The Role of Personality in Entrepreneurship

This assignment delves into the relationship between personality traits and entrepreneurial success. It examines various personality frameworks, like the OCEAN model, and how they influence entrepreneurial intentions, skills, and performance. The analysis draws upon academic literature and research studies to shed light on the significant role personality plays in shaping an individual's entrepreneurial journey.

Entrepreneurship

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different type of entrepreneurial ventures.............................................................................3
P2 Similarities and differences between entrepreneurial ventures.............................................4
M1...............................................................................................................................................5
D1................................................................................................................................................6
TASK 2............................................................................................................................................6
P3 Impact of small and micro business enterprises on the economy..........................................6
P4 Importance of small business for the growth of social economy...........................................7
M2...............................................................................................................................................8
D2................................................................................................................................................8
TASK 3............................................................................................................................................9
P5 Characteristic, skills and traits of successful entrepreneurs...................................................9
P6 Entrepreneurial motivation and mind-set.............................................................................10
M3.............................................................................................................................................11
D3..............................................................................................................................................11
TASK 4..........................................................................................................................................11
P7 Impact of background and experience on entrepreneurship................................................11
M4.............................................................................................................................................12
D4..............................................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurs are creators of new ventures who does not only fulfil their own targets but
also bring a huge change in the society. These changes are strongly impact upon the economy
and provides job opportunity to local people. A successful entrepreneur always take a risk and
they always lead in the market. For becoming a successful entrepreneur is not difficult if they
know that how to start the business in global competitive market (Baptista, Lima and Preto,
2013). Entrepreneurship is approach of new thinking and acting upon some new sections which
bring a huge change in the economy. Entrepreneur start business and take a high amount of risk
in terms of finance. It is not important that every entrepreneur will get success in their life. The
present report is focus on entrepreneurship and small business enterprises. Here different types of
entrepreneurial ventures and their typologies has been described. Along with this, their
similarities and differences has been described. Further the impact of small business on the
growth of economy is disused and the characteristics, skills and traits of two successful
entrepreneur has been taken to describe. For the SME's UBER taxi has been selected.
TASK 1
P1. Different type of entrepreneurial ventures
Entrepreneurs are those person who always search something new and exploits the ideas
so that they can gain new opportunities. Through this they have to also accept risk which are
associated with the enterprises. Entrepreneur starts their business with small amount and try to
provide new products and services to customers. But entrepreneurial ventures starts their
business individuals and having limited resources and planning and take high amount of risk to
retain in market for a long period of time (Belso-Martinez, Molina-Morales and Mas-Verdu,
2013). The following are some entrepreneurial ventures which has been described below.
Small business ventures – These kind of ventures start their business with the motive to
fulfil the needs of people. Small business includes; grocery stores, travel agents, carpenters and
many more. They have to succeed in to fulfil the needs of families, but not to earn a profits of
100$ million for the business. These ventures can be anyone to run business and hire the local
people or their families to run their business successful. The owner of UBER is Travis Kalanick
who had introduced the taxies for middle and lower class people. The aim of this firm is to
provide convenience to customers while they are travelling from one place to another.
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Scalable start-up ventures - These kind of ventures start their business after knowing
that what they have to do from first day that they could change the vision of world. They take the
advice from the experts so that they can earn profits. Venture capitalistic support them to start
business in global competitive market. In the starting of business their aim is to satisfy the needs
of people but after a particular period of time there main motive is to earn high amount of profit.
For example, there are many entrepreneurs in country who start their business with the main of
satisfying the needs of customers and after that they have to earn huge amount of amount.
Social entrepreneurship – They are those innovators who mainly focus on needs of
families and societies. They provide those products and services which can solve the social needs
of people and their problems (Boyett, 2013). Their main is to improve the life style of local
people and provide them a job opportunities.
The following are the different types entrepreneur typology which are relate with the
above entrepreneurial ventures.
Serial entrepreneur – In this person start different kind of businesses with intention to
operate any business for a long period of time. Serial entrepreneur start one business and work
until and unless when it becomes successful, then sell it and start other business. These kind of
entrepreneurship are very risky.
