Entrepreneurship: Challenges and Opportunities

This assignment examines the multifaceted world of entrepreneurship, encompassing its defining characteristics, motivations, types, functions, as well as the inherent challenges and rewards it presents. Students will analyze key factors influencing entrepreneurial decisions and explore various resources available to aspiring entrepreneurs.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Different types of entrepreneurial ventures and relation to typology of entrepreneurship....4
P2 Similarities and differences between entrepreneurial ventures.............................................5
P3 Impact of micro and small business on economy..................................................................7
P4 Importance of small business and start-ups in in growth of social economy........................8
TASK 3............................................................................................................................................9
P5 Characteristic, traits and skills of successful entrepreneurs...................................................9
P6 Aspects of entrepreneurial personality reflecting entrepreneurial motivation and mindset.
...................................................................................................................................................11
TASK 4..........................................................................................................................................11
P7 Background and experience which can hinder or foster entrepreneurship..........................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
An entrepreneur is a person who bear all the market risk and start a new business with a
motive to introduce some new trends at market with only one desire which is profit. It leads to
introduce many new opportunities in market by grabbing them all (Storey and Greene, 2010).
Hence an entrepreneur is person who takes the initiative after that entrepreneurship is an activity
which get done by a particular and at last the ending result is consider as enterprise. This present
assignment is based on different entrepreneurial ventures and their relation with various
typologies of entrepreneur. Moreover by introducing many new job opportunities at marker place
this lead to made a vast impact on economy through which country can grow. Along with all
these things this study become more understandable with the help of using example of various
personalties that how they manage all barriers which come in their path.
TASK 1
P1 Different types of entrepreneurial ventures and relation to typology of entrepreneurship.
An enterpriser is a person who takes initiatives and starts there concern in order to make
profits out of it. They are the individuals and group of personalities who takes initiatives for

start-up of new businesses and works on various activities to develop their entity. There are
various types of entrepreneurial ventures started by these personalities. The different types of
ventures and its relation to typology of entrepreneurship are described as follows:-
 Serial entrepreneurial venture: - These business firms are generally run by those
individual who set up their own business at first and after setting it up completely they
move on to another business (Burns, 2010). They are helpful in increasing the economic
growth as they are helpful in conducting many business firms at one time and provide
jobs for taking care them to many personalities.
 Lifestyle entrepreneurial venture :- These form of enterprises are run by those
personalities who just want to attain a particular lifestyle (Stokes, Wilson and Wilson,
2010). Their working scale is limited in nature and their growth criteria is also fixed.
Their main motive is just to ascertain a particular level of lifestyle which they want to
attain in their whole life form. This factor signifies that their working pattern is different
from other and they never work in favour of society as well.
 Social entrepreneurship :- The entrepreneur which provides the products and services
for social needs and wants of targeted market is referred as social entrepreneurship. These
ventures work for elimination of social problems from society and supports in
development. These organisations are generally owned by individuals and group of
personalities of society or it may be owned by government bodies of a country. A
business generally does not functions for making profits from the products and services
provided.
The different typology of entrepreneurs and their relation to the various entrepreneurial
ventures are describes as follows:-
 Copycat entrepreneur:- The copycat entrepreneurs are personnels who copy business of
other and starts business as it is. The styles, products and services are copied same to
same of other organisation. These typology of entrepreneurs have direct relation with
small business enterprises. The small ventures are generally started by copycat
personalties.
 Research entrepreneur:- The individuals who makes the complete research before
starting their new business are referred to research entrepreneurs. These kind of personnel

considers positive and negative impact of business before incorporating it. These
entrepreneurs have relation with large company organisation (Bridge and O'Neill, 2012).
 Determined entrepreneur: These business person follow some value of
entrepreneurship and do not try to follow others. Moreover they introduce their own idea
into business. Whole duty is belong with them as well as they never tried to copy others.
A determined entrepreneur is one who is completely concerned about its own business.
P2 Similarities and differences between entrepreneurial ventures.
The differences and similarities between different entrepreneurial ventures are described
as follows:-
Differences and similarities between small business entrepreneurial ventures and scalable
start up entrepreneurship venture:-
Differences:-
 Investment of Funds:- The funds in the small firms are invested by the owners of the
entity whereas, the capital within a scalable start up entrepreneurship funds are invested
by both owners and investors for operation of a organisation(Lee-Ross and Lashley,
2010).
 Amount of capital:- The amount of capital investment in small undertaking is very low as
compared to scalable venture. The investment is low because, in small business the
owner is the only one who invests whereas in scalable venture investments is done by
both owner and investors which increases the amount of capital investment.
 Management of ventures:- The small business firms are generally managed by owners of
the organisation where as a start-up ventures are managed by owners as well as by the
employees appointed within a business.
 Area of operation:- The small business generally operates its venture at the local level of
country and targets local customer for providing its products and services whereas
scalable start-up venture operates on large scale in comparison to small business
entrepreneurship.
Similarities:-
 Ownership:- The both ventures i.e. small business and scalable start up business can be
owned solely or in partnership contract (Singh and Raghuvanshi, 2012).

