Entrepreneurship: Concepts & Challenges

This assignment explores fundamental concepts within entrepreneurship, encompassing various perspectives such as social entrepreneurship, educational impacts, and the unique challenges encountered by entrepreneurs in rural settings. It examines theoretical frameworks alongside real-world obstacles that entrepreneurs face, drawing upon a range of research articles to provide insights into this dynamic field.

ENTREPRENEURSHIP

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurship ventures.........................................................................1
P2) Similarities and differences between different entrepreneurial ventures..............................2
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship...........................................................................................................................3
D1 Critically examine the scope, development and growth of entrepreneurial ventures............3
TASK 2............................................................................................................................................3
P3) Ways in that micro and small business put their impact on economy..................................3
P4) How important small business and start up business can contribute their participation for
growth of social economy............................................................................................................4
M2 Evaluate the differences that small, medium and large businesses make to the economy....6
D2 Critically examine how small businesses have an impact on different levels of the
economy in a local, regional, national and international context................................................6
TASK 3............................................................................................................................................6
P5) Mini research for determines effective research for demonstrate characteristics, traits and
skills of successful entrepreneurs.................................................................................................6
P6) How entrepreneurial personality can reflect to motivation and mindset of different
employee......................................................................................................................................7
M3 Explore and examine different lines of argument relating to entrepreneurial characteristics
......................................................................................................................................................8
D3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs
......................................................................................................................................................8
TASK4.............................................................................................................................................8
P7 Backgrounds and experiences can hinder entrepreneurships ................................................8
CONCLUSION .............................................................................................................................10
...................................................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneur is that person who organizes and takes all responsibilities of all business
and takes all risks with it. The entrepreneur is commonly seen as a business leader and innovator
of new ideas and business processes (Oguonu, 2015). Entrepreneurs and their skills help to
producing innovative products and services to their customers. The present report makes analysis
of different types of entrepreneurships ventures and their relation with topology and along with
this make analysis on similarities and dissimilarities in between them. The presents report make
analysis on effects of small business and start-ups on UK economy after Brexit. Moreover, the
present’s report also makes analysis on characteristics, traits and skills of a successful
entrepreneur.
TASK 1
P1. Different types of entrepreneurship ventures
Entrepreneur is that individual who start and run the business with limited resources
Through planning, taking risk and rewards for the organisation. Therefore, organisation in which
they are working is known as venture. Business is incorporated with innovation, product,
services and model of the company.
In order to make effective results, entrepreneurship is defines as the process of design,
launching and maintain creativity at workplace. In this aspect, business achieve their targets and
goals to determine effective results and performance. In this way, innovation is also takes place
which demonstrate creativity and innovation for maintains positive results and performance.
Every entrepreneur work with new skills and capacity that willingly develop operations and
organize functions to ascertain profitability (Carland Jr, Carland and Carland III, 2015). Further,
entrepreneurship is opportunities which exploit new things for making products and services.
Types of ventures
Basically four types of key ventures determines effective results which are as follows:
Local entrepreneurship
In this aspect, entrepreneurship is owned and run by local and small people who possess
quality of entrepreneur. In this different types of business includes such as local grocery retailer,
consultants and hairdressers, etc. The company can demonstrate running of their activities and
goals through hire local people at workplace. Main purpose of these types of entrepreneurship is

enhancing profits and revenue at workplace through demonstrate various activities (Schaper,
2016).
Global entrepreneurship
Global entrepreneurship is considering various activities and outcomes with run
operations at global level. In this aspect, entrepreneur can hire people who possess effective and
high quality to perform their operations at workplace. In this way, the company requires higher
capital for development of the business and its operations. Thus, profitability can be maintains
through assess customer taste and preferences. Global entrepreneurship is run in various parts of
the world through ascertain new technologies and assess competitors within the market.
Social entrepreneurship
Social entrepreneurship is runs through focus on creating more products and services
within the business environment. In this aspect, entrepreneur work through determining needs
and requirement of society which develops profitability and positive results at workplace. In
addition to this, they are also work to solve issues of society to build profitability and outcomes
at workplace. With the help of different activities, the company can easily deal with positive and
effective results.
Scalable start up entrepreneurship
Scalable start up entrepreneurship has motive to make innovation through they will easily
change whole world. In this aspect, goals and objectives are ascertains through entitle skilled
employee at workplace. Thus, the company can easily make profits and revenue at high level to
determines effective results and performances. There are various elements which describes
vision to maintain innovation and advance technology (Schaper, 2016). Start-up Company is
another important entrepreneurial venture which emerged in new and fast growing business.
Which has aims to meet with goals and targets of market. In this way, their typology is to
develop and offer innovative products, process and services within the market. Serial entrepreneur: In this aspect, serial entrepreneurs refers to the start and lead the
one business after another. They are also refers to multiple enterprises at same time
which assist to make and run day to day operations. For instance, Martin Riddiford and
Jim Reeves are entrepreneur of UK to established gravity light with solar energy. They
have continuous working for entrepreneurship through different elements.

