, their development and growthrate heavily affected by nation economic condition. Entrepreneurial typologyEntrepreneurial: In this category those who individuals come that are high risk taker anddo innovation to satisfy needs and wants of the product end users. Intrapreneurship: It include those entrepreneurs who operate and manage their businesson large scale. These individuals are highly motivated by nature and always trysomething new and different in their business. Such kind of people sometimes facefailure in their business but they do not stop implementing innovative ideas in theirbusiness. Business firms in which such kind of entrepreneurship observed grow at rapidpace. Managerial: These are entrepreneurs that work at management level in any businessfirms. Such kind of entrepreneur’s restructure hierarchy, working styles andcommunication etc across workplace and identify new ways in which innovation can bedone in business operations (Parker, 2018). Relevant type of entrepreneurs motivatesemployees to work hard and give new suggestions. All these things ultimately lead toachievement of target in the business. 2
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