Entrepreneurial Skills and Qualities in Different Types of Ventures

The assignment content discusses the importance of entrepreneurial ventures and their various types, which possess different scopes and purposes. Entrepreneurs have unique skills and talents that help them achieve their goals effectively and efficiently. They also possess effective motivation and mindset, which assists in overcoming competitive environments. The article highlights the significance of factors such as background, presence of different skills and abilities, and maximum experience in fostering entrepreneurship. It emphasizes the need for entrepreneurs to have a clear mind-set so that they can carry out their goals effectively and efficiently.

Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
..........................................................................................................................................................2
TASK 2............................................................................................................................................6
ASSIGNMENT 2...........................................................................................................................12
TASK 1..........................................................................................................................................12
1.1 Characteristics traits and skills of entrepreneurs that differentiate them from other
managers...................................................................................................................................12
1.2 Entrepreneurial personality reflects entrepreneurial motivation and mind set...................13
1.3 Examine different lines of argument relating to entrepreneurial characteristics................13
1.4 Characteristics, traits and skills of motivational drivers of successful entrepreneurs.........14
TASK 2..........................................................................................................................................14
1.1 Background and experience hinders or foster entrepreneurship.........................................14
1.2 Link between entrepreneurial characteristics and influence of personal background and
experience.................................................................................................................................15
1.3 How background and experience influences entrepreneurs................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is considered as the activity of setting up new venture and taking
financial risks in order to obtain profits. Therefore, entrepreneurs are required to make effective
business plan before launching any innovative idea in market. Also, it is essential for them to
carry out proper market analysis and identify the businesses that are already operating so that
they can improvise their venture and take the risk to obtain high profits. There are various types
of entrepreneurial ventures such as start up, small business, social venture and large companies
etc. Hence, before launching entrepreneurs are required to carry out questionnaire and interviews
so that they can identify the vision of people towards their venture. Report analyses different
entrepreneurial ventures carried out and thus its economic impact upon such businesses.
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 Small business entrepreneurship- There are various types of small businesses running
around the world in the form of grocery stores, consultants, travel agents, and several
other service provides. Thus, they run their businesses on small scale and owned and
operated by themselves. Here, the typology of entrepreneurship is related to earning
profits. Scalable start-up entrepreneurship- Apart from small businesses, scalable startups
entrepreneurs main vision is to change the world. They are basically innovators who
attract investment on the basis of their ideas. Large company entrepreneurship- However, large companies are sustaining in
competitive environment through regularly innovating and offering new products.
Further, there is regular change in customer taste, preferences and technologies in order
to maintain the same and thus bring innovation within company. Here, the typology they
are related to earn maximum profits and enhancing customer base.
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 Social entrepreneurship- Such type of entrepreneurial ventures are focusing upon
creating products or services which helps in solving social needs. But their main aim is to
make the world a better place to live in and not to earn profits.
While, there are several dissimilarities as well such as all these ventures have different
motive such as some obtains profit earning while some obtain welfare of society. Thus, such type
of motives creates dissimilarities within ventures. While, they also possess dissimilarity within
business venture related to value creation as small scale businesses aims to delivery quality
products due to competition in market. While social ventures focuses upon improving society
and attaining welfare of the same.
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 Public sector- It involves those ventures which are working for the welfare of society or
local people. For instance, Acumen Fund is working for building financially sustainable
organizations and thus deliver affordable products or services in order to improve lives
of poor.
 Corporate sector- While, corporate sector ventures involves large scale businesses and
aims to attain set financial targets. However, this sector also impacts upon the economic
environment of country and helps in building effective nation.
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 Scope- Entrepreneurship ventures possess several differences in terms of scope and thus
it helps in carrying out different ventures in regard to perform their activities. Different
businesses has different scope. Growth- Here, it is essential for businesses to have different sectors and thus possess
innovative ideas in order to attain growth and development. It also helps in carrying out
desired work so that changes could be brought within business operations.
 Development- It is another aspect of entrepreneurial ventures and thus business needs to
develop its activities so that proper direction and leadership could be carried out in regard
to attain proper development of venture.
TASK 2
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 Income- It is one of the main importance of small businesses and start up firms within
UK and thus it helps in contributing to the economic development of country. However,
it also results into contributing to the major growth in the form of providing employment
opportunities and thus deliver quality services to guests.
 Employment- It is another crucial factor that helps individuals to provide employment
opportunities and thus enhance growth and improvement in society.
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 Employment- Small businesses are able to employ 50 workers but large companies do not
have any limit of hiring workers. Turnover- Small and medium businesses invests less in the company therefore, they
possess low turnover while, large businesses invest heavily and thus possess huge
opportunities in the form of turnover.
 Growth- Further, recession impacts upon the growth of all the business ventures either it
be small, medium or large.
