This report discusses different types of entrepreneurial ventures, the impact of micro and small businesses on the economy, and the characteristics of successful entrepreneurs. It also explores the importance of small businesses and business start-ups to the growth of the social economy.
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Entrepreneurship and Small Business Management
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Contents INTRODUCTION...........................................................................................................................4 TASK 1............................................................................................................................................4 P1 Different types of entrepreneurial ventures.......................................................................4 P2 Similarities and differences in different entrepreneurial ventures....................................5 M1 Range of entrepreneurial ventures and ventures in public and corporate sector.............7 D1 Scope, development and growth of Entrepreneurial ventures..........................................7 TASK 2............................................................................................................................................8 P3: Relevant data and statistics showing impact of micro and small businesses on economy8 P4: Explain the importance of small businesses and business start-up to the growth of the social economy.....................................................................................................................10 M2: Evaluate the differences small, medium and large business makes to the economy, applying relevant data and statistic.......................................................................................11 D2: Critically evaluate how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context....................................11 TASK 3..........................................................................................................................................11 P5: Determine the characteristic trait and skills of successful entrepreneurs that differentiate them from other business managers.....................................................................................11 P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset...........................................................................................................................13 M3: Explain different lines of argument related to entrepreneurial characteristics.............14 D3: Analyse the characteristic traits, skill and motivational drivers of successful entrepreneurs supported by specific examples............................................................................................14 TASK 4..........................................................................................................................................15 P7 Background and experience can hinder or foster entrepreneurship................................15 M4 Link between entrepreneurial characteristics and the influence of personal background and experience......................................................................................................................15 D4 Background and experience influences entrepreneurs, both positively and negatively.16 CONCLUSION..............................................................................................................................16
INTRODUCTION An entrepreneur is a person who comes up with a new idea or innovation for developing a product or service along with which there is a risk attached and also if the idea is successful the entrepreneur earned a lot of profit through this business idea. When an entrepreneur develops an idea or innovation it is the beginning of entrepreneurship. After this a successful plan is developed and executed to start the business(Bouncken and Reuschl, 2018).The following report contains a discussion about different types of entrepreneurial businesses as well as all the typologies of those ventures. The importance of small and micro businesses for an economy and their comparison with large and medium size businesses is also conducted in this report.There are a number of such characteristics, traits as well as skills which are required in an entrepreneur so that they can skilfully and without any barriers conduct the entrepreneurship successfully. All those skills, traits and characteristics are also discussed in the report below. It is often seen that the background and experiences which an entrepreneur have went through out their life deeply affect the leadership as well as decision-making power of an entrepreneur. Such experiences and its effect on leadership of an entrepreneur also discussed in the report. TASK 1 P1 Different types of entrepreneurial ventures Entrepreneurship:Entrepreneurship is the ability in an individual which describes the process in which designing, launching as well as running a new business which have some innovative idea Inc and also the owner needs to take risk in order to earn profit from those. Various concepts in entrepreneurship Serial entrepreneurship:Serial entrepreneurship is when a person is coming up with new ideas continuously in order to start their new business. They are different from other entrepreneurs who have only a single idea for the company. They are day today coming up with new ideas to keep up their business activities and enhance their profits and revenues. Intrapreneurs:Intrapreneurshipiswhenanindividualishavingqualitiesofan entrepreneur while working in any large company.They are the people who take risk and integrate innovative approach in an organisation which is already doing well in order to earn moreprofitsandalsomotivatetheindividualsintheorganisationbyinvolvingvarious techniques.
