Entrepreneurship and Small Business Management Assignment :Joe Woods

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ..........................................................................................................................................1
P.1 Different types of entrepreneurial ventures and their relationship witch typologies.......1
P.2 Differences and similarities between various kinds of entrepreneurial ventures ............3
TASK 2 ...........................................................................................................................................5
P.3 Impact of both small and micro business on economy ...................................................5
P.4 Importance and importance of start ups and small business in development of social
economy ................................................................................................................................7
TASK 3 ...........................................................................................................................................9
P.5 Skills and traits of entrepreneurs......................................................................................9
P.6 Evaluate aspects of entrepreneurial personality that reflect entrepreneurial motivation 10
TASK 4 .........................................................................................................................................12
P.7 Background and experience of entrepreneurs can hinder or foster entrepreneurship....12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneur is a person who creates new and innovative ideas of business. By the
assistance of innovation and invention, they establish and introduce new product within the
competitive marketplace. Hence, firm can deliver unique and distinct items to all people
(Agarwal, Audretsch and Sarkar, 2010). Firm can improve their performance and can give
superior results. This can help in increasing the satisfaction level of all people. In this manner,
firm can earn more revenues and can maintain positive image in society. It also assist the
organization to expand various operations and activities in minimum time. Assignment describes
about Joe Woods, a successful entrepreneur who had started IT business. Company helps other
enterprises who process credit and debit card payments from vendors. Report explains about
various range of ventures that are considered entrepreneurial. It also discuss about evaluating the
impact of small business on economy and determining the key aspects of entrepreneurial
mindset. It also describes about the different environment that foster or hinder entrepreneurship.
TASK 1
P.1 Different types of entrepreneurial ventures and their relationship witch typologies
Entrepreneurship: It is the process in which entrepreneurs create various new and
innovative ideas so that firm can perform all functions and activities in effective manner. This
helps the organization to reduce the risk and can gain more revenues.
Different kinds of entrepreneurial ventures: There are various enterprises which are
operated by single individual. Persons can take huge risks in order to earn huge revenues. Each
venture has different objectives and they perform activities to accomplish long term goals. This
helps the company to earn huge revenues. Different types of entrepreneurial ventures are
described below:
Large entrepreneurship: It is the entrepreneurship process which involves huge funds
and persons perform activities to earn more revenues (Barringer, 2012). These ventures can use
advanced technologies, legislation and innovation to increase the market share of organization.
Enterprise also create plans and policies to create sustainability in the business. It helps the
company to earn more revenues and firm can expand their activities.
Social entrepreneurs: These are the ventures which perform activities and tasks which
leads to growth and development of society (Bosma and Levie, 2010). Their main objective is to
solve all issues and problems of all people which represent in society. These ventures do not
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work for earning huge revenues but these enterprises work for helping poor people. Hence,
organization can maintain positive image in society.
Scalable start ups entrepreneurship: These entrepreneurs have huge potential and they
perform activities in effective manner. These ventures take huge risk so that they can earn more
profits. Objective is to modify market through their unique and distinct ideas. These start ups can
take funds from crazy capitalist and they have potential to earn huge revenues. Hence, these
ventures need huge amount of funds for expanding their business.
Small business entrepreneurship: These ventures cover various activities and tasks in
which staff members are less than fifty and they have annual turnover is approximately 6.6
million. It need less amount of funds and risks to start their activities and tasks. For example:
plumbers, consultants, electricians etc.
Typologies of entrepreneurship: Various enterprises are available which provide
services and products so that they can increase the satisfaction level of all people. It helps in
growth and development of society. Different typologies of entrepreneurship ventures are
described as below:
Serial entrepreneur: These are the venture which move to next business after successful
completion of first start up. Different enterprises create innovative ideas and plans so that firm
can perform activities in effective and efficient manner. Main objective is to earn huge revenues.
These ventures are related to large entrepreneurship.
