Impact of micro and small business on development of social economy after Brexit
Added on 2020-10-04
15 Pages4706 Words233 Views
Entrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1&D1 Different type of entrepreneurial venture and their relation typology ofentrepreneurship..........................................................................................................................4P2 Similarities and difference between different entrepreneurial ventures................................5M1...............................................................................................................................................7TASK 2............................................................................................................................................7P3&D2 Impact of micro and small business on economy..........................................................7P4&D2 Contribution of small business and start-up in development of social economy afterBrexit...........................................................................................................................................8M2 ..............................................................................................................................................9TASK 3..........................................................................................................................................10P5 Characteristics and skills of two successful entrepreneurs which are different from otherperson........................................................................................................................................10P6&D3 Contribution of entrepreneurial personality aspects in motivation and mindset.........11M3.............................................................................................................................................12TASK 4..........................................................................................................................................13P7&D4 Impact of background and experience on hindrance and foster entrepreneurship......13M4 ............................................................................................................................................14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
·INTRODUCTIONThis includes the capacity and willingness of entrepreneur to develop, manage and startnew business venture by taking large number of risks to earn high number of profits. So, it is theprocess of development of new idea by person and to convert them into new business venturewhich have have many benefits to entrepreneur, society and government. This provides theopportunity to be self dependent and create job opportunities for individuals (Jones, Covielloand Tang, 2011). There is huge contribution of such new ventures in development of economyby providing employment, removal of poverty, development of infrastructure, high flow ofincome etc. There is huge benefit of such new start-ups to the individual of country as it helps indevelopment of their living standard, level of income, education etc.In the present report explain about, different types of entrepreneurial ventures and theirrelation to typology of entrepreneurship, similarities and difference between different types ofentrepreneurial ventures, impact of small and micro business on economy, contribution of smallbusiness and new venture in development of social economy after Brexit. Here also describeabout, characteristics and skills of two successful entrepreneurs which are different from othersand impact of background and experience to hinder and foster growth of entrepreneurship.·TASK 1·P1&D1 Different type of entrepreneurial venture and their relation typology ofentrepreneurshipThere are many opportunities are available to the individuals of UK to start their ownventure. This would provide the opportunity earn large number of profit by taking some amountof risk. These venture also provides them to work for the benefit of society by creation of jobopportunities, development infrastructure and providing good quality of products and services ataffordable price (Karlan and Valdivia, 2011). There are large number of entrepreneurial venturesin which person can start their own business activities. There is difference between entrepreneurand entrepreneurship which is defined below:
Entrepreneur: It is the person which thinks about new business idea and convert theminto business start-up. Such persons have ability to take the large amount of risk to earn highnumber of profits. They also provides their contribution in development of society.Entrepreneurship: It includes the process of development of new business venture.Such process includes designing, managing and launch of business idea into start-up. Their ishuge role of entrepreneurship in development of society.Different type of entrepreneurial venturesThere are many types of entrepreneurial ventures which are defined below:·Small-business entrepreneurship: This is largest segment in which new entrepreneurs arewant to start their business activities. There are almost 5.7 million small business in UK. Theyhave huge contribution in employment of 50% of individuals of UK. The small businessactivities in which they start their business covers grocery stores, hairdressers, travel agents,internet commerce stores etc.·Scalable start-up entrepreneurship: Under this, entrepreneur have take large number of risksto earn higher number of profits. For this purpose they attract the crazy investors whom areready to provide funds to business operations (Kirzner, 2015). ·Large company entrepreneurship: To start large entrepreneurship persons have to offer newproducts and services by use of innovative methods. For success of entrepreneurship they haveto understand about the tastes, new technologies, employment legislation and competitors. Thisenables the entrepreneur to made their own strategies and plans.·Social entrepreneurship: The main aim of such kind of entrepreneurship is to work for thebenefit of society. Their work is to identify the social problems and provide the solutionsregarding that. They are not working to capture market.·Female entrepreneurship: These ventures are start by new female entrepreneur. The share offemale entrepreneur in worldwide is 1/3 from total number of businesses.Different type of entrepreneurial typologies·Skeptical entrepreneur: The main aim of such kind of entrepreneur is to make research aboutdifferent aspect and use such information to make their business activities successful. Thisresearch process have positive impact on business functions.·Copycat entrepreneur: This includes the entrepreneur which uses the ideas of other persons tobuild their plans regarding functions of business.
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