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Owner- Managers:Owners are a person in a company who have a number of duties which involves managing the office, supervising, legal issues as well as monitoring everything in order to make sure that all the activities are moving towards goals and objectives of the organisation. Managers on the other hand are people who are liable for managing all the resources in the organisation according to their requirements and needs in order to make sure that all the objectives and aims of organisation or fulfilled in the stipulated time period. Different types of entrepreneurial ventures There are various branches in an industry of entrepreneurship which are mentioned below: Survival venture:Survival venture are those organisations in entrepreneurship whose basic goal is to make sure that they are fulfilling their financial obligations to words the society and along with this they are generating profits in order to meet their day-to-day expenses or operational expenses. Some of the examples for these can be the small and micro businesses such as MOMA food which is operating at a small level in United Kingdom. Various other examples can be Amazon seller or baby selling ventures. Lifestyle venture:Lifestyle ventures are those entrepreneurship businesses which design a pattern of living in order to make sure that they are supporting the cause of enhancing lifestyle of people. They are usually based on certain culture and are always copied by different number of followers. These are those ventures which are basically meant for change in the project. Instagram, SGS products in United Kingdom can be example of such lifestyle venture. Growth venture:Growth ventures are those businesses which are intention to words growth of an on the plane over. It is often seen to increase the already existing business in order to make sure that they are fulfilling the changing requirements of customers and meeting all their needs. Typologies of entrepreneurship Any person coming up with a new innovation or idea of a product and service and turning it into a business strategy is called entrepreneurship. There is specific risk attached with every entrepreneur business in order to earn some profits.There are different types of entrepreneurial business which are mentioned below: Scalable entrepreneurial ventures:these are all those businesses which bring in new idea in order to make changes in the world. Their innovations and ideas are usually related to benefiting the customers through fulfilling their hidden needs. They usually achieve their goals by providing convenience to customers. Various online shopping sites are a perfect example for
scalable entrepreneurial businesses. Some of the examples areAmazon, Flipkart, eBay and so on. Social entrepreneurial ventures:social entrepreneurial ventures are the businesses which come up with an idea to bring a difference in the society(Johannisson, 2018). They usually aim different issues of society. They usually are profitable, non-profitable or a hybrid of both these types of firms hi. A number of trusts our example of social entrepreneurial ventures.Micro finance and micro credit, seventh generation, world health organisation are various examples for social entrepreneurial ventures. Large company entrepreneurial ventures:large company entrepreneurial ventures are bringing in new ideas and products in an already established and successful company. It is often seen that the new product innovated in this idea is usually to support the already existing product in the market of those companies.Apple, YouTube, Google, Microsoft can be some of the examples of large company entrepreneurial ventures. Smallcompanyentrepreneurialventures:thereareanumberofventurefundsand entrepreneurs who start their business with very small funds. They take the help of their family and friends in order to set up their business. They work at local and regional levels. The employeesemployedbythemis0to10.Someofexamplesofsuchsmallcompany entrepreneurial ventures can be consultants, electricians, carpenters, plumbers and so on. P2 Similarities and differences in different entrepreneurial ventures Scalable entrepreneurial ventures Social entrepreneurial ventures Largecompany entrepreneurial venture Smallcompany entrepreneurial venture Similarities Themajorobjective of these businesses is to enhance lifestyle of peopleandfulfilling allcustomer requirements. They aim at solving socialissuesand fulfillingcustomers requirement Theyaimat continuously growing byfulfillingallthe needsoftheir customers. They aim at operating and bringing in profits torunbusinessby fulfillingtheneeds andrequirementsof customers. Differences
The structure of these enterprises depend on theirbusinessand innovation. These are profitable, nonprofitableor hybrid organisations in form of trusts. They have a large and complex entrepreneurial structure.Theycan be public limited as wellasPrivate Limited(Donckels and Miettinen, 2019). There is no predefined structureforsuch organisation. They are usually run by a sole proprietoralongwith friends and family. Thenumberof employsalways depend on the type of business carried on by such organisations. Theemployeesin thisorganisation workassocial serviceprovider. They also depend on the work carried on by the business. There are more than hundred employees in suchorganisationin ordertocarryout theirlargebusiness activities. Suchorganisations have0to10 employees.They usually consider their family and friends for helping them in their work The risk attached to thesebusinessesare thattheyrequire fundsforsetup which are needed to bepaidbackto investors. Thereisnorisk attachedtothis businessbecause most of their capital come from findings ofotherbusinesses and donations which they do not require to pay back. Theriskattached with such businesses isusuallylow because they already have a set customer base for their already existingproductas well as brand image in the market There is very less risk attachedtosucha businessbecausethe investmentrequired for such business are usually available with entrepreneurorthey borrow it from family or friends who do not pressurise to return it back M1 Range of entrepreneurial ventures and ventures in public and corporate sector It is often seen that there are a number of person who like to work on their own. They need full flexibility as well as freedom in their work. They do not require anyone’s permission or
