Entrepreneurship: Growth and Challenges

This assignment delves into the multifaceted realm of entrepreneurship. It examines the essential traits of successful entrepreneurs, analyzes the influence of internal and external factors on entrepreneurial ventures, and highlights the crucial role small businesses play in fostering a vibrant social economy. The research emphasizes the significance of understanding these concepts for aspiring and existing business owners.

ENTREPRENEURSHIP
AND
SMALL-BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P. 1. Different kinds of entrepreneurship venture and their typology.........................................1
P.2. Similarities and differences between entrepreneur venture:................................................2
P.3. Micro and small business impact on economy....................................................................4
P.4. Explain how important small business and business start-ups will contribute to the growth
of the social economy..................................................................................................................5
P.5. Characteristic and traits required for successful entrepreneur.............................................6
P.6. Aspect for entrepreneurial motivation and mind set ...........................................................7
P.7. Examine, using relevant examples obtained through your mini-research, how background
and experience cam hinder and foster entrepreneur....................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
In this documentation, we will review of different kinds of entrepreneur that have
responsibilities to do their job properly in order to fulfil needs of each customers by providing
innovative and existing product and services. There are some similarities and differences among
different kinds of entrepreneurial venture like social venture, scalable entrepreneur and small
business venture etc. Furthermore, micro and small business effect the economy of the UK
effectively. We will also discuss about small business and micro business that will make great
contribution on the growth of the social economy of the country efficiently. Ultimately. We take
a look at there are several kinds of traits and characteristics of an entrepreneur that can be useful
to become a successful entrepreneur and several aspects by which an entrepreneur can motivate
themselves towards fulfilment of their business needs efficiently.
TASK 1
P. 1. Different kinds of entrepreneurship venture and their typology
Entrepreneurship is a business exercises which come up with innovative ideas on an
individual mind and which exploit in the market by providing unique product and services to
targeted customers (Hatten, 2012). There are several uncertainties and problems faced by an
entrepreneur at the initial stage of their business. All the face challenges become an entrepreneur
big business man in the life and they would be able to expand their business more effectively in
various kind of markets. They are highly motivated towards new thoughts and ideas which come
up on the entrepreneur mind through market research and needs of the customers as well. They
are also highly motivated towards their role and responsibilities towards their business and
succession of implementation of their new ideas in the market. There are multiple kinds of
entrepreneur venture presented and they are working in different-different sectors which are as
following: Small business Entrepreneurship: There is big amount of small-business running in the
country and they are making great impact on the country economy as well. They work
individual and with group also in order to run their small firm effectively and gain profit.
These kinds of small entrepreneurship is grocery, saloon, plumber, electrician. They are
hired from local peoples and family. Scalable start-up Entrepreneurship: According to scalable start-up entrepreneurship,
they are highly motivated towards their vision and mission of the business in context of
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one day they will change the world by their innovative ideas in the market. Moreover,
they hire highly talented and skilled persons in order to enough support for
accomplishment of their set goals and objectives within the business. Large Entrepreneurship: Large entrepreneurship are those who come in the market with
large amount of investment. They prepare plan, project and necessary exercises in the
business in order to open up their new venture at big level in the market. Multiple kinds
of strategies are implemented by large entrepreneur venture in order to satisfy customers
needs efficiently and gain profitability more. Social Entrepreneurship: Social Entrepreneur is those who work for social welfare
majorly and their main aim not earning profit from the society (Kraemer-Eis, Lang and
Gvetadze, 2013). They work for mainly satisfy the needs of society people effectively in
order to make their life well-being. They also earn profit but their aim not to create more
competition in the market, they work for improvement in those products and services
which is efficient to satisfy the each needs of society in effectively manner.
 Determiner Entrepreneurship: In this type of entrepreneur, they do their work
peacefully and with more determination as well. They focus on to do business with not
producing copy product which is invented by other companies. They formulate their own
product in order to raise market share and profitability as well.
These are various kinds of entrepreneurship typology which is functioning in the market
effectively. Major goal of small business is that earn more profit by satisfying existing product
and services providing to their targeted customers effectively.
P.2. Similarities and differences between entrepreneur venture:
We have discussed above different kinds of entrepreneurship typology and these helps in
country economy to effective grow and make big impact. All these kinds of entrepreneurship
venture have some similarities and differences effectively (Cole, 2011). One of the major
similarities betweens all of them is, they work for satisfy customer needs effectively and come
up with innovative ideas in the business. Small venture do their business to development of
themselves and large scale of entrepreneurship come up in the market to make a big impact on
the country economy and generating wide range of revenue from the market as well. Moreover,
social entrepreneur work for social well-beingness and their aim to generating profit and
competition in the market. Furthermore, small entrepreneur work for generating profit from the
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market and scalable and social entrepreneur work for social welfare in the society effectively.