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 Local- Small businesses impacts upon the local economy in the form that it provides
employment opportunities to local people and thus impacts upon the business in order to
expand its services. Regional- Small businesses aims to rotate money in local market and thus manages its
flow of income so that earning could be improved. National- Such type of businesses are also required to support national economy through
their production and thus helps in supporting economy through increasing GDP and
exports their products.
 International- Small businesses when increases their production it helps them to raise its
level upto international standard and improve economic condition in market.
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ASSIGNMENT 2
TASK 1
1.1 Characteristics traits and skills of entrepreneurs that differentiate them from other managers
Entrepreneurs possess various skills and traits such as innovative ideas, vision etc. and
thus it leads them to move forward and attain success. However, they are different from other
managers as they have possessed certain capabilities which helps them to lead business in market
(Berglund, Johannisson and Schwartz, 2012). For instance, Steve Jobs and Mark Zuckerberg are
successful entrepreneurs that focuses upon bringing certain revolution and attracting people
towards such new ventures. However, such successful entrepreneurs possess effective skills and
characteristics that makes them different from other managers. They possess creative and
innovative ideas which results in bringing change in economy (Bridge and O'Neill, 2012).
Following are the different characteristics and skills of entrepreneurs as compared to other
managers such as-
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 One of the effective characteristics of entrepreneurs is that they possess full
determination and set long term goals and vision. Hence, it helps in expanding the
business and attaining profits. While, other managers also possess determination but it is
not that much high as compared to entrepreneurs (Burns, 2010).
 Further, entrepreneurs possess an effective capability of bringing change and innovation
which helps them to perform the business targets. Also, they solely carry out the
operations and thus do not depend upon any other people. While, managers are not that
much innovative as they require team for accomplishing tasks (Carraher and Paridon,
2015).
1.2 Entrepreneurial personality reflects entrepreneurial motivation and mind set
Entrepreneur possesses an influential personality and thus reflects motivation and
positive mind set so that set targets could be attained. Entrepreneur carries out the start up
venture through facing several challenges and thus it helps them to build a better career. Also,
through several downfalls it helps them to learn various lessons about both life and business so
that they can carry out the venture successfully (Lee-Ross and Lashley, 2010). For instance,
entrepreneurs such as Mark Zuckerberg and Steve Jobs to possess effective entrepreneurial skills
and capabilities so that they can encourage others to work towards set objectives. It is essential
for entrepreneurial personality to possess effective motivational skills and thus influences others
to join the business so that set targets can be attained. Entrepreneurial personality reflects
motivation and positive mind set so that they can carry out desired targets in an effective way.
However, it would help them to enhance its motivational skills and encourage others as well to
lead the business towards set targets (Ligthelm, 2010). Further, entrepreneurs creates positive
impact on the mind set of individuals helps them to handle them and thus motivate them to work
for them and shape their career. Thus, possessing all such skills within entrepreneurial helps in
influencing individuals to achieve success.
1.3 Examine different lines of argument relating to entrepreneurial characteristics
Entrepreneurial characteristics are considered as an crucial element that helps in carrying
out business activities so that desired targets could be carried out successfully. However, small
businesses aims to possess different actions such as innovation and creative thoughts which
results in improvising innovative ideas and thus results in improving business performance in
market (Longenecker and et. al., 2013). Entrepreneurial obtains effective self motivating factor
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that assists them to overcome the issues and solve current situations within venture. However,
sometimes entrepreneur becomes selfish regarding their main motive of attaining success within
business and therefore, they are not able to identify the business situation and thus it raises
conflicts within firm (The Role of Small Business in Economic Development. 2017).
1.4 Characteristics, traits and skills of motivational drivers of successful entrepreneurs
Entrepreneur possesses effective traits and skills such as risk taking and assessment of
risk so that issues could be resolved faster. However, it is essential for entrepreneurs to obtain
effective innovative ideas so that they can encourage others to involve with them and lead the
firm towards success (Mariotti and Glackin, 2014). For instance Mark Zuckerberg and Steve
Jobs obtains effective traits and skills of motivational drivers and thus carry out effective results.
Entrepreneur also possess the ability of effective communication in regard to deliver their
innovative ideas and thoughts to others so that best results could be attained. Also, having
effective leadership skills possess the ability of motivating others and thus becoming successful
entrepreneur. For instance, using innovative and unique ideas helps entrepreneurs to bring
change within market and provide better facilities to consumers (Neck and Greene, 2011).
Through implementing unique ideas by entrepreneurs they were able to make iPhone, Facebook,
Google etc.
