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Entrepreneurship and Small Business Management UK | Report

   

Added on  2020-02-03

12 Pages4212 Words90 Views
Entrepreneurship and SmallBusiness Management

Table of ContentsINTRODUCTION...........................................................................................................................3PART 1............................................................................................................................................3P1 Examination on different types of entrepreneurial ventures and it's relation with theirtypology .................................................................................................................................3P2 Similarities and differences in between the entrepreneurial ventures ..............................4P3 Impact of the micro and small business on different level of economy............................5P4 Significance of small business and business start-ups on the growth of social economy 6PART 2............................................................................................................................................6P5 Characteristics, traits and skills of the successful entrepreneur .......................................6P6 Assessment of entrepreneurial personality impacts on the motivation and mindset ........8P7 Personal background can be hinder and foster on entrepreneurs......................................8CONCLUSION .............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONEntrepreneurship is a process to set up own business by analysing the business potentialin a particular market. This is a process to provide an employment to people who needs.Entrepreneurship has many type of risks which can harm the business idea so it is essential forthe entrepreneur to analyse the market to make their products and services accordingly. It isessential element for the developing countries to improve their economy and decrease the errorsfrom the economy. The present report is based on the entrepreneurship and small businessmanagement in the UK and it's impacts on the economical development of the country. Thereport is having it's focus on the different types of entrepreneurial ventures e.g. small, large,social and scalable entrepreneurial ventures. Focusing on the UK, many types of micro and smallbusiness are running in the country which has impact on the local, regional, national andinternational economy (Schaper and et. al., 2014). At the last this report elaborate entrepreneursmind set and experience which drives them to make their future projects. PART 1P1 Examination on different types of entrepreneurial ventures and it's relation with theirtypology They are for types entrepreneurial ventures : Small business entrepreneurship : They are run home based business like a grocery stores,travel agent, internet part time work, carpenter, consultant, plumber, electronic, hairdresser, etc.it's small business and any one run own business (Bridge and O'Neill, 2012). They are dependon local market and they are hair local person for job profile and family members. They aremostly hard work profitable. It' s many more term of achieve the to feed family and makesprofits. It's not take over the industry. They are not attract capital ventures and they are providethe funds only friend and family and small business.Scalable start up entrepreneurship : They are start new business and it not like small businessthey are find to the new investor form to change the world vision (Storey, 2016). They are attractnew financial and investor ventures. They are hire the best and bright investor. It's work to searchnew scalable and repeated business model. After the search they are focus on capital venture andfast expansion. They are involve small percentage entrepreneurial. It's attract the risk of capital.

Large company entrepreneurship : They company are limited. It's growing the businessthrough by offering new product, potestative innovation and wok core corporate. It's change theconsumer test by launch new product, technology, legislative, contestant, etc. it's create thepressure when new company entire the market and create the disruptive innovation. It'sdisruptive new product inside (Chaston, 2014).Social entrepreneurship : they are work for social services and solve the social requirement andmany type social problem. They focus on innovators and who make the product. It's motive toconvert the world batter place. They are not take any types of share in market and create founder.They are not work for profit. They are work for many filed like education, h20ealth,environment. P2 Similarities and differences in between the entrepreneurial ventures Entrepreneurial ventures can be determine by their size and types, these are related to theentrepreneurship which can have similarities and dissimilarities on the basis of the roles,characteristics and objectives of them. Some of the dis-similarities are here:Roles: Large, small, social and scalable entrepreneurial ventures are having working in differentsectors on different level. So it creates a differentiation in between them on the basis of roles.Small scale entrepreneurial ventures are having a role to provide all the essential products andservices to the society on the ground level and they are working with limited rate of profits buton the other side large and scalable entrepreneurial ventures are working on higher level to makemore profits (Foss and Gibson, 2015). So they are having a role to provide better products andservices to their target customers. Characteristics: Small scale organisation are having a grip on the customers cause their ownersare having direct connection with the customers and as well as they better know needs anddemands of the customers from them. Large and scalable entrepreneurial ventures are havingexpertise to make their products and services more better but less connections with their targetcustomers reduces their working efficiency (Phillips and Pittman, 2014). Most of the largecompanies has conduct market researches to analyse the needs and demands but these marketresearches are having less relevancy with the actual needs of the customers. So on the basischaracteristics, these entrepreneurial ventures are having huge difference.Objectives:Most of the independent private organizations such as small, lifestyle and establishedbusiness enterprises go for profit as the primary objective of their operations. They try to reduce

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