Characteristics and traits of successful entrepreneurs

Entrepreneurship
and small business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different type of entrepreneurial ventures and typology of entrepreneurship.......................1
P2 Similarities and differences between various entrepreneurial ventures.................................3
TASK 2............................................................................................................................................4
P3 Relevant statics and data related with impact of small businesses on economy....................4
P4 Importance of small businesses and start ups to growth of social economy.........................6
TASK 3............................................................................................................................................7
P5 Characteristics and traits of successful entrepreneurs...........................................................7
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.........................8
TASK 4............................................................................................................................................9
P7 Background and experience can foster and hinder entrepreneurship....................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurs are the individuals who design unique and innovative products to attract
more number of customers and to earn huge amount of profits. Mainly there are four type of
enterprises such as small, large, social and scalable (Blackburn, Hart and Wainwright, 2013).
From all these, small business enterprise play a big role in economic growth and social
development of a country. These are the one who create employment opportunities for local
people which help in increase their standards of living (Storey and Greene, 2010). These
organisation help in maintain the economy of nation when big movements take place on
international level. ALDI, a multinational grocery retailer based in United Kingdom is taken
under this report for study. Various type of ventures and type of entrepreneurship typology is all
detailed under this report. Further, main similarities and differences between various enterprises
and how their activities affect by their past experience is all given in this. Along with this, impact
of start-ups on economy and contribution of these on social economy of a nation is also
mentioned in this.
TASK 1
P1 Different type of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship is a process of carry out research, identify the needs of customers,
design a product, launch and offer the same to satisfy the needs of customers to earn huge
amount of profits (Neck and Greene, 2011). Different firms offer unique and featured services to
its customers in order to capture a large market share. Various type of entrepreneurial ventures
can be understood by following points: Small business entrepreneurship: Today more than 90% businesses in UK are small
start ups. This type of enterprises are run and manage by an individual. Owner alone take
all important decision related with business and it operations (Schaper and et. al., 2014).
Hairdressers, grocery stores, travel agents, electricians consultants and plumbers all are
popular example of this. These type of business owners hire their family members to
manage or local individuals to manage business activities (Bridge and O'Neill, 2012).
Main feature of these type of businesses is that they start with a unique and innovative
idea which help attract large number of venture capitalist. Scalable start up entrepreneurship: This is another type of entrepreneurs who start
business operations with effective vision (Stokes, Wilson and Wilson, 2010). Focus of
1

these type of firms is to change the world with minimum time. Huge number of venture
capitalist and financial investors are attract towards this type of entrepreneurs as they
offer high percentage of return. For execute business operations they hire bright and best
candidates (Blackburn, Hart and Wainwright, 2013). Main feature of these type of
entrepreneurs is that they first formulate and follow a business model for manage future
activities of enterprise. Large business entrepreneurship: Enterprise who execute their commercial activities at
big level, produce and offer variety of products to its target market in order to better
satisfy their needs and wants is come under this (Burns, 2010). Business operation of
these type of enterprises get affect by various factors exist in business environment such
as technology, government policy, competitors and many more. Due to execution of
business operation on big level these type of firms earn huge amount of profit every
year.
 Social entrepreneurs: Enterprises which carry out research and then undertake
production process to offer unique services and goods to customers in order to solve
customer's problems and issues (Bridge and O'Neill, 2012). Main aim of these type of
organisations is to contribute in social development rather then earn number of profits.
Main motive of these firms is to make the world a better place.
 Public entrepreneurs: These entrepreneurs are the one whose ownership remain in the
hands of government and all the ma jor decisions are taken by government.
 Private entrepreneurs: These enterprises are the which owned and managed by the
private hand and the main objective of these entrepreneurs is to earn huge amount of
profits.
P2 Similarities and differences between various entrepreneurial ventures
Type of enterprise Similarities Differences
Small v/s large
business enterprises
Similarity between small and large
business enterprise is that both firms
undertake different type of
commercial operation to increase
profits of enterprise (Carraher and
Paridon, 2015). Main aim of both
Main difference between small
and large business enterprises is
that small business firm execute
its commercial and other business
operations on small and local
level of country (Carland,
2