Lifestyle ventures: It is small company that administers control to the owner. Main
emphasis is to increase the market share and optimum utilization of resources. It also helps in
providing upliftment in the standard of living of people. These ventures are linked to scalable
entrepreneurs.
Female entrepreneurs: These ventures are operated by women. Their main objective is
to enhance the market share and they perform related to social activities also. It is linked to social
entrepreneurs.
Male entrepreneurs: Such ventures are often operated and organised by men and they
are able take huge risks in order to increase their market share (Dacin, Dacin and Matear, 2010).
These entrepreneurs are associated with scalable venture type.
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P.2 Differences and similarities between various kinds of entrepreneurial ventures
Different entrepreneurial ventures are there which helps in growth and development of
many people in society (Delgado, Porter and Stern, 2010). Similarities and differences are
described below:
Similarities- Lifestyle ventures Similarities- Serial entrepreneurs
 These ventures provide flexibility in
hours, places, attire etc.
 These entrepreneurship ventures do not
have any objective or motive to
accomplish advantages and benefits in
limited time.
 It focus on increasing the market share
and take initiative so that they can set
and accomplish effective objectives.
 Enterprise needs educated and
competent staff members so that they
can earn huge revenues.
 These ventures are not rigid and
provide flexibility to places etc.
 These enterprises is often small scale
business and do not set a goal. They
give innovative ideas to company so
that business can perform activities in
unique manner.
 These ventures put emphasis on
accomplishing the goals and firm create
strategies and policies to increase the
revenues.
 Enterprises perform activities by
selecting talented and trained workers
so that they can accomplish goals.
Differences -Lifestyle ventures Differences- Serial entrepreneurs
 These ventures run by their owners and
their main objective is to sustain a
particular level of income so that
resources can be preserved for future
generations.
 These ventures do not interact and
share the data with financial capitalists
regarding the performance of company.
 These ventures do not create strategy
for creating successful venture.
 These ventures create new business
after successful running of their first
start up. These ventures want to take
huge risks so that they can earn more
profits.
 These ventures share all data and
information with financial capitalists on
daily basis.
 These venture create plan and policies
which leads to growth and development
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 These ventures start business for
earning huge profits and livelihood.
of company.
 These ventures do not perform
activities to increase the standard of
family. But entrepreneurs perform tasks
related to selling business so that they
can earn huge revenues and can become
the market leader.
Similarities-Female entrepreneurs Similarities-Male entrepreneurs
 Main objective is to increase the sales
and to enhance the market share.
 These ventures mainly emphasis on the
work and performance whether it is
related to office or home.
 It has more power to capture many
users and can earn huge revenues.
 These ventures create plans and policies
so that they can earn huge revenues and
can increase the market share
 Company focuses on capabilities and
skills of employees so that they can
perform activities in effective manner.
 These entrepreneur put focus on
different activities and functions and
this results in attracting of various
customers.
Difference Difference
 Female entrepreneurs create innovative
and creative ideas for company. This
helps the enterprise to perform
activities in effective manner.
 These ventures take maximum time in
performing all business activities and
hence they take effective decisions.
 These entrepreneur have good
communication skills and team
management as compare to male
 These ventures have huge confidence
and motivation level as compared to
female entrepreneurs.
 These ventures helps in growth and
development of company by taking
rapid decisions.
 Communication skills are less in staff
members as compared to female
entrepreneurs.
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entrepreneurs.
TASK 2
P.3 Impact of both small and micro business on economy
Generally there are 3 kinds of business which are performing activities in U.K. i.e. micro,
small and large (Drucker, 2014). They have different impact on economy of the nation. These
enterprises perform activities help in development and betterment of people and society. In this,
government plays an important role to determine the impact of Brexit and to support the micro
and small industries in country. These industries help in providing of employment opportunities,
change of infrastructure, maximizing of cash flows in the economy. It results in growth and
success of small business and execute various strategies and policies in effective manner.
Source 1: Innovative Entrepreneurship, 2017
It is interpreted from above image that innovative entrepreneurship can develop the
SME's (George and Bock, 2011). At same time, they also create innovative business and young
and high growth business.
