Characteristic Traits and Skills of Successful Entrepreneurs - Report
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Added on 2020-07-22
Characteristic Traits and Skills of Successful Entrepreneurs - Report
Added on 2020-07-22
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ENTREPRENEURSHIP
Table of ContentsENTREPRENEURSHIP..................................................................................................................1INTRODUCTION ..........................................................................................................................1PROJECT 1......................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation with typology........................1P2 Similarities and differences between entrepreneurial ventures.............................................2P3 Impact of macro and small business have on economy.........................................................4P4 Significance of small business and business start-ups in economy development.................6PROJECT - 2 ..................................................................................................................................7P5 Characteristic traits and skills of successful entrepreneurs....................................................7P6 Aspects of entrepreneurial personality reflecting entrepreneurial motivation and mindset..9P7 Impact of personal background and experience to particular successful entrepreneurs......10CONCLUSION .............................................................................................................................11
INTRODUCTION Entrepreneur are those person who starts up their own business and are generally knownas job giver. They create and establish their business by implementing their innovative andcreative ideas in practical. It involves numerous risks, challenges, unpredictable situations indeveloping a business as there are thousands of entrepreneurs already available in the market. Itis their capacity and willingness to develop, organise and manage a business venture by facingrisks in order to make profits. This is known as entrepreneurship. They play important role ineconomy development of the country as they provide job opportunities to millions of individuals.This assignment is divided into two projects (Desai, 2013). In which first project will coverdifferent types of entrepreneurial ventures and their relation with typology and similarities anddifference between them. In addition to that, impact of small business on economy of countryand their importance in growth of social economy. In project two, it covers characteristics traitsof successful entrepreneurs and how they reflect entrepreneurial motivation and mindset. Howbackground and experiences can hinder entrepreneurship is also given.PROJECT 1P1 Different types of entrepreneurial ventures and their relation with typologyEntrepreneurship – This is the procedure which help in preparing, designing andsmoothly running a new business, which is initially a small business. Starting up a venture is not a simple task, it requires great efforts and patience to make itsuccessful. In order to start a business, entrepreneur should be aware about major types ofentrepreneurship venture which are mentioned below: Simple Business Entrepreneurship: This is a small business which is mainly owned andrun be an individual. They establish business in order to make maximum profits. They mainlyemploy their family members or local people who can carry out their business operations. Asbusiness of small organisation run at small scale, they barely earn profits as compared to others(Djankov and et. al., 2010). Their main aim is to pay all the bills and loans taken for the businessand earn some profits over than these payments. Business like grocery stores, departmentalstores, travel agents, salon, etc. are some types. Scalable Start up Entrepreneurship: Online business is one of the best platform toexpand business and make customer aware about the products and services. It provides1
entrepreneurs which offers automation that allows flexible start ups. Anyone can easily start theirbusiness online and sell their products. Large Company Entrepreneurship: These are the corporate firmsleads to developmentof new ideas and opportunities within large or established businesses. It help in improving theprofitability of company and achieve competitive position. Social Entrepreneurship: They are the change agents and work in the direction to solvesocial problems and needs. They also identify existing programs which are working in thisscenario and help in bringing positive change. They are innovators who are focused intransforming the status quo of the world. Following are some kind of typologies on which different kinds of ventures depends thatare given as follow- Survival Ventures: Small business operate as survival ventures which provide basicsupport to entrepreneurs and their family. There is no compulsion on registration and does notrequire a premise where they can establish a business. P2 Similarities and differences between entrepreneurial venturesFollowing are some differences and similarities of entrepreneurial ventures:2
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