Entrepreneurship Challenges and Success

This assignment delves into different types of entrepreneurial ventures, including small, large, social, and scalable startups. It examines their relationship with entrepreneurial typologies and emphasizes the importance of economic growth fostered by small businesses. The assignment also analyzes the characteristics and backgrounds of successful entrepreneurs like Walt Disney and J.K. Rowling, illustrating how they overcame challenges and achieved success. Finally, it discusses factors that can hinder or foster entrepreneurship.

Unit 9
ENTREPRENEURSHIP

TASK 1............................................................................................................................................3
P 1- Different types of entrepreneurial ventures and their relationship with the typology of
entrepreneurship..........................................................................................................................3
P 2- Exploring differences and similarities between different entrepreneurial ventures............5
TASK 2............................................................................................................................................6
P 3- Assessing and interpreting the impact of micro and small businesses on the economy.....6
P 4- Importance of small businesses and business start -ups in the contribution to growth of
social economy after Brexit........................................................................................................7
P 5- Determining the characteristics, traits and skills of two successful entrepreneurs, which
differentiate them from other business managers.....................................................................10
P 6- Assessing aspects of entrepreneurial personality in reflecting entrepreneurial motivation
and mindset...............................................................................................................................12
TASK 4..........................................................................................................................................13
P 7- Impact of background and experience in hindering and fostering entrepreneurship.........13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

Entrepreneurship is the business which started by entrepreneur by using creative and
innovative mind. These entrepreneurs have spirit to achieve their needs and objectives of their
business very efficiently. This venture gets started by the vision and idea of single person. This
report includes about the different types of entrepreneurial ventures and how they relate to the
typology of entrepreneurship (Abrams, 2017). Similarities and differences between these
entrepreneurial ventures will be discussed. Impact of small business on the economy is analysed.
Importance of small business and business start-ups will contribute to the growth of the social
economy after Brexit. Characteristics, traits and skills of successful entrepreneurs which
differentiate
TASK 1
P 1- Different types of entrepreneurial ventures and their relationship with the typology of
entrepreneurship.
There are many types of entrepreneurial ventures with the relation with entrepreneurship
typologies. These ventures are different from each other by their sizes and working styles.
Entrepreneurial ventures use their own innovation and creation in their business operations to be
successful in the market (Desai, 2013). Entrepreneur is the person who come up with effective
and innovative idea that help him in settling new business and running them.
Various entrepreneurial ventures and their relation with typologies of entrepreneurship are as
follows:
 Large entrepreneurial ventures- These ventures deal within the large sector. Their main
aim is to attract more and more customers towards them. Large entrepreneurial ventures
time to time launches new and innovative products in market to ensure the sustainable
business performance. They select the segment which have large customer range. These
ventures want to earn more profits by providing products and services to all their
customers. Large entrepreneurial ventures help in making the uncertain economy stable
by continuously providing innovative products and services. These types of ventures are
great for the economy of country. They are profitable organisations which earns profits
and use them again in further development of the company.

 Small entrepreneurial ventures- These entrepreneurial ventures deal with the small range
of customers (Etzkowitz and Zhou, 2017). Small ventures have minimum amount of
capital to invest in the business. Owner of these organisation works very hard to increase
their revenue by selling products and services to the small segment of customers. They
start their business at very small level and efficiently work to make it successful in the
market. There are many small entrepreneurial ventures working in the UK which make
the economy of the country stable. Small ventures deal in fewer business operation, but
they are very helpful in stability of uncertain economy. This states that they contain
importance very much for the economy of the nation.
 Social entrepreneurial ventures- Social entrepreneurial ventures can be either profitable
and non- profitable organisation. They work in the direction of welfare of the public.
They want to solve the problems which are faced by the people socially. They are also
called voluntary organisation (Fayolle, 2013). These ventures want to make safe and
secure environment in the country. They offer that product and services which are helpful
for their customers and solve their problems. Social entrepreneurial ventures help the
country in increasing their reputation in the whole world.
 Scalable start-up entrepreneurial ventures- These types of ventures are profitable
organisations who wants to be successful in the market. They provide quality products
and services to their customers and makes them satisfied. They want to have development
and have the strong brand name in the market. Scalable start-up entrepreneurial ventures
bring many innovations in their business for the further growth in the market. They are
new organisation who wants to start their business to grow and develop. These ventures
are also helpful for in making the economy of UK stable because they are the new start-
ups.
Entrepreneur typology
Female entrepreneur: This type of enterprise is run by women. They are the one who is
responsible to come up with innovative idea that can help her in establishing their business.
Male entrepreneur: In this its male who establish new business and is responsible to carry out
various function and necessary decision necessary for the growth of the firm.
These are different types of entrepreneurial ventures which differs from each other by
their working styles and business operations.

