Importance of Small Businesses and Start-ups in Economic Growth

ESBM

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Entrepreneurial ventures and typology............................................................................1
P2. Differences and similarities among entrepreneurial ventures..........................................3
TASK 2............................................................................................................................................6
P3. Impact of small and micro business on economy............................................................6
P4. Small businesses and business starts-ups importance......................................................9
TASK 3..........................................................................................................................................11
P5 Characteristic traits and skills of successful entrepreneurs and differentiate from business
managers...............................................................................................................................11
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset..................12
TASK 4..........................................................................................................................................14
P7 Background and experience can hinder or foster entrepreneurship................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is defined as a capacity to set up, organise and manage a venture while
taking associated risk with an aim to generate value from them. In simple terms entrepreneurship
is process of development of new business as to generate profitability from them in stipulated
time period. In this process, entrepreneur an individual engage in the operation of developing
new business idea, take use of innovation to develop unique services, product and process for
betterment of individuals and serve economy growth (Dees, 2017). In this, report formative
discussion has been made on Complete it, this company operate functioning in United Kingdom
and with their high quality services and products they fulfil need of customers. In this report
formative discussion has been conducted on entrepreneurial typology and ventures in addition to
impact of small and micro scale business on economy. Report also includes start-ups and small
scale business importance in social economy growth. Along with this, project covers experience
and background of entrepreneur that duly hinder or foster entrepreneurship along with trait and
skill of success will entrepreneur.
TASK 1
P1. Entrepreneurial ventures and typology
Entrepreneurship is a function in which entrepreneurs engage in the activities of
developing something new and unique to provide different type of benefits to individual and
nation. These entrepreneurs in entrepreneurship develop a business venture through which they
provide employment opportunities to individual in order to enhance individual’s living standards.
Entrepreneurship also contributes in economic growth of a country. It is identified that small
scale business start-up significantly contributes their contribution in nation, economic growth
that enhances overall GDP rate of country (Bakeman and Hanson, 2012). Along with this, with
the assistance of groundbreaking innovations entrepreneur take advantage of revolutionary
measures to serve market with unique offerings. Mentioned below there are range of
entrepreneur given that further get segregated into two segments:
Public sector:
Entities those who perform their business operations in this sector run, owned and control
by government authorities and institution. These organisations offer their services and products
that are mainly associated to education, healthcare and safety, transportation etc to individual
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with an aim to satisfy their needs rather than generating profitability, along with this, in this
sector entities aim towards enhancing living standards of individuals.
Corporate sector:
Organisation under corporate sector get managed, owned and controlled by individual
and private firms and they have main motive to enhance overall profitability level company
along with maximum market share holding by providing different type of satisfactory products
and services to customers. Public and corporate sector organisation segregated into different type
of ventures which is being defined below:
Scalable Start-up Entrepreneurial Ventures:
Within this form of entrepreneurial venture individual conduct their own scalable
business with an aim to provide high quality products as well as services to consumers. Their
main aim is to enhance profitability level of organisation. It has been identified that in United
Kingdom government provide utmost support to the start-ups as they play a major contribution in
economic growth of country with their innovation and creativity.
Large Company Entrepreneurial Ventures :
Organisation under this sector mainly needs high investment of capital in order to
effectively operate their business operations. Along with this timely requirement of additional
funds are also requires in large company entrepreneurial venture as to maintain their share
market holding capacity. These organisations mainly aim towards expanding their business
service area to generate more profitable income while serving customers needs and demand.
Marks and Spencer and TESCO falls under this entrepreneurial venture sector as they run their
business operations with an objective to internationalize their business while serving in economic
growth of country.
Social Entrepreneurial Ventures:
Entities who conduct their business services in the sector of social entrepreneurial venture
only conduct their business functions with the motive to provide social development and welfare
to individuals and community. For instance Oxfam and save the children’s conduct their business
functions with an aim to provide utmost support and welfare to society with their entrepreneurial
functions.
Small Business Entrepreneurial Ventures:
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