Different business such as micro, small and large are described below:
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Illustration 1: Innovative entrepreneurship

Micro business: It is a small scale business and staff members are less than 10 and it has
sales approximately £ 2 million (Jones, Coviello and Tang, 2011). All operations and tasks run
on a small scale. Company creates various innovative and creative ideas which give many
benefits to increase the turnover. Hence, firm can easily increase the market share.
Small: This business has less than 50 staff members and firm has around 6.6 million. All
activities and functions are performed at large scale as compared to micro scale business. Main
objective is to increase their sales in limited time.
Medium: In this organization, number of employees are less than two hundred fifty and
annual sales is less than £ 25.9 million. Activities and functions can run on big scale as compared
to micro and small firms. Hence, enterprise can easily accomplish all objectives. This leads to
growth and development of business.
There are four areas through which SME's can affect the economy. They are described
below (Impact of small-business in UK economy, 2018):
Source: Impact of SME's on U.K., 2018
It is interpreted from above image that from 2015 to 2018 small scale industries are
increasing and thus raises the income level of the country. Hence, SME's plays an important role
in U.K. economy.
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Illustration 2: Impact of SME's on U.K.

Reduces poverty: Through development of SME's, it directly reduces poverty level in
the country. This directly reduces the gap between rich and poor people. Hence firm can properly
perform all activities and thus company can easily earn huge revenues.
Provides employment opportunities: SME's provide employment opportunities to
many people. This results in increasing the standard of living of many people. Hence all
individuals can earn income and it results in increasing the GDP of the nation. As a result,
enterprise can earn huge revenues and can enhance the market share.
Provides economic development: It helps in providing of employment opportunities to
many people. This results in economic development of the nation. Hence it leads to growth and
development of country.
Increases the GDP of nation: It results in increasing the GDP of the nation by providing
employment opportunities to many people (Karlan and Valdivia, 2011). It results in reducing the
gap between poor and rich. This results in growth and development of the nation. Thus country
can create policies for growth and success of country.
P.4 Importance and importance of start ups and small business in development of social
economy
Brexit: It is the unique and distinct form in which effective decisions or judgement is
taken by government of UK to leave EU in 23rd June, 2016. Negative impact are carefully
observed by legal authorities on development of economy. This results in reducing the income
level of UK (Kirzner, 2015). This can create maximum trade barriers that are in existence after
U.K . had left. Various sources are there in which authorities yield the income level. For example
decrease in exports from EU countries.
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Source: Impact of Brexit, 2018
It is interpreted from above image that Brexit influence approximately 14.8% to number
of employees. They affect 18.9% to micro business, 23.4% to small business and 29.2% to
medium business.
Effect of small business on social economy of U.K are described below:
 Impact on poverty: Due to growth of social economy, it can directly decrease the
poverty level in the country. Hence, it increase the income level in country and can raise
the GDP of the nation (Light, 2011). It results in growth and development of country. Effect on taxes and revenues. Effect of taxes and revenues has direct relation with each
other. This effect is powerful as they create many employment opportunities in the
country. Hence, firm can increase their revenues and this leads to development of UK
economy on the basic grounds (Morris, Kuratko and Covin, 2010).
Importance of small scale business is described below:
Employment opportunities: Enterprises plays an important role in creating employment
opportunities. This results in growth and development of country. Advantages are determined by
persons and community such as decreasing in poverty, raising the standard and other advantages.
This results in growth and development of the nation.
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Illustration 3: Impact of Brexit

Enhancement in social security: Government of UK has control and can create
regulations and legislations. This results in maximum social security of all individuals. Hence,
people can be protected from social issues and problems.
Enhancement in UK global commercialism: Trade Union of UK depend on EU. If any
country left the EU, then company to create rules and policies so that there is no negative impact
on the country. They export many products to EU countries and as a result if any country left
then it decrease the income level of U.K. As After Brexit, industrial sector and other business is
diminished. In order to overcome such impact, strategies and plans are created by local
authorities which help in creation on global commercialism. Due to growth of start ups, exports
are also increasing which help in increasing the market share of the country.
