The Role of Entrepreneurial Characteristics in Achieving Goals

This assignment delves into the world of entrepreneurship, highlighting the key characteristics that enable individuals to achieve their goals effectively. Through a comparative analysis of two entrepreneurs, Scott Harrison and Jane Smith, the paper examines how different skills and traits aid in attaining profit and growth. The study also explores the significance of small and micro-sized enterprises in developing the UK economy, citing various research papers and articles. By understanding the importance of entrepreneurial characteristics, individuals can develop their skills and make a positive impact on society.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Different type of entrepreneurial ventures and relationship of typology of
entrepreneurship.....................................................................................................................3
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate and understanding
of entrepreneurship In both public and corporate sector .......................................................4
P2. Differences and Similarities among entrepreneurial ventures.........................................5
M2 Evaluate the key impact that small, medium and large businesses make to the economy . .6
TASK 2 ...........................................................................................................................................7
P3. Evaluate relevant data and statistics to illustrate how micro and small businesses impact
on the economy.......................................................................................................................7
P4. Importance of small business and start-up's businesses...................................................8
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................9
INTRODUCTION.........................................................................................................................10
TASK 3..........................................................................................................................................10
P5. Characteristic and Skills for Successful Entrepreneurs. ................................................10
P6. Various aspects of entrepreneurial personality. ............................................................11
M3 Explore and examine the different lines of argument in the literature relating to
entrepreneurial characteristics..............................................................................................13
TASK 4..........................................................................................................................................13
P7. Background and Experience can hinder or foster Entrepreneurship..............................13
M4 Link between entrepreneurial characteristics and the influence of personal background
and experience to specific successful entrepreneurs............................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneur is an individual who is responsible for creation of a unique business by
taking risks and gaining rewards from it. They are person who builds up business for acquiring a
profit and also makes effective contributions in economy of country. This report is based on
different entrepreneurial ventures, correspondence as well as distinctness among them.
Furthermore, statistics has been used to analyse influence of small and micro firms. Apart from
this, their significance is illustrated with respect to social economy.
TASK 1
P1. Different type of entrepreneurial ventures and relationship of typology of entrepreneurship.
Entrepreneurial ventures is an important part of an organization as it brings some
innovation as well as opportunities so that company can develop both economic and social
values (Ahmad, 2015). There are various types of entrepreneurial ventures which are mentioned
as below:-
 Small business Entrepreneurship:- This is the business where only owner can operate
or control the business and also there is an involvement of less number of employees. The
main motive of this type of entrepreneurship is to focuses on providing more innovative
products and services at market place. With the help of this, company can attract more
clients and develop their own goods and services in an effective manner. Furthermore,
small business entrepreneurship run or operated by friends and family members who act
as a partner. Brokers, grocery stores and many more are the examples of these
enterprises.
 Scalable start up Entrepreneurship:- This type of business starts their work with
innovation which means they focuses on to provide unique or innovative goods and
services at market place (Audretsch and Caiazza, 2016). Along with this, the process of
innovation has main aim is to satisfying customers through their innovation. Facebook,
amazon and so on are the examples of these enterprises.
 Large company Entrepreneurship:- Samsung, Apple and so on, are the examples of
these enterprise. This type of enterprise brings some new goods and services at market
place for attracting more customers and maintaining sustainability for longer time period.

Along with this enterprise they bring various job opportunities by which individual as
well as economy both are developing in an effective way.
 Social Entrepreneurship:- The aim of this type of entrepreneurship is to provide good
quality of products and services so that they can solve the social problems effectively.
Along with this, social enterprises focuses on satisfying customers need and expectation
as comparison to maximising profit (Belz and Binder, 2017). There are some of example
of social enterprise are Hill Holt Wood, Café direct, and many more.
 Corporate entrepreneurship:- The corporate entrepreneurship can be described as an
entrepreneurship inside of an established organisation which is also known as an
intrapreneurship. It can be considered as a procedure used to create new businesses,
products, services and processes inside of an existing organisation in order develop value
& generate fresh revenue growth via entrepreneurial actions as well as thought.
 Public sector Entrepreneurship:- This can be described as promulgation of an
innovative public policy initiative which are responsible to create higher economic
prosperity. It can be done through transforming a status quo economic atmosphere into
one which seems to be more conducive in context of economic units engaging in creative
activities in the face of uncertainty.
Some of the entrepreneurial typologies are given as below:-
Sole Traders: In this business, only single person are responsible for managing business
activities or handling managerial issues in an organisation.
Partnership: In this business, two or more than two person operate the whole business
and makes effective decision accordingly.
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate and understanding of
entrepreneurship In both public and corporate sector
The public sector entrepreneurship is defined as the the declaration of innovative public
policy initiatives that generates bigger economic prosperity. The public sector entrepreneurship
affects the transformation by enhancing the effectiveness of knowledge networks like by increase
in economic units (Vilcov, and Dimitrescu, 2015). The public sector organisation results in
innovative activities that includes development of new and existing services, technologies,
administrative technologies and improved strategies, productivity and risk taking. On the other
hand, the corporate entrepreneurship is defined as the process of developing new businesses,

