Entrepreneurship Report: Joe Woods IT Business Analysis and Impact

This report delves into the multifaceted world of entrepreneurship, examining various types of entrepreneurial ventures such as small business, scalable start-up, large enterprise, and social entrepreneurship. It explores the relationships between these ventures and entrepreneurship typologies, including serial, social, and female entrepreneurs. The report further analyzes the impact of Small and Medium Enterprises (SMEs) on the UK economy, focusing on job creation, infrastructure enhancement, and market competition, while also considering the effects of Brexit. It differentiates between small businesses and start-ups. Additionally, the report discusses the key aspects of an entrepreneurial mindset and the potential influence of personal experiences on entrepreneurial endeavors. This comprehensive analysis provides a detailed overview of entrepreneurship's significance and its various dimensions, using the case study of Joe Woods' IT business as a practical example.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1............................................................................................................................................1
P2............................................................................................................................................3
TASK 2............................................................................................................................................5
P3............................................................................................................................................5
P4............................................................................................................................................7
TASK 3............................................................................................................................................9
P5............................................................................................................................................9
P6..........................................................................................................................................10
TASK 4..........................................................................................................................................12
P7..........................................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is an activity which is carried by an particular person to develop and set
up a new firm (Blackburn, Hart and Wainwright, 2013). This is a fundamental element which
contribute in economic and social growth of country. Market opportunities that is unmet needs
of people are identified by a person to allocate resources and create value. For this, an
entrepreneur require to have traits to manage resources and conduct business processes
effectively. Along this, they even need to have ability to take risk of investing money to generate
profit. This assignment is based on Joe Woods who is an owner of IT business that provide
online payment facility to vendors. This assignment specifies different types of entrepreneurial
ventures and their relation with typologies. Besides this, impact of SME on the economy and key
aspects of an entrepreneurial mindset is stated. Experience and background hindrance or foster
entrepreneurship is also mentioned in report.
TASK 1
P1
Entrepreneurship:
As per the views of Paula Fernandes, 2018 entrepreneurship is determines as character,
trait and attributes that assist to make an person entrepreneur. It is a creative approach in which
people are organised, managed and lead for attainment of organisational objectives and goals. It
is process which is conducted by an entrepreneur to make social and economic value by creation
of innovative ideas. These are various kinds of enterprises which are described below: Small business entrepreneurship: such type of business are introduced as well as
managed by an individual for generating money to maintain their living standards.
Grocery store, hairdresser, plumber, electrician, carpenter and many other are various
example of this tactic. Scalable start-up entrepreneurship: These enterprises are originated by an entrepreneur
whose vision is to change the world (Bridge and O'Neill, 2012). For this, venture
capitalists develop creative ideas are used for taking funds. Besides this, best and bright
individuals are employed that help them to expand business in according to market
conditions.
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 Large entrepreneurship: These firms are managed by business persons that contribute
money to generate huge amount of revenue. Different types of offerings are provided to
customers according to their taste and requirements. For this, new technologies and
techniques are applied in system to deliver innovative and creative items in market. Social entrepreneurship: These are enterprise which is run by person to overcome with
the issues and fulfil requirement of community. Non- profit, hybrid and For- profit are
types of this whose goal is to develop and improve state of society. For this, products and
services are provided in according to requirements of people.
Entrepreneurial ventures:
These are organization which are started by an individual to utilise opportunities by
establishing a new enterprise. An entrepreneur formulate innovative and creative business ideas
to make good amount of profit and social value (Carsrud and Brännback, 2011). These are
various forms of entrepreneurial ventures which are stated below: Survival entrepreneurial venture: These are organisation whose goal is to sustain in
market for longer time. For this, advanced technologies are implemented in system to
reduce production costs and make employee perform tasks effectively. Thus, business
person is able to complete financial obligations of venture by making sufficient profit. Lifestyle entrepreneurial venture: These are firms which are run by person to make
income for maintaining their standards of living. In such companies, only few people are
involved in business to conduct business activities economically.
Typology of entrepreneurship: Small, social, scalable start up and large are different
types of entrepreneurial ventures. These have relation with entrepreneurship typologies which is
stated below: Serial entrepreneur: These are individual who have unique and innovative business
ideas to incorporate a new firm (Chittithaworn and et. al., 2011). This help them to
execute operations in creative manner and provide different products and services from
rival firms. But, after sometime, originator of company transfer ownership to another
individual for creating a new venture. Social entrepreneur: Person who set up enterprise to solve problems of society and
improve it by providing services and items to needy people. Their mission is to create and
enhance value of community by making innovation in business.
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 Female entrepreneur: These are individual who take risk and conduct production
process to generate income from business. This help them to increase employment
chances for people and also utilise their skills and knowledge of business.