 Objective:- The small and start up scalable firms both operates with the common
objective of earning profits by providing the products and services to customers.
Differences and similarities between large company and social entrepreneurship venture:-
Differences:-
 Area of operation:- Large business organisation operates its venture on national and
international level where as the social business operation is done within the national level
of the country (Rahdari, Sepasi and Moradi, 2016).
 Objectives:- The large business concern operates its organisation with the main objective
of financial returns from the products and services provided to the customers where as
social ventures functions as a not for profit venture for welfare of society.
 Ownership:- The ownership of a large scale business lies in hands of owners and equity
shareholders of firm. The ownership of social business lies either in the hands of
individuals or it may be in the hands of government bodies of country.
 Investment of funds:- The funds in the large company entrepreneurship is invested by
owners and investors for incorporation of organisation. The funds in social
entrepreneurship can be invested by the group of individuals or by government
authorities for incorporation and operations.
Similarities:-
 Management:- The entrepreneurial ventures i.e. large scale and social entrepreneurship
both are management by the appointed employees of a organisation.
 Operation process:- The operation process in large company entrepreneurship and social
entrepreneurship are same. In both the organisation process of providing the products and
services goes in stages.
TASK 2
P3 Impact of micro and small business on economy.
The economy of a country is affected by various factors whereas micro and small
business are one of the factors which has direct impact on a economy. The some of the impacts
of these business on a economy of United Kingdom have been discussed as follows:-
Increase in GDP:- The micro and small business have helped in increasing the GDP of United
Kingdom (Malebana, 2016). These have helped in economic growth of United Kingdom.

Emergence of new job opportunities:- Micro and small businesses helps in the creation of job
opportunities for individuals where venture operates. The better job opportunities support in
economic growth of a country by eliminating unemployment and under employment from United
Kingdom.
Increase in purchasing power:- The micro and small business in country have increased the
purchasing power of common individuals within a countries economy by creation of better job
opportunities for individuals. The creation of job helped in earning income which directly
increases the purchasing power of common personnels (Sousa-Zomer and Cauchick-Miguel,
2017).
Eradication of poverty:- The micro and small businesses within the economy have helped in
creation of job opportunities which supports in increasing the purchasing power of common
individual which directly reduces the poverty from the economy of United kingdom. The small
and micro business helps in fulfilling the basic needs of the individuals i.e. food, clothing and
shelter by increasing the purchasing power.
Reduction in rate of primary products:- Business such as small and micro within a economy have
helped in reducing the cost of primary product which are required in manufacturing the finished
products. These business produces primary products within the country and provide it to large
business enterprises at minimum cost which reduces the import of the goods from other
countries.
Industrialization:- Small and micro organisation have led to industrialisation in the economy.
The industrialisation helps in motivating individuals to start these kind of businesses. The
industrialisation is closely related in development United Kingdom.
Use of new technology:- These business start-ups uses latest technology in production of the
products. The use of new technology helps in an economic growth of country and leads to
development of a country.
Government earnings:- A more of small and micro businesses within economy of United
Kingdom have helped the government in earning funds from these business. They provide
significant earning to government of United Kingdom by paying the taxes, rates and duties for
their operation of organisation.
Foreign currency earning:- The business also have impact on foreign earning of the country.
Small and micro business have significantly helped in increasing the foreign currency for

