Report - Impact Of Small Business And Entrepreneurship On The Economy
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Added on 2020-02-03
Report - Impact Of Small Business And Entrepreneurship On The Economy
Added on 2020-02-03
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Entrepreneurship andSmall Business Management
Table of ContentsINTRODUCTION.....................................................................................................................................3TASK 1....................................................................................................................................................4P1 Types of entrepreneurial venture and typology of entrepreneurship.........................................4P2 differences between various entrepreneurial ventures..............................................................5P3 Impact of different size of venture on economic development...................................................6P 4 Importance of small business in growth of social economy........................................................7TASK 2...................................................................................................................................................8P5 Traits of successful entrepreneur................................................................................................8P 6 Role of personality in entrepreneurial motivation......................................................................9P 7 The person past experience hinder and foster entrepreneurship..............................................9CONCLUSION.......................................................................................................................................10REFRENCES..........................................................................................................................................10
INTRODUCTIONThe entrepreneurship is the development of the business activities and organizing them to set up a successful enterprise. Entrepreneurship is the result ability to access incurred risk and managing and organising operations of the business with innovative ideas and leading them to a successful business. The entrepreneurship enables a person to work passionately and confidently with developing creativity in market place. Entrepreneurship is having great opportunities of growth and high rate of contributionin the world economy. The entrepreneurship can also be defined as exploitation of prospective opportunity for turning a firm into successful organisation. There are two types ofthe entrepreneurship i.e. opportunity entrepreneurship which is defined as to grab the opportunity to fulfil the gap between market requirement while the necessity entrepreneurship is defined as the person is not having another option other than being innovative and bearable for risk to establish profitable enterprise (Neck and Greene, 2011).In this report the various types of the entrepreneurial ventures are linked with the typology of entrepreneurship. This study calculates the impact of small business and entrepreneurship on the economy of the country and how they contribute in the growing economy and the growth of nation as well.TASK 1P1 Types of entrepreneurial venture and typology of entrepreneurshipThe entrepreneurial ventures are the start-ups or the business with new innovative ideas. The entrepreneurial ventures can be differentiated on the basis of different prospects. The ventures are divided in different types on the basis of public and private firm, on the basis of the customer base and purpose of the start-up, on the basis of size of enterprise etc. the different type of entrepreneurial ventures are defined below:Survival Ventures: these businesses are established by the person to accomplish the basic need of the family. The entrepreneur work passionately to earn for the survival. These business can also be categorised as small business as they are concurring only the local market. These types of ventures earn profit on the basis of mouth to mouth marketing and developing relationship with the customers. The funding for these business are carried out from the informal loans and from other family members and relatives. These firms are not registered and work informally in the local region. These businesses are developed by necessity entrepreneurship. The profit margin of these enterprises is less as compared to other ventures and they are working in highly competitive market (Luiz, 2011).Lifestyle Ventures: these are next to the survival ventures. These ventures are developed and managed by regular maintained and with a workable business model. This venture provides a source of constant income for the entrepreneur. The business is working in local area premises and less no. of employee. The no. of staff in the business is almost constant.
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