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Entrepreneurship and Small Business Management - Joe Wood

Question :
  • Elaborate range of ventures used by Joe Wood with types of entrepreneurial.
  • Analyse the impact of small businesses in Joe Wood for gaining economy.
  • Provide the key aspects of the entrepreneurial mindset in Joe Wood.
  • Elaborate on different environments which foster or hinder entrepreneurship in Joe Wood.
Organization Selected : Joe Wood

INTRODUCTION

Entrepreneurship refers to a study of the process of establishing a new business by an individual having a new and innovative ideas as well as an effective skills and knowledge that gives separate identity in market. Such individual is called as an entrepreneur who get success when their decisions and plans to meet market needs and requirements are something new and innovative. The present assignment report is based on Joe Wood who decides to start an IT business in order to facilitate merchants to get online payment facilities. The project includes different kinds of ventures along their interrelation with different typologies. The project also discusses the impact of Brexit on contribution of small firms towards social economy, characteristics, traits and skills of entrepreneurs along with the background and experience that can hinder or foster entrepreneurship.

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TASK 1

P1: Different types of entrepreneurial ventures and its related typologies

An entrepreneur is an individual who have certain skills and knowledge along with a new and innovative ideas to meet the needs and requirements of people in more effective and efficient manner. The prime objective of entrepreneur behind starting a new business venture is to earn huge profits. There are different types of ventures exists in competitive market which are giving tough competitors with each other in order to fulfil the market needs and demands (Blackburn, Hart and Wainwright, 2013).

Types of entrepreneurs:

Serial entrepreneurs: It is such kind of entrepreneur who came into market with new ideas and start-up the business and later on allot responsibilities of new business to someone else and further move on to a new idea and venture.

Social entrepreneurs: These kind of entrepreneur came into market with the purpose of identifying issues and problems of society and nation and accordingly put their maximum efforts in resolving issues with their effective skills and knowledge. This can be possible through bring standard quality products so as to maximise their healthy lifestyle (Carsrud and Brännback, 2011).

Female entrepreneurs: These types of entrepreneur are women which are having an appropriate skills and knowledge about the process of starting and running business more successfully. They form an entrepreneurial venture with the purpose of earning their livelihood.

Entrepreneurial ventures: These are the firms which came into existence with the purpose of gaining profits through grabbing marketing opportunities with their new and innovative ideas. It gets adequate support from government as well due to their maximum contribution towards economy of nation.

Types of Entrepreneurial venture:

Small business entrepreneurship: Such entrepreneurial venture started by a person with an objective of meeting their livelihood needs and requirements. For this, they comes with a new idea while observing others regarding the process of selling products and services in the market. Example of such entrepreneurship is Grocery stores, travel agents, plumber and many more (Chrisman and et. al., 2012).

Scalable start-up's entrepreneurship: These are the enterprises which are operated at medium level due to which high amount of resources are required to invest in running business more successful. An entrepreneur of such business have high aims and objectives as compared with other ventures. It gets maximum support from the members having specialised skills and knowledge.

Social entrepreneurship: These are the firms which are mainly emphasis on maximising the interest level of community and nation through increasing standard of people living in nation. For this, it conducts research in order to identify the issues and problems facing by society and implement corrective steps to prevent such issues accordingly.

Large scale entrepreneurship: These type of business venture is operated at big level due to which huge amount of capital and manpower are required to operated several business functions more effectively. It functions in different locations by opening new outlets due to which it captures large market share.

Relationship of venture with its typologies:

Lifestyle ventures: This business venture is established with the objective of generating money to maintain their livelihood. It requires specific skills and knowledge about the process of delivering goods and services to the customers. Their main motive is limited as they are expected from their business to improve their livelihood (Desai, 2013).

Managed growth ventures: These are the ventures which came into market with new and innovative ideas in order to meet market needs and requirements. It always tried to achieve growth by developing its existing products and services on regular basis.