services, products and processes in the existing company for creating values and generating new
revenue growth by entrepreneurial actions and thoughts. The corporate entrepreneurship sets the
context for growth and innovation.
P2. Differences and Similarities among entrepreneurial ventures.
In entrepreneurial venture contains various similarities and difference between each other
that are mentioned as below:-
Small scale enterprise Large scale enterprise
In this enterprise, the main motive of
entrepreneur is to earn more and more money
in order to meet their families basic need such
as shelter, food etc.
In this enterprise, their scale is very large in
which contain above 250 employees (Bryson
and Daniels, 2015). Along with this, their aim
is maximise profit through the process of
selling of goods and services at competitive
market place.
Scalable start-up enterprise Social enterprise
 In this enterprise, entrepreneur start
their work with innovation. The
purpose of Scalable start-up business is
to capture ample amount of market
share by attracting large number of
customers towards their company.
This type of enterprises has main role is to do
ethical work so that society will develop.
Along with this, they provide job opportunities
which aids in enhancing standard of living of
individual.
Similarities-:
As per the above mentioned entrepreneurial venture have some similarities which are as
follows:-
 Small scale enterprise, Scalable start-up enterprise and Large scale enterprises have
same similarity i.e., their aim is to earn profit (Burrows, 2015). This is because, if they
earn profit they their business will survive for longer period of this at competitive
market place by which they will improves their standard of living.

 On the other hand, the another similarity between social, small and large scale enterprise
is to do social work for developing society. With the help of this, individual get
employment opportunities which will aids them to enhance their knowledge and skill in
order to fulfilling their basic need.
 Also, the above all entrepreneurial venture main target is to satisfying customers need
for long term survival of the company at market place.
 Both small scale enterprise and large scale enterprise manage their business operations
in an effective way so that they can achieve their targeted goals by providing good
quality of product and services to their customers.
 On the basis of scalable and social enterprise provides services on specified time period
which aids them to enhance their business. Also, this helps employees to handle their
business issues and solve it in an ethical manner for maintaining efficiency at market.
Corporate entrepreneurship Public sector Entrepreneurship
 These type of entrepreneurs create
innovative ides to improve brand image
of organisation in market in respect of
attaining more profits share.
 The legitimacy of an innovative project
is established along the way.
 The Funding of projects is uncertain
and conditional.
 The public entrepreneurs are found in
government linked companies and state
owned enterprises.
 They put efforts to provide more
effective services to public to fulfil
their actual desires.
 They implement innovative ideas and
thoughts towards public welfare for
improving their living of standards.
Similarities:- The corporate entrepreneurship and public sector entrepreneurship both
operates in the same way through implementing same entrepreneurship principles in order to
manage organisation and companies. They both apply innovative ideas to boost up effectiveness
as well as quality of services to gain higher economic prosperity.
M2 Evaluate the key impact that small, medium and large businesses make to the economy
The social economy consists of a number of entities that are formed by individuals for
achieving economic, social and cultural needs of the employees. The small and micro businesses

