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Impact of Small and Micro Entrepreneurs on the Economy

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Added on  2020-09-08

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Entrepreneurship INTRODUCTION 3 TASK 13 P1 Examine different types of entrepreneurial ventures3 P2 Similarities and Differences between Entrepreneurial Ventures 4 TASK 26 P3 Impact of micro and small businesses on the economy6 P4 Importance of contribution by SME towards the society and Economy9 P5 Determining the characteristics, traits and skills of two successful entrepreneurs 10 P6 Entrepreneurial personality striking their state of mind and motivation 11 TASK 312 P7 Experience and background can surrogate and obstruct entrepreneurship 12

Impact of Small and Micro Entrepreneurs on the Economy

   Added on 2020-09-08

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Impact of Small and Micro Entrepreneurs on the Economy_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Examine different types of entrepreneurial ventures.............................................................3P2 Similarities and Differences between Entrepreneurial Ventures...........................................4TASK 2............................................................................................................................................6P3 Impact of micro and small businesses on the economy.........................................................6P4 Importance of contribution by SME towards the society and Economy...............................9P5 Determining the characteristics, traits and skills of two successful entrepreneurs..............10P6 Entrepreneurial personality striking their state of mind and motivation.............................11TASK 3..........................................................................................................................................12P7 Experience and background can surrogate and obstruct entrepreneurship..........................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
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INTRODUCTIONWhen an individual or group of people have the capacity and will to develop along withthe management of the various business ventures with which risks are allotted for making highrange of profit. Entrepreneurship's basic example is starting up a new business (Aldrich, 2012).From the aspect of economics , entrepreneurship has various elements combined in it like land,labour, natural resources who will be able to produce profit. There is great saying that more therisks, more will be the profit and that is applicable while starting a business with new concept.This report mainly focuses on the range of venture types which may be consideredentrepreneurial. Apart from that, various impacts of small business within the economy will alsobe discussed. In addition, mind set of an entrepreneur and the key aspects of the mind set alongwith the examination of various environment which will affect the entrepreneurship and ways inwhich they can be avoided in order to achieve the overall goals and objectives in effectivemanner. TASK 1P1 Examine different types of entrepreneurial venturesThere are four types of entrepreneur ventures which are established in market place whilestarting up a business: Small business Entrepreneurship: In modern scenario, there are various number ofentrepreneur who are setting up their foot marks in United States market but it ishappening on small scale. There are approx 5.7 million small business in the market placeand that has covered up the area of 99.7% of the companies and the unemployment rate isreducing due to their employment which is 50% of all the non governmental workers.Small business mainly consist of grocery stores, agencies, carpenters, electricity productsstores or small supermarket and many more (Audretsch, 2012). This affect the securitytypology of the business as a person starts it with the motive of getting financiallysecured so that he\she can complete the basic needs of the family and can secure thefuture in terms of any problem or education and the basic needs as stated above. Scalable Start up Entrepreneurship: In this kind of entrepreneurship, while starting thebusiness it is known that some day that vision will bring the change in the economy. Sofor that entrepreneur looks out for the financial investors who have the equal mindset just
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like entrepreneur have. Moreover they hire the best and skilled workers who can helpthem to achieve the vision in effective manner. This confidence helps them to acquire thepotential for the growth and success. The other elements which are involved in this kindof entrepreneurship is that their mind set and focus is high on the goal and objectives andthis bring out the skills and capabilities to develop and grow on rapid speed. Large Scale Entrepreneurship: This type of entrepreneurship is mainly conducted onlarge scale and they are formed with high involvement of fund. They achieve growth andsuccess through various tools and techniques like innovating new types of products, latesttechnologies and competitors pattern (Audretsch, Falck and Heblich, 2011). They analysethe market place and thus identify the actual needs and wants of the customer and satisfythem in best possible manner. Large scale entrepreneurship mainly focus on sustainabletypology as sustainability helps them to grow and get the success point which they havedesired by acquiring large amount of customers and market share and satisfyingcustomers in better manner. Social Entrepreneurship: In this kind of entrepreneurship, owner mainly focus oncreating products and services which can be proved as an appropriate solution for thesocial needs and issues. They have the motive of making economy a better place so thatdevelopment can take place in society. They are basically works on non profit or hybrid.The typology which can be related to this kind of entrepreneurship is attitude towardsgrowth and success as it enables people living in economy to develop themselves in everypossible manner and live in a better life style. P2 Similarities and Differences between Entrepreneurial VenturesThere are some certain sector on which similarity and differences will be judged and theyare described below: Lifestyle Ventures or the business Similarities1.They start business with an innovativeidea and thus focus on its achievement(Bruton, Ahlstrom, 2010). 2.They hire skilled and knowledgableworkers who will achieve the allottedtasks in effective manner. Serial Entrepreneurs ventures similarities1.They also start business with aninnovative vision and thus they mainlyfocus on its attaining. 2.They look out for the effective andskilled candidates who can help themto achieve the goals and objectives.
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