P2: Similarities and difference between entrepreneurial ventures

Entrepreneurial ventures including small, social, scalable start-up's and large which are operated its business functions to achieve their own goals and objectives. Every enterprises executed its activities in different way due to having different nature and size (Drucker, 2014). Here are the some similarities and differences among such entrepreneurial ventures which are discussed as under:

Businesses

Similarities

Differences

Small and social entrepreneurial ventures

Such types of ventures required limited resources due to operating its business activities at small level. For this, members having specialised skills and abilities are working in order to delver products and services to people in an appropriate manner.

Entrepreneur has new and innovative ideas which support entrepreneurial ventures in increasing their sales figures and sustain its position for longer period of time.

Small scale ventures came into market with an objective of earning their livelihood.

Social entrepreneurial ventures are established for the welfare of society by providing quality products and services at an affordable prices. Thus, it gets maximum support by government as well by giving relaxation in registration procedures.

Scalable start-up's and large entrepreneurial venture

Such types of ventures are operated at large level due to which their desired goals and objectives are higher. They are operating in different locations by opening new stores.

Large and scalable entrepreneurial ventures capture large market share through engaging in selling wide range of products.

Large entrepreneurial business requires huge amount of resources to conduct their business activities in more effective and efficient manner.

While, scalable start-up's didn't required huge amount of resources as human capital, funds etc.

Lifestyles and serial venture

These the the business ventures which are having number of new and innovative ideas to start a new venture but did not give maximum efforts in operating business due to having limited aim and objective of business.

These entrepreneurial ventures are enter into market with the purpose of earning their livelihood.

Lifestyle entrepreneurial venture enters into market to fulfil their desired and needs in order to enhance their lifestyle.

Serial enterprises enter into market with new ideas and concepts to meet customer needs and requirements and allocate capable persons to run their business in market.

Male and female entrepreneurial venture

Both male and female entrepreneur are hard working on the basis of which they achieve growth and success in market.

Both entrepreneur aim is to utilise skills and capabilities in order to achieve appropriate results from business.

Male entrepreneur are mainly focuses on expanding its business operations to a large scale so as to earn huge income. It owned and operated by men.

Female entrepreneur is an enterprise owned and managed by women at small level to earn their livelihood.

TASK 2

P3: Assess and interpret how small and micro business impact on economy

There are number of ventures exist in UK which are operating its business operations at small, micro and medium level. They are operated according to their size, scope and objectives. It contributes maximum towards the growth and development of economy in form of generating huge employment opportunities, payment of huge taxes, fulfilling the needs and requirements of society etc. Because of this, they get adequate support from the UK government in form of giving relaxation to them in the registration of company, raising of funds etc.

Small and Micro businesses contribution in growth of UK

Particular

Number of Employees

Assets Total

Annual Sales

Micro-Enterprises

<10

≤ £2 m

≤ £2 m

Small Enterprises

<50

≤ £10 m

≤ £10 m

Medium sized

Enterprises.

<250

≤ £50 m

≤ £43 m

Statistical data defining affect of SME on UK:

  • In UK, there are estimated 5.7 million small firms as in 2017 (UK Small Business Statistics, 2017).
  • Approx. 99% of the business of UK depend on such types of ventures in terms of generating huge employment opportunities.
  • Micro business holds more than 96% market share of UK which is approx. 5.4 million this type of venture are established. The entrepreneurial firm provides around 5.4 million employment opportunities which indirectly support the individuals of UK in maximising their standard of living.
  • Large sized organisation contribute less towards the economy of UK. It has been identified that such type of business contribute only 0.1% in UK which is 40% of job creation in market.

Consequently, large enterprises gives over half of total employment creation in United Kingdom to expand work open doors for individuals to earn money for supporting their expectations for everyday comforts. Other than this, large association give diverse assortment of items and services to individuals to satisfy their requirements (George and Bock, 2011).