 Social entrepreneur: Mainly these types of entrepreneur working for enhance outcomes
in society. Hence, they are dealing with innovative solution towards pressing social
problems. Main ambitious and typology of them is to offers new ideas and wide scale of
changes regarding social issues. Michael Young is the example of social
entrepreneurship in UK market. Female entrepreneur: In addition to this, at global level entrepreneurs are determines
their creativity for create brand image of particular country and business. As results, it
assists to enhance performances and outcomes of the enterprise outside the boundaries.
For example Gisele Bundchen is woman entrepreneur in the world. She is working for
natural skincare venture. Lifestyle entrepreneur: This type of entrepreneur has focus on development of the
organisation through handle risk and obtain risk element.
 Global entrepreneur: This entrepreneurship is based on knowledge and information of
local areas for create innovation for economy development. This type of entrepreneurship
has effective results within the economy because it assists to enhance results within the
nation. In this way, female entrepreneurs are working very well for establish effective
results with friendly environment.
P2. Similarities and differences between different entrepreneurial ventures
In order to find differences and similarities, following elements are included in different
entrepreneurial ventures: Size and structure: In this way, it has been analysed that small size enterprise is
considered as essential element to meet with needs and requirement of customers. SME
need to provide unique quality goods so that they will easily enhance more customer
within the business environment. With the help of innovative ideas and concept, success
is develops for start-up entrepreneurship venture. Size and structure is not major factor
because initial start-up required innovative ideas to start a venture. Aims and objectives: It is another differences which lies in aims and objectives of various
entrepreneurial ventures. With the help of entrepreneurship ventures, it is important to
arrange funds to expand business in new areas. Therefore, it could be assesses that
similarities and differences in term of objectives of quality towards customers.

 Sources of finance: It is another type of element that assist to obtain finance in different
types of entrepreneurship. Hence, it is important arrange fund to expansion of business in
effective manner. Social entrepreneurs is main focuses on welfare of society not earn
profits. Similarity is that they are also determines unique features and concept to achieve
desire results.
Lifestyle venture or similarities in
businesses
Serial entrepreneurs ventures similarities
Human resource management requires recruit
skilled employees within the organisation.
In this aspect, also human resources needed to
recruit for enhancing productivity of company.
These types of entrepreneurship have capacity
to take risk within the firm.
They have also capacity to undertake risk for
solving issue.
Innovative features are develops for future
enhancement and effective results as well.
In serial entrepreneur, innovative and creativity
qualities exist that assist to meet with
requirement of particular person.
Differences Differences
Lifestyle of entrepreneurs have more focus on
their rewards in life through by providing
people to enjoy passion for everything which
they are doing.
However, serial entrepreneurs have focuses on
strategies and ideas that help to incorporate
new company. In this way, they are also played
vital role to make regular functions in new
company.
Female entrepreneur business similarities Male entrepreneur business similarities
Generally, female are looks towards expansion
of the company in international market for
enhance profits and revenue.
They are also like to expand business in
various areas of international market to
accomplish desire results at workplace.
Less turnover out of 100 million but not more
than 50 million.
Less turnover out of 100 million but not more
than 50 million.
Differences Differences

