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Impact of micro and small business entrepreneurship on social economy

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Added on  2019-12-04

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Entrepreneurship and small Business management INTRODUCTION 3 TASK 13 P1 Different types of entrepreneurial ventures and the way they relate with the typology of entrepreneurship 3 P2 Similarities and dissimilarities among entrepreneurial ventures 4 TASK 25 P3 Impact of micro and small businesses on economy 5 P4 Importance of small businesses and business start –ups will contribute to the growth of social economy after ‘Brexit' 6 TASK 37 P5 Determine the characteristic, traits and skills of two successful entrepreneurs which differentiate

Impact of micro and small business entrepreneurship on social economy

   Added on 2019-12-04

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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different types of entrepreneurial ventures and the way they relate with the typology ofentrepreneurship..........................................................................................................................3P2 Similarities and dissimilarities among entrepreneurial ventures...........................................4TASK 2............................................................................................................................................5P3 Impact of micro and small businesses on economy...............................................................5P4 Importance of small businesses and business start –ups will contribute to the growth ofsocial economy after ‘Brexit'......................................................................................................6TASK 3............................................................................................................................................7P5 Determine the characteristic, traits and skills of two successful entrepreneurs whichdifferentiate from other business managers................................................................................7P6 Asses the aspects of entrepreneur personality reflect the entrepreneurial motivation andmindset........................................................................................................................................9TASK 4..........................................................................................................................................10P7 Entrepreneurship can boost up or shrink with the background and experience..................10CONCLUSION..............................................................................................................................11..................................................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONEntrepreneurs are those who take advantages of opportunities where the other people seethe confusion and they also act a decision-maker in which they make decisions regard to what,how the good as well as service produced. The nature of of an entrepreneur is that they take riskand they also monitor as well as control the activities of a business ( Drucker,2014). They areusually partner, have a own share majority with the incorporated venture and a sole proprietor. Inthe research project report these is a discussion on the various different ranges of entrepreneurialventures and also relate them with typology of these entrepreneurship. Furthermore, there is astudy on the similarities and dissimilarities among the Innovative, Imitating, Fabian and Droneentrepreneurs. The second section there is study on the assessment the affects of small businesson the economy and there will be an explanation of significance of small business and start-upbusiness contribute to the growth after the Brexit. In the third section there is also study anddiscussion on the determination as well as assessment on the key aspects of entrepreneurial mindset. Also, there is a mini-research on the successful Entrepreneurs skills, characteristics andtraits differ from the other business managers. The last portion of the research project reportthere is a discussion on the how the background as well as experience can hinder and foster theentrepreneurship. TASK 1P1 Different types of entrepreneurial ventures and the way they relate with the typology ofentrepreneurshipThere are different types of venture entrepreneurial and they relate with the typology ofentrepreneurship which is stated as follows- Innovative entrepreneurs- These types of entrepreneurs are the new thinkers that havean economical ideas for the organisation as well as management and also have an innovativeideas ( Kirzner,2015).They are contributors as well as leaders for business that leads countrytowards the economic development. There are various types of innovative entrepreneurs thatinclude small and medium sized enterprise, start-up firms and also, high-growth businesses.Therefore, they also develop new production methods, new products and also, discover the newpotential markets. They nature of these entrepreneurship is that they are risk taker and theyaccept the new challenges.
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Imitating entrepreneurs- They are those type of entrepreneurs who can copyimmediately when the innovative entrepreneur made any new invention as they cannot made anynew innovation themselves. Thus, they only imitate the process, methods and technology. Themain reason they copy the innovative enterprise ideas when they found that there is a lack ofresources available ( Herrington and et.al., 2010). These types of entrepreneurs are found inthose countries where there is a weak industrial base as well as weak industrial that may havedifficulty in imitate the new inventions. Fabian entrepreneurs- This types of entrepreneurs have a shy and lazy nature and theydo experiments to change their enterprises. They are those types of individuals who do notimitate in visualising and implementing innovation as well as ideas. They follow only innovationuntil they cannot satisfy with its rate of success ( Welter,2011).Therefore, they do not incur ahuge loss as they hold for some period of time before the other people test innovation. Theycannot accept any changes if they does not feel that they are required to make changes in theirbusiness, thus, they usually accept the traditional method of production if they become failure inthe competitive environment. Drone entrepreneurs- They are those type of enterprise who does not make any changesif they are suffering from loss and it has a conservative nature. Therefore, they are satisfy withtheir present business activities and operations so, they do not make any alter or modify in itsfirm ( Morris, Kuratko and Covin,2010). These type of entrepreneurs cannot survive in thecompetitive world as they do not make any changes by adopting a new technology in theproduction process they makes them losses as well as failure. P2 Similarities and dissimilarities among entrepreneurial venturesEntrepreneurs are differ in terms of degree and there is a similarities among theinnovation and imitative entrepreneurship there is distribution are across various countries.Therefore, the innovation enterprise can mostly engage their innovative activities in the highlydeveloping countries. Therefore, the imitate enterprise can be found on the weak industrial areasbut the similarities among both the entrepreneur is that are highly talented and motivated (Storey and Greene,2010). Along with that, there not high similarities among the innovative andimitative as they are totally different from each other. Thus, they innovative develop a newproduct, ideas, new methods of production and also open a new market etc. In the other side the
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