Relationship Between Entrepreneurship And Small Business Management
Entrepreneurship and small business management
Introduction
Entrepreneurship can be referred as the method of beginning, designing and running a new business which normally begins as a small business that offers product and services for sale or hire. Those people who are involved in creating, organizing and managing such business with significant idea and risk are called entrepreneurs. Entrepreneurship is a border concept which is not just limited to the formation of a new business enterprise but it is a mind set about ways of thinking and performing action upon it. The process of commercializing an innovation can also be defined as entrepreneurship. In Small business management process the owner themselves are responsible for managing and
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The life style entrepreneur is attentive towards the life rewards provided to people who take pleasure in and have a passion for what they are doing. Social entrepreneurship can be defined as making use of techniques by establishing business companies and other entrepreneur to increase funds and execute solutions to the social environmental and cultural issues. Following are the similarities between the social entrepreneurship and lifestyle …show more content…
Following are the importance of small business and business start ups to the growth of the social economy in UK:
• Turnover: while measuring the economic contribution one of the importances of small business is to collect the turnover. The collective turnover of small business and business startup was £1.6 trillion in the starting of the year 2014 which is more exciting if we consider that it sum up to huge 47% of the private sector overall turnover.
• Growth: the important part for the growth of the small business and business start ups is innovation. Innovation helps in maintaining competition in the market and avoids the business from being inactive.
• Industry: in UK the largest industries are the retailers. Small business creates 46% of the revenue for the UK economy.
• Employment: The bulk of the small businesses are not employers, however it contributes to job formation. In UK over 24.3 million people are employed by the small business organisations which resemble 60% of employment provided by the private
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