Female entrepreneur – In this female start the business with full confidence to control
the business. They know how to control the business at small level. There are most successful
female entrepreneur who are very rich and inspire other females also to start business.
Social entrepreneur – In this entrepreneur start the business with the motive of to satisfy
the needs of customers. Their aim is not to earn high amount of profits. Through this they can
solve the problem of society.
P2. Similarities and differences between entrepreneurial ventures
The entrepreneurial of SME are promoting the action plan which supports the education.
For example, Travis Kalanick has provided job opportunities to local people for driving the car.
They are also promoting competitiveness and innovation for the satisfying the needs of
customers.
Small venture start their business with the aim of to satisfy the needs of people. They
start their business at a small amount. Normally these ventures are supported by the venture
capitalistic. The employees of these kind of venture are their families, friends and many more.
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Through this they can save the large amount funds. There is a difference between the
entrepreneurial ventures and entrepreneurship (Brouard and Larivet, 2010). For the business
entity, entrepreneurial ventures are having the perpetual quest through that they can generate
high amount of profits. Where as in social entrepreneurship ventures there aim to provide those
products and services which can satisfy their basic needs. The similarities between social and
small ventures are like; these both entrepreneurial ventures are operated by single person and
employees are having good skills and knowledge so that they can provide quality of services to
customers. These both entrepreneurial ventures have to take more risk to retain in market for a
long period of time. For example, the owner of UBER taxi, Travis Kalanick. He started this
business at small amount. UBER taxi, impact of uber on country is that they had earn the large
income from the taxi drivers. This company has started to target those customers who are not
able to run in expensive taxi. The market challenge for this company is that as there are many
competitors such as ola so it will become difficult for them to attract large number of customers.
The difference and similarities between the life style venture and serial entrepreneur
ventures are as follows.
Life style venture Serial entrepreneurs venture
Similarities – Both ventures are staring their business in different departments as well as
introduce new type of products and services to satisfy the needs of customers.
Dissimilarities – When the serial entrepreneur has attained the success they shift to start new
business but in life style venture the entrepreneur continue their business by introducing new
cloths.
Basic Female entrepreneur Male entrepreneur
Similarities Both entrepreneurs focus on developing to new kind of
products and services so that they can maximise profits and
minimise the risk (Bruton, Ahlstrom and Li, 2010). They both
entrepreneur have to transferred their business into large
organisation.
Dissimilarities The main aim of female
entrepreneur is to change the
The aim of male entrepreneur
is to earn profits and how to
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life styles of people and set the
best ideas for female that they
can do anything if they have to
achieve something in their life.
gain competitive advantage in
retain in market for a long
period of time. They use new
technologies for providing the
qualitative goods and services
to customers and retain them
for a long period of time.
M1
There are numerous entrepreneurs who are working in public and cooperate sector. The
entrepreneurs are having their own unique skills through this they can make lots of efforts so that
they can achieve their task in appropriate manner. For starting a new business they have to also
take a risk in financial because without this they cannot earn more profits. The entrepreneurs
who are working in public sectors are getting support from government in terms of finance. But
in cooperate sector the entrepreneurial ventures are not getting support from the enterprises.
D1
According to Bruton and et.al., (2010), it is depicted that small scale business
entrepreneurial ventures are having new and innovative ideas through this they can make
contribution in the development of the economy. Every entrepreneur are having skills to make
contribution in the growth of economy and can generate large amount of funds.
TASK 2
P3. Impact of small and micro business enterprises on the economy
Small and micro business has played a significant role in the development of economy.
The government are supporting to small business organisation because through this they are
providing the job opportunities to local people. For the improvement of UK economy it is
important that government has to support these type of organisation. The successful
entrepreneurs of SMEs after Brexit have made large contribution in the development of
economy. They are time-to-time launching new technologies which will became easy for the
people to do their work. There are various types of business organisation and their size and scope
are different from each other. These are as follows.
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Micro business – In this the person are operate their business in limited area. They are
not having so much resources to expand the business in different areas.
Small business – These small business organisation are mainly focus to satisfy the needs
of people (Chrisman and et.al., 2012). These organisation are quite large from the micro
business. However, they are also providing the job opportunities to local people.