TASK 3
P.5 Skills and traits of entrepreneurs
Different skills and traits of various entrepreneurs are there which help them, in
performing the activities and tasks in different manner. If any person wants that they can grow
and develop themselves in limited time, then firm can easily maintain good image in society.
This helps in earning of huge revenues. Joe Wood and Marks Zuckerberg are two successfully
entrepreneurs who has unique features. Thus skills and traits are described below:
Characteristics of entrepreneur:
Passion and motivation: All successful entrepreneurs possess passion and they are
motivated to perform better (Oosterbeek, Van Praag and Ijsselstein, 2010). Both entrepreneurs
Joe Wood and Marks Zuckerberg are dedicated and passionate in their work They are also
motivated and they motivate other members in company.
Not afraid to take risks: Successful entrepreneurs do not afraid to take huge risks and
hence through this spirit firm can increase their revenues and they can increase the market share.
Hence firm can operate all activities in effective manner (Santos, 2012).
Self belief and hard work: Both Joe Wood and Marks Zuckerberg believe in themselves
and they perform hard work to accomplish towards their objectives. This results in earning of
huge revenues and company can easily earn more profits and can increase the market share.
Adaptable and flexible: Both successful entrepreneurs are adaptable and can easily
adopt in any situation. They can change their plans and policies according to different situations.
Hence firm can easily earn huge revenues and can increase their revenues.
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Skills of successful entrepreneurs:
There are different skills of entrepreneurs. They are described below:
Focus: Both Joe Wood and Marks Zuckerberg is focus and dedicated towards their work
so that they can perform better. This results in accomplishment of various goals and objectives.
Hence company can easily accomplish the objectives and can increase the market share.
Invest for long term: Organization can create strategies related to investment in long
term in future. For example both entrepreneur invest for 2 to 3 years and earn huge revenues.
This helps the company to increase the market share.
Traits of successful entrepreneurs:
Different traits of successful entrepreneurs are described below:
Creativity: Entrepreneurs create new and distinctive ideas for the company. Hence, they
provide unique and different ideas to firm. This helps the company to perform activities in
unique manner. This results in expansion of business.
Vision: Successful entrepreneurs creates a distinct vision for the company. Firm creates
district and unique policies so that they can easily accomplish the objectives. This help the
company to increase the revenue and they can increase the market share.
Versatility: Entrepreneurs can perform activities in different fields and hence they are
versatile in nature. Hence they can perform better and can give good results. This helps the
organization to increase the revenues (Storey and Greene, 2010).
P.6 Evaluate aspects of entrepreneurial personality that reflect entrepreneurial motivation
There are different aspects of entrepreneurial personality that reflect motivation and
mindset. Different characteristics and traits of Zoe Woods and Marks Zuckerberg are there which
motivates them a lot. This also helps in creating different and unique mindset in the company.
This helps them in performing activities and tasks in unique manner. Hence firm can accomplish
objectives in distinct manner (Altman, Sabato and Wilson, 2010). This results in earning of
huge revenues. Different successful entrepreneurs have various features and attributes. Hence, to
determine the traits and characteristics, here are discussed big five models described as below:
Openness to experience: In this step, both entrepreneurs have unique traits or features
and this helps the entrepreneur to perform better. Entrepreneurs always have to gain new
experience by creating new and distinct innovative ideas. This directly motivates entrepreneur
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and they can think in different manner. This helps the entrepreneurs to perform things
differently.
Careful and alert: Both entrepreneurs are alert and careful in performing all activities
and tasks in different manner. Hence, they can perform activities in distinct manner. Through
this, firm can easily perform tasks in different and unique manner. This develops the zeal and
enthusiasm level of both entrepreneurs. Hence they can think in different and unique manner.
