Small Business and Entrepreneurship Impact on the Economy

   

Added on  2020-12-09

17 Pages5387 Words127 Views
Entrepreneurship and small-businessManagement
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1Different types of entrepreneurial venture and its relation with typology of entrepreneurship.....................................................................................................................................................1P2 Examining similarities and difference between entrepreneurial venture...............................3TASK 2............................................................................................................................................4P3 Interpretation and accessing relevant data statistics to illustrate micro and small-businessimpact on economy.....................................................................................................................4P4 Importance of small business and business start-ups towards growth of the economy.........6TASK 3 ...........................................................................................................................................7P5 Characteristic traits and skills of successful entrepreneur that differentiate them from otherbusinesses....................................................................................................................................7P6 Assessment of entrepreneurial personality reflect entrepreneurial motivation and mindset9TASK 4 ...........................................................................................................................................9P7 Examining relevant examples and experience that hinder or foster entrepreneurship.........9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONEntrepreneurship is defined as a framework of starting new venture or running a businessby a person who come up with different product in competitive marketplace. Basically, it isability to among individual to develop and organize a different business by taking risk in order toearn profit in marketplace(Ateljevic and Page, 2017). An entrepreneur is usually self employed,motivated and have some ambition to meet up their objectives and gaols in effective manner.This report is going to analysis a keen study about role of entrepreneur its venture and enterprisealong with different aspect of typology. Additionally, examining importance of micro, small-business and start ups of venture within an economy. From this, an individual will able toidentify different types of skills, level of motivation and different trait drivers which are theleading and successful entrepreneurs in today's era.TASK 1P1Different types of entrepreneurial venture and its relation with typology of entrepreneurshipIn today's era, it has become necessary to come up with competitive product and servicesas customer are always looking towards new ans attractive offerings. For such purpose anentrepreneur is responsible for coming with with innovative ideas and innovative in order tofulfil the purpose of individual needs and demand as per their requirements. Eventually, it isprocess of establishing a new venture by analysing the market demand with differentopportunities that is benefit for them inn order to sustain for longer duration of time(Belz andBinder, 2017). Apart from this, it can also be defined as a process of innovation with variousdifferent opportunities in order to have good command over economic and social life. Herein,different types of entrepreneur venture are discussed below:Small Enterprises:This type of venture referred as small and medium sized venture as they areproviding social services for the development or welfare of the economy or society. Generally,this type of venture usually focus on providing better quality of product and services that arebeneficial for an general public. Its main motive is to earn profit as work towards welfare of thesociety.For example:Funeral care is a business that usually work towards funeral services ofdead people and their families. As this services are not adopted by each and every individual as1
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such services are not affordable by all people. For such purpose they do offer their services forfree to poor and needy ones. Social organisation: Large size social venture refers to big and large number of venture whichare usually working towards high level of social service at low cost for the welfare of the people.Herein, such type of organisation usually attain to earn maximum amount of profit so that theycan use their earnings towards welfare of the society. For example: National Health Service( NHS) is a publically funded organisation thatattains maximum amount of profits but they are providing services at low cost or free of cost tothe legal resident of United Kingdom. Large enterprises: Theyrefers to those organisation which are emerging at high level incompetitive business environment. This type of business usually focus on earning high profit aswell as wants to earn good image in marketplace.For example: Google is an American multinational technology company which isspecialised in providing services at wide rage of area. It earn huge amount of profit and it hasbecome world number one online business transaction but it is not possible without help oninternet.Scalable Business start-ups- To make focus on these kind of ventures is partly against theinnovative components of the business concern. Th permanent structure is dynamic omnifariousby the organisations. They make concentration at employing prompt company in their manpower to achieve the aim. They make trust in the firm's fund and investment for the expansion ofthe business. Typology on EntrepreneurshipSurvival firms: It refers to those firm which are existing in the market just for thesurvival purpose which are not focusing on generating profits. This are generally start upventures whose motive is to stay in business environment.Managed growth firms: This type of firms focus on attaining profits by minimisingamount of risk in the present form of business. As this business are usually risk takers.Public sector entrepreneurship: It refers to innovative public initiatives that create moreeconomic prospective by transforming their contribution in economic units by engaging theircreative activities in all aspect of uncertainty. This mainly focus on transformation by increasingdemand or effectiveness of knowledge networks.2
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