Characteristics, skills and traits of successful entrepreneurs

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their typologies...........................................1
P2 Similarities and differences between entrepreneurial ventures.............................................2
TASK 2............................................................................................................................................3
P3 Interpret relevant data and impact of micro and small business on economy.......................3
P4 Small and business start –ups will contribute to the growth of economy.............................4
TASK 3............................................................................................................................................6
P5 Characteristics, skills and traits of successful entrepreneurs................................................6
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set.......................7
TASK 4............................................................................................................................................8
P7 Background and experience can hinder or foster entrepreneurship......................................8
CONCLUSION................................................................................................................................9
REFERENCES ............................................................................................................................10
.......................................................................................................................................................11

INTRODUCTION
Entrepreneurship is a willingness and capabilities to create, manage and then control
business firm with taking any kind of risks to earn more and more profit. An individual who start
or establish business is known as entrepreneurs. Generally people develop their business at small
scale not large scale because in small firm an involvement of risk is less as comparison to large
enterprises. In this report mentions about the different types of entrepreneurial ventures and some
of their related typologies (Acs, Autio and Szerb, 2014). There are some differences and some
similarities among all entrepreneurial ventures. In this present business report also mentions
about the impact of small and micro businesses on the economy of country. There are some
differences among the start- ups and small firm and also their importances. In this report
evaluates about the traits, skills and characteristics of some successful entrepreneurs. Most of the
times, the background and past experience of a person can foster and hinder entrepreneurialism.
TASK 1
P1 Different types of entrepreneurial ventures and their typologies
Business venture means to start a business for earning more profit and it may also related
to the small scale business. Some of the ventures are develop on the basis of market demand or
the reason can be minimum supply at market. It is necessary to an entrepreneur to produce
quality standard products and services by identifying the tastes and needs of customers. The
entrepreneurial ventures are created by the entrepreneurs. Its main focus is on giving advices or
suggestions to the mid stage as well as early stage firms (Fayolle, 2013). The entrepreneurial
ventures are of different types such as:
Small business entrepreneurship- This type of entrepreneurship is generally operated by
an individual person and the size of these firm are small. In UK, under manufacturing firms there
are 500 to 1500 employees are working and in wholesaling industries, there are total 100 to 500
people are working. The sales and revenue of small firms are not much high as compared to large
firms. In these kinds of firms included hairdressers, carpenters, consultants, grocery stores, travel
agents, electricians etc.
Scalable Start-up entrepreneurship- The main purpose of this type of business person is
to change world from its activities. People start a business firm and hire most capable persons
who can do and conduct business activities in a proper way.

Large firm entrepreneurship- The size of these companies are large and revenue or
turnover of large enterprises is more than the small companies but in this the change of risk is
more. There are more number of employees are working and in it big hotels, restaurants etc.
Social entrepreneurship- They are innovators and creators and their main focus is on
developing service sand goods that solve the problems of society (Grégoire, Corbett and
McMullen, 2011). Social entrepreneurship mostly works for the welfare of society.
There are some typologies related with entrepreneurship:
Serial entrepreneur- These kind of business persons are very creative and innovative and
they start their business and after earning some profit they sell and then start new venture. Their
main purpose is to earn profit.
Social entrepreneurs- Their main objective is to work for the welfare of society and they
always try top fulfil the needs and wants of customers. They produce only those products and
provide those services which are good for people of society not harm them. For the people of
locals community, these types of entrepreneurs conduct some social activities, workshops and
some campaigns.
Male entrepreneurs- Those business firm which are managed and controlled by the men
are known as male entrepreneurs. Their share is 49 percent from the total share capital.
P2 Similarities and differences between entrepreneurial ventures
Entrepreneurs are of different kinds there are some differences and some similarities of
entrepreneurs are given below:
Trading and manufacturing entrepreneurs- The work of trading entrepreneurs is to
conduct its trading related activities. These entrepreneurs take the finished goods from the
producers and after this sell all products to consumers directly or from the retailer. On the other
hand manufacturing entrepreneurs are those people who produce goods and services. Before
manufacturing, they conduct research on customers needs and tastes and then produce products
according to them. In manufacturing process they use latest technology (Wry, Lounsbury, and
Glynn, 2010). The similarities among both of them are that they work in their own way and are
self motivated.
Imitative and Drone entrepreneurs- The dissimilarities among these both entrepreneurs
are that imitate business persons are very innovate but they do not innovate any modifications
themselves, they take help from technologies and other techniques through other people. The