P2
Small, social, scalable start-up, large etc. are various types of entrepreneurial ventures
which are initiated and managed by person to fulfil demands and needs of people. The goals of
these firms differ with each other which affect on their functionality and operations. Thus, these
are similarities and difference between entrepreneurial venture which is stated below:
Entrepreneurial
ventures
Similarities Differences
Small and social
entrepreneurial
ventures
 Both venture require
proper utilisation of
resources that is funds,
material and manpower.
For this, entrepreneur
need to create innovative
and creative business
ideas to conduct activities
effectively (Chrisman and
et. al., 2012).
 Small venture goal is to
make profit for sustaining
their market position and
share. While social venture's
aim is to enhance state of
community for which they
provide products and
services in respect to needs
of people.
Large and scalable
entrepreneurial
ventures
 Both ventures provide
several of goods and
services for fulfilling
needs and wants of
people.
 In large and scalable
venture, entrepreneur
make changes in system
to execute business
activities innovatively.
 Large firms have good
amount of resources to
expand business and open
branches in different nation
to enhance profitability and
sales volume.
 Besides this, scalable
enterprise require efficient
use of resources to create
and sustain its market
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This help them provide
creative and unique items
to buyers.
position.
Male and female
entrepreneur
 Both male and female
entrepreneur have skills
and knowledge to start
and manage business.
 They are similar in
psychologically and
demographically which
influence on their
functioning and decision
making (Dennis Jr,
2011).
 Male are ambitious to make
higher profit from business.
For this, they are ready to
take large amount of hazards
as well as problems. While
woman are responsive and
make decisions after having
information about each and
every feature in respect to
company and judgement
topic.
Survival and lifestyle
entrepreneurial
venture
 Both venture require to
sustain for longer time in
market to keep generating
profit. For this,
businessperson design
system and provide
products and services in
according to needs and
requirements of public.
 In survival ventures,
innovation and creative
business ideas are
implemented to provide
products and services at
reasonable prices. This help
businessperson to attract
large number of people to
generate sufficient revenue
from business. While in
lifestyle venture
entrepreneur require to
make money for their
livelihood.
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TASK 2
P3
Small, micro and medium sized are different forms of organisation which vary with each
other in respect to size (Drucker, 2014). These are businesses which helps government of UK to
enhance state of economic conditions of country. This is explanation of different forms of
businesses which is as follows:
Micro Business: These firms are run and managed by an individual which employ only
few people to generate money for their livelihood.
Small Business: It is another sector which increases employment opportunities for people
to generate income for their living. This scale firms also helps citizens to have variety of
products and services to fulfil their demands and needs.
Medium Size Business: This is another scale enterprises which seeks to expand business
at international level. Therefore scope of this companies is larger than smaller one. So, it
provides more employment to people and obtain high turnover.
Thus, this is description of number of workers and turnover of SME's which differ in
respect to their operations and goals:
Enterprise Employees Turnover
Medium Less than 250 Near about 50 million pound
Small Less than 50 Near about 10 million pound
Micro Less than 10 Near about 2 million pound
These are impacts that SME's have on economy are stated below: Job creation: SME's play important part in development of economic conditions of UK
by increasing employment opportunities (Fassin, Van-Rossem and Buelens, 2011). This
helps people to gain income for maintaining their living standards of the country. Enhance infrastructure of country: SME's aid government of UK to have sufficient
amount of tax for development of infrastructure including road, hospital, school etc. of
UK. Higher level of competition: In UK, there are large number of small, micro and medium
firms. Hence, there is rivalry between them to sustain their position in market and brand
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image. Along this, business person require to make innovation in business to provide
products and services superior than competitors.
Impact of micro and small sized business on economy are:
 Local impact: Micro and small firms provide more job chances to people which help
them in improving their living standards (George and Bock, 2011). Besides this, citizens
are able to get variety of products and services in respect to their demands and
requirements which improve overall growth of society and economy.
Illustration 1: Local Impact of SME's on UK
(Source: Local impact, 2016)
Interpretation: From this above graph, it has been comprehended that small business
expansion helps UK in reducing unemployment rate. Employment trends rises from 3,000,000 to
6,000,000 from year 2009 to 2015. This was result of increase in SME's in country which
enhances job chances for people to make income for their livelihood.
 National Impact: These enterprise provide number of employment opportunities to
people which helps central government to improve economic conditions of UK
(Gorgievski, Ascalon and Stephan, 2011).
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Illustration 2: National impact of SME's on UK's economy
(Source: National Impact, 2016)
Interpretation: From the graph, it is interpreted that gross domestic product (GDP) rate
of UK increases from 1% to 3.9% from 2010 to 2015. country's GDP is raising which determine
that public have good amount of income for completing their demands. This is due to increase of
SME's which is prime reason of inflation in UK.