Medium enterprise – These type of business are having more scope and large size in
order to attain the success. These organisation are trying to expand their business in other
countries also so that they can earn profits.
The impact of small and micro business are explained as below.
Future growth - After Brexit, the economy growth of UK is decline. It is important for
UK to support small and micro business so that they can make more contribution in the
development of economy. Without small business enterprises, the large organisation can not
satisfy the needs of customers because their suppliers are belonging from small business.
Employment generation - With the support of government small business organisation
are providing the job opportunities to local people. Through this they are also improving their
lifestyle. The government of UK has to focus on the small business enterprises and make policies
according to them in order to promote those which are performing by these organisation.
Increase in GDP – With the contribution of small and micro business it will increase the
gross domestic product rate of economy (Dacin, Dacin and Matear, 2010). But in these
organisation there are numerous employees whose salaries, wages can be affect. If there is
increase in the GDP rate, it will show economic growth and make more contribution in the
country.
The impact UBER on the economy is that this company started to attract the customers
and making strong the customers base. Most of customers are likely to travel in UBER because
cost is not expensive. This company gives a lots of opportunity to unemployed people who are
driving properly. The contribution has also been made for the development of the economy.
There are different kind of ownership which included in the business.
Sole proprietorship – In this the only one people run their business in order to get the
success. They utilise the funds, provide job opportunities to others etc. Their main objective is to
earn high amount of profits.
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Partnership – It is a kind of business entity who run their business with mutual
agreements. Both partners start the business with small amount. They have to perform all those
functions which has been written in contract.
Private – It a cooperation which is managed and controlled by private members. It is
considered as small business unit as compare with public sectors.
Four key areas in which SME can assist in economic growth.
Job creation – These firms are providing job opportunities to local people.
Improve in international trade – SME has got support from the government and through
this it will improve the international trade of the economy.
Improve standard of leaving – The income of people are increase so that it is also
improving their life styles.
Increase in GDP – The have also make contribution to increase the rate of GDP.
P4. Importance of small business for the growth of social economy
Brexit term is used when United Kingdom has withdraw there name from European
union. When UK was the member of EU then they have to follow all the rules and regulations
which has been made under this union. After withdrawal of name, it gives the opportunity to UK
to make own rules and regulations regarding the trading of goods and services. But through this
it has given the negative impact on the British economy. At some point of time the goods were
not exported from the country and large companies are not able to earn the profits also.
After Brexit, UK has lots so many job opportunities in different sectors. After this the
government has start to focus on these organisation, so that they can make positive contribution
in the economic growth (Di Zhang and Bruning, 2011). With the help of these support the small
business enterprise are providing the job opportunities to local people. The start-up business is
getting support from government in terms of funds and technical expertise so that they can
provide quantity and qualitative services and products to customers.
The following are some importance in which small business has made contribution for
the growth of social economy.
Reduction in poverty – The small business enterprises are providing the job
opportunities local people even to whom who are leaving below the poverty line. Through this it
will reduce the poverty line and making contribution in the development of economy (Drucker,
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2014). The small business enterprises are also providing infrastructure facilities such as;
transportation, accommodation facilities to people.
Increase in government income – The government is generating lots of revenue with
the support of small business enterprises. They are charging the taxes from each services and
products which are provided by these organisation to customers. The main source of government
to earn revenue is from taxes. Through this it will increase the foreign exchange rates in
international market.
Innovation, sustainability and adaptability - The government are supporting the start-
up and small business that where it need to change the society. From the most of year, there are
number of inspiring small firms and entrepreneurs which most exciting and challenging the
things in order to make some contribution in the economy.
M2
The difference between small, medium and large organisation is that; in small up to 50
employees are working and in limited area only. In large organisation more than 50 employees
are working and there main aim is to earn profits whether they are not satisfying the needs
customers or not (Goodman, Bamford and Saynor, 2016). But in medium organisation, these are
privately held by families and friends. There customers are also limited.
