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Impact of Small and Micro Business on Small Business and Entrepreneurship

   

Added on  2021-01-02

16 Pages4558 Words144 Views
ENTREPRENEURSHIP AND SMALL BUSINESSMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures...........................................................................1P2 Similarities and differences of different types of entrepreneurial ventures...........................2TASK 2............................................................................................................................................4P3 Impact of small and micro business on economy..................................................................4P4 Contribution of small businesses and start-ups to growth and social economy after Brexit.6TASK 3............................................................................................................................................7P5. Explain the traits, skills and characteristic of successful entrepreneur.................................7P6 Affect of entrepreneurial personality.....................................................................................8TASK 4............................................................................................................................................9P7 Impact of background and past experiences on entrepreneur................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONEntrepreneur is a person who starts new business to work on innovative ideas. Whileentrepreneurship is the art of portrait innovative idea in market through commercial activity.These days’ changes are taking place in environment very frequently through entrepreneurshipstrategies which are effective and significant for satisfying needs of society. There is differencein thought process of every person, so it is important to display it in market through whichpositive ideas can be generated (Acs Autio and Szerb, 2014). Small business can be started byentrepreneur but it will be successful when they work according to market trend. In this studythere is discussion about various entrepreneurial ventures and its similarity and difference,impact of small and micro business, growth of economy because of small business, traits presentin entrepreneur, Impact of entrepreneurial personality, past impact and experience ofentrepreneur on business operations.TASK 1P1 Different types of entrepreneurial venturesEntrepreneurship- This is the concept which works according to knowledge andrequirement of society. Entrepreneur runs some business with his/ her capability, skills,knowledge, experience, etc. which helps to know what can be done through which satisfactionamong customers are more. There are various types of entrepreneurial ventures such as scalable, start up, smallbusiness, social, large entrepreneurship. They are discussed as under-Scaleable start- up entrepreneurship- This is the entrepreneurship which work behindsome specific ideas. There is much risk in this sector but at the same time return is entrepreneuris also more. There is need of funds which help to work according to market trends throughchanging their plans and policies. Small business entrepreneurship-Small business involves under 50 employees whichhelps to increases sales and profits. There are possibilities that due to working according toknowledge and requirement of market(Bhachu, 2017). They give employment in society, thishelps to get use of various changes which are beneficial for growth of economy.Social entrepreneurship-In this entrepreneurship, there is discussion about someproblems. This is important for providing good image in market and gets aid from government.1

This helps to improve standard of society and some voluntaries work to serve society.Sometimes there are problems related to raising funds. Large entrepreneurship-This is the biggest form of business, which has numerousworkers and operate in various parts of country. Main behind this venture is to earn profit andprovide satisfaction to customer. They conduct market research and make strategies which aresignificant for business growth(Brandstätter, 2011). Types of typologiesIn market there are various person having different ideas which they display in market.This makes change in roles and responsibilities of entrepreneurs. Some types of typologies are asunder-Serial entrepreneur- These entrepreneurs work according to knowledge and theirexperience. These people have many ideas in their mind and they perform various activities backto back. They launch one idea and then after success switch to next. This helps to createemployment and reduce poverty from society. Female entrepreneur: As per name, in this there is female candidate who perform,manage and operate business operations. There is more role of females as compared to others.Male entrepreneur: In such business, male candidate is more effective. They havecapability to coop- up with market trends and perform research through which changes can betaken in business. Lifestyle entrepreneur: These days lifestyle entrepreneur are more famous in industry. Asthey are working to satisfy demand of customer which is trendy and latest it helps to providelatest trend to customers. Setting this type of business is expensive and time consuming(Dacin,2010).P2 Similarities and differences of different types of entrepreneurial venturesThere are many many ventures which are discussed above. There is difference as well assimilar property among them. So business activities can be performed in efficient manner.Difference and similarity between various entrepreneurial ventures are discussed below-Serial Entrepreneurship Ventures Lifestyle VenturesSimilarities: hey have various ideas for which theywork one after another. Similarities: In this also there is changing in trend soentrepreneur has to work as per market2

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