have their share to contribute in the economy (Welter, and et. al., 2017). Businesses that have
established wish to have opportunities to have growth in the market.
TASK 2
P3. Evaluate relevant data and statistics to illustrate how micro and small businesses impact on
the economy.
The size of both small and micro business enterprises are small in which contain less than
50 people who are working in an organisation (Cumming and Zahra, 2016). Nowadays, small
and micro businesses graph are increasing day by day as this generates huge amount of revenue
which is beneficial for them to deal with the competition. Along with this, they both cover huge
part of market share by providing goods quality of innovative products and services at market
place. Whereas these kind of business works at small scale as they carrying low amount of
balance sheet. Micro enterprises are those enterprise who works in small scale where they have 5
or less than 5 people in it. Whereas small scale enterprise are those business who having 50 or
less than 50 employees within an organisation. Along with this, these businesses operate as a
partner on sole proprietor which will aids in enhancing employment opportunities for individual
of particular country. The motive of these entrepreneur is to fulfil the basic need of their own as
well as their family so that they can live their life happily (Ramadani and e. al., 2017). With the
help of SMEs, country becomes developing as they bring innovation and uniqueness in their
work which create competition at market. For instance, when BREXIT comes, then the economy
of UK goes decline and they move from European Union as the value of currency were going
decrease. In addition to this, most of the countries face various difficulties which creates
problem for their survival at competitive place. At that time SMEs of UK get the help from
government as they dealing with tough situations.

Source: Impact on small businesses, 2017
As per the above statistical data, provide interpretation which helps in understanding the
contribution of SMEs at economy of UK:-
on the basis of this data it has been analysed that, almost 20% is contributed by micro businesses
in UK economy whereas, almost 23.4% is contributed by small business which covers large
part of an economy (Rauch and Hulsink, 2015).
P4. Importance of small business and start-up's businesses.
There are some importance which helps small and micro business enterprises to the
growth of social economy that are explained as below:-
 Employment generation- With the help of Small and Micro size Enterprises, individual
get employment opportunities so that they improves their standard of living (Storey,
2016). Along with this, it helps nation for removing poverty so that they maintain
competition in the market. The main motive of Small and micro enterprises is to provide
opportunities so that individuals can fulfil their basic need such as cloth, food and shelter.
 Standard of living- When micro and small business enterprises providing employment
opportunities then automatically individual enhancing their living standard. In addition to
this, employment is the only think by which individual earn money and improves their
life style, as well as enhance their knowledge too. Furthermore, SMEs contribute its large

ration in the development of economy of UK by which they get positive result and
achieve their goal accordingly.
 Innovation- Small and micro enterprises brings creativity as well as innovation in their
product and services so that they can develop economy and maintain competition at
market place for long term survival. With the help of innovation they attract ample
number of customers and capture large amount of market share for achieving their
targeted goals and maximising profit. Along with this, it give huge contributing for
developing society so that they make positive image in customers mind .
CONCLUSION
As per the above mentioned report, it has been examined that, different entrepreneurs has
their own role which helps in developing country as well as standard of living of individual.
They are the person who brings innovation in their work for maintaining competition at market.
REFERENCES
Books and Journals
Ahmad, S. Z., 2015. Entrepreneurship in the small and medium-sized hotel sector. Current
Issues in Tourism. 18(4). pp.328-349.
Audretsch, D. and Caiazza, R., 2016. Technology transfer and entrepreneurship: cross-national
analysis. The Journal of Technology Transfer. 41(6). pp.1247-1259.
Belz, F. M. and Binder, J. K., 2017. Sustainable entrepreneurship: A convergent process model.
Business Strategy and the Environment. 26(1). pp.1-17.
Bryson, J. R. and Daniels, P. W. Eds., 2015. Handbook of service business: Management,
marketing, innovation and internationalisation. Edward Elgar Publishing.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Cumming, D. J. and Zahra, S. A., 2016. International business and entrepreneurship implications
of Brexit. British Journal of Management. 27(4). pp.687-692.
Ramadani, V. and e. al., 2017. Entrepreneurship and management in an Islamic context.
Springer.
Rauch, A. and Hulsink, W., 2015. Putting entrepreneurship education where the intention to act
lies: An investigation into the impact of entrepreneurship education on entrepreneurial
behavior. Academy of management learning & education. 14(2). pp.187-204.
Storey, D. J., 2016. Entrepreneurship and new firm. Routledge.