 Regional Impact: Micro and small business provide products and services at fix rate, so
it gives negative impact on purchasing power of buyers (Goss, 2015). But, these firms
offers items and services as per need of society people and make investment in CSR
activities on regular manner. So, this will enhance image of enterprise in positive manner.
P4
Brexit is a term used for departure of United Kingdom from European Union to become
an independent country On 23rd June 2016, there was a referendum in which majority of votes
of Britishers were in support of leaving EU. After this, government of UK raise an article 50
which state about freedom that each nation have to keep connection with particular law (Schaper
and et. al., 2014). Thus, on 29th March 2019 is fixed as date of withdrawal from EU after
completing negotiating process.
Threats of Brexit on United Kingdom: If this phenomenon was required to be followed by
country than government would not be able to make decisions with freedom. This also has
chances on effect on economic growth, trade and remittances negatively on development of
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nation. But, UK withdrawal from EU benefited government to make policies to promote SME's
for growth of economy.
Difference between small and start- ups:
Basis Small Start- ups
Definition Small firms are started by business
person to provide products and
services to people to fulfil their
demands and needs.
These are venture which are started by
an entrepreneur to implement new and
innovative business ideas.
Rate of growth Small firms have less possibilities of
growth due to large number of
competitors in market (Jones and
Rowley, 2011).
Start- ups contribute in growth at fast
rate because of improvement in system
and creation of unique and creative
items and services.
Way of
financed
These are businesses which gain
money from internal tools that are
friends, family or bank loan. These
help them to reduce risk and make
regular income for sustaining their
market position and share.
These firms get funds from external
sources to make growth and expand
business in different places. Angel
investors, venture capitalists are various
tools which are risky and require to get
return on time.
Small and start- ups venture both helps government to develop and enhance conditions of
UK. The country have large number of these firms which determine that there are large job
opportunities for people to generate income for their livelihood. Along this, public are able to get
different types of products and services to fulfil their demands and needs. Here are discussed
various points which define contribution of small and start- ups on economic growth: Reduction in poverty: These firms increases number of employment opportunities which
aid people to engage themselves in job in according to their skills and knowledge (Karlan
and Valdivia, 2011). Thus, individuals have sufficient income to purchase items and
services in respect to their requirements. Thus, poverty level of UK lower down which
help government in development of country . Wealth distribution: Small and start- ups helps in dispersion of money equally among
population. These firms increases chances for people to make income by incorporating a
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business. Besides this, job opportunities also raises which aid in distribution of money by
providing chance to people to generate money for maintaining their living standards.
 Provision infrastructure: Small and start- ups helps government to have good amount of
money for enhancing and developing infrastructure of UK. There are large number of
firms which aid them to get taxation for improving road, bridge, school and other societal
aspects of country.
TASK 3
P5
Entrepreneur is an individual who have innovative and creative business ideas to start
new venture to generate profit (Neck and Greene, 2011). It is essential that they have skills to
manage resources that is funds, material and workers properly. Along this, they even need to
have traits to direct and coordinate team members to perform tasks in effective manner. James
Dyson and Simon Cowell are two successful entrepreneurs who are successful entrepreneur
having these traits, stated beneath: Self- belief, hard work and dedication: James Dyson and Simon Cowell have confidence
and believe in their capabilities and skills. This makes them dedicated towards work for
creation of innovative and creative business ideas. Adaptable and flexible: James Dyson and Simon Cowell are able to become successful,
as they are ready to make changes in system in according to market conditions. For this,
clients and suggestions of people are taken by them to get information about
improvements. Thus, they are adaptable and flexible to execute innovation and creative
business ideas in firm . Passionate and motivation: James Dyson and Simon Cowell are passionate and have
enthusiasm to conduct business with full energy. Their morale is to create and sustain
firm's position and reputation in market.
Difference between an entrepreneur and business manager:
Basis Entrepreneur Business manager
Definition An entrepreneur is individual who have
innovative and creative business ideas
which are implemented to establish
Business manager is person whose
duty is to formulate plan and
provide direction to team members
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new venture. Land, capital and labour
are different factors which are utilised
by them for generating money for their
livelihood.
to make them work effectively.
Besides this, they even monitor
employees work and carry out
corrective action to accomplish
business objectives.
Risk taking Entrepreneur has to handle calculated
risks that is related with financial loss
and failure of business in generating
revenue (Neck and Greene, 2011).
Manager has less risk than an
entrepreneur as their responsibility
is to coordinate worker for timely
achievement of goals.
