Entrepreneurship and Small Business Management

This report explores the different types of entrepreneurial ventures, their typologies, and the similarities and differences between them. It also examines the scope, development, and growth of entrepreneurial ventures in both public and corporate sectors. The report highlights the importance of small and medium-sized organizations in the UK economy and discusses the characteristics and traits of successful entrepreneurs. It also explores the impact of personal background and experience on entrepreneurship. The report concludes with a discussion on the role of entrepreneurship in the growth of the social economy.

ENTREPRENEURSH
IP AND SMALL
BUSINESS
MANAGEMENT
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Table of Contents
EXECUTIVE SUMMARY.............................................................................................................4
INTRODUCTION...........................................................................................................................4
Examine different types of entrepreneurial ventures and explain how they relate to typology
of entrepreneurship.................................................................................................................5
Explore similarities and differences between entrepreneurial ventures................................7
Investigate diverse range of entrepreneurial ventures to demonstrate entrepreneurship in both
public and corporate sector.....................................................................................................9
Critically examine scope, development and growth of entrepreneurial ventures.................9
Interpret and assess relevant data and statistics to illustrate micro and small businesses impact
on economy..........................................................................................................................10
Explain importance of small businesses and business start-ups to growth of social economy11
Evaluate differences small, medium and large businesses make to economy applying relevant
data and statistics..................................................................................................................12
Critically evaluate small businesses have an impact on different levels of economy and in
international context.............................................................................................................13
Determine characteristic, skills and traits of successful entrepreneurs that differentiate them
from other business managers..............................................................................................14
Assess aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset
..............................................................................................................................................17
Explore different lines of argument relating to entrepreneurial characteristics...................18
Analyse characteristics traits, skills and motivational drivers of successful entrepreneurs
supported by specific examples............................................................................................18
Examine relevant examples how background and experience can hinder and foster
entrepreneurship...................................................................................................................19
Analyse link between entrepreneurial characteristics and influence of personal background
and experience to specific successful entrepreneurs............................................................20
Critically analyse background and experience influences entrepreneurs both positively and
negatively by comparing and contrasting examples.............................................................21
CONCLUSION .............................................................................................................................21
REFERENCES..............................................................................................................................22
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EXECUTIVE SUMMARY
Entrepreneurship and small business management is the effective term that ensures the high
innovation for earning profits by satisfying the customer’s needs and requirements. This
report is conduct by the department of business, energy and industrial strategy for helpsing
the small and start-up business so that investors are attracting towards them for providing
the innovation opportunity so that their business is growing to the high extent. It includes the
several types of entrepreneurial ventures with their typologies. further it includes the
importance of small and medium organisation on UK so that country economy was enhance
after the Brexit was occur. at last it explains the successful entrepreneurs in the globe and
what personality trait helps in setting their mind to become a successful entrepreneur.
INTRODUCTION
Entrepreneurship refers to a process of executing and developing the idea related to
business in the personal life for generating the organisation. In this an entrepreneur is a person
who manages the enterprises so that they firm will face higher success. As this person can accept
the risks that are associated with business and try to overcome it. Every entrepreneur can start
their business on small scale so that high goals can be attained. In this managers play an essential
role within the business organisations because they examine the needs of the people in society
and created something from it. Successful leaders of the enterprises can effectively utilise the
resources so that it can gave the efficient results in their long life. This seminar was conducting
by the department for business, energy and industrial strategy for helping the small and medium
size organisation so that they can involves in innovation and growth of their organisations within
this competitive world. Due to Brexit many large multinational company in UK affected their
operations and this will majorly affect the country economy to overcome this issue government
of UK is majorly focus on the small and start-up business that can contributes in the satisfaction
of customers demands by providing them innovative products and services. This seminar was
attended by many small businesses such as Ella’s kitchen, Verdant leisure, Captify etc. This
report is conducting by the largest organisation of the UK that is IN case of developing this
project it is very critical to analyse the relationship between entrepreneurship with their several
typologies that are connected with it. It also explains the factors that can encourage the manager
or entrepreneur to attain the goals. As it is significantly essential to understand the role
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performed by small, medium and large enterprises for establishment of economy of the country
as it gives the positive and negative results in this (Dana, 2018).