INTRODUCTION
This section of report covers discussion on various characteristic, skills and traits of successful
entrepreneur has been covered as well as relate them how they are different from other
managers.
TASK 3
P5. Characteristic and Skills for Successful Entrepreneurs.
Skills and characteristics of a successful entrepreneur differentiate them from a business
manager. The main aim of a manager is to achieve the assigned task effectively by satisfying
the needs and requirements of customers. In order to examine this, two successful entrepreneur
have been chosen which is Jeff Bezos and Mark Zuckerberg (10 Essential Characteristics of
Highly Successful Entrepreneurs).
Jeff Bezos is the founder of Amazon, provides various products and services to their
customers with just one click. In today's competitive world Amazon secured the highest rank
rank and capture large number of market share with the help of hark work done by Jeff Bezos.
On the other hand, Mark Zuckerberg is the founder of Facebook an American
entrepreneur. It is an online social media platform used by every individual across the whole
world. Company provide various innovative techniques in order to connect people through
social media.
Skills, traits and characteristics observed in Jeff Bezos and Mark Zuckerberg are:
Mark Zuckerberg Jeff Bezos
Skills
 Motivator: in order to grow
or achieve the target of
company, Mark Zuckerberg
motivates and support their
staff members on a regular
basis.
 Focused: Jeff Bezos always try
to innovate new things and is
focused to achieve their target
effectively (Fayolle, Verzat and
Wapshott, 2016).
Traits
 Innovation: Mark
Zuckerberg generate
innovative ideas which is not
 Experimentalist: Jeff Bezos
focusing on continuous
experimenting rather than using

used by any of his competitor. already exist things.
Characteristics
 Problem Solving: One of the
main characteristic of Mark
Zuckerberg is their problem
solving approach.
 Risk-taker: Jeff Bezos focusing
on taking risk in order to achieve
their goals creatively.
Difference between business managers and successful entrepreneurs are:
Basis Business Managers Successful Entrepreneurs
Focus Main focus of a manager is to achieve
their assigned task effectively
(Galloway, Kapasi and Sang, 2015).
On the other hand focus of an
entrepreneurs is to start their own
venture.
Motivation Motivation for a manager is
maximising the profit margins
effectively.
But for the entrepreneur motivation is
to maintain their goodwill at the
marketplace without any hurdles.
Status Business manager works as an
employee in the company.
An entrepreneur owns the company,
so he is the owner.
P6. Various aspects of entrepreneurial personality.
In order to know the personality of successful entrepreneur, OCEAN model is used
(Hoogendoorn, 2016). This model includes five major personality traits which helps in
examining the behaviour. Five main areas of this model are as follows:

(Source- Ocean Model, 2019)
Openness: This factor explains the creativity of an individual (Kassean and et. al.,
2015). In this level both Mark Zuckerberg and Jeff Bezos raked high as they fulfil the
requirements of customers in a creative manner.
Conscientiousness: According to this element, it has been analysed that how organised
or managed is the work of an individual. Mark Zuckerberg and Jeff Bezos is very managed and
perform their work in an organised manner, and on the other hand they expect the same kind of
work from their staff members.
Extraversion: This factor explain the vitality of an individual in order to connect with
others, this shows their extrovert as well as introvert nature. Jeff Bezos as well as Mark
Zuckerberg both are introvert in nature, as they take time to connect with others.
Agreeableness: This element consist the ability of an individual in respect of trust and
faith on other person. In the context of Jeff Bezos and Mark Zuckerberg both entrepreneurs are
introvert, both ranked high in this factor (Petkovska, 2015).
Neuroticism: This factor says about how an individual is emotionally stable in respect
of depression or any anxiety issues. In this context Jeff Bezos as well as Mark Zuckerberg helps
each and every employee working in their company.
Illustration 1: ocean model, 2019