Entrepreneurs are female candidates. Entrepreneurs are male candidates.
They are take place generally 1/3rd of total
entrepreneurs in international market.
Male entrepreneurs are higher than the female
candidates in the international areas.
There are different types of similarities and differences are take place among various
entrepreneurial ventures. Therefore, ventures are established that are beneficial to enable
development and growth of economy within the nation. In this way, local entrepreneurship,
global firms and social businesses are take place for demonstrate innovation and creativity at
workplace. All these ventures are work for such purposes like long term profitability, positive
outcomes, more earning and many more things. In this way, they all are also possesses effective
role for ensure long term targets and goals at workplace. In this aspect, earning more profits is
motive of each entrepreneur at workplace (Carland Jr, Carland and Carland III, 2015).
On the other hand, there are various dissimilarities take place within different
entrepreneurship. Local business possesses their roles to determine more fund to regulate
different elements at workplace. In this aspect, they are also focusing on raising more money
with effective results and performances. Apart from this, at global level, the entrepreneurship
requires more capital to introduced effective results and performances at workplace. Beside this,
social entrepreneur are working for development of society which enhance profitability and
positive outcomes at workplace. In this way, government agencies frame entrepreneurship
programs which solves business issues to solve problems at international level. In this aspect,
goals and objectives are ascertains for determining effective results and performances.
In addition to this, there are also different elements are take place which shows
distinctive contribution within the country economy. It leads to protect the business environment
through introduce creativity and innovations at workplace. Thus, goals and objectives are
ascertains for earning more profits and revenue. In this way, the organisation has main aim to
develop international brand which focusing on earning more profits and revenue (Schaper,
2016).

M1. Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship
All these entrepreneurship are related with typology to ascertain different types of
connection at workplace. In this way, local business run for earn more profits and global focus
on provides products and services at international level. It is also possesses qualitative elements
for get higher return and profitability at workplace.
D1. Critically examine the scope, development and growth of entrepreneurial ventures.
In addition to this, there are also different elements are take place which shows distinctive
contribution within the country economy. It leads to protect the business environment through
introduce creativity and innovations at workplace. Thus, goals and objectives are ascertains for
earning more profits and revenue. In this way, the organisation has main aim to develop
international brand which focusing on earning more profits and revenue (Carland Jr, Carland and
Carland III, 2015).
TASK 2
P3. Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro
and small businesses impact on the economy
Micro businesses: Micro businesses conduct their operations at very small scale. In this
type of enterprise generally not more than nine employees are working at workplace. In order to
work with small size of entrepreneurship, there are various principles need to be taken such as
record every expenses, maintain and keep each month's profit or loss, write down agreements
and simple structure to be made.
Small size business: Small size of businesses are privately owned corporations that are
working with fewer employees with less annual income. In this type of enterprise are classified
in term of methods such as annual revenues, shipments, sales and assets. Hence, annual gross or
net revenue has been increase with effective measurement.
Medium size business: Medium size businesses are working with 100 to 999 employees
within the all over the market. This type of businesses are working with driven innovation and
competition in different economic sectors. As results, the company can gain effective results
through setting targets and goals.

Privately held businesses are generally working with mean in which ownership shares
and interest are not traded publicly. In this aspect, privately held company founded in small
group of investors for enhance profitability and results in specific aspect. As results, targets will
be accomplish through demonstrate outcomes and results in effective manner. On the other hand,
sole proprietorship enterprises are working with income and losses that are taxed on individual
personal income tax return. It is the simplest type of business which can be form under one
enterprise. It is not legal entity so that it includes person who owns the business and it is also
personally responsible for their debts.
Partnership organisations are legal firm which operates by two or more than two people
who are share profits and management. There are several types of partnership working in which
two are most common such as general and limited partnership. Further, in partnership and sole
proprietorship require less paper work and fewer formalities for comparing with another
businesses.
It can be determines that micro and small business create huge impact on economy which
is essential for the organisation to contributes for growth of the nation. It will assist to the
organisation that creates opportunity to enhance profitability and positive outcomes. Due to
decline in UK economy, it affects to SME so that it is main element which creates impact on
operations. Following are certain impact on SME: Contributing through unemployment: It is the main element which make strength in
SME that assist to employing more people within the business environment. Therefore,
there are various people got employment because of operating by small scale enterprises.
On the other hand, big businesses are also providing more people within the environment
as compared to SME. Hence, employment rate make effective impact on economy in
order to contribute GDP within the nation. For example, in the year of 2014, UK has
more than 5.2 million SME their existing market. Economic impact: Further, it has been analysis that SME also play significant role which
create impact on business performances. Therefore, it is very important to enhance
economic growth of nation. In respect to carry innovations within the enterprise, firm is
growing very more which easily complete the results of enterprise. Flexibility with changing scenario: In this, it has been assessed that in UK economic
stability continuous fluctuate with changes in environment that assist to accomplish

