The Aspects of Entrepreneurial Personality of Elizabeth Gooch and Tom Mercer

ENTREPRENEURSHIP
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Table of contents:
Introduction:....................................................................................................................................3
Task 1: Exploring and illustrating a range of entrepreneurial types................................................3
The different types of entrepreneurial ventures:..........................................................................3
Exploring the differences and similarities between Lifestyle entrepreneurship and Social
entrepreneurship:..........................................................................................................................4
Investigating the different range of entrepreneurial ventures:.....................................................5
Examining the development, scope and growth of entrepreneurial ventures:.............................6
Task 2: Assessment of the impact of small businesses on the economy.........................................6
Interpreting and assessing the impact of micro small businesses in the economy:.....................6
Examining the impact of small businesses on the different levels in the UK economy:.............6
Task 3: Assessment of the key aspects of entrepreneurial mindset.................................................7
Determining the characteristic skills and traits of Elizabeth Gooch and Tom Mercer:...............7
Assessing the aspects of entrepreneurial personality of Elizabeth Gooch and Tom mercer:......7
Examining and explaining the different lines of argument: of characteristics of
entrepreneurship...........................................................................................................................7
Analyzing the characteristic skills, traits and motivational drivers of the two successful
entrepreneurs:...............................................................................................................................8
Task 4: Examining the different environments that foster or hinder the relationships...................8
Examining the personal experience and background to Elizabeth Gooch and Tom mercer:......8
Analyzing the link between entrepreneurial characteristics and the influence of personal
experience and background:.........................................................................................................9
Evaluation of personal background and experience which influences the entrepreneurs
positively and negatively:............................................................................................................9
Conclusion:....................................................................................................................................10
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References:....................................................................................................................................11
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Introduction:
The entrepreneur is a type of person who initiates or starts a business. Entrepreneurship has been
considered as the engine of growth in an economy. It is one of the key factors in increasing the
GDP of the country. The main aspect of the entrepreneurship is the ability to take risks. An
entrepreneur should able to convince the investors about the success of his business venture. The
entrepreneurship also requires thinking out of the box as entrepreneur is required to bring
innovative products in order to sustain in the competitive market. Risk taking, initiative,
creativity and independency are the factors that define the entrepreneurship. In this assignment
the researcher has illustrated and explored the range of entrepreneurial ventures along with the
assessment of entrepreneurship in the small economy. The researcher has also assessed and
determined the key aspect of entrepreneurship and examining the different environments that
hinder or foster the entrepreneurship.
Task 1: Exploring and illustrating a range of entrepreneurial types
The different types of entrepreneurial ventures:
The four types of ventures that are seen in entrepreneurship are:
Survival ventures:
The survival ventures are those ventures that provide basic needs to an entrepreneur as well as
his or her family. It allows a more than hand to mouth existence. The venture may be formally
registered and has no premises but very few assets. In addition there is no relationship of
business banking aspect and generally operates on barter or cash basis. Andersson et al. (2012,
p.16) stated that the aim of the business is to provide for the basic personal and financial needs
so once the costs or the needs are covered there is no interests and capacity to reinvest into the
business. The launch of the business is motivated by push factors of necessity-driven. It operates
in price based, largely competitive and highly differentiated markets.
Managing growth ventures:
This type of business is a workable model of business that seks for a stable growth for a specific
time as seen in the occasional launching of new products, periodic arrival of products in new
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