P 2- Exploring differences and similarities between different entrepreneurial ventures.
Lifestyle ventures or businesses similarities Serial entrepreneurs ventures similarities
Similarities includes that they both wanted to provide standard quality of services to the
customers and their major goal was to satisfy the needs and wants of targeted customers. Their
aim was to earn profit and recognition in the market.
It is discussed there are many types of entrepreneurial ventures. They are different from
each other but have similarities too. These ventures have some differences and some similarities.
Differences
Different types of entrepreneurial ventures are different from each other in many ways.
Large entrepreneurial venture has large amount of capital to be invested while on the other hand
small organisations have small amount of capital (Frese and Gielnik, 2014). Large ventures deal
with large segment of customers whereas small ventures have small segment of customers. The
large ventures have the largest share in market among all different organisations and provide the
widest range of products and services to their customers. The ventures which are established for
social cause are different from every other venture. Main aim of social venture is to provide
social services to the people and solve their problems. On the other hand, scalable start-up
entrepreneurial ventures are different by their innovations. They work in the direction of further
development. Just like the entrepreneurial ventures entrepreneurs are also different from each
other by their characteristics and qualities.
Similarities
The different entrepreneurial ventures also have some similarities between them. Large,
small, social, scalable start-up entrepreneurial ventures have similarities on the basis of their
motives and aims. These all ventures want to grow in the market and increase their market share
by bringing innovation in the organisations. There are similar characteristics between social and
scalable start-up (Gartner and Brush, 2016). They both bring innovation in their working style
and in products and services. These all ventures help the country in making uncertain economy
stable. All the entrepreneurial ventures have the same vision about the innovation and creativity.
In the same way entrepreneurs also have some similarities based on their thinking and
creativeness. They all bring innovation by using their own creativity. All the entrepreneurs want
to develop and make profits to increase their revenue.

Basis Female entrepreneur Male entrepreneur
Similarities Both male and female
entrepreneur have common goal
of achieving maximum benefits.
Other than this they both try to
put their effort in single
direction of expanding their
business.
Dissimilarities Ownership is one of the major
difference one is run by the
female while other is run and
establish by male.
Man are the major force
behind the success of firm.
There only aim is to earn
maximum profit and plan
future investment so that
growth can be maintained in
the firm.
These are some points on which different entrepreneurial ventures and entrepreneurship
typologies have some similarities and differences.
TASK 2
P 3- Assessing and interpreting the impact of micro and small businesses on the economy.
Micro and small businesses affect the economy of the country in the positive way. They
help in growth of economy in the United Kingdom. Currently there are many small businesses
which works in the country. They had helped the country at the time of Brexit. They made the
economy stable in that conditions. 93.3% of organisations in the country are of micro and small
businesses. They contribute greatly to the UK economy. These small ventures provide
employment to the many people who are unemployed and decreases the rate of unemployment in
the country. 60% of country's population is employed in the micro and small businesses. They

give maximum employments because they are very large number (Gupta, Chiles and McMullen,
2016). These small and micro ventures contribute about 54.4% in the gross value added. This
increases the national economy of the UK. 47% of gross annual turnover is contributed by the
micro and small organisations.
Micro business: These are small and work on small limited area, it has less t6han 10 employees
that are responsible to carry out various activity.
Small-business: This business are also small but bigger than micro, in order to count as small
enterprise its necessary to have more than 50 employees with annual turnover of 10 million
pound.
Medium business: This enterprise is big in the size with employees less than 250 and annual
turnover should not exceed 10 million pounds.
The above percentages of micro and small businesses show that they are very essential
part of the country. These types of ventures are important to make the economy stable and grow.
They have very high contribution in economy growth of the United Kingdom. These small
organisations had helped the country in very bad economic conditions. It is expected that
economy will grow soon because there are many new set-ups of organisation which belongs to
micro and small industry. Economic growth needs the help of micro and small ventures.
Private organisations: These types of the organisation owned by small groups with limited
business liability. Shareholding of such business organisation are the owner of the business who
invest their money to bring better return from the organisation with growth and development.
The main purpose private organisation to fill the gap in the society for more development and
economic growth.
Sole proprietorship: A business that legislative way had no different existence from its owner.
Income and loses are taxed on the individual personal income tax return. The sole proprietorship
is the simple business in which one only single entity will operate organisations. It cannot take
more fund to set up this kind of the organisations. Therefore, the owner of the organisation will
come under the contract with his or her name and he liable for all the debt arise in the
organisations.
Partnership: it is a formal agreement in which the organisation will come with the help of
partnership deed. All the partner is liable for the share liabilities and profit equally but there are

