Characteristics and Skills of Successful Entrepreneurs: Simon Cowell and Richard Branson

Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION..........................................................................................................................3
LO1..................................................................................................................................................4
a) The various forms of Entrepreneurial Ventures with their relation to typologies of
Entrepreneurship.........................................................................................................................4
b) Differences among Entrepreneurial Ventures with their Similarities.....................................5
LO2..................................................................................................................................................7
a) Interpret & assess data and statistics to illustrate how small and micro businesses affect on
economy......................................................................................................................................7
b) Importance of start-ups & Small businesses towards development of social economy. .......8
LO3..................................................................................................................................................1
a) Characteristic Traits and Skills of Successful Entrepreneurs that differentiate them from
business managers.......................................................................................................................1
b) Aspects Of Entrepreneurial Personality Reflect Entrepreneurial Motivation And Mindset...3
LO4..................................................................................................................................................4
a) Background and Experience can hinder or foster Entrepreneurship: ....................................4
CONCLUSION................................................................................................................................4
REFERENCES...............................................................................................................................6

INTRODUCTION
The process of executing an idea into a business which generates profit is termed as
entrepreneurship. The person who carry out activities and manage the business in a proper
manner is an Entrepreneur. They accept losses and risk related to business in order to make it
successful (Albort-Morant and Ribeiro-Soriano, 2016). Every business person initiate their
working on small scale with an aim to attain objectives. In toady's world there are lot of
entrepreneurs and successful managers who established their business considering customer
needs. With this, they bring some creativity in the market in order to attract large population. The
entrepreneur as well as a manager have proper knowledge about how to optimally utilize the
resources effectively. The present report covers the interrelation among an entrepreneurship and
different typologies. With this, the elements which encourage a leader & a manager to attain goal
is going to discuss. It is essential to know various roles performed by small entrepreneurs
towards the growth of economy. Later, it covers the traits as well as characteristic of successful
entrepreneurs.
LO1
a) The various forms of Entrepreneurial Ventures with their relation to typologies of
Entrepreneurship.
The process of commencement of a small scale business considering risk in order to earn
profit is termed as Entrepreneurship and the person who perform every activity related to new
business is an Entrepreneur (Baldacchino, 2015). The main aim of an Entrepreneur is to properly
manage business and develop high opportunities for it. They accept risk so that the enterprise can
earn high profits. Entrepreneurial ventures are of different types which are as follows:
Large Enterprise
small Enterprise
Social Enterprise
Scalable Enterprise

 Large Enterprise: It refers to those organisation which performs multiple activities and
operations at a particular time. Large enterprises have several job opportunities and have
big infrastructure. These Enterprises basically brings out small scale innovative projects
which lead them to develop and grow their businesses. Their main focus is to offer
something creative as well as innovative in the market in order to raise customer base.
Apple is such an example of Large Enterprise. Small Enterprise: It is termed as small business which is basically operate by as single
person in order to meet its basic needs. Moreover, these enterprise have one or two
employees which is also their family member, friend or relatives as well (Baum, Frese
and Baron, 2014). The size of their activities and operations is small. For instance,
Carpenters, Grocery stores, brokers are some of the small scale enterprise. Social Enterprise: These organisation took place with a motive to fulfil needs of people
and raise their standards. The profit which is earned by this enterprises were used in the
development of societies. In addition to this, their main goal is not to earn profit but they
work social development. Hill Holt Wood, Cafe direct are such an instance of this types
of enterprise.
 Scaleable Enterprise: These are those organisation which brings innovative service as
well as goods in the market. They develop those idea which never took place in market
and which gain the eye of people due to its creativity as well as uniqueness. The manger
or the owner of scalable enterprises establish successful business and then give the selling
rights to big organisation or tie up with them with a motive to gain profit. For instance,
Amazon and Facebook are scaleable enterprises.
All these enterprises plays vital role in the commencement of different typologies that directly
affect on the working system and decision making of an entrepreneur related to the
commencement of business. The typologies are as follows:
Male Entrepreneur: These entrepreneurs takes high risk and are of young age between
22-26 years. Male entrepreneurs controls and manges large enterprises and this is the reason they
are associated with high risk (Bennett, 2014). They give the reason to market forces if any of
losses occur. In addition to this, this entrepreneur aims make high profits and develop their
business effectively.