The Impact of Small and Micro Business on the Economy
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Added on 2021-02-22
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Entrepreneurship and Small Business Management CONTENTS Entrepreneurship 1 TASK – 1 1 Examining different types of entrepreneurial ventures and their relation to the typology of entrepreneurship 1 Exploring the similarities as well as differences and entrepreneurial ventures 2 Examining the scope, growth and development of entrepreneurial ventures 3 TASK – 2 3 Interpreting and assessing data on the impact of small and micro business on the economy 3 Significance of small business and start-ups in the growth of social economy 4 Differences small, medium
The Impact of Small and Micro Business on the Economy
Added on 2021-02-22
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Entrepreneurship and Small BusinessManagement
CONTENTSINTRODUCTION.................................................................................................................................1TASK – 1..............................................................................................................................................1Examining different types of entrepreneurial ventures and their relation to the typology of entrepreneurship................................................................................................................................1Exploring the similarities as well as differences and entrepreneurial ventures..................................2Examining the scope, growth and development of entrepreneurial ventures.....................................3TASK – 2..............................................................................................................................................3Interpreting and assessing data on the impact of small and micro business on the economy.............3Significance of small business and start-ups in the growth of social economy..................................4Differences small, medium and large businesses make to the economy............................................4Examining the impact of small business on different levels of the economy.....................................5TASK – 3..............................................................................................................................................5Characteristic traits and skills of successful entrepreneurs................................................................5Aspects of the entrepreneurial personality reflecting entrepreneurial motivation and mind-set.........6Different lines of argument relating to entrepreneurial characteristics..............................................6Characteristic skills, traits and motivational drivers of two successful entrepreneurs........................7TASK – 4..............................................................................................................................................7Examples about the ways background and experience can hinder or foster entrepreneurship...........7Connection amid entrepreneurial characteristic and the impact of personal background & experience to specific successful entrepreneurs.................................................................................8Ways background and experience effects entrepreneurship both positively and negatively..............8CONCLUSION.....................................................................................................................................9REFERENCES....................................................................................................................................10
INTRODUCTION Speaking in volume about the notion of entrepreneurship, it has a variety ofconnotation. It can be uttered that an individual having a high aptitude dealing with thechanges is considered as the extreme entrepreneur. In simple words, it can be stated that anyperson who carries out anything for him or herself is being regarded to be an entrepreneur.Similarly, in the context of the business, any individual investing money for commencing aspecified business is known as entrepreneur (Kuratko, 2016). He is responsible for managing,assuming and organizing the risks of the business organization. At times when business wantto acquire new market, the primary stages are handled efficiently by an entrepreneur. Thus,he plays an important role in small business environment and quite effective in the arena ofthe business. The current research report also deals with exploring range of entrepreneurventures and will throw light on the impact of small business on the economy. As anemployee in the consultancy firm investigation into the key aspects of entrepreneurial mind-set will be done. The final part of the report will focus on examining varied environment thatfosters or hinder entrepreneurship. TASK – 1Examining different types of entrepreneurial ventures and their relation to the typology ofentrepreneurship From the past several years, entrepreneurship is achieving heights and different kindof classification under this kind of business have emerged significantly. The major variety ofventure generally initiates from the small business entrepreneurship to large businesses. Allthese types of ventures are quite essential in the arena of the market. As far as the businessfield is being concerned, dissimilarities in the production of the goods and services as well asdifferences in the way of capturing the market has made the range of ventures more vital andcrucial (Burns, 2016). Among all of them, social business is diverse from all other businesses.Thus, there are numerous kinds of entrepreneurial ventures that proves to be effective in thearena of marketing. The variation in their types are generally made on the basis of the style ofthe business. Below are some of the stages through which entrepreneurial ventures can beelaborated and these are as follows: Small business entrepreneurship – In the current competitive world, the smallbusiness entrepreneurship is very common. These businesses are groceries, internetconnection provider, electrician, store front etc. More than half of the nation primarily1
depends on these small ventures if they are not working in public or private sectors ofthe economy. Furthermore, the influence of all these small businesses is morebetween the workers of the firm (Down, 2010). Scalable Start-up Entrepreneurship – Such type of business helps in starting thecareers of the entrepreneurs and is generally dependent on the investors. The mainaim of such ventures is to make alteration in the face of the world. In other words, itcan be said that such type of entrepreneurs commence their business after gaining aknowledge that they will change the face of the world. Further, they successfullyattracts investors from every part of the globe for the purpose of searching out the bestpath to achieve a competitive edge in the market. Their main duty is to search forscalable business which are quite similar with their businesses. Large company Entrepreneurship – Talking about the large companyentrepreneurship, these are being referred as the firm which are quite larger thanscalable and small business entrepreneurial ventures. Further, these firms have limitedlife cycles. Most of the firms achieves success by innovating their products andservices. Additionally, alternation in the taste and preferences of people, advancementof technologies and competitors can put pressures on the current as well as newbusinesses for developing new products (Carter and Jones-Evans, 2012).Consequently, large firms are required to produce new products that should be sold tonew customers. On contrary, existing firms can perform this by innovating theirexisting products and services or they can also manufacture prolonged version of theproducts. Social Entrepreneurship – Such kind of entrepreneurships are formed to accomplishthe social needs. In simple words, social entrepreneurship is popular for producingproducts and services which have some or the other needs of the society. The maintarget of such organizations is to make the world a better place to live. The mainmotive of the business concern is not to earn higher profits or expanding their marketreach. They just want to help the society by any of the means. Exploring the similarities as well as differences and entrepreneurial ventures Because of the rising level of globalization, innovation and altering structures of thebusinesses in the present era, it is becoming very challenging for a company to sustain in themarket as well as staying at the competitive business position. Therefore, they need to bevery adaptive, innovative, flexible and aggressive to achieve the path of growth. For that2
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