Entrepreneur Business Idea is Very Important for Economic Growth

University: UK College of Business and Computing

  • Unit No: 3
  • Level: Undergraduate/College
  • Pages 11 / Words 2750
  • Paper Type: Assignment
  • Course Code: M/508/0495 (RCF)
  • Downloads: 22
Question :

This unit states that Entrepreneur business idea is very important for economic growth of nation and providing job opportunity to people.

  • Determine various entrepreneurial ventures and their relation to typology.
  • Identify  similarities and differences between different entrepreneurial ventures inclusive of objectives, roles and characteristics.
  • Present assessment of relevant data which signifies the contribution of small business towards the economy.
  • Importance of small business for the growth of social economy.
  • Determination of skills and characteristics which makes an entrepreneur successful.
  • Assess how aspects of entrepreneurial personality reflects entrepreneurial mind-set and motivation.
  • With the use of examples, how person’s background and past experiences foster or hinder entrepreneurship. 
Answer :

INTRODUCTION

Entrepreneurship is a process to generating a new planning regarding the business process, this is the best way to establish their new business. In this report, It can identify the small and large business management with the help of great entrepreneur because they will manage their own business is very efficiently. It determines the different type of business that has to be different role for the planning and strategies. In this report. It can be conclude that how the country economy is affected by the small and large business. They understand the requirement of business and applicable for the development. The Entrepreneur has some important skill to understand the requirement of business and According to requirement, they will change the business style and creating a new planning and strategies. This report is only focus on small business and start-up business. In this report, it determines the skills, characteristic and their traits for the Thomas Edison because he is very intelligent person to explore their business through their skills and knowledge.

TASK 1

P1.

Entrepreneurship is a process to developed a new business with the efficiently and effectively. Entrepreneurs manage the whole business process and their operations in a proper way and they are putting some efforts to develop an effective strategy for market purpose. They are planning some strategies for the business operations (Dheer, 2016). They have an ability to manage the whole business activity and it will identify actual product demand in market and this is the best approach to plan according to customer’s requirements so that business can be expanding through the planning and business operation (Wang, 2017). The main objective of business to fulfil the need of customer and It can provide the best services to the customer Thomas Edison was a great entrepreneur has to be develop their business in very efficiently. They have ability to learn something and they apply their knowledge for the business purpose. There are many types of ventures followings-

Social venture- The social entrepreneurship is basically very useful of the business and with the help of this factor, it improves the quality of product and provide the best services to the customer. Social factor are always help to those people who does not have sufficient money. It always takes care of the society and it can be established an effective network between the client and employee.

Small Business- The small scale business are play an important role in the world because  they can be start their business in low level and they are required only small investment so that they are taking some loan by bank and then started their business like small shops, agencies and many other manufacturing agencies (Santana, Hoover, and Vengadasubbu, 2017). Small business are started in low level because they are required a less space for the office and with the help of this business in which the economy of country has been increased.

Trading venture– These business are used for supplying an effective quality of product in market. They are helpful for providing the good services and then it will increase their productivity in market. It will always focus on their supply chain that would be manufacture a good product them helpful for the growth of business.

Scalable venture- Scalable entrepreneur is very important because it can develop an effective planning and strategies for the development. It will create new structure for the business organization and the main objective to increasing their business for the growth in all over world.

P2.

Different types of entrepreneurship business that would have different objective of establishing a great business and it also creating a some business planning and different strategies that would helpful for the business (Castriotta, 2014). They have some special similarity such as product marketing, business planning and managing accounting that are important functions are performed by the venture. There are different type of business are established according to the requirement like depend upon their land size, scope of the business and their investment the money etc. these are major important need for the business establishment.

Trading Venture

Social Venture

Small venture

Scalable venture

Trading venture is that when it is useful for supply their product in market and they are providing the good services.

 

Trading venture is contacted with the manufacturing department that would be using raw material to manufacture a product and afterward, they are supply an effective quality of product in market.

Social venture is maintained the relationship between the employee and company because they are providing the services to the customer.

Basically, It is applicable for the human welfare. They provide the facility to the poor people who does not have sufficient money.

It can be start their business from the initial level and there are only few people are working.

Small business are very important for the economy and it can generate a revenue and increasing the profit in market.

Small business have less risk because they are invested less money in market and large business have more risk because they are spending a lot money and they can be established their business in large amount.

It is very important because they are creating a planning and strategies for the company growth.

 

 

Salable is important when it can develop an accurate structure to useful for the company development. It is preparing a business planning design to follows some specific process.

 

 

 

 

There are different type of business that would be preferred for the male and female because both have different decision making power and taking a decision according to the requirement of business. In most of the cases, the male is always focused on the cost of business and their economy in which the female is focused on the risk in finance and other social issues.

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TASK 2

P3.

Micro and small business are directly impact to the country economy because they are increasing their business in all over the world (Lam, 2017). Many poplar organization are explored their business in the international market and they are start their business in small level and afterwards they can be developed their business in market such as Tesco and Toyota. This organization are supported their business and it can be developed their business in which providing the job opportunities for the people and it also improves their Growth development rate in market. Thomas Edison is very great entrepreneur to establish their business in UK while they are facing many problems regarding the investment and can be affected the UK economy. Large organization are not support their economy while not performing properly in market so that they will directly affect the country.

Micro and small organization are play an important role because they can be supported their nation. They are increasing their business in all over the world. They are providing the best services to the employee in which small firm have only 100 employees are working together and there employee working rate is low and it always focuses on the development in which they are launch a new product in market and always focus on the innovation. According to survey, in 2014 there are approx. 2.6 million small organization support their nation and it contributed their role for the development (Kothari, 2017). This organization are generating their business in low cost that would be increasing their revenue in market. Many large organization are terminated their employee at the time of recession and in this way, it determines that the small organization are providing the job values for the people. It is very helpful for the economy to generating revenue is 47%.

In micro organization have only 10-12 employee are working and their turnover is also very minimum and it can be increased their business in local areas and then move to the other country. It is generated only 52 million turnover in every year. In UK, 80% small business are covered the whole market in which 20% large business covered their areas. Small and medium firms are providing the best services to the customer and it is only think about the social welfare and increasing the capital economy however this is very effective for the poor people to reducing the poverty in country and most of the peoples are earning money through this organization. The objective of this organization to provide the best

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