Entrepreneurship: Challenges and Growth

This assignment delves into the multifaceted world of entrepreneurship. It examines the characteristics essential for successful entrepreneurs, highlighting both the hindrances and facilitators they encounter. The text analyzes how entrepreneurs navigate various challenges, emphasizing their crucial role in driving innovation and economic growth. Real-world examples like Brexit's impact on small businesses are used to illustrate these concepts.

ENTREPRENEURSHIP
AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1...........................................................................................................................................1
P1 Types of entrepreneurial projects and their relation to the typology of entrepreneurship.....1
P2. Similarities and differences between entrepreneurial ventures............................................2
TASK 2............................................................................................................................................4
P3 Relevant data and statistics to illustrate how micro and small business................................4
impact on the economy..............................................................................................................4
P4 Importance of small businesses and business starts-ups to the growth of social...................6
Economy....................................................................................................................................6
TASK 3 ...........................................................................................................................................7
P5 Characteristic traits and skills of successful entrepreneurs....................................................7
TASK 4............................................................................................................................................8
P6 How entrepreneurial personalities impact upon their mindset .............................................8
P7 Foster or hinder entrepreneurship..........................................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES .............................................................................................................................11

INTRODUCTION
Different business enterprises uses different strategies to run their enterprise at domestic
and international levels. Size of these type of firms are small in respect to large multinational
company which are large number of customer attraction and also grab large number of shares in
marketplace (Akehurst, Simarro and Mas‐Tur 2012). In small business enterprise, there are less
number of employee working in enterprises, generate revenue, and also small capital investment
by owner of small enterprises but these company have good image in marketplace.
They sustain reputed position in market place. There are various small scale business
company who put their efforts in order to develop their skills and knowledge of employee
working in company. It aids to begin their business at small scale. UKClould is small business
companies which deals with networking business. It provide networking service to different
business companies. Company give qualitative service to various different firms which aids in
growth of economy of country. Entrepreneurship is process which aids to implement new
method of business plan, an individual who operates new enterprises are called entrepreneur.
TASK 1
P1 Types of entrepreneurial projects and their relation to the typology of entrepreneurship.
Entrepreneurship is the process of starting a new venture by implementation of new and
innovative methods of planning. It explained the capacity and willingness to develop, organise
and handle business projects (Audretsch 2012). An entrepreneur also bears risk of business
projects and develop appropriate plan for handle the risk of business firms. Entrepreneurship is
the process which aids to enhance skills and knowledge of employees working in their
organisation which give positive impact and utilise the source to established business enterprises.
Here are some of entrepreneurial projects: Small business entrepreneurial project: These are one who operates enterprises at
small level. In order to attain goals and objectives of business firms.These small scale
enterprises provide different types of resources to manage various activities of operations
of particular projects in effective manner . These small entrepreneur put their effort in
order to enhance living standard of society, improve economic condition of families and
for running its business to sustain in market place.

 Large Entrepreneurial business firms: There are different companies which deals at
domestic and international level. They considered as large scale business firms. The main
aim of these organisation to earn large amount of revenue in order to provide good
quality and effective services to their loyal consumers. These company aids to improve
employment condition of country (Burrows, 2015). It creates lot of opportunities at mass
level. These firms aids to improve the economic condition ad GDP of the countries. In
UK there are different types of large scale company which plays an important role to
accelerate the economic condition of country.
 Social entrepreneurial projects: In order to improve the structure and and standard of
society these scalable enterprises provide best and high quality of products and services
at very reasonable costs. The main aims of these company is to provide the necessary
help to unprivileged societies and enhance their living standard.
Different typologies of entrepreneurial projects The researcher entrepreneur: This types of entrepreneur concerned with
implementation of new and innovative ideas in order to build image of company.
Entrepreneur analyses the different market plan, desire of customer and their
diversification. These are the individuals who put their efforts in order to find out the
different sources to provide smoothness in operations. The determined entrepreneur: This is type of entrepreneur always concentrate on their
goals and objectives of firms. They fix their target and value and implement their
strategies as per the requirements.
 Imitating entrepreneur: These are the entrepreneur which take help of different
approaches existing entrepreneur and apply those approaches and methods in order to
start new venture. The entrepreneur basically focus on rural areas and the sector where
the there is unavailability of resources (Hansen, and Hamilton, 2011).
P2. Similarities and differences between entrepreneurial ventures

