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Micro and Small Business Contribution to the Social Economy

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Added on  2020-01-23

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Different types of entrepreneurial ventures 3 P2 Similarities and differences between the different type of venture 4 P3 Present, interpret and assess the impact micro and small business have on the economy5 P4.The importance that small businesses and business start-ups on the growth of the social economy 6 TASK 27 P5. How a person’s background and past experiences can hinder or foster entrepreneurship 9 CONCLUSION 10 10 10 REFERENCES 11 INTRODUCTION Entrepreneurship refers to the person who has the

Micro and Small Business Contribution to the Social Economy

   Added on 2020-01-23

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Micro and Small Business Contribution to the Social Economy_1
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1 ...........................................................................................................................................3P1. Different types of entrepreneurial ventures......................................................................3P2 Similarities and differences between the different type of venture...................................4P3 Present, interpret and assess the impact micro and small business have on the economy5P4.The importance that small businesses and business start-ups on the growth of the socialeconomy.................................................................................................................................6TASK 2 .........................................................................................................................................7P5. Determine what makes a successful entrepreneur............................................................7P6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation andmindset...................................................................................................................................9P7. How a person’s background and past experiences can hinder or foster entrepreneurship 9CONCLUSION..............................................................................................................................10...............................................................10..........................................................................................................................................10REFERENCES .............................................................................................................................11
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INTRODUCTION Entrepreneurship refers to the person who has the capability of managing business alongwith risks to make the profits. The entrepreneurship is refer to starting new business having thenew concept to serve the customers. Entrepreneurship having the quality and ability toinnovation and risk taking to get the success. The main focus on the entrepreneurship is oninnovation, Sustainability growth and profitability (Schaper and et. al., 2014). Small businessrefers to the enterprises those have small capital to start there business. The main focus of thesmall business to year to profit, increase the sales and growth. In this report different type of entrepreneurship ventures has been explained. The reportas the small, medium, large enterprise and mention the different type of ventures their roles,features and objectives are discuss in this report. The report discuss about the impact of the smallscale enterprise on the economy. What are factors which make entrepreneurship successful. Howthe personality has been develop to being entrepreneur. In this report it is mention traits whichentrepreneur has and what are the risk and reward are there to been a entrepreneur.TASK 1 P1. Different types of entrepreneurial venturesEvery entrepreneurship is different from others. Their skills, innovations are unique intheir own manner (Bridge and O'Neill, 2012). Entrepreneurship is define as the procedure tocreate something unique, Innovative to start a business. The main motive to start the new ventureis to serve the customer in unique way and earn the profits. The best opportunities they have theycan fulfil the needs of the consumers by launching the new products which is not there in themarket. Basically there are four types of Entrepreneurship ventures which are given below.Small business entrepreneurship: These are the ventures which started with small scaleand have the less capital to go for big business. The ventures are non governmentworkers. These kind of entrepreneurship open the new small businesses such as grocerystore, hairdressers, travel agents, carpenters, plumbers etc. they are the owners of thecompany and as employment they can employ their friends and family members. Thesekind of entrepreneur having the main aim of earn the profits and feed their family. Thecapital is funded by the friends and family.
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Scalable start-up entrepreneurship: This kind of venture knows that their vision andbusiness can bring the change in the world. Financial investors are attracted to give thefund to these kind of ventures (Gorgievski, Ascalon and Stephan, 2011). The employeesthey hire are more unique and high skilled. There aim is to find the scalable businessmodel and after finding that they focus of on expansion of that business. With theexpanding of the business these small percentage of entrepreneurship can face the risk ofthe outer environment.Large company entrepreneurship: These kind of companies has the limited life cycle.They get the growth by the bringing new innovation, new product, and by make changesin features of the core product. Customer taste, preferences, new technology, new lawscan impact on the business operations. So companies need to make regular changes inthe products and technology to sustain in the market.Social entrepreneurship:Social entrepreneur are those who focus on creating the goodsand services according to the customers needs. These kind of ventures took place to solvethe problems of the customers. Their main aim to make the world better place on to gainthe high market share. These ventures are non profits, for profits and hybrids. There aimis serve the customer not to generate the wealth for the founders. Various type of entrepreneurship is related with the typology of the entrepreneurship.Typology is used to understand the nature of different type of entrepreneurship and their subject.The local entrepreneur is focus on the local market and aim to earn the more profit, long termgrowth and large marker share. While global firms focus on expanding the market. Typologyhelp to identify the competence required for various kind of profession.P2 Similarities and differences between the different type of ventureAll the types of entrepreneurship are different from each other. They the difference oftheir business nature, size, capital required, market share, profits and others (Carraher andParidon, 2015). But all though they have the some similarities for which they are working. Themain similarities among these ventures are they want to operate the business for the long term.All the ventures need to create the innovation to sustain in the market. Scalable and globeventures both are focused on invention to sustain in the market for the longer run. With the similarities they have the many dissimilarities also social enterprise focus to dothe welfare of the people not for the earning profits and increase the wealth of the founders. But
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