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Characteristics, traits and skills of successful entrepreneurs

   

Added on  2020-06-04

17 Pages4722 Words35 Views
Entrepreneurship
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Entrepreneurship
Characteristics, traits and skills of successful entrepreneurs_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Types of entrepreneurial ventures and their relationship with typologies.......................1P2. Similarities and difference between entrepreneurial ventures.........................................3TASK 2............................................................................................................................................5P3. Assessing and interpreting the impact of micro and small businesses in economy.........5P4 Contribution of small start-ups and business in growth of social economy......................7TASK 3............................................................................................................................................8P5. Characteristics, traits and skills of successful entrepreneurs...........................................8P6. Assessment of aspects of entrepreneurial personality in reflecting entrepreneurialmotivation and mind set.......................................................................................................10TASK 4..........................................................................................................................................11P7. Factors that foster or hinder entrepreneurship................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONEntrepreneurship is defined as an activity of starting new business which is generallysmall in size with the hope of earning profit and taking all risks and rewards by itself. The peoplewho create these businesses are called as Entrepreneurs. They are the one who have an ability ofrisk taking and formulating crucial decision in order to gain a strong position in the competitivemarket. They have ideas regarding launching of new product and improving existing products inthe market in order to grab a large number of customers. Main purpose of preparing this report isto define different types of entrepreneurial ventures and their relationship with differenttypologies (Jones, Coviello and Tang, 2011). The project covers the concept that how micro andsmall business made an impact on the social economy. This project also includes the key aspectsto entrepreneurial aspect and environment that fosters or hinders the entrepreneurship.TASK 1P1. Types of entrepreneurial ventures and their relationship with typologiesEntrepreneurial Ventures: It refers to the process of opening new business or start-upsin market with a motive of earning profits. It seems that entrepreneurial venture and regularbusiness are same but it is not so. Entrepreneurial ventures are those who come in the marketwith new and innovative ideas which help in differentiating them with each other. It is run by asingle person who makes solely decision and controls and manages all business activities withown skills and knowledge. An entrepreneurial venture also contributes to social economy atmaximum level in order to exist in the market for a longer duration. Entrepreneur: They are the one who have new and innovative ideas to launch newbusiness in market with limited resources. They are solely responsible to make an effectivedecision and bear all losses incurred by entrepreneurial venture. He can run business moresuccessfully only when he has a clear vision and an ability of taking risk so that they can grab anopportunity in order to compete with their rivals.Types of Entrepreneurs:Serial Entrepreneurs: They are the one who come into market with a lot of new andunique ideas of starting new businesses. They generally come with new ideas and start businessbut then allocate roles and responsibilities to others and move on to a new idea and open a newventure.1
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