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The Impact of Small Business Management on the Economy

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Added on  2020-10-22

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Examining how the small businesses and new businesses were inevitable growth of the social economy after “Brexit” 9 M2: Analysis of the small and medium business economy 10 D2: Implication of industries on various level of economy10 TASK 310 P5 Some features, traits as well as skills of successful entrepreneurs 10 P6 How Entrepreneurial personality reflects the Entrepreneurial mind-set and motivation12 M3: Characteristics of entrepreneurs 12 D3: Trait, skills and motivational drivers of successful entrepreneurs 13 TASK

The Impact of Small Business Management on the Economy

   Added on 2020-10-22

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Entrepreneurship and Small Business Management
The Impact of Small Business Management on the Economy_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Kinds of Entrepreneurial project and inter-relation with typology..................................1M1: Entrepreneurships in the public and corporate sector.....................................................4D1: Scope, growth and development of Enterprise................................................................4P2. Differences and similarities between several entrepreneurial ventures...........................4TASK 2............................................................................................................................................6P3 Interpretation of the impact of small businesses over the whole economy.......................6P4. Examining how the small businesses and new businesses were inevitable growth of thesocial economy after “Brexit”................................................................................................9M2: Analysis of the small and medium business economy.................................................10D2: Implication of SMEs industries on various level of economy......................................10TASK 3..........................................................................................................................................10P5 Some features, traits as well as skills of successful entrepreneurs..................................10P6 How Entrepreneurial personality reflects the Entrepreneurial mind-set and motivation12M3: Characteristics of Entrepreneurs...................................................................................12D3: Trait, skills and motivational drivers of successful entrepreneurs................................13TASK 4..........................................................................................................................................13P7. Examining how experience as well as background can effect in hindering or fostering ofentrepreneurs........................................................................................................................13M4: Relation among the entrepreneurs and characteristics..................................................14D4: Positive and negative experience that can impacts on entrepreneurs............................14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
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INTRODUCTIONEntrepreneurship is process of designing, implementing and continuously processing thenew business which is initially at small level. The people who create these businesses arecommonly known as the Entrepreneurs, or the process continuing by these entrepreneurs regardswith starting and running the business is known as Entrepreneurship. It is described as capacityand willingness to develop, organise and manage a business venture together with risk bearing inorder to generate revenues or profit. High risks is involving in implementing and running thenew idea with. Moreover, the entrepreneur is an individual who has ability to find and act uponopportunities to translate inventions or technology into new products (Burns, 2016)This study is about the entrepreneurship and the main purpose of the study is to learn theunderstanding of scope of entrepreneurship and also the enablers and barriers are associated withthe workings of entrepreneurship in small businesses. Overall the study is all about theentrepreneurialism followed by the individuals. TASK 1P1. Kinds of Entrepreneurial project and inter-relation with typology Entrepreneurship is now the inevitable part of business as it comprises with thedesigning, implementing and continuous processing the new business which involves the highrisks, generally starts at small level of business in order to earn revenues and make Impressiveprofits. The person who operates the business are known as the entrepreneurs. In present timesthe entrepreneurship plays the integral role in context of small businesses as well as in large scalebusinesses also. The entrepreneurs are the individual person who has the ability to take risk inorder to implement the idea by converting it into a business opportunity in order to make profitsfrom that. The entrepreneurial venture means the conversion of a business idea into a businessopportunity with the lower capital investment and with limited business operation, in order totake the advantage of the business opportunity. Not only at small scale the entrepreneurialbusiness can be starts and operates at high level with the huge capital investment along with newand innovative business ideas to create something big. Typology: Entrepreneurship in context of small business involves limited capital and limitedresources, hence in order to utilise the limited resources for generating the maximum inflows of1
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profits an entrepreneur conducts a brief analysation of market aspects including the deep analysisof various types of entrepreneurial ventures and after that select the most appropriate project andits requirements that are mentioned below along with the several kinds of ventures (Schaper andet. al., 2014). Large Corporations: Large corporations have huge capitals for investments with hugeamount of resources for business operations also have several ideas for business opportunities, sothat is why operates at very large scale and have an indefinite life cycle. They ascertain growthand sustainability by manufacturing new products and services as per customer’s preferences.With the help of huge capital investment and unlimited resources of business operations thesecorporations face heavy market competitions with the corporation operating at internationallevel. These corporations have great skilled members in their Research and Developmentdepartments, with the help of R&D department these corporations are enable step to work indynamic business environment. For example, TESCO (U.K) operates at international level ofbusiness and largest British multinational company deals with groceries and other generalmerchandise.Small scale corporation: The small scale corporation operates at small level businessoperations, with limited capital for investment and limited resources for the business operations.United Kingdom treated as the best hub for the start-up of the small scale businesses. Small scalebusiness includes the Bars, Cafes, Consultancies, Grocery stores, clubs etc. as they are beneficialbusiness opportunities for the entrepreneurs wants to operates with limited capital and limitedresources, therefore it involves low risk rate in comparison of large corporations. For example,oak cash (U.K) operates at small scale business and provides large varieties of goods in bulk forretailers, offices, caters. Social corporations: Social are those which operates may be at small, medium and largescale for providing social services to general public. These corporations operate form of NGOs(Non-governmental organisations) and are commonly treated as the Not for profitorganisations(NPO) these organisation works for providing the social welfare services to generalpublic throughout the whole region or country (If operates at large level). Moreover, thesecorporations work for the betterment of the society and by provides them basic merchandises atcheap prices. Services provided by them involves free medical facilities, services for PWDpeople and provides the employment and shelter facilities to poor people. For example, Oxfam2
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