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Entrepreneurship & small business management Assignment - (Solution)

Added on - 23 Nov 2020

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Entrepreneurshipandsmall business management
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1 Different types of entrepreneurial ventures and manner in which they relate to typology ofentrepreneurship...............................................................................................................................3P2 Similarities and difference between entrepreneurial ventures....................................................4P3 Interpret relevant data and statistics to illustrate how micro and small-business impact on theeconomy...........................................................................................................................................5P4 Explain small business and business start ups to growth of the social economy.......................7TASK 2.................................................................................................................................................7Covered in PPT................................................................................................................................7CONCLUSION....................................................................................................................................7REFERENCES.....................................................................................................................................9
INTRODUCTIONEntrepreneurship is a process, where an individual or a group of people come together forperforming some task like designing, launching, and running of a new venture. In other terms, it isan activity of building a new business that can scale some profit. An entrepreneur is a person, whostarts their business with limited fund and resources. A small scale enterprises are very important fora country, as they increase the production level and export of country, which directly affect theeconomic conditions of that nation (Schaper, 2014). They provide employment opportunities andnew opportunities for market to grow. In this a general report, different types of entrepreneurialventures and topologies will get discussed. This shows the impact of small business on social andnational economy.TASK 1P1 Different types of entrepreneurial ventures and manner in which they relate to typology ofentrepreneurship.Entrepreneurship is one the most innovative process, where an individual or a group ofpeople come to together to start a new business. It is necessary for an entrepreneur to propose anynew and innovative idea or thinking for starting a new venture and take it's steps towards success.An entrepreneur start their business with limited funds and resources. An entrepreneur have not tobind them self in the boundaries of organisation, if they have to meet success, then they have tothink out of the box and have to take some risk. This will take them in the direction of achievingtheir goals and also help them in making their contribution in nation's economy. Mentioned beloware the different entrepreneurial ventures :-Small business entrepreneurship :These types of businesses are very small in size and canbe run by family members and friends in partnership. This industry do not need large funds andhuge resources, they just need little investments and few employees to run. United Kingdom is ahub of small business ventures. It has been observed that UK has an extremely good conversion rateof small scale business. For example, production houses, auto mobile retailers and other.Scalable start up entrepreneurship :In this type of entrepreneurial businesses, the mainfocus of entrepreneur is on to produce qualitative and innovative products and services. In such typeof entrepreneurship, the entrepreneur has confidence on their ideas and innovative approaches, thatthey can change the world with their capabilities (Burns, 2016). The basic aim of small scaleentrepreneurship is to increase their scale. To expand the business funds and venture capital isrequired.Large Company entrepreneurship :Large company entrepreneurship use to pose a finite
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