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Small Business and Entrepreneurship Contribution to Economy

   

Added on  2020-06-04

12 Pages3707 Words400 Views
ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT

INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1explain various type of entrepreneurial ventures and their relationship with typologyentrepreneurship..........................................................................................................................1P2 Explain difference between entrepreneurial ventures............................................................2TASK 2............................................................................................................................................4P3 Explain how micro and small businesses create impact on economy....................................4P4 Explain importance of small business and start ups provide contribution in economy.........5TASK 3............................................................................................................................................6P5 Explain traits and skills of successful entrepreneurs..............................................................6P6 Entrepreneurial personality show motivation and mind set..................................................7TASK 4............................................................................................................................................8P7 Experience can hinder foster entrepreneurship......................................................................8CONCLUSION................................................................................................................................9REFERENCES................................................................................................................................1

INTRODUCTIONEntrepreneurship means a person have expanded new and innovative idea of production,operation and services for develop company productive and profits. They have bitterly utilisedtheir nature and non nature resources. Entrepreneur are establish economic plan of business atsmall scales. These new ideas are generating employment for large people and provideopportunities to learn new skills and knowledge. Entrepreneur has encouraged other people tofind out innovative way of working, they have appreciate employees for new idea generation atwork place (Barbero, Casillas and Feldman, 2011). Entrepreneur are make venture for developtheir business. Many types of entrepreneurial venture are available people are select appropriateventure for full fill their need and wants. Entrepreneurs are different form manager in manyaspects like personality, motivation tools and decision making process etc. Mostly entrepreneurare start their own micro and small business, this business are contribute in country economy atmedium level.TASK 1P1explain various type of entrepreneurial ventures and their relationship with typologyentrepreneurship. Entrepreneurship is act to develop new idea, this new idea are associate with high risk.In entrepreneurship risk are very high people are first time use new idea of working inenvironment, they cannot known where this idea should be work or not if not they will lossresources and funds. Many type of plan and policies are used for execute this new ideas in work. Entrepreneurial venture mean provide services to small and micro or start up level businessoperation. In this entrepreneur are spend their time to achieve success in their work (Bridge andO'Neill, 2012). They have some important responsibility like arrange funds, making strategiesfor sales, evaluation of ideas, recruiting right candidate at right time at right place etc.Many types of venture are given as follows:Small business venture: In this venture numbers of employees are very low and theyhave not able to expend their work at large level that is why they work on small level. Theprofitability and revenue are very less for new business idea compare to establish largeorganisation. 1

Large business venture: Those businesses that perform their operations at large levelare covered in this section and provide hug mount of employment. An organisation are achievehigher profits and revenue through sell their product and services to customers and establishbrand image in consumers mind. During recession large company have also face economyproblem and profitability are decrease. Lifestyle entrepreneur: The entrepreneurs are focus on improving living standard andapproach to people lifestyle. They will generate high profits. Their objectives are different foreach others because they are different personality, perception, attitude and behaviour (Drucker,2014).Many types of entrepreneurial venture are their relationships with topology are as follows:Serial entrepreneur: In this individual person are start new innovative business work.They will make plan for their employees to develop healthy work environment. For increasingbusiness transaction they will prepare innovative ideas. Female entrepreneur: The main objective of these people are provide equalopportunity between male and female so that women are also achieve success. Example AdafruitIndustries are promoting women enterprise at UK.Social entrepreneur: The main focus of these person are provide satisfaction to wholesociety through full fill their needs and wants, for gain profitability and growth of the business.Example Florence Nightingale are first social entrepreneur at UK (Fassin, Rossem and Buelens,2011).P2 Explain difference between entrepreneurial venturesLarge and small scale ventureDifference:Small firms are not generating large revenuefrom business activities because they runtheir business activities at low scale ineconomy compare to large firms. Largecompany are easily spent their function atinternational level in economy. In smallbusiness risk associated with finance are veryhigh but not in large scale company they have2

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