Entrepreneurial Traits and Background

This assignment is a comprehensive study on entrepreneurship, covering various aspects such as entrepreneurial traits, types of ventures, and typology. It also provides a detailed analysis of the backgrounds and experiences of successful entrepreneurs, including Bill Gates and Larry Page. The assignment aims to understand the importance of entrepreneurship in achieving goals and its impact on social economy.

Entrepreneurial and small
business.

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1 ................................................................................................................................................1
P1 types of ventures and relation to typology of entrepreneur ............................................1
P2 Similarities and differences...............................................................................................2
LO 2 ................................................................................................................................................3
P3 Impact of micro and small businesses on the economy .................................................3
P4 Importance of small businesses and business start up to the growth of the social economy .
................................................................................................................................................3
LO 3.................................................................................................................................................4
P5 Characteristics traits and skills of successful entrepreneurs that make them differ from
business manager. ..................................................................................................................4
P6 personality reflect entrepreneurial motivation and mind set ...........................................5
LO 4 ................................................................................................................................................5
P7 Background and experience . ...........................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES ...............................................................................................................................7

INTRODUCTION
Entrepreneurship is the process of scheming , introduction and creating a new enterprise
or start up. And the people who start this concern is known as entrepreneurs. This report is based
on entrepreneurship and small business management in which it covers different entrepreneurial
ventures and different type of typology. And also difference and similarity of entrepreneurial
venture. And also the importance and impact of micro and small business in the economy. It will
cover the traits, skills of successful entrepreneur. It will assess how the aspects of entrepreneurial
personality reflect entrepreneurial motivation and mind set. And at last it will cover relevant
example how background and experience can hinder or foster entrepreneurship.
LO 1
P1 types of ventures and relation to typology of entrepreneur
Entrepreneurial Ventures
Small entrepreneurial Ventures – it is the venture that generally operate at small scale
level. And closely-held and manage by individual person. The capital providers for small
business are mainly from bank, micro loans etc.
Public entrepreneurial Ventures – public ventures are managed and control by the
government and also can transfer and sold its share to public by initial public offering and it is
important for the public venture to lists itself on stock exchange.
Private entrepreneurial venture- this venture are restricted to transfer and sales its share to
public and also it owned and control by the individual or group with no interference of
government.
Large entrepreneurial venture- this venture generally operate at large level with more
number of employees and more complex in nature (Mirošník, Čadil, and Čermáková, 2016).
Typology of Entrepreneurship
Social firm – Social firm mainly focus to improve and serve the society by fulfilling the
needs of society. It main motive is to create employment opportunity in the society.
Scalable firm – Scalable ventures are the ventures which create start up based on own
ideas and also has the potential to become successful fast growth ventures.
Growth firm – Growth firm are the firm which grow faster than its peer group and also
has increase revenue and profit.
1

P2 Similarities and differences
Public and private undertaking
Criteria Public venture Private venture
Minimum number of members 7 2
Transfer of share Free restricted
Public subscription Public subscription is allowed
in public company
Public subscription is not
allowed in private company.
Minimum directors 3 2
Maximum Member Unlimited 200
Risk involvement Less risky High risky
Similarities
Both public and private ventures are work to achieve the profit and also the above
company are concentrate upon on innovation and also both the ventures understand the needs
and preferences of the customers and as well as gives positive impact and serve the society by
providing innovative ways and quality of product and services to their customers (Read,
Sarasvathy, Dew and Wiltbank, 2016)
Small, Micro and Large business.
Criteria Micro Small Large
No. Of employees 20 Less than 250 More than 1000
Turnover Micro business are
considered to be any
business that has a
turnover of up to $1
million
Small business has
turnover between $1
million and $20
million.
Large business has
turnover exceeds $300
million.
Source of finance Personal Friends and family Bank loans
Similarities
2

The above three venture are very innovative and serve the best to the society with its
innovative skills and also corporate to earn profit and sustainable growth in the market. And also
have common motive to create employment opportunity to the people who are unemployed and
serve the customers good quality of products and services.
LO 2
P3 Impact of micro and small businesses on the economy
They both are the backbone of the UK economy and also play a important part in the
economy and contribute to the large scale. As micro and small business create job opportunity
and also increase the standard of living of the people and also motivate people to start their start
up. It has turnover of 1.6 trillion euros and both the ventures employees people over 24.3 million
people in UK. Micro and small business generates 46% of revenue which comes from micro and
small business. And also they are the top source of job creation as more than 370000 jobs are
created from these ventures. Also, they impact the economy by contributing in GDP growth in
the economy. Also, micro and small business encourages women to start their start up and run
their own business and earn profit. Also, they are the venture who comes with an innovative idea
and creative skills and also they are the main source of innovation. So micro and small business
impact the economy to the large extent. And also they give positive impact in the society.
P4 Importance of start up to the growth of the social economy .
Small business and start up contribute to the economy to the large extent. And plays an
important role to the growth of social economy. The small business attract the large investors n
order contributing in them. It also encourages people for the start up and encourage them to
improve their standard of living. And also there main tool is innovation which attract many
customers. And small business are improving their services which are delivered to people. Also,
plays a main role in creating employment opportunity to the people and serve the best to the
people. The revenue earns by small business is 46%. Also, small business link big corporation
with customers as they have direct contact with the people and also they give information to the
corporation about the preferences of the customers which help them to increase their revenue.
Also, they motivate people to work with different culture of people and also respect their value
and belief of the people. And also small business gives training to the people with help future
and helps people to learn different innovative ways and techniques. Also, it main motive is to
3