Different benefits that small and start-ups companies have on market conditions of UK

Employment generation: In UK, there are substantial number of small firms and new companies which assist government to develop condition of country by expanding work opportunities ton the general public. Individuals have work opportunities to earn their livelihood. In the middle of the time of 2010 to 2015, UK business took an ascent where relatively 1.8 million residents got employment in different small and medium associations. In this way, it brings improvement on the situation of state of nation developed of condition of nation.

Infrastructure development: It is another advantage that small sized firms firms and new businesses have on development and enhancement of monetary condition of country. This assistance government to have adequate measure of assessment which are utilized by them to develop infrastructure of UK that are streets, school, bridges and different things prompting upliftment of the general public all in all (Grimaldi and et. al., 2011).

Effect of SME's on economy of UK:

Local Impact: Small and medium undertakings have solid effect on upgrading financial condition of nation which is because of rising in employment generation. Therefore, individuals gets chances of maximising their livelihood which result in enhancement of community.

Regional impact: It is another effect of SME's which fulfilled the needs and prerequisites of individuals, as they give distinctive items and services.

National Impact: Small and medium undertakings have chance to reach target market and client base by growing their outlets in various nations. Small enterprises impacts emphatically on country as they gives chance to the resident to fulfil their budgetary needs, acknowledges advancement and furthermore create job opportunity in the nation. This enhances monetary status of country.

P4 Small firms and start-ups contribute to growth of social economy after 'Brexit'P4 Small firms and start-ups contribute to growth of social economy after 'Brexit'

Brexit is strategy which characterize United Kingdom withdrawal from European Union. In 2016, ballot procedure was led by government to collect views and opinions of public. After which vast number of individuals voted against Europe and for UK. After that, Brexit government impacts from business and its per capita income of nation was diminished. In this way, nations began getting to be autonomous which assist authorities with functioning and made strategies without getting any interruptions from others (Jones and Rowley, 2011).

In UK, after Brexit government advance small and new companies by giving them diverse advantages that are making adaptable approaches and guidelines for them. This assist an entrepreneur to have adequate measure of assets to consolidate and set up outlet in market to convey suitable items and services to individuals. These organizations even expands job opportunities and support authorities to drop down poverty of UK. Due to this, it contributes maximum in the growth and development of social economy of UK. It can be further explained as under:

Infrastructure development: Government of UK have set up different tax collection policies which are helping with improving framework of the nation. Through perfect utilizes of income through taxation, authorities can improve condition of country by making proper advancement of street, scaffolds, school and different offices for security of public.

Enhancement in social security: The small sized and new businesses maintain the livelihood of people through making them more capable to meet their personal needs and requirements. Providing income stability to then even after death, retirement and disability conditions (Kirzner, 2015).

Economic and Social Development: Small and new businesses are financial powerhouse of nation. These association help government of UK to increase their treasury by paying huge taxes and generation of huge employment opportunities.

Increment in per capita income: This is another benefit which are received by the economy of UK in form of raising job opportunities for the skilled and qualified people. It increases their livelihood through providing them financial support. In the time of 2017, per capita income of workers are around 27854.99 Pound from 1960 to till 2017. In UK, the last recorded GDP is close about 42514.99 Pound and it is equal to 337% of world's normal. Subsequently, government can drop down destitution rate of UK to enhance states of country. Along this, individuals have satisfactory job opportunities which assist them with generating money to maintain their livelihood.

TASK 3

P5: Characteristics, traits and skills of entrepreneurs and differentiation with manager

Entrepreneur establishes a new venture with having new ideas and concepts which drives their business to achieve growth and success within shorter period of time. For this, it is important for an entrepreneur to have an adequate skills, traits which can differentiate them with the business managers.

