You are working as a research associate at the Federation of small business, your role is to support small business start-up to become successful in their operations.
- Provide different range of entrepreneurial ventures and their relation with the private and public sector.
- Prepare data and statistics to know the impact of micro and small business on the economy.
- Evaluate factor which helps in becoming successful entrepreneurs.
- Explain how the background of a person can hinder or foster entrepreneurship.
Entrepreneurship means the capableness and willingness to create the organization or a business venture along with risk in the hope of making profit. Entrepreneur makes innovative ideas and plans to develop the organisation. Entrepreneur is a person who takes initiatives and develop a organization by taking reward of opportunities in the market place. In this assessment we will learn about the entrepreneurship and small scale business. In this context the similarities and differences kind of ventures is also going to study. This report also illustrating the impact on economy by small and micro-enterprises. The significance of new start ups is also concluded in this report. Skills and characteristics of successful entrepreneur is also taken for study. Entrepreneurial personality is also taken for assessment. The background and experience can hinder and foster entrepreneurship is also taken in this study. Furthermore, The link between business person is also analysed in this assessment. The traits, characteristics and qualities to become the successful entrepreneur is also investigates in this assessment. Eventually, this assessment also aims to discuss the background and experience of successful entrepreneur.
P1. Types of entrepreneurial ventures.
Small Entrepreneurship- There are some small, tiny business which start their business by small amount. The investment of small scale enterprise is also small. The operational activity of the small entrepreneurship is also at small scale. For example- A small medical store, a general store, small travel agencies, their function of operation is at lower scale. Small enterprise has crucial role in providing employment to many people and the most important factor of small enterprises is they provide employment to women's in large. Small scale enterprises provide both indoor and outdoor employment to people (Simba and Ojong, 2017).
Social Entrepreneurship- The social business are those business which do not have intention of earning profit. The aim of the social enterprise is to welfare of the society. The profit earned by these enterprise are use for the society. There are many social enterprises working for the society betterment. OSEP is a social enterprise in UK working for the society and have greatest impact on the economy.
Scalable Entrepreneurship- Those enterprise which has aim to earn of earning profit by establishing a structured organization or business which is develop by individual or grop of person. In these scalable entrepreneurship entrepreneur has to develop the new and innovative ideas to make profit out of little investments. In scalable entrepreneurship there is no huge amount invested by ent