various partners have limited Liability. Therefore, all the partner is not involved in the taking
decision of the organisations.
P 4- Importance of small businesses and business start -ups in the contribution to growth of
social economy after Brexit.
Brexit: Brexit was the name given to the movement where UK demand to get separated from
European union and settled themselves as independent nation.
Explain opportunities and threats of Brexit
Opportunities for small businesses were that after the decrease of big ventures from the
market now these businesses can flourish themselves with a great ease and there were lots of
growth opportunities. Threats included that these business were not able to get monetary support
from those big ventures which resisted them to expand their business.
Small businesses are very important part of the country. They help the economy in many
ways. These organisations fulfil the many needs and demands of people by applying creative
ideas and makes them satisfied. They are the essential part for growing the country's economy.
Basis small-business Start ups
Economic growth It contributes a large part in
the development of economy
of country by creating various
ways such as job creation, job
employment etc.
Start-up also play major role in
the growth of economy.
Innovative and creative idea, is
way through which they
contribute in the economy of
nation.
Economic and social
development
It works at large scale, this
help it in contributing in large
number.
It works for the development
of any particular region.
There are many importance’s of small businesses and business start -ups which are listed below:

 Contributes in employment- There is very large number of small businesses in the
country which makes them to give very high contribution in the problem of
unemployment (Kerr, Nanda and Rhodes-Kropf, 2014). Many new small organisations
are starting their business which increases the contribution of small businesses in giving
employments. This also increases their market share makes them reputed in the whole
world. About 60% of the people in country are employed under the small ventures.
Starting of new businesses will contribute more in giving employments. This efficiently
solves the problem of unemployment in UK. Public of country also becomes happy after
getting employed which will help them to meet their and their family needs. Efficient
employees also improve the performance of organisation which eventually make the
organisation give better performance. This had helped in growth of economy at the time
of Brexit. It states that contribution of small businesses and business start -ups in
employment makes the economy of country stable.
 Innovation- All the small organisation works in the direction of bringing innovation in
the business operations. Innovation improves the working styles of the organisations
which makes them give better performance in the market. These organisations use their
own innovative and creative ideas to make their business better. It increases their
productivity. Small businesses try to bring innovation continuously to gain some
competitive advantages among their competitors. It eventually helps in the growth of
economy in country. Innovation increases the competitiveness which makes the economy
of country grow (Kuratko and et.al, 2014). At the time of Brexit bringing innovation has
very much helped in making the economy stable. This got possible only because of the
innovative workings in small businesses and starting of new business set -ups. It states
that small businesses have vision of getting innovative from the starting when they had
set their organisation in the country.
 Economic contribution- Small businesses and business start -ups increases the national
economy of the country and make it grow further. These types of organisations have the
largest share in economic conditions of the UK. Small businesses have the highest
percentage of contribution in national economy among the other types of organisations.
Their contribution makes the economy grow. Contribution of these small businesses had