D2
In past there are not so much success SME who have made contribution in the
development of economy. But the organisation are trying to provide job opportunities to local
people which will improve their life. The small business organisation are trying financed from
the government and with the help of them they are carrying their business for a longer period of
time. As per the view of Jusoh and et. al., (2011), it is reserved that the small firms has make
more contribution to the economy at regional, national and local level. For example, the
construction is the largest industrial sector in terms of small medium enterprise and wholesaler
and trade had made the highest share in the employment and turnover. The SME has made more
contribution in three sectors; manufacturing, construction and wholesaler & retail trade. The total
employment in SME was approximately 15 million and 60% approximately in private sector in
UK.
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TASK 3
P5. Characteristic, skills and traits of successful entrepreneurs
The entrepreneur is that person who has ability to introduced new products and services.
They are also taking risk in terms of financial so that they can maximise profits. The successful
entrepreneur is having ability to think new and can provide more economical idea for the
achievement of the targets. There are many successful entrepreneurs and all are having unique
skills. In enterprises these entrepreneurs are taking decisions on the basis of their experience to
make more sturdy position in market (Kirzner, 2015). The entrepreneur has skills to run their
business alone and handle all the risk which are associated with them. Further, they have to
monitor all activities which are performing by employees in their organisation. There are two
famous entrepreneur who has given the new definition to information and technology. They are;
Mark Zuckerberg and Steve Jobs. Steve jobs, he was the co-founder of Apple. He launches the
application of iTunes application where the person can download the songs and even listen
online. He also launched iPod with small size for the first generation. Whereas, Mark Zuckerberg
has launched the application of Facebook where people can chat with their friends and families
at any point of time. These application is most of the used by the organisation to attract large
number of customers. In this large number of user are connected with each other.
Travis kalanick was the successful entrepreneur. He launched the taxi UBER for middle
and lower class people. The rates of this taxi while travelling is not so much expensive. So it is
easy for the people to use these kind of services. This company time to provide benefits to
customers in terms of discount, vouchers so it become easy for them to attract large number of
customers. He was confident at the time of launching these services.
The characteristics, skills and traits of successful entrepreneur are explained as below.
Confidence – The successful entrepreneur is having confident to do something new in
global competitive market. They are collecting information from various sources so that they can
confidently apply these knowledge to achieve their targets (Michaelidou, Siamagka and
Christodoulides, 2011). Both Mark Zuckerberg and Steve Jobs are very confident person they
does not hesitate to do something new.
Risk taking attitude – It is the most important characteristics of successful entrepreneur.
The entrepreneurs are taking risk in terms of finance for getting the higher amount of profits.
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Strong managerial competencies - The successful entrepreneur have this much
capability to manage their work in appropriate manner. They can handle all the situations which
are facing by the organisation.
Never be satisfied - Once the entrepreneur become success then they never be satisfied
that what they have achieved. They are making more and more efforts for providing the new
technologies and ideas to people. Successful entrepreneurs never stop and take rest on laurels.
The following are the difference between manager and entrepreneur are as follows
Basic of difference Managers Entrepreneur
Owner They are not the owner of the
enterprises.
They are owner of the
enterprises.
Motive There motive is to render the
services to people which are
set up the entrepreneurs.
Their main motive is to start
new business.
Technical proficiency They generally follow the
rules which are made by the
entrepreneurs (Nga and
Shamuganathan, 2010).
Many entrepreneur
demonstrate their strong
technical skills to bring new
experience to their business
ventures.
Risk bearing They do not take any risk. Entrepreneur is the owner of
the organisation so he/she
tackle all the risk which are
associated with their objectives
or goals.
P6. Entrepreneurial motivation and mind-set
In modern era, every entrepreneurs has capability to work in competitive market. They
have to accept all the challenges and risk which are attached with their targets. These
entrepreneurs are having capability to work in dynamic situation because they are already aware
about that what kind of issues they will face. As discussed above, Mark Zuckerberg is very
confident and risk taking person. Recently he has introduced new feature on whatsapp that if any
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user does not have to send any message to other and by mistake they have send then this message
can be take back. On other side, Steve jobs has already launched the iPhones eight so that the
organisation will not face any problem in future to launch in phones. These both entrepreneur are
confident and risk taker person (Oosterbeek, Van Praag and Ijsselstein, 2010). If they do not
have confidence then they cannot achieve anything.