TASK 2
1.1 Background and experience hinders or foster entrepreneurship
Each and every entrepreneurs possess varied background and experiences and thus it
hinders or fosters their entrepreneurship and thus obtain different skills and abilities to carry out
set targets. Entrepreneur aims to obtain effective motivation and mind set which results into
attaining competitive business environment and thus results into affecting the operations
(Sampaio, Thomas and Font, 2012). However, background and experience sometimes influences
entrepreneurs to bring something innovative while sometimes it destroys them in respect to bring
something unique. Further, there are certain other factors as well as they hinder of fosters
entrepreneurship such as financial problems and thus lead them towards success. However, in
regard to become successful it is essential for entrepreneur to possess effective skills and thus
support them to carry out proper planning to launching the business (Scarborough, 2012).
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Entrepreneurship possess certain factors that hinders of fosters their background and
experience and therefore, it helps them to bring innovative ideas and results. However, it is
essential for entrepreneurship to foster individual background and thus focus upon innovating
ideas so that it helps them to carry out effective operations in marker. Entrepreneur possess
effective background and thus it leads them to bring something unique and thus attain success
within firm (Fayolle, 2013).
1.2 Link between entrepreneurial characteristics and influence of personal background and
experience
Entrepreneur possess varied skills that has been obtained by them because of their
personal background and their experiences which have been faced by them in past. However, it
would help them to make effective business ideas and thus overcome difficulties by developing
positive strength and move forward towards goals (Hatten, 2015). Inspite if they do not possess
high education because some entrepreneurs are college drop outs, they need to possess passion
and inner strength that leads them towards desired goals. Hence, all such characteristics helps
entrepreneur to implement positive strengths and thus overcome issues faced by them. All the
negative challenges faced by entrepreneur helps them to become positive and thus develop their
inner strength and thus motivate them to bring something new. However, entrepreneur is the
person who possess the skill and ability to bring certain changes in world and thus it has clear
vision to fulfil his dreams and improve betterment in society (Karlan and Valdivia, 2011). For
instance, personal background involves various struggle and defeats which helps them to fight all
over them and become successful in life. They also use their experience of life and bring desired
changes which results into improvement an bring necessary changes so that desired results could
be attained.
1.3 How background and experience influences entrepreneurs
Entrepreneurs such as Steve Jobs possess effective background and experiences as his
financial conditions was weak and therefore, He possesses a drive to become rich. Thus, such
inner drive and strength helps in making effective decisions to lead the business toward success.
He also sets an example in front of different other entrepreneurs and thus carry out the tasks in an
effective way (Agbim, 2013). Therefore, it is essential for individuals and leaders to influence
others and thus become influential so that it helps inspiring them to attain success.
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CONCLUSION
It can be concluded from the study that entrepreneurial and small scale businesses
possess effective impact upon the economy of country. Therefore, small and medium ventures
contributes effectively in the form of employment and GDP development within nation. Further,
entrepreneurial possess different skills and capabilities that helps them to encourage and lead the
business towards success. It would also help them to develop appropriate motivational skills and
mind set so that they can carry out the goals effectively and efficiently. There are different types
of entrepreneurial ventures and thus all these possess different scope and purposes. Entrepreneur
always possess different skills and talents that helps them to make unique and thus assists them
to move towards desired targets. They possess effective motivation and mind set which helps
them to lead towards effective personality and thus overcome competitive environment. There
are different factors that affects entrepreneurial skills and qualities such as their background,
presence of different skills and abilities and maximum experience in regard to foster
entrepreneurship.
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REFERENCES
Books and Journals
Berglund, K., Johannisson, B. and Schwartz, B. eds., 2012. Societal entrepreneurship:
positioning, penetrating, promoting. Edward Elgar Publishing.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the
discipline. Journal of Small Business Strategy. 19(2). pp.89-98.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Karlan, D and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
microfinance clients and institutions. Review of Economics and statistics.93(2). pp.510-
527.
Lee-Ross, D. and Lashley, C., 2010. Entrepreneurship and small business management in the
hospitality industry. Routledge.
Ligthelm, A. A., 2010. Entrepreneurship and small business sustainability. Southern African
Business Review.14(3).
Longenecker, J. and et. al., 2013. Small business management. Nelson Education.
Mariotti, S. and Glackin, C., 2014. Entrepreneurship and small business management. Pearson
Higher Ed.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management.49(1). pp.55-70.
Sampaio, A. R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism.20(2). pp.179-193.
Scarborough, N. M., 2012. Essential of entrepreneurship and small business
management. Instructor.
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Online
Agbim, C. K., 2013. The Relative Contribution of Management Skills to Entrepreneurial
Success: A Survey of Small and Medium Enterprises (SMEs) in the Trade Sector. [Pdf].
Available through: <http://iosrjournals.org/iosr-jbm/papers/Vol7-issue1/B0710816.pdf>.
[Accessed on 18th March 2017].
The Role of Small Business in Economic Development. 2017. [Online]. Available Through:
<http://isbdc.org/small-business-in-economic-development/>. [Accessed on 18th March
2017].
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