Impact of small and micro business on social economy

   

Added on  2020-06-06

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Entrepreneurship Table of Contents
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INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1 Different type of entrepreneurial venture and their relation to typology of entrepreneurship.....................................................................................................................................................4P2 Similarities and differences between entrepreneurial ventures.............................................5TASK 2............................................................................................................................................6P3 Impact of small and micro business on economy..................................................................6P4 Importance of small businesses and starts-ups to the growth of social economy..................7TASK 3............................................................................................................................................8P5 Important skills of successful entrepreneurs that differentiate them from other businessmanagers.....................................................................................................................................8P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.........................9P7 Background and experience can hinder or foster entrepreneurship.....................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
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INTRODUCTIONEntrepreneurship is the process of starting of new business by providing various productsand services for sale and hire. The persons who start such new business called entrepreneurs. Itincludes the capacity of person to take the risks and manage the new ventures for the purpose ofearning profit. To start new business entrepreneur required to have good skills and capabilities.4Com plc is the UK based organisation which operates to improve the communication services.It provides the different type of services like internet & broadband, software applications, callsand lines, phone systems and also introduce HIHI (Acs, Autio and Szerb, 2014).In this present report explain about, different types of entrepreneurial ventures and thesimilarities and differences between them and their relation to typology of entrepreneurship,impact of small business on economy and their importance for growth. Here also define aboutthe characteristics of successful entrepreneur and benefits and drawbacks of the experience andbackground of entrepreneur.
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TASK 1P1 Different type of entrepreneurial venture and their relation to typology of entrepreneurshipEntrepreneurship: It includes the process of taking risk by entrepreneur to develop newcompany for the purpose of earning profits. This includes the skills and capabilities of person tomanage the activities and employees in proper manner to achieve success in future. The personwho takes the risk starts the new venture is called entrepreneur. This person has all responsibilityto manage the activities in appropriate manner and focus on desired areas (Brandstätter, 2011).Different types of entrepreneurial venture There are many types of entrepreneurial ventures which can adopt by the entrepreneur forstart-up the new business. All the ventures have different features and requirements which arerequired to fulfil by entrepreneur. 4Com plc is the established company which is providingcommunication services in UK. It already have more than 10 branches but they want to openone more branch in UK. There are different type of ventures are available to cited company forstarting their new branch. The different type of ventures are described below:Small business entrepreneurship: This venture includes the small activities which arestarted by entrepreneur to earn profit. This includes the less amount of risk and profit. InUK, there is almost 5.7 million small businesses. This covers at least 50% of nongovernmental workers. Small business which are started in UK includes: grocery stores,hairdressers, travel agents, internet commerce store fronts, carpenters etc.Scalable start-up entrepreneurship: These entrepreneurs are similar to silicon valleyinvestors. These entrepreneurs knows the vision from first day which they want toarchive from business. They attract the investment from various investors called venturecapitalist. These investors are ready to take risk on new projects. These start-up are veryless in number because of the involvement of high risk (Campbell and et. al., 2012).Large company entrepreneurship: It includes the large activities to operate by theentrepreneur. This involves the high risk and profitability. This kind of entrepreneurshipinvolves high need of innovation , skills, services, funding and good management systemwhich handles the competitive pressure. Social entrepreneurship: These type of ventures are setup to solve the social needs andthe problems faced by them. These type of venture helps the society to make better place
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