Status An entrepreneur start and run firm so
they are independent to make decision
and changes in system.
Business manager are often
employee in company so they
require to work in according to
seniors.
P6
An entrepreneur require to have ability to take risk and implement new and innovative
business ideas for enhancing functionality of firm (Goss, 2015). Besides this, they even need to
have management and leadership skills to direct team members to work in coordination. This
helps them to utilise resources in efficient manner. James Dyson and Simon Cowell are two
successful entrepreneurs who have good personality which reflects their motivation and mindset.
Big five personality traits also known as OCEAN model state characteristics which are necessary
for an entrepreneur are mentioned below:
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(Source: Five factor model, 2018) Openness to experience: This is effective trait which define that an individual want to
learn new things and increase their experience. James Dyson and Simon Cowell were
able to make business successful as they were imaginative and insightful. Conscientiousness: It is another characteristic which state that people which have this in
high degree and are reliable and organise activities properly (Schaper and et. al., 2014).
Both James Dyson and Simon Cowell are hard working and diligence which help them to
attain objectives within deadline. For this, they invest time in preparing plan to conduct
tasks in systematic manner . Extraversion: This trait define that extravert individuals like to interact with other while
introvert hesitate and didn't easily communicate. Both James Dyson and Simon Cowell
are assertive and talkative which helped them to maintain relations with stakeholders.
This assisted them to organise business activities systematically and sustain goodwill in
market. Agreeableness: It is characteristic which state that people are cooperative, compassionate
and friendly. James Dyson and Simon Cowell are high in agreeableness which aid them
collaborate and make subordinates perform tasks in team. Besides this, they are
empathetic which help them to retain employees for longer time.
 Neuroticism: People with this trait are highly moody and experience numerous negative
feeling such as anger, fear, frustration, guilt, envy etc (George and Bock, 2011). It is
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Illustration 3: Five factor model

necessary that business person have ability to behave and interact with stakeholders
properly for retaining them for longer time.
Both James Dyson and Simon Cowell possess capability to deal with stress. They are
even relaxed which help them to encourage team members to work effectively.
TASK 4
P7
An entrepreneur is able to set up a new venture and make firm successful only if they
have business knowledge (Goss, 2015). It is essential that they have capability to gain
information about opportunities that can be used for formulation of innovative business ideas.
Besides this, individual skills and experience determine propensity to which operations are
conducted. An individual goal behind starting firm is to generate profit, for which they require
proper utilisation of resources. Thus, this is explantation of background and experience influence
on entrepreneurship which is as follows:
Family background: This helps an individual to get support from members which are
carrying out business. So, they have knowledge in respect to failure and problems which they
have faced while setting up and running firm. It is tactic which have helped entrepreneur to make
business successful from past experience. James Dyson lost his father at early age which made
him determined to prove his worth. This helps him to conduct business in innovative and creative
manner. Besides this, Simon Cowell had supporting family background so he was able to make
career in music sector easily.
Education: It is another tactic which aid person to increase their business knowledge by
doing graduation or certificate courses. This helps an individual to adopt and implement
management practices and theories for designing system and conducting organised activities.
James Dyson was intelligent and studied painting and interior designing from well known
colleges. This helped him to become artistic and technological inventor which produce
appliances according to demands of people. While Simon Cowell didn't complete his education
and left jobs due to mental stability. He had made business successful with help of different
partners that are label and Fanfare.
Lifestyle: This is another trait which define that an individual conduct business to
generate income for maintaining their living standards (Schaper and et. al., 2014). For this,
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venture is started which aid people to get job opportunities to make money for their livelihood.
James Dyson and Simon Cowell are two successful entrepreneur who lived a luxury life. This is
due to execution of business activities effectively which help them to enhance market position
and brand image.
Hence, this can be claimed that family background, lifestyle, education, culture etc. are
those determinants which influence the decision making of an entrepreneur and shapes their
traits and skills.
CONCLUSION
From the above report, it can be comprehended that entrepreneurship is process which
help an individual to start a new venture to make profit. Small, scalable start-up, social and large
are various venture which differ with each other in respect to size and objectives. SME's benefits
in growth and development of economy by increasing job opportunities. Besides this, it aid
government to enhance infrastructure of country. UK leave European Union helps government to
promote small and start- ups to reduce poverty, distribute wealth and improve infrastructure of
country. Self- belief, hard work and dedication, adaptable and passionate are traits which aid
entrepreneur to become successful and makes them distinct form general business manager. Five
factor model that is openness to experience, conscientiousness, extraversion, agreeableness and
neuroticism are various personality tactics which affect an entrepreneur mindset and motivation.
Besides this, education helps an individual to create innovative and creative business ideas for
setting up a new venture.
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REFERENCES
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