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Entrepreneurship and Small Business Management Edward

   

Added on  2020-10-22

16 Pages4376 Words358 Views
Leadership ManagementEntrepreneurshipProfessional Development
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Entrepreneurship and SmallBusiness Management
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Concept of Entrepreneurship ......................................................................................................1Entrepreneurial Venture .............................................................................................................1Difference between serial entrepreneur, intrapreneurs and owner managers ............................2Public and corporate sector ........................................................................................................4Scope, development and growth of entrepreneurial venture ......................................................4Scope of entrepreneurial venture:...............................................................................................4TASK 2............................................................................................................................................51. Impact of micro & small business on UK's economy.............................................................52. Social economy.......................................................................................................................63. Difference between small, medium and large business .........................................................64.Impact of small business at different level of economy...........................................................7TASK 3............................................................................................................................................71.Characteristics and skills of successful entrepreneur that distinguish them from businessmanager.......................................................................................................................................72.Entrepreneurial personality reflects entrepreneurial motivation and mindset .......................83.Characteristic, traits and skills of successful entrepreneur ...................................................94.Environment hinders entrepreneurship..................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12.......................................................................................................................................................12
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INTRODUCTIONSmall scale enterprise is a business in which number of employees are less than 50 anddoes not have much sales. These are generally privately owned business or sole proprietorshipand have less annual revenue than a normal business (Smeltzer, Fann and Nikolaisen, 2015).These business include services like grocery stores, bakeries, hairdressers, restaurants etc.Edward street bakery is taken to understand the small scale business, it is an UK based businesswhich is owned and managed by only two people i.e. Jez Belsten and Lisa Fraser it will help indetermining the concept of entrepreneur and entrepreneurial ventures. Further in this report studyof public and corporate sector will also take place and how these small, medium and largebusiness impact the different level of economy. Characteristic traits and skills will also bediscussed to determine the motivational driver of successful entrepreneur.TASK 1Concept of Entrepreneurship Entrepreneurship is a process of launching new business which is small in size in starting.it is also explained as capacity to develop a business which have a lot of risk for earning profits.Person who manages the business are know as entrepreneurs. They have ability to identify thepotential in ones idea and to bring innovation in society (Schaper and et. al., 2014). They createemployment and improve national income, it improves living standards of people and reducessocial tension among youth. Entrepreneurial Venture Small business entrepreneurship: These are the small scale business organisationswhich is run by an individual and loss and profits are bear by them alone. Some of thebusiness that run as a small business are plumber services, travel agents, bakery etc.Edward street is the example of this entrepreneurship because it is also owned by oneperson. Purpose of this type of business is to feed their family and earn money. Scalable start-up entrepreneurship: motive of this entrepreneurship is to change thevision of the world by launching something which no one ever think of. They hire bestemployees for super fine performance so that company can make profit. Some of theexamples of these entrepreneur are Facebook, Instagram etc. 1
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