Types of entrepreneur Similarities Differences
Life style entrepreneurs and
serial entrepreneurs
These two entrepreneur are
different but having same
organisation. Basically they
concentrate on to improve the
quality of products in order to
enhance the level of profits.
Entrepreneurship skills aids to
pro[per running of a business
plan (Hotho, and Champion,
2011 ).
Serials entrepreneur are the
individual who implemented
new and innovative ideas to
start a new venture. They trust
of forecasting and assumptions
aids them to sustain in the
uncertain market place. They
implement these innovative
and new ideas to gain
appropriate outcomes in order
to generate revenue.
all the same the life style
entrepreneur put their efforts in
order to create a innovative
product segment in market in
order to achieve their efforts
and achievements.
Small and social
entrepreneurs
Social and small
entrepreneurship focus on to
provide basics and
fundamental needs for an
individuals or society. They
put their efforts in order to
attain their goals and
objectives of firms. They also
emphasis on to enhance the
standard of business firms
In order to achieve their goals
and objectives the small
entrepreneur put their efforts to
increase the capital investment.
Individuals also focus on to
enhance the effectiveness of
families of employee working
in organisation.
Although social business
entrepreneurial projects aids to
develop the structure of

society. These companies
provide qualitative service I
order to excel the living
structure of people
Large and scalable
entrepreneurs
The multinational companies
are determine as large scale
companies. These companies
aids in attaining long term
benefits and also accelerate the
growth of economy of UK.
These company covers large
market shares and investment.
Scalable entrepreneurship
companies put their efforts in
order to attract the large
number of investor to give
support to their business
(Jones-Evans,and Klofsten,
2016).
These entrepreneurship apply
different strategies in order to
improve the impact and
impression on mass level.
They always depend upon
large scale company to retain
in market place.
Whereas large company retain
itself in order to improve the
economy of country. Large
scale company gab large
number of shares in market
place which aids to generate
large number of revenue from
marketplace.
TASK 2
P3 Relevant data and statistics to illustrate how micro and small business impact on the economy
Small and micro business companies aids to expand economic structure of country. The
main role of small scale industries is to create opportunities for employment such as labour work,
stitching of clothes of employee working in organisation and other physical works. It aids in
enhance the standard of living to the people of unprivileged society. It also provide employment
to people of these society. There are various number of small scale company which are involve
in providing employment and expand product and services in UK. For raising the level of
employment the micro companies provide large number of employment opportunities. The main
aim of macro company that it give employment to those candidates who remain unselected and
unemployed this laid to increase ratios of employment in different sectors of country. Raise in

employment ratio give positive impact on international level of organisation. These organisation
hire give opportunity to give lots of employment to people of country (Schaper, 2016). Various
small scale aids large scale company in supplying of raw materials and also provide support in
various function like providing labour, workers, logistic services and various other function
within organisation.
UK cloud is company which give cloud networking installation in various public sector
in UK. In providing facilities entrepreneur plays an significant role in providing services by
implementing new and innovative technologies in the business company. These new and
innovative technology aids in expansion of company in different sector. Networking facilities
aids the company to interact with other business company. It aids to established a bond between
different organisation in order to provide smoothness in different operation of business. This help
in accomplishing goals and objectives of company. It also secure data and information of
different companies. Implementation of innovative and creative discoveries aids to develop the
company's communication structure more bendable and ductile.
 Small business company implement specific and different methods to handle
condition and various functions in systematic manner. Implementation of
advance technology aids company to reduce the failure of task. The structure of
small scale business company are cable of to adjust themselves in adopting the
various changes and innovation in compare to large scale companies. Small
companies are able to do experiment to their products in order to fulfil the desire
of customer. Small scale company apply strategies to recycle and generating
energy with help of traditional and natural resources. This is one the [peculiar
characteristics of these types of companies large number of women are also
involve in successful running of entrepreneur (Storey, 2011). It aids in raising
the economy of UK.
 The micro and macro companies has positive impact in growth of economy of
UK. It is assumed that small scale company to give support to various activities
and operations which are very assistive for international company.

