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Entrepreneurship and Small Business Management TABLE OF CONTENTS

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7 TASK38 P5 Determination of qualities, skills and characteristics of successful entrepreneurs.8 P6 Assessing the aspects of entrepreneurial personality and its impact on entrepreneurial motivation and mind-set 10 TASK4 11 P7 Examining the ways in which background and experience can hinder or foster entrepreneurship practices 11 REFERENCES 13 TASK1 1 P1 Examining the various kinds of entrepreneurial ventures and explaining their relation in entrepreneurship According to Birley (2015), the impact of entrepreneurship has a

Entrepreneurship and Small Business Management TABLE OF CONTENTS

   Added on 2020-02-17

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT1
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TABLE OF CONTENTSTASK1 ............................................................................................................................................3P1 Examining the various kinds of entrepreneurial ventures and explaining their relation inentrepreneurship.....................................................................................................................3P2 Exploring the similarity and points of difference among entrepreneurial ventures..........4TASK 2............................................................................................................................................6P3 Analysis of affect of micro and SMEs on economy..........................................................6P4 Analysis of significance and contribution of start-ups and SMEs towards development.7TASK3............................................................................................................................................8P5 Determination of qualities, skills and characteristics of successful entrepreneurs...........8P6 Assessing the aspects of entrepreneurial personality and its impact on entrepreneurialmotivation and mind-set.......................................................................................................10TASK4...........................................................................................................................................11P7 Examining the ways in which background and experience can hinder or fosterentrepreneurship practices....................................................................................................11REFERENCES..............................................................................................................................132
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TASK1 P1 Examining the various kinds of entrepreneurial ventures and explaining their relation inentrepreneurshipAccording to Birley (2015), the impact of entrepreneurship has a tremendous effect onthe economic perspectives of any country and it also assists social development to a great extent.The various kinds of entrepreneurship ventures have a distinct feature that differentiates in termsof scope and impact of the business. There are four major types of entrepreneurial ventures thatinclude Small Business Entrepreneurship, Large Companies, Scalable Startups and Socialentrepreneurship. Figure 1: Types of entrepreneurship ventures(Source: Bridge and O'Neill, 2012, p.121)The major emphasis of the report is based on the Small business entrepreneurship and thevarious functionalities of this type of entrepreneurship suggests the impact it has on a nation’seconomy. Buttner and Moore (2014) argued that small business ventures have tremendous scopein terms of business opportunities and capability of entrepreneurs to engage in businessindependently. As per reports, in UK around 95% of the companies are Micro and smallbusinesses. In 2015 alone, around 581,000 companies were created. Ably funded by thegovernment scheme named Startup Britain, the small businesses are becoming a fast growingphenomenon (Telegraph.co.uk, 2017). Small business entrepreneurships can be any individualthat have proper financial stability and vision for their business. It could easily be a grocerystore, travel agents, electricians, hairdressers and many other individual entities that run thebusiness. As entrepreneurship is something where a new business is set up and financial risks aretaken, small business entrepreneurship present limited profitability but the risk of losses are alsoa bare minimum. Another type of entrepreneurship that is inherent in the business environment includesscalable startups. The value that these kinds of ventures bring to the economy is the fact thatinnovative business ideas with benefits in future are able to attract investment from mostly3
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venture capitalists. This assists in hiring the best of staff and a scalable business model can beestablished. Cooper (2015) opined that innovative businesses such as scalable startups usuallybenefit the economy through their distinctive and useful products that is supported by incessantinvestments.This brings the larger entrepreneurship ventures next, this type of venture includessustainable businesses that have long-term objectives. As per d'Amboise and Muldowney (2013),larger business ventures have a certain lifecycle and business can only progress throughcontinuous innovation and developing newer products. Various pressures including customertaste and preferences, advent of new technology and various legislation changes impact businessand these companies must cope with such issues. Larger companies can handle such situationsby either acquiring businesses with innovative features or conducting innovation themselves.Lastly, the Social entrepreneurship venture is the type of business which specificallycaters to major social issues and needs in a country. The operational activities are similar to thatof scalable startups but are based on helping in solving social issues. Ghobadian and Gallear(2015) suggested that social business ventures mostly are either non-profit or hybridorganisations. Solving socially relevant issues helps in community development and that canhave an influence on the economic facet of a country.P2 Exploring the similarity and points of difference among entrepreneurial venturesAs discussed above, each entrepreneurial venture has their own distinctive ways ofworking and impact on both society and economy. A clear look into the points of differences andsimilarities can help in understanding the level of impact that these kinds of businesses can haveon the economical perspective of various countries.Points of Differencesand SimilaritiesSmall BusinessEntrepreneurshipLargeCompaniesScalableStartupsSocialentrepreneurshipSize: As the namesuggests, theseorganisations arerelatively smaller inSize: Large scaleentrepreneurshipventures usuallyboast of being largerSize: Similar to smallbusinesses, thesekindofentrepreneurshipsSize: Similar tosmall businessentrepreneurships,these ventures usually4
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