Examine different types of entrepreneurial ventures and explain how they relate to typology of
entrepreneurship
Entrepreneurship defines an activity for setting up the organisation by taking all the risk
for gaining higher profits and revenues with long term survival. In this entrepreneur is an person
who take all the responsibilities of managing business to grow it. As entrepreneur can accept all
risk that is related to the business venture for attaining the objective of earning higher profits.
There are several types of entrepreneurial ventures that can associated with different scale. Some
of them can be elaborated below:
Small scale enterprise- This defines to those business that are owned and regulated by
an individual person to fulfil the basic requirements by engaging in basic expenses. In
this firm only one or two workers are working that are generally their family member or
relatives. The scale of operation is very small in small scale business and the examples of
this type of ventures are grocery stores, brokers, carpenters etc. As it can be based on
innovation and creativity that helps in developing the vision related to entrepreneurship
within society (Donckels and Miettinen, 2019). In this type of entrepreneurial business
capital amount is very low due to this they cannot expand their business at global level
and earning profits are also low.
Large scale enterprise- This type of business ventures having several operations at the
same time because they have huge infrastructure within the market. Large organisation
also offers the major job opportunities to the people who need it. It can involve in the
varied small creative projects for growing them to the large. They always focus on
fulfilling the demands of customers by offerings the new goods and services so that loyal
base of customers can be developed and maintained. Examples of this type of enterprises
are Samsung, Apple etc. It is very effective but contains more risk and competition within
marketplace due to this they can invest more on research to attain the profits and
maintains their sustainability.
Serial Entrepreneur- It refers to that in which entrepreneurs are doing innovation to
operate and establish their business. These ventures are based on new and unique ideas
that cannot be available in market for satisfying the customers needs and requirements.
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As this type of business firm can establish their business with innovation an d after that
handover to the large enterprises so that it can sustain for longer time with good capital
and resources. Best examples of this are Facebook etc. The major issue that this this of
entrepreneurs are facing is getting the trustworthy investors that can focus on gaining the
profits this is quite difficult to get the best investor and leader who leads the business
properly.
Social enterprise- This business venture is developed to satisfied the need of the society
and always working for their welfare. They can generate profits for offering the better
facilities to their society people who need it. Best example of social business enterprise
are Cafedirect etc (Julien, 2018). In this they can follow the strict rules and regulations
for constantly monitor the market. They cannot generate the profits.
Intrapreneurs- It refers to that type of entrepreneur in which a person is working on
several distinct projects by including their creativity and innovation. They can managed
the resources by effectively utilisation so that task can be done with proper capabilities.
In this changes can be attained in positive manner of business organisation. This type of
entrepreneurs are getting the profit amount because it is go to the organisation and also
they cannot get the credit for their task completion.
Owner’s managers- It refers to that type of entrepreneurs who manage the small type of
businesses for implementing changes that was occur in business environment for the
success of the firm and satisfying the needs and requirements of local customers. This
type of entrepreneurial venture get the high risk and stress in their business life.
Typologies of entrepreneurship venture
All the above enterprises are working in the business environment that play a major role
in the establishment of the different typologies of entrepreneurship venture that affect the
decision making of an entrepreneur and their working style. Some typologies can be shown
below:
Male Entrepreneur- This typology of entrepreneur is belongs to the risk taker facility.
These types of entrepreneur are generally of young age due to this they take high risk. As
they control the large scale enterprise and saleable enterprises because this ventures take
high risk for getting high risk for enterprise. This type of typology can blame the market
forces for the losses incurred (Kuratko and Morris, 2018).
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Female Entrepreneurs- It refers to that typology which is denoted as stable
entrepreneurs. As they cannot focus on taking high risk due to this they can avoid to enter
into the new activity which contains high risk. This typology are end up with the small
ventures and social business because these type of enterprises can take decisions very
cautiously. In this if any mistake can occurred they blame themselves instead of market
force.
Lifestyle ventures- In this type of typology entrepreneurs are worked for enhancing their
living standards within the society. In additions they are working for satisfying the
customers needs and wants and also offers the employment opportunities to them so that
they also live their life effectively. It includes Large and serial types of entrepreneurs.
Managed growth ventures- It refers to that typology in which entrepreneurs are
capturing opportunity for innovating products so that organisation can expand in positive
manner. In this Intrapreneurs are included.
Aggressive growth ventures- It refers to that typology who have strong entrepreneurial
orientation as they tend to more innovative, risk takers and proactive for running the
business. In this serial type of entrepreneurial ventures are involved as they are more
innovative and risk taker.