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orders in order to take a decision in their businesses. Such people go on withCorporate entrepreneurship. They work in private sectors. Whereas the other is coming up with an entrepreneurial ideas want to bring a change in society. They need that small effects by them have a great impact on the society. For this they require power and control and they start working in public sector entrepreneurship(Liang, Wang and Lazear, 2018). Corporate entrepreneurship is mainly Focused on a number of innovations as well as orientation so that they can develop and bring in new products and services in the economy in order to fulfil the requirements of consumers. When talking about public sector entrepreneurs they have a set of beliefs and value. They work for bringing peace in society. Their work can change the society and also improve the standard of living of people in the society. They aim to bring great changes in the society and community. D1 Scope, development and growth of Entrepreneurial ventures There are a number of different types of entrepreneurial ventures such as scalable start up entrepreneurship, social entrepreneur business, small business entrepreneurial ventures, large businessentrepreneurialventuresand so on. Thereare variousdifferentvision, mission, objectives as well as set goals of all these different entrepreneurship businesses. But the basic motive of all these business is to fulfil the needs and requirements of customers and also earn profits for themselves. In order to develop and execute their business large capitals are required by entrepreneurship businesses. Usually they look for investors who might invest in their business from which they can earn profits.Risksattached to entrepreneurship is also high as there is no guarantee of success of these businesses and entrepreneurs also need to pay back to the investors from whom they are borrowing funds for the business. A proper organisational structure is required in a new entrepreneur business so that information can be effectively communicatedwithalltheemployeeswhileworking.Effectivecommunicationbetween employs helps in increasing productivity of the organisation as well as the products and goods of organisation will be fulfilling the needs of customers. In this way there are various needs and demands of markets as well as consumers which can be fulfilled by entrepreneurship businesses. TASK 2 P3: Relevant data and statistics showing impact of micro and small businesses on economy Businesses into small as well as micro business
Micro and small businesses had a great impact on the economy of United Kingdom as they are providing a number of different benefits to the country. Small-scale businesses contribute towards gross domestic product in the country and are also profitably providing employment opportunities to the people in the country. Below mentioned are some of the benefits of these businesses to the economy Employment:With the help of the above statistical graph it can be seen that there are huge number of unemployed people in the country of United Kingdom. When the employment provided by large-scale organisation as well as medium scale organisation isstudied with that of small scale it can be seen that they are only providingEmployment to 105 0000, 120 0000 in comparison to 105000 of large-scale organisation. Contribution to GDP:The contribution towards gross to mystic product of micro and small scale businesses is very high. It is seen that with the immense effect of the above-mentioned graph that
major development is taking place with the help of small and micro businesses however the contribution from medium and large-scale businesses is a shortfall when compare to them. P4: Explain the importance of small businesses and business start-up to the growth of the social economy Social economy includesenterprises and organisations which cooperate with mutual association which is usually related to some foundation is in organisation with common values and features of privacy. The social objectives over the capital as well as voluntary and open membership or a number of things which are related to social economic enterprises. Why small business organisations are important for growth in social economy Creation of employment:We notice that small and medium organisations in the social economy are providing a number of opportunities for employment to the people of the economy. In this way they are increasing the employment rate of the country and also contributing towards society. They are an essential part in US as well as UK and providing opportunities of employment to a large number of people who are educated enough but could not seek employment opportunities. Innovation:Innovation is one of the major strengths for micro as well as small enterprises as they are providing various innovative products to a number of customers in the market. They offer innovative ideas of products and services which bring fulfilment of social economy and needs of the consumers. Leading the weight of diversity:These organisations are small functions which have a number of differentdiverseforces and also hired a number of people with different diversity and cultural origins. Meeting social purpose:There are a number of different small and medium enterprises which are helping to meet a number of different social purposes and obligations towards the society. There also providing a number of different resources. A number of start-ups provide different facilities to people which were never understood before. Engaging significant number of people from disadvantaged groups:There are a number of different people from various disadvantage but throughout the economic world engaged in employment with the help of the small and microenterprises.They are effectively engaging people in various work who are unemployed due to diverse cultures.