made the uncertain economy stable within the impacts of Brexit. This has increased the
importance of small businesses and business start -ups in the country. Small ventures are
the essential part of growing economy. Their help is needed to make the economy
stronger which can be stable in the bad economic conditions.
 High living standards- High living standards are ensured by small businesses and new
business start -ups. They provide many innovative and creative products and services
which grabs the attention of people (link, Siegel and Wright, eds., 2015). This makes the
people buy the products and services which increases their purchasing power. Small
businesses provide quality products which attract customers and help in increasing their
living standards. These ventures are important to make the living standard high which
leads to growth and development of the national economy. This states that small
businesses and business start -ups are essential in further development and growth.
 Customer satisfaction- These small organisations make their all the customer satisfied by
bringing innovation and making quality products and services. Small businesses and
business start -ups always provide innovative products which are based on needs and
demands of customers. This makes the customers fully satisfied. Customer satisfaction
eventually leads to growth of the national economy. At the time of Brexit also customers
were fully satisfied because of the efficient working of the small businesses. This is
reason for economic growth of United Kingdom.
These are some importance of the small businesses and business start -ups. These
organisations are very essential for economic growth and to make uncertain economy stable.
National economy of country is growing because of the highest contribution of these small
sectors (Mason and Brown, 2014). This states that small businesses are important to contribute in
increasing national economy of the country.
TASK 3
P 5- Determining the characteristics, traits and skills of two successful entrepreneurs, which
differentiate them from other business managers.
An entrepreneur has some characteristics, traits and skills which make them differ from
the other business managers. They work very hard and sets their own business and run it with
their own qualities. They use their personal skills and traits in working style and business

operations. The characteristics, traits and skills of Walt Disney and Jk Rowling will be
determined and analysed which makes them different from other business manager.
Characteristic
 Persistent- Entrepreneur should be persistent to become successful and develop their
business. This quality makes them give better performance and makes them more
efficient. They should set one goal or mission to be achieved and should be persistent
towards it (McKenzie and Woodruff, 2013). Walt Disney and Jk Rowling both had
different visions and mission, but both were persistent towards their goals. This
characteristic made them to achieve their aims effectively.
 Self-confidence- Entrepreneur should have self-confidence for achieving their goals and
objectives in very effective way. This characteristic of entrepreneur makes them grow
further and efficiently. Walt Disney and Jk Rowling both have self-confidence to become
successful. They never loosed hope and continued their journey towards their goal which
made them grow and become successful.
Skills
 Leadership skills- Entrepreneurs should have leadership skills which leads them to
manage their employees. With these leadership skills they can effectively lead the
employees and their working. Walt Disney and Jk Rowling both had leadership skills
which made them efficiently manage and lead their employees (Naudé, 2013). They are
very efficient leaders.
 Innovation skills- Entrepreneurs have innovative skills which makes them successful.
They differ from other managers by their innovative skills. Walt Disney and Jk Rowling
both were innovative in their work. This skill of their made them successful in their
respective fields.
Traits
 Passion for work- Entrepreneurs are passionate towards their works which makes them to
achieve their aims and motives. This enhances their skills by which they give better
performance. Having passion to work will make them more efficient. Walt Disney and Jk
Rowling both had trait of being passionate. They were very passionate towards their
work. This trait of theirs made them successful.

 Risk- Entrepreneurs should take risk in them without getting afraid of results. Risks
makes them learn something new which will be profitable to them in the future. Taking
risks can help them to earn profits and be successful (Piperopoulos and Dimov, 2015).
Walt Disney and Jk Rowling both were fearless while taking risks which had given them
results in the form of success. Trait of taking risks in the business by the entrepreneurs
makes them grow further and ensures development for them.
These are some characteristics, traits and skills which are carried by the successful
entrepreneurs. These qualities make them successful have strong goodwill in the market. Every
entrepreneur must contain and carry these personal qualities in them to be successful.
P 6- Assessing aspects of entrepreneurial personality in reflecting entrepreneurial motivation and
mindset.
There are many aspects of entrepreneurial personality which shows and reflects
entrepreneurial motivation and mindset. Walt Disney and Jk Rowling both had great
entrepreneurial personality which made the successful. These aspects can be recognised by the
model which contains five personality traits which should be in successful entrepreneurs
(Sarasvathy and et.al, 2014). Those traits are described below:
 Agreeable- This trait of entrepreneur shows their goodness. They should be generous and
kind. This quality of their makes them to have healthier relations with employees. This
motivates the employees and changes their negative mindset. Walt Disney and Jk
Rowling both were kind and made their employees feel safe and secure. This had
increased their efficiency and effectiveness. Entrepreneurs with this personal trait makes
them successful. This also helps them to motivate their employees (Suddaby, Bruton and
Si, 2015). Mindset of entrepreneur changes by this quality and they more effectively
manages their employees with affection.
 Neuroticism- This is the emotional trait. Entrepreneur with higher amount of neuroticism
will take time to be successful. Person with lower amount of neuroticism will be more
successful and at a faster rate. Entrepreneur should have some control over his emotional
state. They need to know the measure which will keep them in control and make them be
stable. Walt Disney and Jk Rowling both had trait to control their neuroticism which