(Source: Brexit’s impact on small businesses, 2018)
As per above mention chart it has been assumed that after Brexit there are various small
business industries came into existence. In starting phase there were not any development in
organisation. After some year there is increment in 18.9% micro level industries which were
come into existence in order to raise employees level in UK. After some years government of
UK put its efforts to enhance small scale industries about 23.4% it leads to enhance the level of
employment. This graph shows roles of small scale industries plays an important role in order to
raise the employment level of UK.
P4 Importance of small businesses and business starts-ups to the growth of social Economy
Small scale company aids to develop the conditions and opportunities to the company.
These company implement a base which is concerned with construction of living and statistics
of pricing index. It fills gap between economy and growth. Large scale company have to
inculcate with various types of issues which are related to short term action and different
Illustration 1: Brexit’s impact on small businesses

functions and small scale industries aids to reduce work pressure among small scale company in
order to complete processes of project in small part. Inventions and innovations: Small business company are famous for implementation
of new tactics and technologies to perform the various function of business in order to
attain goals and objectives of with appropriate utilisation of different resources. These
companies are the appropriate platform to analyses the skills and knowledge of
entrepreneur in small scale company (Thomason, Simendinger, and Kiernan, 2013).
These kind of tactics do not need large amount of capital investment in investment of
new and innovative ideas in business. The supportive role of small scale company aids
entrepreneur to apply new and innovative idea in business. Ability to face challenges and various problems: Due to flexibility in work culture of
small scale company faces some issues and problems which resolve in effective manner.
There are various issues raised in regarding labour economy, postal and packaging
service providing human resources in systematic manner.
 Heart of the community: Small scale company are more closure to societies. Social
and small company give support to company and people of concerned society it aids
in enhance quality of products and services at reasonable cost. These organisation have
close relationship between the people at different levels and they are more flexible to
understand the various issues of people living in society. It provide lots of opportunities
to people living in society .
 Strength in diversity : There are various circumstance and incidents took place at
small scale company in order to achieve high profit level and generating high revenues.
Big venture and consequences aids increasing the strength of company. Government
pays an significant role in order to fulfil resources to grab customer interest in society.
The owner of small scale company get opportunities to create positive impact on the
customers. Owner of small scale company implement such new and innovative in order
to smooth functioning of business (Wright, and Stigliani, 2013.).

TASK 3
P5 Characteristic traits and skills of successful entrepreneurs
Entrepreneur are individual who can led various changes in environment of company.
Various assumption were implemented by entrepreneur to fix the goals of company this is most
essential characteristics of entrepreneur. They set the structure of business and implement new
and innovative ideas in marketplace. An entrepreneur have some qualities in nature of
entrepreneur. Strong leadership qualities: The most important quality of entrepreneur is having
leadership traits. Leadership skills consist of some direction, some teaching and also
some team leading ability. There are some qualities which are found in human by birth.
There are different entrepreneur who have leadership qualities by birth like Steve jobs,
Mark Zuckerberg and Bill Gates . These are leader who contain qualities of perfect
entrepreneurs. These are man who accomplished their own business empire by
implementing their own strategies. They have abilities in decision making. Passionate: Entrepreneur always concentrate on goals and objectives of company.
They are very passionate to achieve their gaols and objectives. Entrepreneur always
determine the to motivate the employee working in company without any disturbance. Willingness to fail: An entrepreneur never mind business failures. They have ability
to take effective decision for accomplish the failure of business. He always put its effort
in order to achieve the goals and objectives of business company. An entrepreneur
always learn asses its mistakes in order to complete the venture. Self motivated: This is most important quality of an entrepreneur that is self
motivation. The legend always motivate themselves in order to achieve their goals and
objectives .They put their efforts in order to perform their works and learn from
mistakes. In starting a venture entrepreneur faces various type of challenges at starting
phase of company (Yallapragada, and Bhuiyan, 2011). As Mark Zuckerberg put his
hard effort in order to established Facebook as a brand. These are leader who never
intended by failures and never feel proud while getting achievements. They are
motivated from every success and achievement to move forward.
 Flexibility and adaptability: The skills of leadership and skills of entrepreneurship aids
to enhance flexibilities an adaptabilities to modification and advantages in organisation.