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With the help of the above report it can be evaluated that there are a number of small and micro businesses who have a great impact on the economy of United Kingdom. They are directly impacting the employment rate as well as gold to mystic product of the country. They are also impactingsocialeconomyandworkingtowardscontributiontoanumberofdifferent disadvantaged groups. M2: Evaluate the differences small, medium and large business makes to the economy, applying relevant data and statistic Usually society considers that large business is the only business that participates in the economic development of country. But in reality existence of small as well as medium businesses has taken economy in better level as it promotes the dependency on domestic product. For the production local residents are hired for different vacancy which further improves employment opportunity, living standard and GDP rate of an economy (Sahut and Peris-Ortiz, 2014). Participation of small or micro business has probably increased the source of income for the people. It has been evaluated that generally the large entity focuses to carry out portfolio investment and expand their business in various economy to generate profit associated with foreign exchange. On other side small businesses focuses on the regional development of the country. D2: Critically evaluate how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context Small businesses impact the economy at all three levels that is local, regional and national level. In context to local level small businesses offer employment opportunity to skilled and unskilled staff. As focus is given to promote labour intensive techniques rather than machinery intensive techniques. Similarly, at national level desirable efforts are made to expand the operations of company (Mugler, 2017). For this effective techniques are adopted in order to generate the information from the market and cater changing requirements of local residents. Thus, it promotes the regional development of an economy as the manager of small or medium businesses utilizes limited resources as well as capital to flourish the operation of business and channelize their ideas and capability in right direction.
TASK 3 P5: Determine the characteristic trait and skills of successful entrepreneurs that differentiate them from other business managers Entrepreneurs are different from other traditional businesses as rather than taking forward successive business these entrepreneur come up with unique idea and promote explicit efforts in order to successfully carry out the business operations (Fayolle, 2013). Being innovative venture it is essential that an entrepreneur needs to have distinct traits, skills as well as characteristics. These factors in relation to Peter Jones and Mark Zuckerberg are listed down below: Characteristics Risk taker: An entrepreneur is one who believes in taking the calculator risk based on which they get the opportunity to discover innovation. Efforts are made to built up systematic strategy effectively in order to overcome the hurdles. Thus, the innovator Like Mark Zuckerberg and Peter Jones on the basis of their foresight vision generate the capability to carry out favourable action responsibility. Strong passion: Passion leads an entrepreneur to generate the strong action in order to remain motivated to accomplish their goals (Tessema Gerba, 2012). The success of entrepreneurs like Mark Zuckerberg and Peter Jones determine their strong passion which help them to take the business at significant level without experiencing much competition from the other competitors. Skill Time management skill:Recognised entrepreneur such as Mark Zuckerberg as well as Peter Jones has suitably prioritised their times based on which they were able to do multiple task within stipulated period of time. This helps them to channelize their energy and capabilities in the right direction with the motive to attain the heights suitably. Listening skill:An entrepreneur has both effective communication as well as listening skill based on which they understand the opinion of different stakeholders such as customers and employees. This helps them to take better decision by understanding the opinion of diverse people with the motive to attain preferable objective. Trait Self believe:The feeling of self believe helps to generate the confidence level which encourages the entrepreneur to live their dreams by gaining immense amount of growth and success.