helped them to take less stress. This entrepreneurial personality helps the entrepreneur to
work efficiently and give better performance.
 Extraversion- This personality trait of entrepreneur makes them more social. By this
quality they can learn something new. Learning something new is always good. This also
make entrepreneur efficiently communicate and interact with others. Being socially
active increases the energy of person to work (Webb Ireland and Ketchen, 2014). Walt
Disney and Jk Rowling both had been socially active and interacted with others which
made them to learn others. This also helped them to get motivated and work effectively.
 Openness- This personality trait makes the entrepreneur fearless. By this quality person
tend to take risks without getting afraid by it. They can bring many innovative and
creative ideas in their business. This type of persons does not get feared by arising of the
problems they bravely face them and try to solve the problem effectively. Walt Disney
and Jk Rowling both were very open and fearless. They always took risks which made
them to be successful.
 Conscientiousness- Entrepreneurs with conscientiousness take time in thinking process
and then make the decisions. They take decision by properly analysing the situations
which makes them more efficient and effective. This personality trait makes the
entrepreneur to prepare proper plan for all tasks which are to be performed by them. This
makes them to complete all the task efficiently at the given time (Zahra and et.al, 2014).
Walt Disney and Jk Rowling both had high level of conscientiousness which made them
to perform all the tasks effectively. This trait made them very much successful.
This personality traits of successful entrepreneurs increases their motivation and help
them to change their mindset when the situation arises which needed change. Motivation given
by these traits makes the entrepreneurs work harder and make them give better performance.
TASK 4
P 7- Impact of background and experience in hindering and fostering entrepreneurship.
Background and experience of the entrepreneurs can make them successful or can also
make the lose the opportunities. Entrepreneurs who wants to be successful should not listen to
any negative comments and always work in the direction of achieving their goals and motives
(Zahra, Newey, and Li, Y., 2014). They can face many problems in their way to flourish but they

should use their skill and characteristics and try to solve the problems without getting
demotivated. Problems may come in the form of background or lack of experience in this field.
Entrepreneurs should not top at anything. Every mistake they make will get them to learn
something new which can help them in the future. Walt Disney and Jk Rowling both had faced
many problems regarding their background and experience. Many people passed negative
comments on their working style. But they did not get discouraged by those comments. They
totally focussed on their working and to achieve their vision and mission. These quality of them
to never give up had made them successful and fostered their business.
Background and experience in the entrepreneurship includes many factors like family,
skills, education etc. Support of the family members on the innovative ideas of the entrepreneur
can foster their growth and can make them more developed. Development is the essential part of
entrepreneurship. Non -support of family can hinder the entrepreneurship. Walt Disney and Jk
Rowling had support of their family on their ideas and set goals. But the society had made many
negative comments on their working style but that made no stop in their business. They
continued to grow in the direction of achieving their mission. This states that every entrepreneur
faces some problems in their journey of growth (The Importance of the Entrepreneurial
Background in the Detection and the Utilization of the Information, 2013). They should never
stop and get afraid by any comment of people. They should listen to their heart and follow the
direction which will achieve their all the set objectives and goals.
These are the factors which can hinder and foster the entrepreneurship if not handled
properly by the entrepreneurs.
CONCLUSION
This report concludes about the different types of entrepreneurial ventures and their
relationship with the typologies of entrepreneurship. These ventures are small, large, social and
scalable start -ups. These different entrepreneurial ventures have some similarities and
differences. All ventures work in the direction of bringing innovation on the other hand they
differ from each other by their size or by their objectives of business. Small and micro ventures
contain importance very much for economic growth. Other than economic growth small
businesses and business start -ups have also many other importance. Traits, skills and
characteristics of two successful entrepreneurs are described. These qualities made them

successful in their field. There are many aspects of entrepreneurial personality which reflects
entrepreneurial motivation and mindset. Background and experience of entrepreneurs are
examined which can hinder or foster entrepreneurship. This report states that entrepreneurs can
grow by having many characteristics of entrepreneurship.

REFERENCES
Books and journals
[Online]. Available through:
<http://www.sciencedirect.com/science/article/pii/S1877042813003856>.