(DOC) Assignment Entrepreneurship Development

Added on -2020-02-12

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ENTREPRENEURSHIP AND SMALL BUSINESSMANAGEMENT1
Executive SummaryEntrepreneurship is the referred to as the process of someone setting up their own businessventures. These ventures are mostly meant to be private, and owners are ready to take on anykind of potential risks. The main aim is always to generate maximum possible profits, andeffectively fulfill the task that entrepreneurs set out to do in the first place. There are severaldifferent types of entrepreneurship. This study has focused especially on small businesses as wellas their management. Growth and development of entrepreneurship ventures based in the UnitedKingdom have positively impacted the national economy as a whole. Small enterprises comprisea majority of the workforce who do not work for government offices. Personal background andexperience directly lead to the development of a suitable entrepreneurship style.2
Table of ContentsIntroduction......................................................................................................................................4Task 1: LO1: Achievement of criteria.............................................................................................4Examination of different entrepreneurial ventures types (P1).........................................................4Comparison of Social Entrepreneurship and Lifestyle entrepreneurship (P2)................................5Investigation of entrepreneurial ventures (M1)...............................................................................5Critical Examination of Growth and development of UK entrepreneurial ventures (D1)..............6Task 2: LO2: Assessment of small business impact on overall economy (Refer to ppt)................6Interpretation and assessment of small business impact on economy of UK (P3)..........................6Explanation of small businesses importance (P4)...........................................................................7Evaluation of differences made by businesses to economy of UK (M2)........................................8Critical examination of small business impact on different levels (D2).........................................9Task 3: LO3: Determination and assessment of key entrepreneurial mindset aspects....................9Determination of traits and skills of selected people (P5)...............................................................9Assessment of entrepreneurial personalities of selected people (P6)............................................11Exploration and examination of different argument lines (M3)....................................................12Analysis of traits and skills of two successful entrepreneurs (D3)................................................13Task 4: Examination of different environments of entrepreneurship............................................13Examination of experience and personal background effect on entrepreneurship (P7)................13Analysis of link between personal background influence and characteristics of entrepreneurship (M4)...............................................................................................................................................14Critical evaluation of influences of specific factors (D4)..............................................................15Conclusion.....................................................................................................................................15Reference List................................................................................................................................163
IntroductionEntrepreneurship is the process of someone setting up their own business ventures. They areready to take on whatever financial or economic risks that accompany these processes. The mainaim of entrepreneurship is to make a maximum amount of profit from a venture, most of whichare started by one particular person or group. Discussions regarding different types ofentrepreneurship, with a special focus on small businesses as well as their management, havebeen given in this study. Examination of growth and development of entrepreneurship venturesbased in the United Kingdom have also been done. Specific details about small businesses andtheir management have helped in evaluating their impact on an overall economy. Herein, thisstudy is about entrepreneurship with a specific focus on different aspects of small businesses andtheir management.Task 1: LO1: Achievement of criteriaExamination of different entrepreneurial ventures types (P1)There are four different types of entrepreneurship ventures. They include:Small business: According to Ács et al. (2014, p.483) most of the businesses that arebeing set up privately are still small businesses. Almost 99% of all entrepreneurshipventures are comprised of this type, especially in developed regions like the US. Theyhave also been observed to provide employment to 50% of non –governmentalemployees. They include consultants, travel agents, electricians, grocers and evenplumbers. The main aim is to feed their family, not set up a global business empire.Examples include The Old World Inn and Riverside Foods (for newsletters).Scalable Startup: These businesses aim to change the entire global scenario in theirrespective fields. They attract investments and aim to introduce new products in order toattract the best workers (Arend, 2013, p.314). The main aim is to succeed globally.Examples include Silicon Valley companies like Intel.Large Company: These companies and businesses have limited life cycles. Theygenerally achieve growth through sustaining innovation and introducing new variants of4

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