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Small Business and Entrepreneurship

   

Added on  2020-10-22

18 Pages5243 Words271 Views
Business DevelopmentFinanceLeadership ManagementEntrepreneurshipPolitical Science
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SMALL BUSINESS ANDENTREPRENURSHIP
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ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1. Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.......................................................................................................1P2 Explore the similarities and differences between entrepreneurial ventures...........................2LO 2.................................................................................................................................................4P3 Interpret and assess relevant data and statistics to illustrate how micro and small businessesimpact on the economy................................................................................................................4P4 Explain the importance of small businesses and business start-ups to the growth of thesocial economy.............................................................................................................................6LO 3.................................................................................................................................................8P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers. ...........................................................................................8P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset................................................................................................................................10LO 4...............................................................................................................................................11P7 Examine, using relevant examples, how background and experience can hinder or fosterentrepreneurship.........................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTION“Entrepreneurship is the process of designing, starting and managing a new business,which at first is often a small business. It is the ability and desire to develop, regulate, and run abusiness with all its risks to generate profits.” The Entrepreneurs introduced new technologies inthe market. Small business management refers to the efficient and tactful use of resources andmanpower in order to generate higher productivity in Micro and Small business enterprises. Theproject report will outline the different types of entrepreneurial ventures and describe how theyrelate with typology of the Entrepreneurship. It includes different types of ventures which helpthe entrepreneur to grow the business worldwide and also access the current economic statisticsof UK which is rapidly changed due to the impact of SMEs business. The report will discuss thecharacteristic traits and skills of the successful entrepreneurs that differs from the managers ofthe other business enterprises. The report also shows the personality of entrepreneurs throughOCEAN model analysis. At last, it concluded with the background and experiences of successfulentrepreneurs which hinder and foster their entrepreneurship.LO1P1.Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.Types of entrepreneurial Ventures areSocial entrepreneursScalable start-ups Small businessLarge companiesDefinition of typology:Typology is technology based entrepreneurs tghat is based in the background of anoccupation , despite of increasing evidence so there is a use of typology in research of differenttypes of entrepreneurship. It is an attempt to differentiate the different types of entrepreneurs.Small EntrepreneursBig employers in the US still have small businesses, 5.7 million businesses in the US aresmall and employ 50% of non-government workers. Small businesses include grocery stores,travel agents, electricity and more. They are people who run their own businesses and employ1
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local staff. His intention was to feed his family so as not to build a business. This type ofbusiness is usually funded by family and relatives.Purpose: they plays an important role in the growth of economy as they ensure the equitabledistribution of national income and encourage the mobilisation ij the country.Micro EntrepreneursMicro enterprises are generally considered as the small business that engage less than 9people in the organisation or fewer than that and their balance sheet does not exceed theparticular value. They classify the business if the business engaged 1-9 employees than it isbeing consider as the micro business. In fact the government of UK is porting the micro businessas they are contributing in the growth of the economy.Purpose: it helps the economy in generating the immediate and large scale employmentopportunities from the low investment and also it eradicates the unemployment problem of thecountry. This industry encourages the dispersal of industries in all over the countries thatincludes small towns,villages and the region where economy is lagging. Example local tailorshop in the locality.Medium enterprisesthis type of entrepreneurs are also called Small medium enterprise by the Europeancommission they are having less than 250 employees in the organisation and their capital andvoting rights of 25% or more is owned by one enterprise.Purpose: they play the significant role in emerging the economies as they generate the major jobsin these economy most of the people will find the job in this enterprise. They generate theemployment opportunities. Large entrepreneurLarge company grow through the sustaining innovation .new product development, theyalways take care about the changes of taste and preferences of the consumers, recent newtechnology etc. sometimes they create the entire new product and sold it among the newcustomers. They require huge capital and their business is very large in size and culture makeextremely difficult to execute. Example of large business are Walmart , Microsoft, Citigroup etc.2
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