Extrovert: Both entrepreneurs are extrovert in nature and they clearly express all views
and opinions with each other. Thus, entrepreneurs become very social and are motivated to
perform better. Hence, they can communicate with every person and can easily perform tasks in
different manner. This results in accomplishment of different objectives and tasks. Hence
company can earn huge revenues.
Agreement ability: Both entrepreneurs are cooperate with other staff members and
hence they can perform activities in unique and distinct manner. They trust other employees and
can give superior results. This directly increases the motivation and enthusiasm level of all
people. As a result firm can increase the revenues and can expand their activities.
Emotional stability: Both managers have to control their emotions and finish all
activities on proper time. This helps them in increasing their motivation level and they can
increase the market share of firm.
Conscientious: Both entrepreneurs are dedicated in their work. This directly increase the
passion, zeal and enthusiasm of staff members. Hence, firm can perform better and staff
members give superior results (Audretsch and Link, 2012). This also results in changing the
thinking and opinions of managers. Hence, they think more creative and unique ideas which help
in growth and development of company. This results in maintaining of positive image in minds
of all people.
TASK 4
P.7 Background and experience of entrepreneurs can hinder or foster entrepreneurship
Entrepreneurs background and experience can affect managers in effective manner.
These factors play an important role in fostering or hindering both entrepreneurs. Hence
background and experience of Joe wood and Marks Zuckerberg are described below:
Family background: Family is also an important factor which can motivate or hinder a
person to become an entrepreneur (Barringer, 2012). An entrepreneur follows the culture and
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ethics delivered by their guardians that shapes their basic traits and behaviour. This can directly
foster the individual to become entrepreneurs.
Support of country: This results in supporting both entrepreneurs to great extent. This
help in increasing the motivation level and this directly guide to become successful
entrepreneurs. Hence, they can provide innovative ideas to company.
Economic impact: If country has financial issues such as terrorism or floods, then it
cannot support persons to become entrepreneurs. In this situation, individuals do not have money
to fulfil their needs and wants. Thus person has sufficient money so that they can start their own
business.
Personal preferences: Individual character is very important in becoming entrepreneurs.
If person wants to take huge risks to earn more revenues, then they can easily become
entrepreneurs. This spirit directly motivates all individuals to become successful entrepreneurs.
This helps in increasing the zeal and enthusiasm of all entrepreneurs and this directly supports all
persons to become successful entrepreneurs.
Previous experiences: The previous experience of all persons supports persons to
become the entrepreneurs (Drucker, 2014). If a person is interested in subjects related to
entrepreneurship and start ups then this directly motivates all persons to become entrepreneur.
This directly help in increasing the motivation and enthusiasm level of all individuals and this
factors motivates the individuals to great extent. Hence, this person can become entrepreneur and
can start their own business.
CONCLUSION
From above report it has been concluded that entrepreneurship is very important in every
company. This helps the company to bring innovative ideas and can earn huge revenues. Various
Similarities and differences between various entrepreneurial venture are there which helps an
entrepreneur in selecting a business. Start ups have positively contributed to growth of social
economy after Brexit. Characteristics, skills and traits exist in two successful entrepreneurs such
as passionate, dedication etc. and this helps them in accomplishment of their objectives.
Different aspects of their skills, behaviour and traits shapes the entrepreneurial personality that
reflect motivation and mindset such as extrovert, emotional stability etc. through which both
managers think in different manner. Background and experience is also a factor which can
support or hinder a person to become entrepreneur.
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REFERENCES
Books and Journals
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Dacin, P.A., Dacin, M.T. and Matear, M., 2010. Social entrepreneurship: Why we don't need a
new theory and how we move forward from here. The academy of management
perspectives. 24(3). pp.37-57.
Delgado, M., Porter, M.E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
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Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
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Santos, F.M., 2012. A positive theory of social entrepreneurship. Journal of business ethics,
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Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
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Online
Impact of small-business in UK economy. 2018.[Online].Available
through:<http://smallbusiness.chron.com/important-small-businesses-local-economies-
5251.html>
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