country. The foreign currency has been increased due to the export of products manufactured by
these businesses (Fattal Jaef and Buera, 2015).
P4 Importance of small business and start ups in in growth of social economy.
On 19th June 2017, all the negotiations which are related to exit from British from
European Union get made. Brexit is made with the combination of two terms in which “Bre”
means British and exit signifies that Britain take back their hand and not lead to be a part of
European Union any more (Setiawan, 2012). With this sort of things many large businessman
leads to suffer heavy loss. And one of a major impact by this major decision was on monthly
paid employees or business man who already set up their entities at both of these countries. Now
after this thing the major duty of government is associated with to improve their economy by
providing many new opportunities at market.
In this context, they start supporting to small business enterprises and many new start
ups. Only they can help them out to get overcome from all these situations which are not
favourable to country. For this authorities start providing subsidies, low interest rates and many
other facilities to target number of person who want to start their own business. Hence, now
these small entities play a crucial role in improving economic growth of a country in which
following steps are taken by them:
1. With these small steps by government of UK, they can improve country economy as well
as social condition also. With rapid increment in these small ventures the chances of new
job opportunities over there also rises. This lead to improve standard of living of many
such person who do not have jobs at all. This factor is consider as economical and social
development of a country (ZHAO and ZHANG, 2014).
2. With this small support by them, many people who have some skills of performing work
leads to help them in getting appropriate jobs to them. This factor work as in reducing
poverty from country. Along with that wealth distribution element also start taking place
in this scenario. Now each and every group person become able to spent some amount
over on their life.
3. This factor help them in improving UK economy because now many small sector become
able to start their own business and sale all their products at good rate. With the
assistance from such type of things their internal economic condition lead top get
improved and they can easily overcome from many unfavourable situations.

4. Also government revenue lead to get increase and they become able to provide many
supportive things to their local residencies (Puentes and Ruiz-Tagle, 2015).
TASK 3
P5 Characteristic,traits and skills of successful entrepreneurs which differentiate them from other
Entrepreneur is a person who start a new business and take high risk in the financial term
so that they can achieve goals and objectives effectively as well as get profitability in appropriate
manner. In today's world Bill Gates and Mark Zuckerberg are successful entrepreneurs. Bills
Gates introduce the window application that is related to the information technology sector.
Mark Zuckerberg has introduced Facebook in business market effectively with successful
growth. The application of Facebook helps many people to connect with each other where they
can share and post videos and images to another person. There are some characteristic of
successful entrepreneurship:
Focus and determination- In the organization the entrepreneurs are predefined effective plan
and objectives so they can work on it effectively. The focus and determination is the
characteristic of successful entrepreneur which support in achieving the planned goals and
objectives with their hard working significantly.
Self motivated- Entrepreneurs are self-motivated to run the business in effective manner. They
have set of effective plan to get target achieved with the support of others. Motivation is a
essential to influence every person to do work effectively so that they can achieve appropriate
goals and objective to improve company performance within time frame (Ramakrishna and
Hulugappa, 2013).
Risk taker- Successful entrepreneurs are takes high risk at the startup of business. The risk is
related to the success of business and financial term which can evaluate the high profit in the
high risk. Without risk a successful entrepreneur can't achieve effective goals in organization
(Simatupang, Schwab and Lantu, 2015).
There are some skills of entrepreneurs to develop the business in appropriate manner:
Communication- The communication skill is required for the successful entrepreneur
Successful entrepreneurs can communicate with customers effectively which helps in building
healthy relations and supports in attracting the customers towards the business. Communication

should be effective and best to the customers as well as business staff which can help to increase
the productivity as well as profitability.
Promoter- The successful enterpriser is the good showman who promotes its enterprise
significantly to achieve the attraction of customers and investors towards business. Promotion is
a more effective and important part of the business which can attract the customers in the
organisation to improve the profit as well as sales in appropriate manner. promotion is a
marketing term which is evaluate by the social media so that the customers are aware about the
business as well as their production process.
Strategy- Successful enterpriser plans effective strategy so that they can implement in concern
effectively. Strategy is important to every business that can help to set the goals and objectives
and the strategy can help to define the appropriate way that how to achieve goals of the entity.
Leadership skills- The most and essential skill of successful entrepreneurs is leadership skills
because in the business the people possess different background and skills so the businessperson
have to lead effectively and motivate their employees to do hard work and achieve effective
goals so that they can able to get profit and reduce uncertainty in the business.
P6 Aspects of entrepreneurial personality reflecting entrepreneurial motivation and mindset.
The motivation is the aspect which helps in influencing the individual for performing the
work in order to get the desired results. It is only a key factor which influences individuals to
start the business and work hard to achieve the objectives and goals. Motivation helps in mind
setting of personnel towards development of a new concern. Individuals can be motivated by the
eagerness to grab more and more opportunities (ZHANG and YAO, 2012). The avidity to earn
more wealth sets the mind of the individuals toward start-up of the enterprise.
The certain qualities of the Bill Gates and Mark Zuckerberg have motivated them at the
younger age which influenced them to conduct their own concern and this lead to their success.
The personality of Bill Gates and Mark Zuckerberg have directly reflected their mind sets and
motivation which lead to their success in enterprise (Paradi, Yang and Tone, 2017). As discussed
above the qualities and skills of Bill Gates and Mark Zuckerberg is required in individual for
becoming the successful enterpriser and managing business successfully. The success of a
concern is directly affected by personality of enterpriser and the personality is the combination of
qualities and skills which an individual entrepreneur must possess. The personality qualities
reflect the mindset of the individuals which forces individual to take risk and initiative towards