desired results. However, within the micro, macro and small businesses carries functions
and operations to develop positive results. At time of recession, SME obtains capability
to earn high profit and stability within the economy.
 Revenue of sector: In order to review UK economy, it assists to identify growth of the
company which shows effective revenue and enhance outcomes of the enterprise.
Recently, it has been analysis that there is more than 46% revenue generated by SME
sector. Further, large firms also requires high investment which could be affect to
working conditions of company.
In order to achieve goals and objectives, ventures started selling their products and
services with developing market areas and target customer. In this aspect, micro and small
business promote to success through ensure growth of the country. With the help of micro and
small business, the country can grow their results and performance through enhance money and
other resources. It determines short term benefits at workplace for development of the business
operations in systematic way. In addition to this, it is also demonstrates employment
opportunities which require perform different functions and operations at workplace. Long and
short term benefits are created stimulating to small and medium firms which analysis
performance and results at workplace through operating various activities.
In addition to this, small business get chance to enhance their outcomes and performance
at workplace through creates growth and profitability at workplace. In this aspect, growth of the
country is stimulating with effective investment and it done through business operations of the
company. Thus, the country can easily develop their outcomes and performance which requires
initial public offering. There are various elements which need to be taken at workplace. Small
scale business contributes their participation through focusing on mobilization of resources and
investment facilities at workplace. Thus, it determines effective opportunities for deliver positive
outcomes and performance at workplace. Further, it also creates innovative ideas that assist to
make positive impact on firm and its operations.
Higher productivity
In order to determines effective results and performances, entrepreneurship programs
assist to enhance productivity at workplace. In this aspect, business will easily achieve high
market share and profits at workplace (Fayolle, 2013). With the help of effective business
programs, small enterprise can easily enhance their income and revenue through making

profitability and achieve common goals and objectives. In order to make effective results,
business will promote their functions and operation at different level.
Reduce unemployment
With the help of small business enterprise, entrepreneurship will creates employment at
workplace. In this way, various people are recruited for developing results and performances
within the organisation. This is because; new business requires more employees to operate
functions and operations (Brown, 2016). It assist to reduce unemployment within the country to
make effective results and performances.
P4. Explaining how important small businesses and business start –ups will contribute to the
growth of the social economy after ‘Brexit’
Small businesses
BREXIT is defines as the element which out UK from EU. Therefore, it will influence to
enterprise as they can work very well within the business environment. In addition to this, it has
been analysed that for SME it becomes difficult to carry out their business operations within the
market. Main issue which face by businesses is to become trade out of the national boundaries.
Hence, it is difficult to compare performances of one business to another organisation. This is
because, EU permit to the company to trade across the national boundaries in effective manner.
Main differences are taken in SME and start up is that small enterprise already well developed
and established at small scale. However, start-up businesses are working to grow economy
within the national boundaries (Carraher and Paridon, 2015).
Start-up businesses
BREXIT is also helpful to enhance economy of the country which assist to reduce
poverty, employment, high wealth generating and many other elements. In addition to this, it is
also assists to provide revenue to government through foreign exchange can be enhance at
workplace. It will be profitable to develop results and performances in successful manner.
Thereafter, performance will be improves in market which assist to make effective results to
accomplish desire results. It creates growth of the economy in successful manner to expand
business operations in further areas. In order to start-up business and SME process, there are
great differences taken in term of social development results. With the help of social innovations,
employment opportunities could be expand in different areas of international market (Carland Jr,
Carland and Carland III, 2015).

There are several importances need to be determines with the help of EU:
Importance for other parts of world
In order to make effective results, EU is very important to operate functions and
operations in various parts of international areas.
Economic development
EU provides opportunity to enhance productivity and growth of country that assist to
meet with targets and goals in effective manner. As results, profitability will be accomplish
easily.
Reduction in poverty, wealth distribution, employment, provision infrastructure
EU encourages people and enhance employment opportunity so that there are several
advantages includes. In this way, poverty is reduces due to employment, wealth distribution in
enhance and provision also make effectively.
More revenue to government
With EU regulations, government of the nation has benefit to enhance results in effective
manner. As results, revenue will be increase within the enterprise.
Improvement in UK economic growth
When employment opportunities are expanded and poverty reduce, economy growth will
be enhance effectively within the market.
Improvement in social security
Social security also manage within the business environment of UK that assist to create
positive result.
Improves UK international trading
In this way, UK can make their relations with another international market with trading
effectively.
Brexit is creates major issue on economy of the country and business performance. After
this, many businesses have focuses on establishment of different aspect which beneficial to
ascertain profitability at workplace. They are contributes major part to ascertain effective
performance and objectives within the enterprise so that they will easily meet with local people
requirement and positive results. Therefore, various significances takes place which measure
performance and outcomes that are as follows:
Small amount to operate functions and operations:

With the help of small business enterprise, the company will easily enhance functions and
operations in effective way (Schaper, 2016). As results, entrepreneurs can participates in making
high value of their economy. In addition to this, it also encouraging for development of the
organisation and each employee at workplace through small level to upper level. Thus,
entrepreneurs are easily encourages and make effective benefits at workplace. Further, start up
business require fund to create creativity which enhance positive results and performances. Thus,
employment takes place within the nation to produce effective results and performances.
M2. Evaluate the differences that small, medium and large businesses make to the economy
Innovative ideas assist to make concentration on operational activities which demonstrates
various benefits at workplace. In this way, ideas and opinion of different employee assist to
generate more revenue and profitability at workplace so that new product development can be
outsourced through selling products and services within the business environment. Following are
such ways through entrepreneurship of small business impact to the economy
D2. Carry out a mini-research to determine the characteristics, traits and skills of two successful
entrepreneurs, which differentiate them from other business managers
As per the views of Piperopoulos and Dimov, (2015), small business impacted by
different level of the firm. In this aspect, three types of business are growing with SME such as
regional, national and international. However, SME provides employment opportunity to in all
three types of enterprises to encourage them towards accomplish goals of economy. Hence,
innovations are also develops that assist to meet with targets and goals in successful manner
(Piperopoulos and Dimov, 2015).
TASK 3
P5. Mini research for determines effective research for demonstrate characteristics, traits and
skills of successful entrepreneurs
It includes various skills and characteristics, that possess by entrepreneurs. It is differs
from person to person that assist to create effective results with innovative ideas and creativity.
As results, it is helpful to improves thinking capabilities of the persons so that operations could
be expand in different areas. Effective skills and traits also play vital role in dynamic in nature
and mechanics of the enterprise (Goffee and Scase, 2015). Certain skills and traits are as follows:
Characteristics

 Plan everything: This type of skill is obtained by Zuckerberg and Jobs which assist to
make effective plan in efficient way. Each and every step should be included in planning
so they can earn profit to the company. In addition to this, leaders are also possessed
effective quality and ability to enhance brand image of the enterprise to consider is ins
global market. In respect to compare it in ordinary business managers require make plan
for accomplish objectives (Fayolle and Gailly, 2015).
 Developing competitive edge: These type of characteristics helpful to determines unique
and innovative ideas that assist to promote the effective results. Hence, it assists to
entrepreneurs to determine various types of businesses ventures. On the other hand,
ordinary managers are perceives competitive edge which is compared to Zuckerberg and
Jobs vision within the future orientation. In this aspect, objectives has been accomplished
to ascertain risk and task to desired results (Choi, and Majumdar, 2014).
Skills Risk taking: Effective skills of risk element also assist to obtained positive results in
successful manner. There are several entrepreneurs who not achieve success, if they are
not taking any risk. On the other hand, ordinary managers, not obtains successful risk
which assist to take capacity and focus on moves safe side for attain targets.
 Ability to enhance profits: This is effective skill which assist to promote outcomes in
entrepreneurship in efficient manner. This skill comes through determines innovation
continuous at workplace.
P6. The way in which entrepreneurial personality can reflect motivation and mind-set of different
employees
Personality is very important part of the all entrepreneurs and it is totally different from
the skills and characteristics. Personality of individual are effected by the lifestyle, culture and
level of education which assist to entrepreneur to develop positive mind-set to achieve their
objectives. Entrepreneur make their decision by making planning everything. Their planning is
based on the long term visions. Competitive edge helps to them for bringing more innovation in
their work and assist to accomplish to ascertain risk and task to desired results. These skills and
traits also make impact on their personality. It leads to them for taking more risky decision and
provide them for offers innovative products and services. It is that an essential factor which not

