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The Impact of Micro and Small Business on the Economy

   

Added on  2020-12-24

17 Pages5294 Words373 Views
Entrepreneurship and SmallBusiness Management
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of Entrepreneurial ventures and they relate to the typology ofentrepreneurship..........................................................................................................................1P2. The Similarities and Differences between Entrepreneurial ventures....................................2TASK 2............................................................................................................................................5P3. Relevant data and statistics to illustrate how micro and small businesses impact on theeconomy......................................................................................................................................5P4 importance of small businesses .............................................................................................6TASK 3............................................................................................................................................7P5 characteristic traits and skills of successful entrepreneurs ...................................................7P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset........................9TASK 4..........................................................................................................................................10P7 Examine the different environments that foster or hinder entrepreneurship.......................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONThe Entrepreneurship refers to setting a new business and taking financial risk for the purpose ofprofitability. Entrepreneur brings newly creative and innovative ideas in the business. Smallbusiness management refers to the small and medium size enterprises and how Entrepreneurialfirms can be managed in order to lead towards success. The Project report will examine thedifferent types of entrepreneurial ventures and also explain how they relate to the typology of theentrepreneurship. The Report will further outline the similarities and differences betweenentrepreneurial ventures. The Report will go to interpret the relevant data and statistics in orderto illustrate the micro and small businesses and their impact on economy. The report willfurthermore explain the importance of small businesses and will explain what role they play forthe growth of the economy. The report will also determine the characteristic traits and skills ofthe successful entrepreneurs that differs them from the managers of the other business. Thereport will explain how aspects of entrepreneurial personality reflects the entrepreneur mindsetand motivation. Lastly the report will examine how background and experience can foster theentrepreneurship. TASK 1P1 Different types of Entrepreneurial ventures and they relate to the typology ofentrepreneurship.Small Businesses Entrepreneurship – The Small business is that Entrepreneurship that runstheir business by own. The small business hire local employees or the family members for theirbusiness. The motive of small Entrepreneur is to earn profit from their business in order to feedtheir family. Funding of small businesses is done through via friends, family members and bytaking small business loans.Small businesses are the groceries stores, consultants, travel agentsand Electricians, Carpenters etc.Small Business Entrepreneurs required various skills toorganize and develop management of their business. Successful small business entrepreneurshipadds values to the society.Scalable start-ups Entrepreneurship – The scalable start-ups have vision to change the world.The Start-up entrepreneurs attract investment from venture capitalists and financial investors.They hire Employees which suits their business profile and have ability to lead business towardsthe success. They work for repeatable and scalable business (Windapo, 2018). There motive is toexpand their business by generating more capital. The Scalable start up entrepreneur takes higher1
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financial risk to operates their business. The Scalable Start-up Entrepreneurship is the newly startup business venture which aims to develop a viable business model in the marketplace.Large companies Entrepreneurship – The Large Companies entrepreneurship have a finite lifecycle. The Large Companies bring creative and innovative idea in the business. They keepoffering new products to attain the desires of the customers. The offer superior quality productsto their customers. They grow through sustaining innovation and by bringing and introducingnew technologies in the market. They generally faced huge competition from their competitivefirms. They seek for improvement and development in their existing products. For growth andexpansion of their business they go for diversification (Smith, 2018). Large companies even doacquisition and mergers with the innovative firms in order to cut off the competition in themarket and also to obtain something new and creative into their existing business. Social Entrepreneurship – The Social Entrepreneurs are the ones who seek for the innovationin order to create products and services which can easily resolve the social problems and canfulfil the needs of the society. The goal of social entrepreneurs is to make world a better place tolive. Their objective is to serve society and the needy peoples (Lundberg and Rehnfors 2018).They don't work just for the sake of the profitability or just to create wealth for their founders.The Social Entrepreneurship can be done to generate profits or non profit or maybe it can behybrid in some businesses.Typologies- Lifestyle entreprenuer- It creates the business with alterning their personal lifestyle for purposeof makibg profits. This focus on life rewards provided to people that enjoy have passion for whatthey are doing. Serial entreprenuer- They come up with the idea and things that get started with the selfconfidence to passion and pursuit happiness. P2. The Similarities and Differences between Entrepreneurial ventures.Similarities between different Entrepreneurial venturesAll the Entrepreneurial ventures fulfil the desired need of the market and aims to earnprofitability. All the Entrepreneurial Ventures purpose is same to bring new products andservices in the market. All Entrepreneurial ventures vision is same to offer innovative andcreative products and services to the customers and to generate revenues from them. All theEntrepreneurial ventures looks for the growth options.2
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