There are two successful entrepreneur such as James Dyson and Richard Branson who are having enough skills and knowledge about operating business functions more effectively. The traits and qualities that they are attained are given as under:

James Dyson and Richard Branson have an appropriate knowledge and understanding related with management theories and concepts which support them in framing organisational objectives and goals. In addition with this, they are much capable to design system which brings profitable outcomes to company.

Both such entrepreneurs are hard workers and have risk taking abilities due to which they can easily compete with their rivals in market. They very well know about the actual needs and requirements of people due to which they are able to deliver products and services accordingly.

James Dyson and Richard Branson have a proper knowledge about market situations which enable them to grab competitive opportunities in market. They always tried to learn new things from their experiences which further useful for the growth of business.

Both entrepreneurs did not hesitate while investing huge amount of funds as they believes in their new ideas and concepts which in results brings more advantage to company.

Differentiation of characteristics of successful entrepreneurs with business manager:

Characteristics/Skills

Entrepreneur

Manager

Strategic Vision

Entrepreneur have a clear vision with their new ideas and concepts due to which they tried maximum efforts in achieving the same. James Dyson has strong vision to operate business functions more effectively which in results achieving sustainability and profitability.

Manager is provided vision by top personnel which help them to formulate plans and manage resources for business activities to occur in successful manner.

Communication

An entrepreneur must required to attained an effective communication skills so that they are more able to deal with their employees as well investors more effectively. For this, James Dyson guides staff members to perform allotted roles and responsibilities through proper communication.

Manager develop proper communication channel which brings difficulties among employees to communicate with the top authority directly.

Critical thinking

Entrepreneur always develop new thoughts and ideas which further decided to implement in their business operations. It increases the possibility of achieving growth and success in competitive market.

Manager doesn't focus more on developing new thoughts as they follows the guidelines and plans implemented by top authority.

P6 Entrepreneurial personality reflect entrepreneurial motivation & mindset

An entrepreneur must have an effective traits and personality in order to make healthy relation with the employees as well as targeted customers through executing business operations in more effective and efficient manner. They always tried their maximum efforts in grabbing competitive opportunities that will help their enterprise to move ahead than their rivals. It requires to have specific skills and knowledge that an entrepreneur must attain to make their business more successful. It can be further supported by following models.

Big Five Model of Personality: It is considered as an effective model which states the necessary skills and traits that must attained by an entrepreneur to achieve success in their business career (Martin, McNally and Kay, 2013).

Such trains and qualities are determined as under:

Openness to experience: It includes six elements which should be present in a successful entrepreneur. Such element consists of variety. Aesthetic, sensitivity, active imagination, intellectual curiosity and attentiveness to the inner feelings. These all aspects need to be acquired by an individual if wants to achieve success in their professional career. In addition with this, it also required to be open minded which assist them to learn new thinks and deals with the challenges more effectively.

Conscientiousness: It implies that an entrepreneur must be focuses towards its desired goals and objectives. For this, they must required to make an effective plans to guide their members to perform according to the company's goals and objectives. This increases the chances of getting success by new business within shorter period of time.

Extraversion: It is another effective traits which drives an entrepreneur to achieve strong brand position and goodwill for their business in competitive market. For this, an entrepreneur must be energetic, assertive, talkative and socially responsible which can be possible through offering quality products at an effective prices (Naudé, 2013).

Agreeableness: This is the traits which an entrepreneur required to have in order to achieve success in their business career. It implies that an entrepreneur must be cooperate, trustworthy and coordinate with employees in order to perform business functions more effectively due to which the chances of achieving organisational goals within allotted time period will be high.

Neuroticism: It is important for an entrepreneur to be more patient and calm while dealing with certain situations. Such trait drives an entrepreneur to deal with complex situations more effectively without showing anger, anxiety etc. It may bring negative impact on the working behaviour of their members of entrepreneurial venture (Sarasvathy and Venkataraman, 2011).

