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Micro and Small Business Impact on Social Economy

   

Added on  2020-10-05

17 Pages5184 Words282 Views
EntrepreneurshipProfessional DevelopmentPolitical Science
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ENTREPRENEURSHIP
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Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and relate to the typology of entrepreneurship.1P2 Similarities and differences between entrepreneurial ventures.........................................3TASK 2............................................................................................................................................5P3 Interpret relevant data and statistics and micro and small businesses impact on economy5P4 Important small businesses and business start –ups will contribute to the growth of socialeconomy.................................................................................................................................8TASK 3............................................................................................................................................9P5 Characteristics, traits and skills of successful entrepreneurs............................................9P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set.................11TASK 4..........................................................................................................................................12P7 Background and experience can hinder or foster entrepreneurship................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
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INTRODUCTION An entrepreneurship refers to capacity and willingness to an individual to create, organizeand also manage business venture. An entrepreneurship is combined with natural resources, land,capital and labor which can produce the profit. An entrepreneur is a person that undertakescreation, firm, risk and ownership of business. A business person address social and personaladvantages of entrepreneurship. An entrepreneur plays an essential role in increasing aneconomy of country by expanding business at global market (Autio, 2013). This report, willdiscuss about various kinds of entrepreneurial ventures as they are related to typologies ofentrepreneurship. Contribution of start- ups and small businesses to growth and development ofsocial economy will be mentioned in given report. There will be discussion about skills,characteristics and traits of successful entrepreneurs which are different from other businessmanagers. TASK 1P1 Different types of entrepreneurial ventures and relate to the typology of entrepreneurshipAn entrepreneurship is a procedure of developing something new with value throughdevoting required effort and time, assuming accompanying the physic, social, financial risks andalso receiving rewards of personal and monetary satisfaction. An entrepreneur is a person whodevelops business model and acquires required human capital and physical to start new venture.With the help of entrepreneurship, social and economic value of nation can be improved in aneffective manner. Entrepreneurial venture refers to firm that makes innovation on priority in order toutilizing the market opportunities in a better manner (Baum, Frese and Baron, 2014). It will behelpful for an entrepreneur to make the social along with economic value through providinginnovative services and products.Different entrepreneurial ventures are mention below as above:Small business entrepreneurship: These types of firms conduct their business operationsand activities at small level. These are begin, owned and managed through a person that need togenerate income for the purpose of living in better manner. Under small businesses includeplumber, electrician, grocery store etc. 1
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Scalable start-up entrepreneurship: It taken innovation and creative ideas for scalablebusiness model that will turn in high growth. An entrepreneur makes creation and innovation inbusiness and develop effective ideas in context to earn more profit and business development.Their main motive is to enhance their market share and enlarge organisation through providinginnovative services and products to people at reasonable cost. Large entrepreneurship: Under this, firms run their business at large scale. These arestart and owned through an individual that can make better decisions for the purpose ofgenerating revenue (Brush and Cooper, 2012). It is necessary for large size organisation to havethe sufficient fund and manpower for conducting business operations in significant and effectivemanner. They adopt new technologies which help in providing services to consumers in an easymanner. Large companies expand their business in various places to attract more consumers byproving them product on the basis of their demands and needs.Lifestyle entrepreneurial venture: These ventures are run business for the purpose ofmake money for maintain their living standards in better manner. These are establish through aperson for complete their passion along with conduct their business activities economically. Survival entrepreneurial venture: It conduct its business to retain at marker place andenhance its market share. The main goals of this venture is to survive and also met with financialobligation of venture. With the help of using latest technology in business, it reduce its productscosts and enhance quality of products. Typology of entrepreneurship: Entrepreneurial ventures are related with the typologies which aremention below:Serial entrepreneur: This kind of entrepreneur think of innovative business ideas on acontinuous basis in order to incorporate the new business organisation. Serialentrepreneurs start their venture and after earn profit they sell to other person. Theycontinuously come with new ideas and begin new businesses. Female entrepreneur: It refers to process where female organise all production factors,give employment to others and undertake risks (Bruton, Ketchen Jr and Ireland, 2013).Their main purpose is to increase the quality of life of women, so that they can takeinitiative to run business. For this purpose, they are able to deal with risk and implementmanufacturing activities for generate profit. 2
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