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Small Business and Entrepreneurial Ventures in Micro and Small Business

   

Added on  2020-02-05

12 Pages4199 Words252 Views
ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
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Table of ContentsINTRODUCTION...........................................................................................................................3PART 1...........................................................................................................................................3P1 Different types of Entrepreneurial Ventures..........................................................................3P2 Similarities and Differences between types of Entrepreneurial Ventures.............................4P3 Impact of Micro and Small Business have on the Economy.................................................6P4 Importance that Small Businesses for the Growth of the Social Economy...........................6PART 2............................................................................................................................................7P5 An entrepreneur's characteristic traits and skills....................................................................7P6 Aspects of the Entrepreneurial Personality reflect Entrepreneurial Motivation....................8P7 Hinder and Foster in Entrepreneurship due to Person's Background....................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONEntrepreneurs are very significant contributors for the national economy. Small andmedium businesses are exceeding in numbers in every industry, proving themselves to be thegreatest employers in the Great Britain. UK's market is full of small and medium enterpriseswhich are new in the industry as a start up, by minor entrepreneurs. This project will be dealingwith different types of entrepreneurship and their contribution in the upliftment of the local andnational economy. The report will also be discussing about the similarities and differences inthese classified sections of entrepreneurship. This project report will be focusing on the scopes ofemerging micro and small entrepreneurial ventures and their contribution in the growth of thecountry's economy. The characteristic traits and personal attributes needed for an entrepreneur toemerge with a successful entrepreneurship venture is also included in a major part of this report. PART 1P1 Different types of Entrepreneurial VenturesThere are various types of entrepreneurial ventures in United Kingdom, as they areclassified with their capacity of human resources, that is, the head count of employees and the
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gross revenue they produce in a financial annum. These are the major types of entrepreneurshipventures classified on the above mentioned basis: 1.Small Business Entrepreneurship: These days, the exceeding number of entrepreneursand startups in the United Kingdom are small businesses. Almost 99% of the overallcompanies contributing to the UK's national economy are small businesses and theyemploy an amount of 50% of all others who are not involved in working under thegovernment. Almost half portion of the non- governmental human resources areemployed by the small businesses (Fayolle and Gailly, 2015). Small businesses includesstores and services like grocery stores, travel agents, consultants, internet basedcommerce storefronts, hairdressers, and electric, plumbing and carpentry services. Smallentrepreneurs are anyone who is engaged in running their own business. They hireemployees from the local geographical areas or pick them from their own family. Theybares makes any profit. Such businesses are always funded by their own investments, orfriends , or family or small business loans (Liñán and et. al., 2011).2.Scalable Startup Enterprise: Scalable startups are not similar to the small businesses,they functions to be the Silicon Valley entrepreneurs and their investors. They establishtheir company with a definite vision of creating a change in the world (Dennis Jr, 2011).Since, day one of their business their efforts are towards the mission of bringing thatchange and make it possible. They have to work hard in order to attract the investors whoare also crazy to seeing that change in the world and they are known as venturecapitalists. They hire their employees considering their skills and knowledge seriously.They only employ the best and brightest human resources that are made available tothem. Their dream is to grow in the industry and expand their venture (Chittithaworn andet. al., 2011).3.Social Entrepreneurship: They are the entrepreneurs who are innovators. They keeptheir eyes on the creation of products and services which brings in a solution for thesocial needs and issues in the society. They work to make the world a better place andthey have no dreams to acquire shares in market or to make profit. They are funded bythe wealth of the founders of the organization. They basically don't target for profits.
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