Entrepreneurship and Small Business Management in UK - Assignment Sample
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Added on 2019-12-18
Entrepreneurship and Small Business Management in UK - Assignment Sample
Added on 2019-12-18
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Entrepreneurship and SmallBusiness Management
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3PART 1............................................................................................................................................3P1 Types of entrepreneurship and their relations with typologies...............................................3P2 Similarities and dissimilarities in between entrepreneurial ventures ....................................4P3 Impact of micro and small-business on the UK economy .....................................................6P4 The importance that small businesses and business Start-ups have on the growth of thesocial economy.............................................................................................................................7PART 2............................................................................................................................................9P5) Characteristics, traits and skills of successful entrepreneur .................................................9P6) Aspects of entrepreneurial personality reflect entrepreneurial motivation and mind-set. .10P7) A person’s background and experience can hinder orfoster entrepreneurship..............................................................................................................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................132
INTRODUCTIONEntrepreneurs and their skills helps to them for improving their business operations.There are many skills and traits which assist to individual to become a successful entrepreneur.The present report make analysis on the types of entrepreneurship and there relation withdifferent type of typologies (Ács, Autio and Szerb, 2014). It also makes analysis on the impactof small-business and micro businesses on the UK economy. Further more, it also makes analyzeon the characteristics, skills and traits on the entrepreneur.PART 1P1 Types of entrepreneurship and their relations with typologiesEntrepreneurship is that process in which an individual is producing different types ofgoods and services to their customers in order to satisfy their needs. It involves different types ofactivities such as selling, trading or exchanging of good and services to earn profits. It is alsodefined as the process of identifying the opportunities and converted them into marketableopportunities (Adebayo and Otemuyiwa 2015). Entrepreneur is that persons who undertakeentrepreneurial process. There are different types of entrepreneurship. Some of them arediscussed below. Private entrepreneurship It is that types of entrepreneurship which is mainly run by small or local entrepreneurs. Itis basically included small or local grocery stores, hairdressers consulates etc. in this type ofentrepreneurship is mainly run by local or family members. Main aim of this type ofentrepreneurship is to run profits and conduct daily activities. Public entrepreneurshipIn this type of entrepreneurship, individuals focuses on making different types ofproducts and services which helps to them for gaining the international customers. This types ofventure is mainly focused on developing their products by using innovation (Barral, 2014) In thistype of entrepreneurship individual is more focused customer’s preferences, new technologiesand its competitors. The focuses on these types of venture is to gain international customers for3
its business. Along with this they required higher capital as compere to the privateentrepreneurship.Social entrepreneurshipThis types of entrepreneurship are focuses more on developing that type of product orservices which helps to society to solve their problems. This type of venture is concentrating thattype of products which help to community in which they are operating business. This type oforganization are generally work for the non profit purpose. Serial entrepreneurship A serial entrepreneur is that person which form a business create and innovate an ideaand transform to their small business and then see the day to day functioning activities ofbusiness (Baum, Frese and Baron, 2014) After some time these businesses is developed byanother person and then take to next level. In this type of entrepreneurship individuals arefocused on making developing their business only to certain level. Female entrepreneurshipA female entrepreneur is that women who can design, develop and start their business atinertial level and then transform in to a large organization. These women are inseparable andideal to another women who wants to start their own business. Relation to different types of typologies In addition, they are related to typologies of entrepreneurship, which means that differenttypes of entrepreneurship connected with the different types of typologies. Private business iswhich mainly run by the local people in order to earn profits (Carland and Carland, 2015) Thetypologies of public business is related to the focused on developing international customers andalong with they are also focuses on making different types of products and services by usinginnovation and technologies. On the other hand the typologies of the social entrepreneur isrelated to the developing such products and services which helps to community people to solvetheir problems. The typologies of the serial entrepreneurship is related to develop its business upto a particular level and then it is taken over by some other persons.P2 Similarities and dissimilarities in between entrepreneurial ventures There are different types of similarities and dissimilarities in between entrepreneurialventures. Different ventures are established as they are highly beneficial for enabling the4
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