only motivated to individual but also to other people who are working with them. Following are
the dimension of OCEAN acronym entrepreneurship personality.
Openness
It belongs to the intellectually actions which tends to seek new experience and explore
new ideas. It can also be refer to the creative, innovative and reflective. It helps to them for
taking more risks and developing competitive edge. It also helps to them for bringing more
positive ideas.
Consolidation
It refers to the tendency to achieve their aims and objectives. The main traits of the
entrepreneurs is too passionate about their work and always give focuses on innovation.
Extroversion
It refers to energy and positive emotions which put by entrepreneurs to attain their
desired results. Entrepreneur are work with dedication and work with full energy. Along with
this they always motivated to their employees as well.
Accommodation
It involves the tendency to be compassionate rather than suspicious. It helps to individual
for performing their tasks in effective manner and also helps to for improving their capabilities.
Neuroticism
It is refers to the individual difference in adjustment and emotional stability. Entrepreneur
believe change their self as according to the environment. So they can achieve their goals in
effective way.
Leader can take positive results and performance for developing outcomes and
performances. Leader entrepreneur can reflect to motivation in the following context:
Inducement: In order to make effective results and performances, leader entrepreneur has
such qualities through, they will induce employee through providing incentives, bonus and many
other benefits at workplace. With ascertain different activities, the organisation can make
concentration on revenue and profits.
Encouraging: To encouraging various people, leaders are motivate to them to ascertain
results and performances at workplace. It assist to make effective results and performances for
determining profitability and positive results. In addition to this, effective participation take place
which demonstrate benefits at workplace (Bruni, Gherardi and Poggio, 2014).

Decision making: Decision making quality possess effective results and performances
which determines through leader skills and capabilities. There are various rules and regulations,
for maintain profits and revenue at workplace. In this aspect, the company can acquire effective
performances and results for development of the business and operations.
On the other hand, research entrepreneur possess quality to deal with different activities
and actions at workplace. In this way, they conduct market research which generates effective
results and performances at workplace through demonstrate benefits and outcomes. With the
help of various activities and actions, operations can be develop which assist to make effective
results and performances (Ács, Autio and Szerb, 2014). Thus, the company can easily enhance
profitability and performances at workplace. In this way, opportunities also take place for
development of the business and its operations to determine various benefits at workplace. In
addition to this, the company can also encourage their employee to ascertain results and
performances at workplace. In this context, they will easily encouraging different employee to
make results and performances.
M3. Explore and examine different lines of argument relating to entrepreneurial characteristics
There are different aspects and element which need to be taken for achieve results and
performances. They are also motivates to employee to make effective results and performances
at workplace. They are also assessing values and effective performances which determine full
support to each activity and goal at workplace (Carland and Carland, 2015).
For analysis business performances, they are conduct survey in market through ideas and
operations can be developing so that they will easily make profitability and effective
performances at workplace. In addition to this, the company can easily develop their outcomes
and performances for developing ideas and opinion. With the help of different activity, the
company can take profitability for assess requirement for developing results and outcomes.
D3. Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs
In order to make effective results and operations, research and leader entrepreneur determine
their performances in effective way. Thus, they will easily ascertain profitability and outcomes
of the business. In this aspect, development of the organisation and profitability can be ascertain
that can be take place for create effective results and performances. In this way, the company has
responsibility to meet with current and future performances (Bae, Qian and Fiet, 2014). As

results, they will undertake different activity and element to produce results and performances at
workplace. It also creates opportunity for assessing business environment.
TASK 4
P7. Backgrounds and experiences can hinder entrepreneurship
It could be assessed that, rewards and drawbacks of entrepreneurship are crucial. Skills
and capabilities are rewards while drawbacks are lack capabilities to compete with other
businesses. There are various factors which may create impact on the hinder entrepreneurship.
From the research it is assessed that education and family background of individual create huge
impact on the entrepreneurship as it helps to them for taking effective decisions. In the many
education insinuations it is identified that lack of educational knowledge also create hinder
entrepreneurship. Lack of finance and experience may also hinder the entrepreneurship. Due to
lack of this factors individual cannot start their own venture. Gender and nationality may create
hinder entrepreneurship. In the many researches it found that in the western countries are make
more focuses about entrepreneurship and their government also provide enough opportunities to
individuals.
In addition, there are many factors which can also impact on the entrepreneurship such as
education, family and experience. For example entrepreneurs past history and background may
create impact on their entrepreneurship. Therefore, Mark Zuckerberg possess effective family
background which helps to them for improving their skills and capabilities in effective order.
Another example of background and experiences is Steve jobs who possess risk taking
experience which helps to them for foster entrepreneurship venture and improve market of their
business.
From the conducting research it has been assessed that different types of skills and
abilities of individuals effecting their mind sets and personalities. These skills and abilities have
created huge impact on individual for becoming a successful entrepreneurship and helps to them
for taking competitive advantage of business environment (Oguonu, 2015). There are different
types of aspects which can effects foster the entrepreneurship among the individual which
mainly includes their backgrounds, personal experience and presence of different types of skills
which assist to them for becoming a successful business person. Apart from this there are some
other factors which can effects that can also hinder for an individual for becoming a successful