TASK 4
P6 How entrepreneurial personalities impact upon their mindset
Mark Zuckerberg, Bill Gates, are entrepreneur who possess a level of successful
entrepreneurs. During their starting stages of their business venture they faces lots of challenges
and conflicts. It give negative impacts on business but they have abilities to take effective
decision making. By implementing various strategies they faces challenges and resolve the
conflicts during starting period of venture. They put their effort in order to attain goals and
objectives of company. There are various factors which impact the business venture which are
describe below:
 Social Factor: Entrepreneur are the individuals who effects the persons of society
. Society plays an important role tom enhance the growth of organisation. It also
enhance economy of country also enhance the living of people. It also enhance
price index statistics of business (Castrogiovanni, Urbano, and Loras, 2011). The
main objectives of entrepreneurship is to motivate the employees in order to
achieve the gaols and target of company. Best ethical practice aids to established
the faith and trust on society in effective manner.
 Family background: There is great influence of family on life of entrepreneur.
The influence of friends and collogues influence life of entrepreneur. All
concerned factor aids to develop life of entrepreneur. The life of entrepreneur
was fascinated by these different factor.
P7 Foster or hinder entrepreneurship
An entrepreneur always take risk which are related to maximising the level of profits
and generating higher revenue. These are individuals who always concentrate on investing the
capital to start the new venture and also to develop the existing venture in effective manner.
They always took opportunity to implement new type of venture which give lots of employment
to people. These are person who aids in developing the country by implementation of various
technique in organisation. These techniques help to develop skills and knowledge of employee
who are working in company (Alsos Carter and Ljunggren 2011). Bill Gates and Mark
Zuckerberg are the two eminent entrepreneur of the world. Mark Zuckerberg is founder of
Facebook and Founder of Microsoft is Bill Gates. These two companies are large scales

company which aids to give lots of employments to various people. Both the individuals have
clear context of goals and target. They work hard in order to satisfy desire of customer as well
as achieve goals and desire of company. Bill Gates and Mark Zuckerberg work in effective
manner which attribute to enhance the profitability of the bushiness they put their efforts to
enhance the profit of company. Both of these individuals motivate their employees in order to
accomplish their goals and objectives of company. Mark Zuckerberg having capability to work
in effective manner .
He use to implement various method which give smoothness in
work processes. In order to maintain the environment of organisation entrepreneur always
implement some new and innovative method which help in achieving target assigned by
company. Both the individuals are good listeners, establishing good relationship with loyal
customer and also with employee. They are the good negotiator which help in maintaining the
relationship between different companies. They possess narrow focus towards their clients in
order to fulfil their needs. These two person put their efforts in satisfy desire of customers. Both
the entrepreneur put their effort to implement innovative technique in order to maximise the
profitability of organisation. Both these entrepreneur faces various challenges and issues during
starting phase of business venture. But they implement innovative resolution in order to resolve
the various issues of company and also those issues which are related to customer. They also
consider the suggestion of customer by implementing feedback method. They apply those
specific suggestion in order to provide better service.
CONCLUSION
As per mention project report it is assumed that small scale business and
entrepreneurship plays an significant role in enhancing growth of economy of country. These
company provide large number of employment opportunities to people of UK. Various
entrepreneur put their efforts in development of country. It help in enhance living standard of
people of society. Small scale industries give chance to entrepreneur to implement new and
innovative methods of technology in order to enhance skills and knowledge of employee
working in the company. It also give conclusion about the impact of micro and macro
environment of business company are affected by implementation of new technology. It also
shows different characteristics which are essential for entrepreneur in order to manage the

different activities in the organisation. Hinder and Foster are the examples of entrepreneurship
which are defined in this report