Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT
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Table of Content
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Covered in PPT.......................................................................................................................3
LO 2.................................................................................................................................................3
P3 Present and interpret data and statistics in order to illustrate impact micro and small
business on economy..............................................................................................................3
P4 Importance that small businesses and business start-ups on the growth of the social
economy.................................................................................................................................6
M2 Evaluation of SMEs and large businesses contribution to the economy.........................7
D2 impact that small businesses have on different levels of economy..................................7
LO 3.................................................................................................................................................7
P5 Characteristic traits and skills of successful entrepreneurs that differentiate them from
other business managers.........................................................................................................7
P6 Assessing aspects of the entrepreneurial aspects personality reflect entrepreneurial
motivation and mind-set.........................................................................................................9
LO 4...............................................................................................................................................10
P7 How background and experience can hinder or foster entrepreneurship........................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Discovering the need in the market as well as launching the new business in order to achieve
such needs by an individual is known as entrepreneur. Entrepreneurship is an activity to set up a
business. Thus, with the hope for profits entrepreneur tends to take financial risks. Every
business heart is its entrepreneurship. Entrepreneur tends to lead the organization which was
once a small business. In established organization too there is a demand for entrepreneurial
skills, thus for survival entrepreneurial skills are necessary. For step by step building of skills of
entrepreneurial, entrepreneurship sequence is been designed. In order to start a business or in
order to achieve employment in the growth oriented small business by an individual,
entrepreneurship and small business management is studied. All the operators of the business
such as owner-manager, franchiser, and owner of family firms are considered to be the
entrepreneur. A business is said to be small if it is consists of low value of assets, low sales
volumes as well as fewer number of employees are present in the business. For example a nearby
Toyota showroom could not be said as small business but a nearby bakery or restaurant could be
a small business. In this report it has been discussed the types of business venture which could be
considered entrepreneurial, followed by impacts of small business on the economy of the
country. In this report it has also been discussed the determination of various key aspects present
in the entrepreneurial mind-set. Moreover, this report gives the evidence of various environments
which could hinder or foster the entrepreneurship.
LO 1
Covered in PPT
LO 2
P3 Present and interpret data and statistics in order to illustrate impact micro and small business
on economy
SME’s contribution on Hertfordshire of a country is quite high as compared to other kind
of town. It has also been observed that number of small and micro sized businesses are
continuously increasing in all the sectors (Stankovska, Josimovski and Edwards, 2016). Not only
is this, in fact products or services provided by SME business organizations quite high as
compared to other kinds of organizations. Overall economy of Hertfordshire is majorly impacted
because of micro and small businesses. According to a research below table has been explained
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which will help in demonstrating following things such as: number of SME, number of
employees business, employment provided, and annual turnover of all kinds of businesses.
Figure 1 table illustrating business, employment and turnover of small, micro and medium and
large organizations
From the above table it can be clearly explained that number of small and micro sized
business more in number as compared to medium and large businesses. As per the table it can be
said that number of SME start-ups are more than 99% and rapt 1% are medium and large
businesses. Micro businesses are those that have mot more than 0 to 9 employees and maximum
percentage of business according to the above graph are micro businesses whereas 4% of
businesses are small business that employees not more than 50 employees.
According to another research that was conducted by (Ingirige and Wedawatta, 2018)
following graph also helps in explaining businesses, employment and turnover of SME’s in
Hertfordshire.
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