One of the another major differences is that scalable and social venture generate in order to
fulfilment of social needs to well-beingness of people in the society and small and large scale of
entrepreneur come up in the market to generate more profitability and productivity from the
market by serving various kinds of product and services to their targeted customers. Social
entrepreneur work for gaining social value by furnishing quality of product and services to their
clients and also raise their socio-economic value in the market as well.
Various differences between all these kinds of entrepreneur is as following:
Small-business venture Scalable Start-up venture Social venture
Small business come up in the
market with small investment
and they sell few kinds of
product and services in the
market.
These kinds of people come up
in the market by large
investment in the market and
they produce innovative
product to change the world
(Goffee and Scase, 2015).
Social entrepreneur work for
society for people well-bigness
in the society nor for earning
profit.
They need to low investment
in order to starting a new small
business.
They need to wide amount of
investment in order to open up
a new business.
They need to moderate
investment in order to start a
new social venture.
Small business furnish
different kinds of product and
services to satisfy customer
needs effectively.
They find out innovative
product by invention to satisfy
customer needs efficiently and
towards the world changing
goals as well.
Their main aim is to provide
social welfare services in order
to make their people healthy
and safe.
There are some similarities among all these kinds of business entrepreneurs:
Small Business Entrepreneur Scalable start-up
Entrepreneur
Social Venture
In small business entrepreneur,
very few employees are
required to start it.
In this type of business, very
few person included who is
having goods skill and
There are large numbers of
employees needed in social
venture in order to satisfy each
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experiences. individual needs in the society.
In small business local people
can be hired and family
member as well to run the
business.
They need to talented and
skilled peoples in order to run
this type of business and they
work for big changes in the
world.
Social venture mostly need for
volunteer workers in the
society in terms of
development of people life in
the society.
P.3. Micro and small business impact on economy
Micro and small business are making big impact on the economy of the country.
Economic development of the country is most essential part in order to development of the
country in effective manner. Therefore, there are various small and micro businesses presented in
the country who is doing their business in well manner (Burns, 2010). In caparison to large
business, small business earn less profitability than large business in the country but their
contribution in the growth of the economy is high and efficient.
Small and micro business is the backbone of the UK economy and there are multiple
numbers of small and micro business running efficiently and they are making great contribution
to growth of the country in sufficient way. From the research of performance of small and micro
business in the country, they help to generating new market segmentation, creating more jobs
and contributing in increment of GDP growth of the UK as well. From the research of RSA it
could be founded that there is 55 % of the small and micro business do not survive in the country
more than five years. There are several kids of innovation is implementing on the business in
order to better development and run of the business in the market. Small and micro business
must have sufficient knowledge to make sure that their existing product and services raising
satisfaction level of the business as well (Bridge and O'Neill, 2012). Workshops, seminars,
training and development program of the key elements to run a business in well manner and
make their employee more efficient. Confederation of British industry described about to the
economical values of small and micro business in the UK that they are operating 90% of private
sector business in the country and small business generating 60% of private sector job opening in
the business as well. With the assistance of this research, it could be said that, there are 4.9
million small and micro business operating in the UK. Furthermore, it could be said that these
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businesses are creating more job opportunities in the market and also raising in their profitability
as well.
 Future growth: Brexit made direct impact upon the economy of the country in the UK.
Government of the UK need to take action towards the welfare of small and micro
business in the country. Several internal and external subsidiaries are declared by the UK
government in order to raising the business quality of small and micro business within the
country (.Bridge and O'Neill, 2012). They also have developed some export strategies
and policies in order to investment of foreign companies in their small and micro
business to raise their capital to development of their quality more efficiently. The small
and micro business also helping in order to growth of the GDP rate within the country in
effective manner.
P.4. Explain how important small business and business start-ups will contribute to the growth of
the social economy
Brexit in the UK have made great impact on economy of the country and this is the major
problem of the government of the UK. Employment opportunities within the country make wide
impact on the economy (Storey, ed., 2016). Moreover, after Brexit the UK country' economy has
been positively impacted by the small and start-ups business in the country which came up after
Brexit in the country. There are several small businesses are operating in the country which is
making big contribution in the economy of the country as well.
The guideline declared by Vast scale association that for generating more profitability for
the business they need to give higher payment scale to their employees efficiently. From the
view point of management, it could be stated that working with full effectiveness can beneficial
for the business and workers to well stand in the industry at global level. Nevertheless, the
financial executions of the UK country would be specially communicated with the quality of the
industry to crease positive association which is joined new in the business (Kuratko, 2016).