Foresight vision:The foresight vision promotes entrepreneur to analyse the external situation based on which they put down the efforts to leverage the external opportunity and successfully seek the interest of target market. This probability maximizes the efforts of an entrepreneur by taking favourable actions suitably. P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset. Successful entrepreneurs are individuals who have a different set of personality reflecting entrepreneurial motivation and mindset along with a high level of skills and characteristics. Personality of an individual plays a very important role in determination of the success and growth of an entrepreneur. With an objective of understanding and comprehending the role and importance of personality and how it reflects entrepreneurial motivation and mindset, some of the aspects of personality of Mark Zuckerberg and Peter Zone are being discussed below: Openness to experiences:One of the most important aspect of personality which reflects a great deal of entrepreneurial mindset and motivation is the willingness to try different things in life and have different experiences. Successful Entrepreneurs are individuals willing to risk normal life and stability to have a different experience which challenges their innovation and creativity (McCrae and Sutin, 2009). For example, Mark Zuckerberg demonstrated a great deal of curiosity to try different things and before launching Facebook, he worked on many other diverse and small projects which reflected a great deal of mindset and motivation which is essential for becoming a successful entrepreneur. Competitive Spirit:Entrepreneurs are highly competitive and have a strong belief in their personal skills and competency. They believe that they can do any task as good as any other person and it is extremely important for them to be the best at what they are doing. This spirit and personality aspect reflects a great deal of entrepreneurial mindset and motivation (Littunen, 2000). For example, Peter Jones exhibited a great deal of competition when he decided to clear the exam for becoming a tennis coach and establish a tennis school to provide the best level of training when it comes to playing tennis. Extrovertness:Oneofthemostnoticeableaspectofpersonalitywhichreflects entrepreneurial mindset and motivation is extrovertness and the desire to communicate with people and actively engage in social gatherings. It helps an individual to build a very strong networkandcommunicateeffectivelywithmanypeopleandstakeholders.Forexample,
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proactive engagement and a great deal of extrovertness has helped Mark Zuckerberg become a successful entrepreneur. Creativity and Innovation:Entrepreneurs are individuals who are constantly looking to change the things around them and innovate to build new systems. Innovation and a desire to exhibit creativity encourages an individual to look for better alternatives and challenge the existing process and operational procedures. It reflects a very strong entrepreneurial mindset and motivation (Tsai, 2014). For example, Mark Zuckerberg created Facebook as he analysed the need to innovate and develop a platform where people can satisfy their social needs. Perseverance:Perseverance is arguably one of the strong aspect of the personality of an individual which reflects the entrepreneurial mindset. Having a strong will and belief in the vision and constantlymaking endeavoursto achievethe goals and targets despite many difficulties is what makes a successful entrepreneur (Lijun and et. al., 2014). For example, before becoming a successful entrepreneur, Peter Jones faced many difficulties and established many ventureswhichdidn’tprovetobeassuccessfulashewouldhavelikedbutreflecting perseverance helped him continue his entrepreneurial journey and achieve success in the future. M3: Explain different lines of argument related to entrepreneurial characteristics The performances of an entrepreneur are highly recognised by the economy as they work for the betterment of entire society. The characteristics of entrepreneur help them in remaining determined and successful work to effectively reach out their predetermined goals or objective (Rey-Martí, Porcar and Mas-Tur, 2015). This generates capability to make firm decision and effectively work under dynamic situation. Mark Zuckerberg is the creator of Facebook that developed virtual community and helped to connect the people by reducing distance between them. Such innovative idea and strong passion enhance the interest of the people based on which the entrepreneur remain successful in converting the idea into desirable reality. Thus, the characteristics are either inbuilt or inculcated by the entrepreneur to bring massive difference D3: Analyse the characteristic traits, skill and motivational drivers of successful entrepreneurs supported by specific examples An entrepreneur needs to have foresight vision and should remain motivated to achieve their predetermined plan. As their ideas are based on unique concept due to which they do not have experience like other business manager. Such risk taking ability makes them different from other business manager so in this case it is necessary that systematic report needs to be made in
order to overcome the chances of hurdles (Mariotti and Glackin, 2015). Moreover, family background plays an essential role in strengthening the abilities of an entrepreneur as it promote them to generate the critical thinking ability and continuous work on the elements like openness and agreeableness that helps to carry out sustainable functioning. TASK 4 P7 Background and experience can hinder or foster entrepreneurship Entrepreneurship, said to be a process or an activity of a person’ ability, with the help of which they turn their innovative ideas into action which they want to achieve. In order to the same, it is important that a person is having factors like innovation, managing things and operating business activities, risk taking capability. If a person has all these elements than they can use the innovative path for achieving the goals and objectives in an effective manner. A person can be a complete entrepreneur if he/she have all three aspects i.e. socialisation, education and experiences. The following examples can be considered to understand how background and experience fosters entrepreneurship in an individual: Mark Zuckerberg: CEO and Founder of Facebook (International Entrepreneur) Mark Zuckerberg, a successful entrepreneur and CEO of Facebook. He was born to a well- educated family on May 14, 1984 in New York. Thus, developed an interest towards computer education and only at the age of 12, he developed an inter-office communication system named “Zucknet”. As per the study conducted it has been evaluated that family plays a crucial role in framing the future of a child. Therefore, by seeing the interest in computer programming, parents of Mark Zuckerberg provided him with the tutor when he was just in high school and everybody knows the rest is history. Today, Facebook is one of the prominent sites which helps an individual in getting touch or connect with other friends. The idea of developing a site was generated when Mark Zuckerberg was attending Harvard University. Meanwhile studying in the university, he developed two programmes i.e. CourseMatch and FaceMash. Later in the year 2004, Mark Zuckerberg in a partnership of friends created a social networking site “Facebook”, and then dropped out of the college and announced Facebook as a full-time website and by the end of 2004, a large number of users connected with the website.