setting up of new business venture. As per their personalities discussion it is clearly get identified
that they have positive mindset and they get motivated even through from their failure also.
These two face so much difficulties in their life after all Bill gate is school drop out and just want
to achieve something high which none of a person achieved. He get motivated with with his
dream which is just to change the world. As a result their motivation from small things aid him
in becoming one of a well known billionaire in the whole world.
The mind set than help in utilisation of available resources effectively which leads to the
success of business. The businesspersons’ quality of risk taking helps them to motivate to take
risk occurred in business which helps them to solve problems easily. The communication skill of
the entrepreneur directly helps individuals to build good relations with the clients and customers
of business enterprises. The skill of communication is directly reflected by the personality of the
entrepreneur. The communication skill is also referred to in born skill of the individual. Hence
both of them have a plan and goal which they want to execute. But all these famous personalities
have a single common thing which get understand with the help of OCEAN acronym:
Originality: It means that a person should have to adopt a original idea of itself. Their ideas are
different from others and they do not copied it from any other personality.
Consolidation: They have some willing to perform task in an effective manner through which
their main aim is to achieve all targets in a proper manner.
Extroversion: This trait signifies that these personalities have positive mindset. With the help of
positive attitude they become able to attain all targets in a proper manner.
Agreeableness: With this concept, these individuals play a fair game in market in which a
cooperative competition is taking place. This signifies that a healthy environment is taking place.
Neuroticism: Also they have to remain stable in any sort of difficulty. This factor is important for
them through which their work get done and they pass on each and every barrier without so
much problems.
TASK 4
P7 Background and experience which can hinder or foster entrepreneurship.
The hinder and foster of entrepreneurship is directly related with background and
experience of enterpriser. Individual with the business family directly helps entrepreneur in to
success of their businesses. The business family background helps in teaching the individual

from birth about the business which help in conducting the business with ease. On other hand the
individual who do not belong to the business family background faces difficulty in the operation
of new business. The good financial background of individual helps in investing more in
business which helps in the use of new technologies from the start of a business. This use of new
technology will directly help in a success of entrepreneurship. A bad financial background
hinders success of businessperson. The individual can't be successful unless and until he uses
personal funds in a concern (Dos and et. al., 2011). The unavailability of funds forces to make
use of out dated technology which declines the productivity of business and leads to decline in
the success. The better background of individual in the management fosters in a success of the
entrepreneurship whereas the bad management background of the entrepreneur directly declines
the success of enterpriser. The good background of family helps the entrepreneur in solving the
problems and also helps in operation of concern (Sahlan, Rahman and Amin, 2015). The
educated family background can also help individual by supporting the entrepreneur in operation
which leads to success of business. The good relations help entrepreneurs in creating better
contacts with good peoples which supports in success of entrepreneurship.
The quality experience of the entrepreneur is the significant factor in a success of a
entrepreneurship. The enterprisers who have complete experience in the management of business
helps a individual to manage its undertaking easily. On other hand a personnels who do not have
any experience in the management of business cannot handle the business functions
easily(Bridge and O'Neill, 2012). The entrepreneurs who have worked in similar kind of concern
have good knowledge about the business which helps in functioning of a enterprise significantly.
The past study on the business is also linked with success of entrepreneurship.
CONCLUSION
From the above report it is been concluded that the entrepreneur is a person who takes
high risk in order to establish their business in an effective manner so that they can get success in
a business market. It is important for the entrepreneur to have a proper motivation and they
should have an proper skill. They should take knowledge and motivation from the entrepreneur
which had got success. As they will give them proper knowledge of doing the work in their
future. They should follow the things which they will teach to do. And the small scale business is
better for the nation to make establish more as that would help them in increasing the economy
of a country which would help them in developing their nation in appropriate manner.

Development of small undertaking helps to generate job opportunities for individuals of nation
which helps them to earn incomes and fulfil their basic needs.

REFERENCES
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