Report on Characteristics and Traits of Successful Entrepreneur

ENTREPRENEURSHIP
AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different type of entrepreneurial ventures and their relation to typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences among various entrepreneur's type............................................3
TASK 2............................................................................................................................................4
P3 Impact of micro and small business on economy..................................................................4
P4 Importance of Start-up's and small business on the growth of social economy....................6
TASK 3............................................................................................................................................7
P5 Characteristic and traits of successful entrepreneurs.............................................................7
P6 Personality which reflects entrepreneurial motivation and mindset......................................8
TASK 4............................................................................................................................................9
P7 Factors that fosters or hinders entrepreneurship traits...........................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
At present there are many small and medium sized firm that have evolved. These firms
have become one of the most essential component of the economy in any country.
Entrepreneurship is a ability of organising, creating and managing the business ventures. It can
also be termed as the procedure of developing, launching and running a new business firm. It is
started with the willingness of an individual after evaluating all the risk which could possibly act
as barrier (Mariotti and Glackin, 2014). Most of them have very different kind of ideas and hence
they are promoting innovation culture. Since they have less amount of resources which they
utilise in more sustainable manner. Managing business of the small firm depends upon the
approach chosen by the entrepreneurs. These companies works in favour of socio-economic
growth of the society. This report highlights the characteristic and traits of an successful
entrepreneur. It also showcase the types of entrepreneurs as well as the similarities and
differences between them.
TASK 1
P1 Different type of entrepreneurial ventures and their relation to typology of entrepreneurship.
There are many stories all around the world about successful entrepreneurial ventures. It
always relies on the ability and willingness of the individual how they manage system. The ways
an entrepreneur chooses to manage their firm helps in fostering the growth. Various types of
entrepreneurship are:
 Small business: They are the start-up's which is lead by an individual. Workers generally
hire local workers and rarely have higher profits (Drucker, 2014). They are incompetent
in providing plans of profit for attracting venture capitals and hence funding is done by
personal wealth.
 Scalable: These are most common type of Entrepreneurship these days and is based on
the idea that they think will change the business. They attract investors who are equi-
likely crazy and finance business after estimating the profit scale. They hire the best of
talents for achieving success at a faster speed.
 Large business: Such type of company can develop using long term innovation strategy,
developing new ideas (Kirzner, 2015). These firms are highly sensitive to the external
factors since there scale of business is large.
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