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Impact of micro and small business on economy

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Added on  2020-10-23

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ENTREPRENEURSHIP INTRODUCTION 1 TASK 11 P1 Various types of entrepreneurial ventures and how it is related to typology of entrepreneurship 1 P2 Similarities and differences between entrepreneurial ventures 3 TASK 26 P3 Interpretation of data and statistics for illustrating impact of micro and small business on economy 6 P4 Importance of small business in business start-ups for the growth of economy after Brexit7 TASK 39 P5 Mini-research for determining characteristics, traits and skills of two successful entrepreneurs

Impact of micro and small business on economy

   Added on 2020-10-23

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ENTREPRENEURSHIP
Impact of micro and small business on economy_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Various types of entrepreneurial ventures and how it is related to typology ofentrepreneurship..........................................................................................................................1P2 Similarities and differences between entrepreneurial ventures.............................................3TASK 2............................................................................................................................................6P3 Interpretation of data and statistics for illustrating impact of micro and small business oneconomy......................................................................................................................................6P4 Importance of small business in business start-ups for the growth of economy after Brexit7TASK 3............................................................................................................................................9P5 Mini-research for determining characteristics, traits and skills of two successfulentrepreneurs...............................................................................................................................9P6 Aspect of entrepreneurial personality..................................................................................10TASK 4..........................................................................................................................................11P7 Background and experience can hinder or foster entrepreneurship.....................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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Impact of micro and small business on economy_3
INTRODUCTIONNow a day's, small and medium size companies are growing in a rapid speed and itconstitute around 95% of business globally. Organisations that comes under small business aremostly run by entrepreneurs with their start-up ventures. These firm plays an important role inincreasing the economic status of a nation (Bridge and O'Neill, 2012). An entrepreneur forexpanding their business or to start them they make appropriate plan and strategies by using allthe resources available to them. The report will focus on a mini research so as to examinedifferent types of entrepreneurial ventures that are available in the market area along with thishow it can be related to typology of entrepreneurship. Apart from this, relevant data and statisticsis conducted in order to illustrate how it has an impact on micro and small business. Lastly,background and experience of an entrepreneur is been done so as to foster their businessoperations. TASK 1P1 Various types of entrepreneurial ventures and how it is related to typology ofentrepreneurshipRunning a entrepreneurial ventures is not an easy task as it is a combination of risk,failure, ambiguity, learning and success. Small business and new ventures are totally different asformer one is a established company and provides its services and facilities to its end customerswhereas latter one is fresh in the market and start its business with the motive of achieving goalsand objectives by giving innovative and productive offerings to consumers. Operating itsbusiness for an entrepreneur consist of full of risk and the most common is of generating fundsfor foster their business in a positive manner. Thus, economy and social factor which includescommunities plays an important role in job creation. Therefore, different kinds of entrepreneurialventures and its typologies are explained below for better understanding:Small business entrepreneurship: In United Kingdom, many business enterprises areworking and providing excellent services and facilities to its end customers (Carsrud andBrännback, 2011). According to a study there are approximately more than 6 million firms whoare operating its business in UK. This mainly constitutes travel agents, electricians, grocerystores, carpenters, plumbers etc., for expanding their business they are taking all sort of risk that1
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