Ask a question from expert

Ask now

Small Business Impact on UK Economy

18 Pages5003 Words85 Views
   

Added on  2020-01-28

Small Business Impact on UK Economy

   Added on 2020-01-28

BookmarkShareRelated Documents
UniversityEntrepreneurship and small businessByDateNameLecture’s Name
Small Business Impact on UK Economy_1
Entrepreneurship and small businessTable of ContentsTask 1....................................................................................................................................................3Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship ventures, including examples of each type.................................................................3Explore the similarities and differences between Social Entrepreneurship and Lifestyle Entrepreneurship, including two existing examples of each..................................................................4Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship, including sources and Harvard Referencing Style.....................................................5Critically examine the scope, development, and growth of entrepreneurial ventures in the UK, including sources and Harvard Referencing Style.................................................................................6Task 2 (PPT)..........................................................................................................................................7Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the UK economy....................................................................................................................................7Explain the importance of small businesses and business start-ups to the growth of the social economyin the UK...............................................................................................................................................7Evaluate the differences small, medium and large businesses make to the UK economy, applying relevant published data and statistics, including sources and Harvard Referencing Style......................7Critically examine how small businesses have an impact on different levels of the UK economy (at local, regional and national levels), making the comparison with at least one (1) another country, including data, sources, and Harvard Referencing Style........................................................................8Task 3....................................................................................................................................................9Determine the most likely characteristic traits and skills of Elizabeth Gooch and Tom Mercer, stating how they are differentiated from those of business managers................................................................9Traits and skills of Elizabeth Gooch...................................................................................................9Traits and skills of Tom Mercer........................................................................................................10Assess how aspects of the entrepreneurial personality of Elizabeth Gooch (Case Study 1) and Tom Mercer (Case Study 2) reflect their entrepreneurial motivation and mindset.......................................12Analyze the characteristic traits, skills and motivational drivers of at least two (2) successful entrepreneurs, supported by specific examples, including sources and Harvard Referencing Style....13Task 4..................................................................................................................................................14Examine, using Elizabeth Gooch (Case Study 1) and Tom Mercer (Case Study 2), how personal background and experience can hinder or foster entrepreneurship......................................................14Analyze the link between entrepreneurial characteristics and the influence of personal background andexperience to Elizabeth Gooch (Case Study 1) and Tom Mercer (Case Study 2), including sources andHarvard Referencing Style..................................................................................................................14Critically evaluate how personal background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting Donald Trump (The Trump Organisation) and Jack Ma (Alibaba Group)..................................................................................................................................15References...........................................................................................................................................17Page 2 of 18
Small Business Impact on UK Economy_2
Entrepreneurship and small businessTask 1Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship ventures, including examples of each type.There are three types of entrepreneurship ventures located in the UK’s market such as small, micro and medium size entrepreneurship ventures. The size, scope, and structure of these entrepreneurship ventures includes own significance that effect nation’s economy. On the other hand, each and every entrepreneurship venture is belonged from various types of the business structure such as sole traders, partnership entrepreneurship ventures, public limited entrepreneurship venture and voluntary enterprises or social entrepreneurship ventures. Alongwith that, micro entrepreneurship ventures can be considered as managerial entrepreneurship ventures. In addition, small entrepreneurship venture can be compared with an entrepreneur. Moreover, entrepreneurs are controlling the medium size entrepreneurship venture (Longenecker et al., 2006). On the other hand, public limited entrepreneurship venture is getting financial support from the government. In addition, the shareholders also provide funds to operate various types of activities inside the entrepreneurship venture. The scope and size of public limited entrepreneurship venture are bigger than private and social entrepreneurship ventures, be that as it may, the financial support and employee turnover are extremely high (Hisrich and Peters, 2002). Besides that, sole traders or private limited entrepreneurship venture includes one proprietor or entrepreneur who has all decision making authority. According to case scenario, Elizabeth Gooch is the CEO of EG solutions and sole proprietor of the medium size entrepreneurship venture. Moreover, some people seek for financial help in order to run voluntary entrepreneurship venture or social enterprise. Page 3 of 18
Small Business Impact on UK Economy_3
Entrepreneurship and small businessExplore the similarities and differences between Social Entrepreneurship and Lifestyle Entrepreneurship, including two existing examples of each.Similarities between social entrepreneurship and lifestyle entrepreneurshipThe social entrepreneurship venture is working as charity trust or voluntary organization. Besides that, the annual turnover of social entrepreneurship venture is not very high because many influential people are providing financial help to the social entrepreneurship ventures. On the other hand, lifestyle entrepreneurship venture is influenced by personal experience and background of an entrepreneur (Hisrich and Peters, 2002). According to the case scenario, Elizabeth Gooch is the CEO of EG solutions. In her fist life, she worked for HSBC Bank and quit after one year. In addition, she worked a consultancy at the age 26 financed by $1000 from friends, family and credit card. In terms of similarities between social entrepreneurship venture and lifestyle entrepreneurship venture is followed below:Both entrepreneurship venture includes low annual turnover.Both entrepreneurship venture needs to borrow finance as the loan.Both entrepreneurship venture requires a high amount of fund for the start-up business.Difference between social entrepreneurship and lifestyle entrepreneurshipAccording to the case scenario, some major difference between social entrepreneurship and lifestyle entrepreneurship have been identified such as follows: Social entrepreneurship venture included many employees or voluntary worker. In addition, lifestyle entrepreneurship venture includes low employee turnover (Burns and Kippenberger, 2010). Besides that, social entrepreneurship ventures are getting financial support other resources, but lifestyle entrepreneurship venture is getting funds only as loans which come with interest rate. Page 4 of 18
Small Business Impact on UK Economy_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Entrepreneurship and Small Business Management - Elizabeth Gooch and Tom Mercer
|16
|3869
|123

Entrepreneurship and Small Business Management
|16
|4493
|416

Entrepreneurship and Small Business INTRODUCTION 3 TASK 13 P1 The Types of Entrepreneurship Ventures 3 P2 The Characteristic Traits and Skills of Entrepreneurs
|25
|4817
|93

Assignment on Entrepreneurship & Small Business Management (pdf)
|12
|3294
|469

Entrepreneurship And Small Management | Report
|12
|4346
|77

Understanding Entrepreneurship and Small Business Management
|14
|3753
|50