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Characteristic traits and skills of successful entrepreneurs

   

Added on  2021-02-19

14 Pages4380 Words72 Views
Entrepreneurship
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Assignment
Characteristic traits and skills of successful entrepreneurs_1

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3P1 Different types of Entrepreneurial ventures and how they relate towards Entrepreneur'stypology.......................................................................................................................................3P2 Similarities and differences between entrepreneurial ventures............................................4P3 The impact of small business on the economy of the country...............................................6P4 Importance of small businesses and business start-ups to the growth of the social economy......................................................................................................................................................7P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers............................................................................................8P6 How aspects of entrepreneurial personality reflects entrepreneurial motivational..............10P7 Background and experience effect on entrepreneur skills...................................................11CONCLUSION................................................................................................................................1REFERENCES................................................................................................................................3
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INTRODUCTIONEntrepreneurship is the process of creating a new enterprise by an individual using theirinnovative skills and knowledge, taking risks in order to maximize their profits. It also involvesarranging of inputs like land, labour, capital and entrepreneurship in order to develop a productor service accordingly. There exists different types of Entrepreneurial ventures like Large scale,scalable and small scale business that the report will include namely Mckinsey & company,Beales and Nom Foods respectively. Mckinsey & company is an American Managementconsultancy firm that was established in 1926 by James Mckinsey and the company has spreadits operations all around the world and provides employment to more than 27,000 employees allaround the world. On the other hand, Beales is an English department store chain that operates inthe United Kingdom ad was founded in the year 1881 by John Beale. Lastly, Nom Foods is a UKbased local health and nutrition company that was founded by Steph Croft Simont in 2013. Thecurrent study will highlight a comparison between different types of entrepreneurial ventures andtheir contribution towards the growth and development of nation's economy.MAIN BODYP1 Different types of Entrepreneurial ventures and how they relate towards Entrepreneur'stypology.Entrepreneurship is concerned with the process of launching, developing and running a businessventure by doing innovation and taking risks is called entrepreneurship. There exists differenttypes of Entrepreneurial ventures like:Small business Entrepreneurship: Small scale business are the most commonly formedbusinesses all around the world. In the United Kingdom, there are 5.7 million small scaleorganizations that contribute towards 99% of all the businesses. The small enterprisesoperate in very few places with minimum number of employees. These firms lackinnovation because of low capital funds for the research and development purposes.Beales is a prime example of small business entrepreneurship as the store operates in just22 locations with 450 employees.Scalable start-up Entrepreneurship: These type of businesses focus on innovation and usetheir skills to develop a unique product, The focus of start-up entrepreneurship is toidentify the problems of customers and then develop a product/ service accordingly. Theentrepreneurs also receive initial funding from venture capitalists which helps in the1
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future growth and profit maximization of the business. For instance, Nom Foods is ascalable start-up as the company provides healthy food that provides adequate nutritionand energy to the human body. The business received an initial funding from Crowdcube, a British investment company which has helped Nom foods in diversifying itsoperations and increased their profits significantly.Large company Entrepreneurship: The large scale companies focus on providing uniqueproducts and services to its customers by indulging in continuous research anddevelopment to produce an innovative product that helps in increasing the growth andprofitability of business. For instance, Mckinsey & company provides various services toits customers like management consulting, financial consulting and investment decision-making (Storey, 2016).Entrepreneurial typologies:Entrepreneurial: The entrepreneurial typology is concerned with an individual takingrisks and using the innovative skills to develop a product or service that creates value forcustomers. Scalable companies like Nom Foods can be related with entrepreneurialtypology,Intrapreneurship: The Intrapreneurship is an entrepreneur in a big organization. Theseindividuals are self-motivated, pro-active and action oriented individuals who easily takedecisions. These individuals are not afraid of failure and are always ready to take risksand learn from the failure.Mckinsey & company is an example of Intrapreneurship as thecompany operates on a large scale and is not afraid of taking risks and try innovativethings.Managerial: Managerial includes the employees within an organization that takesdecision for the organization and these people have entrepreneurial skills within them.They contribute towards the decision-making in the organization and motivates, guideand supervises other employees to work efficiently and effectively for the achievement oforganizational goals and objectives.M1 Public and Private sector entrepreneurshipPublic entrepreneurship- It is defined as those businesses which are partially or fully ownedand controlled by public authority or state. The government possess all rights on providingdirections to business for making effective decisions. There are few business which are involved2
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