Moreover, the highest range of the growth of the economy depended upon the small
business and stat-ups in the country. We will discuss the factors of small and start-ups which
make contribution in raising GDP of the country effectively as following: Employment: A company need to multiple numbers of activities and functionalities in
order to better operation at the workplace. Therefore, it can be possible by raising
opportunities of employment in the country by various small business and start-ups
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opening in the country. Both kind of businesses would help to minimise the
unemployment in the UK.
 Income: Generating revenue from the small business it could be said its profitability and
revenue make big contribution in the development of the economy of the UK's countries.
It is because income of individual will be raised and they would be able to utilise of their
purchasing power more efficiently.
Small business and start-ups often furnish funds to development and welfares of the
society effectively and also those employees who join it (Bosma and Levie, 2010). These
activities give social advantage and provide appropriate strategies in order to proper satisfaction
of the needs and demands of workers.
 UK's economy: The major risk has been founded after Brexit situations in the UK and it
makes impact on a specific degree of its expansion in the general financial development
of the country. These essential changes would happen due to betterment of the economy
by start-ups business and small business come up in the market.
P.5. Characteristic and traits required for successful entrepreneur
A successful entrepreneur need to own multiple kinds of traits and characteristics to give
effective performance in the market (Morris, Kuratko and Covin, 2010). Some of their thought
process and innovative ideas will help them to become successive entrepreneur.
There are numbers of characteristics and traits required for successful entrepreneur: Passionate and motivation power: it is most essential characteristics of a successful
entrepreneur which must be owned by an entrepreneur to get success. Enterprise motivate
their employees and workers at the workplace so that their workers give their full
dedication towards accomplishment of goals and objectives of the firm effectively.
Entrepreneur must be passionate towards their works within the business. They enjoy
their works within the firm and do their work with full dedication in order to get effective
success in the business. Risk taker: Entrepreneur must be risk taker, because they face numbers of issues and
challenges at initial level. An entrepreneur need to be strong to have potential to
effectively address all the risk in the business and find out effective resolution of their
issues and problems with the help of their business though process in the firm. They must
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prepare proper plan before implementation of each new project on the business and take
proper assessment of their performance to effectively address all the risks in the business. Self believe and hard worker: An entrepreneur do that work in which the feel more
comfortable and confident (Storey and Greene, 2010). They believe in themselves and
their decision in the business as well. Entrepreneur dully dedicated towards their business
idea and project and for getting success they work more hard than other employees at the
workplace to efficiently accomplishing organisational goals and objectives. Adaptability and flexibility: An entrepreneur need to accept all critical condition of the
business and they also require adopting all kinds of circumstances in the business in order
to gain more potential working condition in the business. Their beliefs on their idea and
hard work give more potential to become successful. They need to follow the flexible
nature at the workplace in terms of accept crucial condition of the business and
effectively address them as well. Planning: An entrepreneur need to prepare a proper planning of their idea
implementation on the business in order to appropriate achievement of their desired goals
and objectives in the business. Proper planning will furnish entrepreneur relevant
guideline about to forecasting about to the situation which is required to accomplish by
the business in relevant manner. This is the process which apply on the business for long
terms commitment and this is one of the important alternatives which can be used for
effective addressing the risk of the business.
 Network ability: An entrepreneur need to communicate with their friends and family
members more effectively in order to promote their business plan and their product and
services in the market (Schaper, Volery, Weber and Gibson, 2014). With the help of these
attributes and characteristics they can become more successful in their life.
These all characteristics and traits must be owned by an entrepreneur to better operate
their business in effective manner.
P.6. Aspect for entrepreneurial motivation and mind set
All the characteristics and traits like hard works, dedication, effort, network ability,
planning and flexibility etc. all help an entrepreneur to work more effectively and with fully
motivation at the workplace (Pott and Pott, 2012). There are several circumstances which are
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easily taken and motivate themselves to make proper mind set to development of their business
in efficient manner. Take Actions: With the help of efficient experience and knowledge of business will
provide guidelines about to the become a successful entrepreneur in the market. They
would take action in the business by which they would be able motivate themselves and
their employees as well. Desired to do something innovative: An entrepreneur often try to do something
innovative in the business and they would never hesitate in order to take risk in the
business. Desires of do something innovative and new in the business will raise
motivational level of an entrepreneur and make their mind more efficient towards the
works which give more benefits to the business. Become independent: With the help of their attributes, an entrepreneur can make their
own effective decision towards the business succession and they would be independent to
take right action towards the business effectively (Kirzner, 2015). They will become
more potential entrepreneur with the help of this activity. Encouragement: With the help of several things in the life, an entrepreneur can motivate
themselves in order to run their business in more efficient manner. They can provide
motivation to their employees and workers in the business in order to raise their capacity
of working. Agreeableness: There are some personality elements which can raise motivation level of
an entrepreneur effectively which includes kindness, warmness, positive behaviour and
humble nature etc. this characteristic of an entrepreneur will provide appropriate
knowledge about to behavioural nature in the business to other employees. An
entrepreneur need to treat dignity and with respect towards other people in the business.
