[DOC] Entrepreneurship and Small Business Management Assignment Solution

Added on - 21 Feb 2021

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION..........................................................................................................................4TASK 2............................................................................................................................................4P 3 affects of the smal and medium-sized enterprises on UK economy......................................4P 4 Importance of small business and start-ups to the growth of the social economy................6TASK 3...........................................................................................................................................7P 5 Characteristics and traits of the successful entrepreneurs....................................................7P 6 Entrepreneurial personality motivate their mind set.............................................................9P 7 background and experience of the entrepreneur.................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurshiprefers to the act of developing the enterprise or business with the aim ofgenerating the more profit. It can also be mean as to transform the world or solving the problemof the world by building the enterprise with innovative ideas. This assignment is based on theentrepreneurship and management of the small businessand how the entrepreneurs manage theirenterprises. This assessment will include the importance and impact of the small medium-sizedenterprises on the different European countries and further more the impact of the small mediumenterprises on the different industries like retail and construction can be seen with the help of thisreport.From the help of the different data and statics impact of the micro and small enterprisewould be identified.Different skills and traits of the successful entrepreneurs that differentiatethem from the others. Mind-set of the entrepreneurs will be defined that motivate them. Lastlyexperience and family background of the entrepreneurs affect their work.TASK 2P 3affects of the smal and medium-sized enterpriseson UK economySmall and micro business have the great impact on the growth of the UK economy as theycontribute a lot in the GDP of the country and directly help to increase the economic value of theUK countryAs, in the beginning of 2018 year, there were 5.6 million Small business in the UK country. Acompared with the last year data and statics, private sector business of the UK had fallen downby 0.5% i.e. (-27,000 business) and the employment of private sector have increased by 2% i.e.(+304,000). Small businesses in the UK country have been accounted for 99.3% which is the allof the private sector business(Burns and Dewhurst, 2016). In the beginning of the 2018 small ormedium sized enterprises are 99.9% of all the private sector business.Between the year of 2000 and 2017 there have been sustainable growth in the businesspopulation in each year. But between the year of 2017 and 2018 a great fall have been noticedwhich was 27,000 (-0.5%) but even after that still more business in the year of 2000(Hatten,2015). Majority of the growth have been recorded with the non-employee business in the year of2000 which accounted for 87% of overall increment.As according to the new findings by the Hampshire trust Bank, in the top 10 cities of theUK, small medium enterprise will contribute around 24 billion t the economic growth of the Uk
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