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Impact of micro and small businesses on the social economy

   

Added on  2020-10-05

17 Pages5005 Words175 Views
UNIT 9 Entrepreneurships

Table of ContentsINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................1Different types of entrepreneurial ventures and their relation to the typology ofentrepreneurship..........................................................................................................................1QUESTION 2...................................................................................................................................3The similarities and differences between entrepreneurial ventures...........................................3QUESTION 3...................................................................................................................................6Micro and small businesses impact on economy........................................................................6QUESTION 4...................................................................................................................................8Important small businesses and business start –ups will contribute to the growth of the socialeconomy after ‘Brexit’................................................................................................................8QUESTION 5.................................................................................................................................10Characteristics, traits and skills of two successful entrepreneurs.............................................10QUESTION 6.................................................................................................................................11Background and experience can hinder or foster entrepreneurship..........................................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONEntrepreneur is person which critically evaluate the business environment and designproducts to satisfy clients need (Scarborough, 2016). SME play’s crucial role in growth anddevelopment of the economy because it generates employment opportunities and increase livingstandard of people. This project discuss about different types of entrepreneurial ventures andtheir relation to the typology of entrepreneurship. Further this report discuss about two successful entrepreneurs and their characteristic.Personality like risk taking, creativity, passionate which affect the motivational mind set of theentrepreneurs. Mark Zuckerberg who is the chairman and cofounder of leading social websiteFacebook. Steve Jobs an American entrepreneur and business magnate. Apart from this, reportcovers contribution made by business start –ups towards the growth of social economy after‘Brexit’ and it covers impact of SME on UK economy.QUESTION 1Different types of entrepreneurial ventures and their relation to the typology of entrepreneurshipEntrepreneurship: Entrepreneurship is defined as process of designing product and performingall activities required to start up business at initial stage (Kirzner, 2015). It is capability ofindividual to manage business venture and take risk to earn rewards such as profit.Entrepreneurial activity: This is an activity performed by businessmen in order to generatevalue by creating and expanding economic activities. Ventures critically analyse and evaluateenvironment and on the basis of above observation they develop products and procedures.Enterprise: Enterprise deals with buying and selling of products in order to generate money toencourage living. Person who is operating business is responsible for all debts and liabilitieswhich are incurred in this process. Differences between serial entrepreneurs, intrapreneurs and owner managersBasis Serial entrepreneurIntrapreneursOwner managersDescriptionEntrepreneur thatmanage all operationIntrapreneurship is anactivity performed byOwner managers areindividual holding job1

of small business andimplement new ideasand innovativetechniques to increaseprofit (Drucker, 2014).individual whileworking within a largebusiness association.in in enterprise, whichis managed andcontrolled by them.Seen asThey are seen asleader which useinnovative ideas andtechnology in businessprocess.Business process ismonitor by and areresponsible for everycommercial activity,thus they can be seenas a manager.Manager and leaderboth characteristic areseen in them.IndependenceBusinessmen areindependent becauseall decisions are takenby them.They work for otherperson or company,hence dependable.Partially independent,as they work for thebusiness but control alloperation.The typology of entrepreneurshipLifestyle and growth firms: Individuals start up business with and objective of changinglifestyle and enjoying their passion. These enterprises have limited scope of growth anddevelopment because they do not want to spoil lifestyle. Products are designed according tocustomer’s requirement, which satisfies entrepreneur that are termed as reward of lifestylebusiness (Parker, 2018). It is dependent of the skills and potentials of founder, they deliverquality products and services. For example Marks and Spencer, Apple, etc.Entrepreneurship in a corporate or public sector: This sector consists of both private andpublic sector enterprises like infrastructure, military, police, etc. Business sector with mainobjective of maximising profits is known as private sector. Social sector main emphasis is onserving society, they look after welfare of people and deliver them with quality products andservices.For example Fannie Mae and Freddie, PBS, etc.Micro, small and medium-sized organisations. : Organisation which has less than 250employees working under it, is termed as micro, small and medium sized enterprise. This is play2

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