This activity will increase the motivational level and make proper mind set of an
employee in effective way.
 Make policies: Various kinds of attributes presented here for increase motivation level of
an entrepreneur within the business. An entrepreneur need to raise the productivity and
profitability of the business. They often try to formulate some strategies and policies in
the business which must be followed by each employees of the firm in order to
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accomplishment of goals and objectives effectively. These strategic formulation approach
will raise the motivation level of an entrepreneur within the business efficiently.
P.7. Examine, using relevant examples obtained through your mini-research, how background
and experience cam hinder and foster entrepreneur
In order to become a successful entrepreneur, each entrepreneur faces many of
difficulties and challenges at initial level. There are some steps by which entrepreneur will get
hinder and foster by situations of an entrepreneur (Drucker, 2014). Background and behaviour of
an entrepreneur impacts greatly on the behaviour and psychology. There are several kinds of
limitation such as lack of education, poor financial position, poor family background etc. all
these things can hinder an entrepreneurship effectively. It is totally depends upon the psychology
and background of an entrepreneur which make them either hinder to make them successful and
foster to drag them down to falser in their life. Background and experience make impact on the
succession of an entrepreneur effectively.
 Cast origins:
The cost origins system has its own impact in front of occupation mobility effectively.
Social group generate some of large and capable structure of an entrepreneur. This is suggestions
that in which an individual person get encouragement to become more successful in the business
more effectively. Like in India, there are various cast communities such as jainism, budhism,
parsees etc. have capability to operation own traditional business activities (Herrington, Kew,
Kew and Monitor, 2010). These kinds of [articular culture of the communities can foster the
ability of an entrepreneur in the business. In India, there are various cases like Khatris,
Vaishnavs, Sindhis, Hains etc. and they have their traditional business and domestic sources to
use for become an entrepreneur. This is called family business in India and this kind of business
also surrogate the entrepreneurship skills more effectively. Family background:
This kind of function inclusions of different kids of families which formulate the soxe of
the family and statue of family as well. Background f any entrepreneur's individual family
provide some appropriate resources to development of their entrepreneurship effectively. Family
background support each entrepreneur in their life to better do their job in the business and
several times family do not support an entrepreneur to do their better job in the business as well.
A well educated and background families always support entrepreneur to get more success in the
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business and another side an uneducated family can not support an entrepreneur to become them
successful and provide appropriate resources in terms of getting success. This situation will
generate foster condition of an entrepreneur.
CONCLUSION
In this research, it is concluded that an entrepreneur need to multiple numbers of talents
and skill in order to become a successful entrepreneur. Different kinds of entrepreneur like small
business entrepreneurship, large entrepreneurship. Social venture etc. have particular
responsibilities to do their job properly in order to become more success in the business and
satisfy customer's needs properly. These report shows about some similarities and differences of
different kinds of entrepreneur in the market. Moreover, it is also concluded that micro and small
business in the country make great impact on the economy of the UK country. With the help of
this research, it is also concluded that small business and start-ups business can growth of social
economy of the business effectively. There are some characteristics which are must own by an
entrepreneur to become successful. Some factor of an entrepreneur life which can hinder and
foster of an entrepreneur.
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REFERENCES
Books and Journals
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures. 2012.
Bosma, N. and Levie, J., 2010. Global entrepreneurship monitor: 2009 global report.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Palgrave Macmillan.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and small business: Start-up. Growth and maturity. Palgrave
Macmillan.
Cole, R. A., 2011. Bank credit, trade credit or no credit: Evidence from the Surveys of Small
Business Finances.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Goffee, R. and Scase, R., 2015. The Real World of the Small Business Owner. Routledge
Revivals. Routledge.
Hatten, T. S., 2012. Small business management: Entrepreneurship and beyond. Cengage
Learning.
Herrington, M., Kew, J., Kew, P. and Monitor, G. E., 2010. Tracking entrepreneurship in South
Africa: A GEM perspective. South Africa: Graduate School of Business, University of
Cape Town.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kraemer-Eis, H., Lang, F. and Gvetadze, S., 2013. European small business finance
outlook. Luxembourg, European Investment Fund.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Morris, M. H., Kuratko, D. F. and Covin, J. G., 2010. Corporate entrepreneurship & innovation.
Cengage Learning.
Pott, O. and Pott, A., 2012. Entrepreneurship. Unternehmensgründung, unternehmerisches
Handeln und rechtliche Aspekte, Heidelberg.
Schaper, M. T., Volery, T., Weber, P. C. and Gibson, B., 2014. Entrepreneurship and small
business.
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Storey, D. J. and Greene, F. J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Storey, D. J. ed., 2016. Entrepreneurship and new firm. Routledge.
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