Report On The Impact Of Small & Micro Businesses On Economy

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Entrepreneurship
TABLE OF CONTENTSINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1) Entrepreneurial ventures.......................................................................................................3P2) Similarities and differences...................................................................................................4TASK 2.................................................................................................................................................5P3) Micro and Small business affecting economy.......................................................................5P4) Importance of small businesses and start-ups post Brexit.....................................................7TASK 3.................................................................................................................................................8P5) Successful entrepreneurs and the attributes of their personality...........................................8P6) Aspects of personality...........................................................................................................9TASK 4...............................................................................................................................................11P7) Influence of background and experience on entrepreneurship............................................11CONCLUSION..................................................................................................................................12REFERENCES...................................................................................................................................13
INTRODUCTIONEntrepreneurship is a process in which a person takes complete responsibility ofdesigning and implementing an idea and transforming it into real time business. The owner ofsuch a business enterprise is known as an entrepreneur. In this report, various types ofentrepreneurial ventures have been discussed. UK's social economy has changed over the pastone year because of its sudden decision of walking out of the European Union. In the followingassessment, the importance and impact of small and micro businesses on the economy of thecountry has also been discussed. Modern day economies encourage entrepreneurship becausethere is a lot of growth and development procured by countries through these ventures. Thisreport consists of information regarding two successful entrepreneurs i.e. Philip Green and MikeAshley. Their characteristics, traits, background and experiences have been described in thisreport for gaining more understanding towards entrepreneurial aspects. TASK 1P1) Entrepreneurial venturesEntrepreneurs when develop their business then it is considered as entrepreneurialventure. It is just not limited to settling of business but all the activities comprising businessprocessing are to be considered. If the entrepreneur doesn’t have sufficient resources thenventure capitalist or funds have to be gathered from external sources for fulfilling therequirements (Kirzner, 2015). Following are the four basic types of entrepreneurial venturesdepending on their size and purpose of functioning:Start-ups: Entrepreneurship ventures which are at micro level and are operating withminimum possible resources are considered as start-ups. These are completely newbusinesses that are developed from scratch and generally with a motive to resolvedifferent issues and problems of target customers. For example, Flavourly is a businessstart-up that provides craft beers on monthly subscription.Small Scale entrepreneurship: The type of entrepreneurship which involves smallnumber of employees and limited volumes of sales are considered as small scalebusinesses. These companies are considered as private ownerships and they are operatedas sole proprietorships or partnerships depending on the type of resources involved
(Bridge and O'Neill, 2012). Arcadia Group was a small scale entrepreneurship that wasadvanced by Philip Green.Social entrepreneurship: Society is made of individuals who reside together in acommunity. Social entrepreneurship is considered when a person develops an idea thathas capability of eradicating certain social issues or provides sufficient benefits to thesociety. The amount of risk and efforts applied in this kind of entrepreneurship is quitehigh but it becomes largely successful if the main motive behind the business is fulfilled(Drucker, 2014). For example, microfinance institutions and several educationalprograms are considered as social entrepreneurship.Large Scale entrepreneurship: The amount of capital that is invested in the companycreates a difference in size of entrepreneurship. Large scale entrepreneurship requires aninvestment of about 5 crores or more. The risks that are associated with large scalebusinesses are very large. These types of ventures are also privately owned and theproduction or sales volume is also large in this entrepreneurship (Kuratko, 2016).The aforementioned types of entrepreneurial ventures depict that entrepreneurship iscomprised of various factors like resources, sales, production and the customer share. Above allthese factors or determinants, entrepreneurship is also based on the confidence a person holdswhile setting up the business and the purpose behind the approach. P2) Similarities and differencesEntrepreneurial ventures that have been discussed ahead have following similarities anddifferences:SimilaritiesEvery venture is privately owned and has no role of government in their functioning. Thisimplies that entrepreneurship can be encouraged by national policies and structure ofgovernment but it is completely privately owned (Storey, 2016). The entrepreneurial ventures which are guided by vision and objectives of solving certainproblems. The nature of problem may vary but every venture has a vision and missionthat is developed by entrepreneur himself/herself. Reliability or dependency on other individuals for accomplishing particular tasks orbusiness process is not allowed in entrepreneurship. The owner himself takes the4

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