Guy Riese – Founder of Up Learn (Domestic Entrepreneur) Guy Riese turned into a successful entrepreneur in the United Kingdom with the foundation of Up Learn, a learning platform based on using artificial intelligence and virtual reality to facilitate learning and studying for students with chronic illness. At the tender age of 12, he started coding that demonstrates his interest in coding and technology. During his early career, he worked at many tech companies on diverse projects to gain important and enriching experiences. He went to Imperial College of London for completion of his graduation in MechanicalEngineering(AboutGuyRiese,2019).Itcanbeidentifiedthatthefactors contributing to the success of Guy Riese as an entrepreneur includes his background and experience and the keen interest in coding. Also, his education helped him to apply his learnings into development of practical solutions to make education easily accessible for the students who suffer from chronic illness. Thus, education and prior interest in coding and technology shaped the entrepreneurial journey of Guy Riese. Elon Musk – Founder and CEO of TESLA & SpaceX (Social Entrepreneur) In today’s modern age, Elon Musk has become the pioneer of social entrepreneurship as he seeks to make renewable sources of energy more easily accessible with his technological automobile venture TESLA and also seeks to explore the space possibilities for mankind with his venture SpaceX. The factors contributing to the success of Elon Musk as an entrepreneur primarily include his upbringing and past experiences where he has keen interest for computers and technology. He build a game at the age of 12 years (Vance and Sanders, 2015). He pursued graduation in economics from University of Pennsylvania and also completed a degree in physics from the same university. During his Ph.D. in Engineering Physics from University of Sandford, Musk dropped out to become a part of the technological development and start-up wave to work on his project. Hence, it can be concluded that education and experience as a child has a very crucial role to play in contributing to the success of Elon Musk as an social entrepreneur. M4 Link between entrepreneurial characteristics and the influence of personal background and experience Entrepreneurs and entrepreneurship are like a backbone to a nation because they contribute some of the amount in the economy of the nation. While talking about entrepreneurs they possess a unique character which makes them different from one another.For example:if a person has a
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better psychological trait than they are found to be have a risk-taking tendency which takes him/her forwards in achieving the goals and objectives. Moreover, families also play a crucial role in shaping the future of an individual just like the parents of Mark Zuckerberg did and hence, Facebook comes amongst world’s best social networking site. D4 Background and experience influences entrepreneurs, both positively and negatively Generally, a link between characteristics and background can be seen and it influence an individual. So, whatever the results they get whether positive or negative this factor plays a crucial role.For example:early learning of computer programming in high school build a base for Mark Zuckerberg and moreover, support of parents has made him a successful person across the globe. Beside this, having a vision and doing activities beyond his comfort level has made him a fruitful person. CONCLUSION From the above report it can be concluded that entrepreneurship and bringing in new and innovative businesses in an economy is very important for every economic. There are a number of entrepreneurs who work in order to make the society better and also earn income for themselves. Small and micro businesses help an economy in developing, building infrastructure, providing employability as well as adding to the gross domestic product of the country. The following report also explains that it is important for an entrepreneur to have communication skills,leadershipskillsaswellasself-managementskillsinordertorunourbusiness successfully. There are different types of skills, traits and characteristics in every entrepreneur which helps them in their decision making and also leadership style. The report also concludes that these skills can be different in every entrepreneur according to their background and experiences which an entrepreneur have gone through. It has also been observed that aspects of entrepreneurial personality reflect a great deal of motivation and mindset which is essential for achieving success and growth.
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