The OCEAN has five dimension which estimate the personality of successful
entrepreneurs. These five dimension have alternative term also. O stands for Openness
(Originality), in this the Mark Zuckerberg has launched the application of Facebook according to
the needs of users. Through this they are getting new ideas and experience. C stands for
Conscentiousness (Consolidation), both mark Zuckerberg and Steve jobs are self-discipline
person and focus on their aim that what they have to achieve in their life. E stands for
Extroversion, Mark Zuckerberg is very emotion person and this much ability to work in day for
14-15 hours. A stands for Agreeableness (Accommodation), it is tendency of compassionate,
Steve Jobs and Mark Zuckerberg are having passion to achieve something in their life. N stands
for Neuroticism (Need for stability), these both entrepreneurs haves set their life and now relaxed
because they have achieve the success (Phelan and Sharpley, 2012).
M3
These both entrepreneur have attain their success in life by launching new application
and technologies. The characteristics of both entrepreneur are different from each other but both
risk taker person. Both of them time to time are innovating new ideas which also make
contribution in the growth of economy. The young people are inspired by them and trying to
innovative new things so that they can get succeed in their life.
D3
Some of the specific entrepreneur skills are that; they are self confident person. They are
self motivated person they do not need any support. They are risk take and never be satisfied that
they have achieved in their life. Mark Zuckerberg and Steve Jobs has launching the new
technologies with time to time. Every year they innovating new ideas and technologies in which
they can attract the large number of users (Schoon and Duckworth, 2012). These both
entrepreneurs are having experience that how to handle the risk which are considered with their
objectives.
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TASK 4
P7. Impact of background and experience on entrepreneurship
Both background and experience give positive and negative impact on the life of
entrepreneurs. For example, Mark Zuckerberg has launches application of Facebook but he had
face some advantage and disadvantage from this. The advantage is that so many people are
connected with each other and ask can talk any time. But this also waste the time of users also.
On other side, Steve job had introduced iPhone and most of the people are using this phone to
show their status. But the main problem in this that the people cannot share the application with
cell phone devices. So it is a big disadvantage for Steve jobs (Smith and Stevens, 2010). If the
entrepreneur has faced any problem in their life then they have to think positive and handle the
situation in appropriate manner. Every entrepreneur has faced worst and good experience. Thy
have to take good decisions at the time where they can resolve the issues which are facing by the
employees in organisation.
The background of Mark Zuckerberg was good, he had got the education from recognised
university. His family was also supporting him to achieve their targets in his life. His experience
was good when he had done something in his life. On other side, the experience Steve job was
bad because Apple had throughout him from the organisation and in year 2000 he had become
the CEO of apple (Stenholm, Acs and Wuebker, 2013). After that he gain so many success by
launching new iPhones or iPod. The successful entrepreneur is having confident, good
communication, motivation and leadership skills.
The background of Travis Kalanick was good because he is a computer programmer and
his family also support them while doing anything. His experience was good when he had
launched any application for computer programming. He also become a successful entrepreneur
and motivate others also that there is not stage to start something. At any time, the people can do
anything if they are having courage.
The successful entrepreneur has to use their experience in positive way so that they can
maximise their profits and can attain the success in their life.
M4
The successful entrepreneur is having innovative ideas and skills through they can also
improve their performance. They have to motivate their employees in enterprises so that it will
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also improve their skills and knowledge in order to achieve their objectives (Successful Women
Entrepreneurs, 2014). The background of mark Zuckerberg was good and his family also
supported him. Steve job also get support from their families in terms of finance also.
D4
According to Smith and Stevens, (2010), it is critically evaluate that if the background
and experience of the entrepreneur was good then he/she can achieve anything in their life. Good
experience gives them ability to tackle all the risk and manage all functions which has to be
performed in their life. On other side, bad experience gives an opportunity to accept those
challenges through which can achieve their targets in different manner.
CONCLUSION
After summing up report it has been concluded that there are different types of
entrepreneurial ventures who are doing something business with their own motive. To became an
successful entrepreneur they have to take risk and provide new ideas so that they can achieve
their targets. They have to ensure about that what kind of risk are associated with their targets.
They have to give opportunities to new younger people so that they will also do something new
their life.
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