business personality which mainly includes financial barrier, educational barriers and cultural
barriers.
In order to become a successful business persons individual must possess some skills and
knowledge which helps to them for developing an effective business planning and set venture for
long term (Margarian, 2013). With the help of effective skills and knowledge entrepreneurs can
make research in market and develop a proper business plan for ensuring their business on long
term basis. There are some skills which are required for individual for becoming a successful
business person’s such as managerial skills, communication skills and use of innovation in its
business services. These skills play important role for a persons who wants to set up a new
business ventures (Failla, Melillo and Reichstein, 2017). With the help of managerial skills
entrepreneurs can manage their resources effectively so for an entrepreneur it’s essential for use
of managerial skills. Moreover, communication skills and think innovative skills help to them for
bringing selling products and services to their targeted customers and earn profits (Slivinski,
2015).
The foremost factors that foster entrepreneurship are individual’s personal background.
Person’s personal backgrounds can also hinder their entrepreneurship skills (Linden, 2015).
From conducting mini research it is found that individual’s backgrounds which focus on more
innovation helps to them for making more effective decisions in their life. For example, Mark
Zuckerberg’s parents always support to them and provide sufficient resources for developing
their computer programming skills. With the help of this he become able to produce Facebook
this is a leading social networking entity.
Apart from this other factors which can hinder entrepreneurship is education. From the
research conducted in UK it is found that educational; insinuations does not provides enough
knowledge to an individual top possess complete skills regarding to entrepreneurship (Ngorora
and Mago, 2013). From the mini research it is also found that there are some factors which
become barriers for entrepreneurs that lack of finance. Due to lack of proper fund and resources
person cannot start up their ventures. With lack of financial support individuals are unable to
perform their activities. Along with lack of awareness of social and cultural activities can also
hinder entrepreneurship. Therefore, from the market research it is assessed that for setting a
entrepreneur venture it is important to have adequate knowledge of market, industry and cultural
profile in which they are operating their business venture (Failla, Melillo and Reichstein, 2017)

M4. Analysing link between entrepreneurial characteristics and their personal backgrounds
From conducting market research it is found that there is link in between entrepreneur’s
characteristics and personal backgrounds and experiences. What an individual’s learning from its
personal; experiences and backgrounds have created huge impact on their entrepreneurship skills
(Slivinski, 2015). In UK research it is found that individuals who face lack of facilities in earlier
life possess good leadership’s skills and also make them a risk taker. These are considered
essential characteristics for a business person. For example, Steve Jobs personal experiences, in
which he stated that vision is very important for every person so he always thinks about to make
different types of products such as IPhone, IPod which is results of their long term vision.
D4. Critically evaluate backgrounds and experiences of entrepreneurs
Backgrounds and experiences of individual have positive and negative. Recent research
which is conducted on UK people it is found that individual which had lack basic facilities have
possess good entrepreneurships skills(Failla, Melillo and Reichstein, 2017). Apart from this
business persons who have experiences lack of financial resources create many barriers at initial
level for starting up their business ventures. However, lack of financial facilities also leads to
tem for developing cost effective products for everyone. For example, Steve Jobs had to face
many financial problems at starting up their business ventures which ultimately leads to them for
making more innovative products such as iPhones and smart phones.
CONCLUSION
Summing up the above report it is concluded that there are various types of
entrepreneurships ventures which can be used by an individuals for severing its products and
services. There are many similarities and differences have been found in between different
entrepreneurs ventures. From the above report it is also concluded that small business and start-
ups have creates positive impacts on UK economy. After, Brexit UK governments encouraged to
small; business and starts ups so country’s economy significantly grow. Characteristics, traits
and skills of an individual’s help to them to for becoming a successful entrepreneur and their
personality reflect their entrepreneurial motivation and mind sets. From the above report it is also
concluded that for becoming an entrepreneur there are many barriers which can become hinders
for them to start up their business. This hinders help to them for brings innovation in their work.

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