M3 Explore and examine the different lines of argument in the literature relating to
entrepreneurial characteristics
There are basically two types of minds set that are fixing and fluctuating. An
entrepreneur's thinking is fixed when ideas of him do not modify according to time and
situations. On the other hand, fluctuating is the one which includes adjustments when changes
are occurred in the environment for adopting new plans and policies.
TASK 4
P7. Background and Experience can hinder or foster Entrepreneurship
Different instances prove that educational background, external environment and
experience plays very important role (Vilcov and Dimitrescu, 2015). In the present context,
different types of internal as well as external environment foster or hinder the overall business
entity and entrepreneurship. In case of entrepreneurs background and experience foster the
impact on entrepreneurship. Some of the elements are as follows: Level of Education: This factor plays very important role in order to examine the
capabilities, skills and knowledge of an individual in order to develop the overall
organisation. In case of Mark Zuckerberg, he have an educational background of IT
sector which help them to develop new and innovative ideas in their field. This feature
foster him to run their business smoothly in the competitive marketplace. Entrepreneurial skills: Entrepreneur are good leaders who direct their employees in
order to achieve their goals and objectives in an effective manner. With the help of
effective communication skills, entrepreneur can communicate the task, objectives, aim
of the company to their employees effectively. This type of skill foster the
entrepreneurs by managing, coordinating and minimizing the risk of business. Personal background: According to this factor, if the family of an individual have
their own business or start-up, they will be able to learn management and
communication skills from the very beginning. With the help of personal background,
an entrepreneur get this passion from their family I order to serve the people of the
society (Walsh and Cunningham, 2016). In addition to this, entrepreneurs help the
company by generating employment opportunities.
 Management skill: In the present context of entrepreneurs, external environment affect

the overall business in both negative as well as positive manner. There are fluctuations
in the market and it is the key role of an entrepreneur to manage or minimize the risk
and maximize the profitability or performance of individual. This type of skill help the
company to maintain their stability at the competitive marketplace.
M4 Link between entrepreneurial characteristics and the influence of personal background and
experience to specific successful entrepreneurs
Duncan Bannatyne: This personality was raised in poverty which made him struggle
even for his basic needs. This made him realise the value of money. He became focused in
starting a business which was started by selling ice-cream. His life became stable after
sometime and he invested his income in properties which he later sold and made a good money.
Oprah Winfrey: This lady has proved that a woman is no less than man in terms of
carrying business. She was raped and survived in extreme poverty. Along with this, number of
other incidents have occurred in her life which broke her confidence. She made a determination
of becoming an entrepreneur. There was a production house in America which signed her to
host their show. From this point, she became famous which boosted her career.
Scott Harrison: He chose to serve countries without earning profit. He had clear
mission and vision to make accessibility of clean drinking on a daily basis. The organization has
successfully provided water to 17 different countries. Hearing of many situations about natural
problems which made him feel about the shortage of water. He wished to do something for the
society which can help the majority.
CONCLUSION
As per the above section, it has been concluded that, different skills and characteristics
of entrepreneurs aids them to achieve their targeted goals in order to attain profit and growth
effectively. As per the statistical data, Small and micro size enterprises brings various
opportunities where they develop UK economy.
REFERENCES
Books and Journals
Fayolle, A., Verzat, C. and Wapshott, R., 2016. In quest of legitimacy: The theoretical and
methodological foundations of entrepreneurship education research. International
Small Business Journal. 34(7). pp.895-904.
Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and the value of

feminist approaches to understanding them. Journal of Small Business Management.
53(3). pp.683-692.
Hoogendoorn, B., 2016. The prevalence and determinants of social entrepreneurship at the
macro level. Journal of Small Business Management. 54. pp.278-296.
Kassean, H. and et. al., 2015. Entrepreneurship education: a need for reflection, real-world
experience and action. International Journal of Entrepreneurial Behavior & Research.
21(5). pp.690-708.
Petkovska, T., 2015. Role and importance of innovation in business of small and medium
enterprises. Економски Развој-Economic Development. 17(1-2). pp.55-74.
Vilcov, N. and Dimitrescu, M., 2015. Management of entrepreneurship education: A challenge
for a performant educational system in Romania. Procedia-Social and Behavioral
Sciences. 203. pp.173-179.
Walsh, G. S. and Cunningham, J. A., 2016. Business failure and entrepreneurship: Emergence,
evolution and future research. Foundations and Trends® in Entrepreneurship. 12(3).
pp.163-285.
Welter, F. and et. al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to
embrace entrepreneurial diversity.
Zahra, S. A. and Wright, M., 2016. Understanding the social role of entrepreneurship. Journal
of Management Studies. 53(4). pp.610-629.
Online
Top 10 Characteristics of an Entrepreneur. [Online]. Available Through
<https://smallbusiness.chron.com/top-10-characteristics-entrepreneur-18487.html>
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10 Essential Characteristics of Highly Successful Entrepreneurs. [Online]. Available Through
<https://www.inc.com/sujan-patel/10-essential-characteristics-of-highly-
successful-.html>