TASK 4

P7 Examine background and experience can hinder or foster entrepreneurship

Entrepreneur skills and knowledge depend on its professional quality which they increase from institutions. Family background of an individual is also impact on their working in direct manner. Beside this, concepts and theories of management are applied by entrepreneur in order to design system effectively. There are some ways that effects on entrepreneurship process in a direct manner.

Source: Big five personality traits, 2018

  • Family Background: It is identify as a main factor that effects on entrepreneur mind set when they decide to run new business. In regards to entrepreneur, its family background effects its decision making power towards how to run business in successful manner. Richard Branson and James Dyson have belongs to business families. This supports both the entrepreneur in accomplishing success and development in their organisation. Along with this, they get useful counsel from previous experiences of their family members (Storey, 2016).
  • Education: It is another factor that effect on individual mind set and opinion towards lunching a new product in new marketplace. An individual nature and behaviour depend on its education. Beside this, an entrepreneur performing also impacted by their knowledge and qualification. Richard Branson and James Dyson are two main successful entrepreneur who have better knowledge and professional skills like work delegation, effective communication skill and leadership which support them to manage all resources in proper manner (Zott, Amit and Massa, 2011).
  • Social Network: It is needed by each and every person or entrepreneur to have attractive and extrovert personality which assist them in connecting with business persons and effects them towards its content. This is an important part of entrepreneur life which contributes in equal basis in future growth. Richard Branson and James Dyson have attractive personality that highly assist theme in order to persuade stakeholders for financing in their provided proposals.
  • Experience: Richard Branson and James Dyson have better education which impart in increasing business knowledge and skill which is essential for organising accurate business activities. Therefore, this support them in order to sustain and maintain business's position and goodwill in marketplace by satisfying needs of customers. Beside this, they even increase experience and knowledge from their family business which support them to have appropriate knowledge and skills regarding various tactics to attract more customers in an effective and easy manner (United GDP Per Capita, 2017).

CONCLUSION

It has been concluded from the above project report that there are different types of entrepreneur which are engaged in various entrepreneurial ventures in order to achieve their own goals and objectives within pre-determined time period. Entrepreneurial ventures includes small, large, social entrepreneurial venture etc. which are interrelated with different typologies to perform its business functions more effectively. For this, an entrepreneur must attained specific skills and knowledge that could be better understand with the help of Big Five Model theory. The experience and background of successful entrepreneurs also play an important role in performing business activities and execution of an appropriate action plan. Get the best online assignment help in the UK? Contact our experts.

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REFERENCES

  • Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business, strategy and owner-manager characteristics. Journal of small business and enterprise development. 20(1). pp.8-27.
  • Carsrud, A. and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to know?. Journal of Small Business Management. 49(1). pp.9-26.
  • Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-293.
  • Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning for Future Sustainable Growth. Himalayan Books.
  • Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
  • George, G. and Bock, A. J., 2011. The business model in practice and its implications for entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
  • Grimaldi, R. and et. al., 2011. 30 years after Bayh–Dole: Reassessing academic entrepreneurship. Research Policy. 40(8). pp.1045-1057.
  • Jones, R. and Rowley, J., 2011. Entrepreneurial marketing in small businesses: A conceptual exploration. International Small Business Journal. 29(1), pp.25-36.
  • Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
  • Martin, B. C., McNally, J. J. and Kay, M. J., 2013. Examining the formation of human capital in entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of Business Venturing. 28(2). pp.211-224.
  • Naudé, W., 2013. Entrepreneurship and economic development: Theory, evidence and policy. Browser Download This Paper.
  • Sarasvathy, S. D. and Venkataraman, S., 2011. Entrepreneurship as method: Open questions for an entrepreneurial future. Entrepreneurship theory and practice. 35(1). pp.113-135.
  • Storey, D. J., 2016. Understanding the small business sector. Routledge.
  • Zott, C., Amit, R. and Massa, L., 2011. The business model: recent developments and future research. Journal of management. 37(4). pp.1019-1042.
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