encourage people for start up specially women so that they become independent and run their
business by its own. (Dugguh, 2017).
LO 3
P5 Characteristics traits and skills of successful entrepreneurs that make them differ from
business manager.
Basis Bills gates Larry Page
Traits Bills gates has the ability to
think in different way as with
more creative and innovative
thinking and also has faith in
their own capabilities and also
the founding member of team
and also has the ability to take
high risk with in turn gives
returns and also has the ability
to listen and learn which
makes them different from
manager.
Larry page have a clear vision
and strategy for the team and
also believe in productivity
and result oriented and also
express interest in team
member's success which
makes Larry Page different
from managers.
Skills The main skill of Bill gates is
that critical thinking as he fully
analyses the critical situation
and think in the critical manner
and then take decision which is
good for the business
(Millsteed, Redmond and
Walker, 2016)
Larry Page main is that
positive attitude in every
situation which make work in
smooth way and also
encourage the team member to
think in the positive manner
without any stress and negative
thoughts.
Motivational drivers The main motivational driver
is fear and failure as Bill Gates
believe that fear and failure are
Larry page believe that
achievement is the best
motivational driver as
4

the best motivators. As failures
motivate the person to do well
and do extra efforts in order to
achieve success . It is the most
effective skills that able to
being different from others.
achievement helps the person
to do more hard work and
achieve the goals and objective
og the organisation.
P6 personality reflect
Entrepreneurial Characteristic
Risk taking – first and foremost characteristics for an entrepreneur is the ability to take
risk. The entrepreneur must take risk in order to achieve more return. A good entrepreneur is also
ready to take risk and uses different techniques to minimise that risk.
Creativity – it is important for an entrepreneur to be creative and think in creative way
and brings new ideas and skills. Creativity helps to bring new solution for the current problem .
Forward looking – The entrepreneur have the ability to anticipate trends and must look
forward (Storey, 2016).
Situational factor in a personal context-
Cultural differences – it means various values, belief, behaviour and differences that are
separated the individual of race and ethnicity. It an individual belong to low background and help
entrepreneur in many ways.
Lifestyle – if the individual wants to improve their lifestyle or standard of belief that it
pursue an individual to become an entrepreneur.
LO 4
P7 Background and experience .
Background of Bill Gates
Bill Gates businessmen and entrepreneur that born on 28,1955 and he ad his partner Paul
Allen founded and built the world's largest software business, Microsoft through technology
innovation and also uses its strategies and aggressive techniques to make him the successful
entrepreneur. Bill Gated become one of the richest person in the world. He is also known as
principle founder of Microsoft company. During his career at Microsoft, Gates held the position
5

of CEO and also he was the largest individual shareholder until may 2014. As he was one of the
successful entrepreneur in the world with his excellent entrepreneurial traits (Burns and
Dewhurst eds., 2016)
Background of Larry Page
Lawrence Edwards Page is an American computer scientist and entrepreneurial. He was
born on march 26 ,1973. He was the co founder of Goggle with Sergey Brin. The net worth of
Larry Page is US$56.4 billion. And by his unique traits and skills makes him the successful
entrepreneur (Burns, P., 2016).
CONCLUSION
From the above study it has been ended that entrepreneur played an important role in
order to attain the goals. It has explained assorted type of ventures and typology and its
difference and similarities. It has been concluded that small business plays an important role in
the social economy. Furthermore, it has described the background and experience of the
entrepreneur that can hinder and foster entrepreneurship.
6

REFERENCES
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
Millsteed, J., Redmond, J. and Walker, E.A., 2016. Small business ownership for occupational
therapists: key factors for success. International Journal of Entrepreneurship and Small
Business. 27(4). pp.425-440.
Dugguh, S.I., 2017. Entrepreneurship and small business: Strategic approach to alleviating
poverty and corruption in Nigeria. GSTF Journal on Business Review (GBR). 3(1).
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016. Effectual entrepreneurship.
Routledge.
Mirošník, K., Čadil, J. and Čermáková, K., 2016. Small business and cohesion policy-statistical
evidence from the Czech Republic. International Journal of Entrepreneurship and Small
Business. 29(3). pp.398-415.
7