Entrepreneurship & Small Business Management - Assignment Report
Added on -2020-07-22
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Entrepreneurship and Small business management
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1&D1 Different type of entrepreneurial ventures and typology of entrepreneurship..........4P2 Similarities and difference between different entrepreneurial ventures............................6M1 ..........................................................................................................................................8TASK 2............................................................................................................................................8P3&D2 Impact of small business on economy.......................................................................8P4&D2 Importance of small-business and start-ups in growth of social economy.............10M2.........................................................................................................................................12TASK 3..........................................................................................................................................12P5 Characteristics and skills required by successful entrepreneur.......................................12P6&D3 Contribution of entrepreneurial personalities in motivation and mindset of otherentrepreneurs........................................................................................................................14M3 ........................................................................................................................................15TASK 4..........................................................................................................................................16P7&D4 Contribution of background and experience in hinder or foster entrepreneurship.16M4 ........................................................................................................................................17CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18
INTRODUCTIONEntrepreneurship and small business management contributes in development ofeconomy of country. New start-ups and small business provides the opportunity to theindividuals of country to be self dependent and create job opportunities for other persons. Thiswill contributes in increase the living standard of individuals and overall development ofeconomy of country. These new business activities contributes through providing employmentopportunities, increase living standard of persons, development of infrastructure and higher taxincome. This provides the opportunity to the government of country to develop their economy inworld (Blackburn, Hart and Wainwright, 2013).In the present report explain about, different type of entrepreneurial ventures andsimilarities and differences between them, impact of small business on economy, contribution of
new start-ups in growth of economy. Here also explain about, characteristics, traits and skillsrequired by successful entrepreneurs, contribution of entrepreneurial personality in motivation ofother persons and impact of background and experience of person on working of businessactivities.TASK 1P1&D1 Different type of entrepreneurial ventures and typology of entrepreneurshipThere are many entrepreneurial ventures are available to the persons of UK. New start-ups and small business provides the opportunity to persons of country to be self dependent andcreates the job opportunities for other persons. This will provides the chance to the individual toget employment and increase their standard of living. The overall impact of the new start-ups ison economic development of country. Employment opportunities, good infrastructure, large cashflow through FDI and higher tax in come helps the economy of UK in overall development.There are different types of entrepreneurial ventures are available to the persons of UK, to getstared there new start-ups are described below:Entrepreneur: Entrepreneur is a person who starts their own business and takes risk toearn large number of profits. These entrepreneur are innovator of new ideas, goods, services,business procedures etc. They play key role in development of economy because they providesemployment opportunities and higher flow of cash.Entrepreneurship: It includes the process of designing, launching and running of newbusiness which mainly includes small business and start-ups. This is the process of developmentof new venture along with risks to make higher number of profits. Behind start their own venturethey have the intention of self development and provide opportunities for development ofeconomy by their business activities.Small business entrepreneurship: There are large number of entrepreneurs are startsmall businesses in UK. There is almost 5.7 million small businesses are operating in UKand they employ 50% of non governmental workers. Small businesses which covers themain area in UK are grocery stores, hairdressers, consultants, travel agents, plumbers andelectricians etc. The main source of funding for small businesses through friends andfamily or small business loans.
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