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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