Social entrepreneurs- In this type of typology, person is involved in working for welfare
of the society people. In this social entrepreneurs are involved who are voluntary working
for benefits of society.
Above all these typologies that are lifestyle ventures, manages growth venture, aggressive
growth venture and social enterprise can effectively relate to the several entrepreneurial venture
that are entrepreneurs, serial entrepreneurs etc. effectively in attaining the operations within the
business environment in which business exist. The relation of survival venture typology to
entrepreneurship ventures is that it helps in surviving the business for long term and in this
lifestyle typology help the serial enterprises to enhance their lifestyle in society. there
relationship is very positive to attain the objective of getting success and sustainability within the
business industry.
Explore similarities and differences between entrepreneurial ventures
Entrepreneurial venture refers to that organisation which focuses on innovation and
opportunities for getting higher profits and generating high value within marketplace. There are
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several types of entrepreneurial ventures present in the market that are working for generating
profits and benefits of society. These ventures may contain some similarities and differences that
can be shown below between small, large scale, social scaleable businesses (Mosbah and et. al.,
2020).
Difference between entrepreneurial ventures
Entrepreneurs Serial entrepreneur
This type of entrepreneurial venture is an
entrepreneur with one business and operate in
the marketplace for fulfilling their routine
requirements of their family members and
relatives.
This type of business venture is an
entrepreneur with multiple businesses which is
related to that idea which is unique and
creative so that attracting customers is easy and
effective.
Intrapreneurs Owner- managers
This type of entrepreneurs are work under
some particular including innovation and
creativeness that are in favour of business.
This type of entrepreneurs is managing the
small business by focusing on changes so that
customers needs and requirements are to be
fulfilled effectively and efficiently.
Large enterprise Social enterprise
The large scale enterprise are operated their
business on large scale with more resources
and capital that involves the 250 employees in
this. The main motto of this type of enterprises
is to gain high profits by satisfying the needs of
customers(Turner and Gianiodis, 2018).
This type of enterprise is develop for offering
the goods and services that are beneficial for
the society people. This enterprise does not
focus more on earning profits but for
enhancing the living standard of people in
society.
Start-up business Large business
This type of business organisation is small In large business enterprise more than 250
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premises as it is started newly. In this around
10 employees are working for developing their
living standard by doing innovation.
employees are working for getting higher
profits and revenues within the competitive
market place.
Similarities between several business enterprises
In context of several type of entrepreneurial ventures there are some similarities between
them that can be shown below:
Large scale and small scale business enterprise are operated for earning profits and revenues.
The main motto of this type of organisations is enhancing their existence by earning profits by
satisfying the customer needs within marketplace.
As large, small and social enterprises are working for the welfare of society and contributing
for enhancing the living standards of people of society by offering the employment opportunities
to them.
All these three enterprises are operated to fulfilling the demands and preferences of the
people (Welter, Baker and Wirsching, 2019).
Investigate diverse range of entrepreneurial ventures to demonstrate entrepreneurship in both
public and corporate sector
From the above analysis it is represented that there are several types of entrepreneurial
ventures that are operated within business environment. To bifurcate them on the basis of public
and private sector it is associated with purpose of company and their investment process that is
helpful in operating the day to day work. To differentiate the organisations on that basis create a
complexity in understanding the working style. All business enterprises are manufacturing there
products and services for gaining high profits and satisfying the customer needs. Associated with
this the bifurcation can be made that are business entrepreneurship that works for maximising the
revenues and social entrepreneurship are dealing with the welfare of people within society.
Critically examine scope, development and growth of entrepreneurial ventures
Within business environment entrepreneurial ventures are growing very fast that helps
the living standard of people. And for market it is very critical to analyse the scope, development
and growth as they are rising regularly. In this people thinking are changing as they focus on
their competitors business instead of their own business. As it helps in innovating the new
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products and services so that attracting and gaining competitive advantage would be simple. The
growth and development rate of that type of organisations are based on the customers purchasing
power and the capacity of investors to invest within company. The major role is playing by the
small and micro business business because development and growth of the other ventures are
totally depends on this.
Interpret and assess relevant data and statistics to illustrate micro and small businesses impact on
economy
Micro and small business ventures are small in size in which less than 49 employees are
working and getting job opportunities. These type of businesses are working on small scale and
there balance sheet also contains the low amount. In this small enterprise are offering the
employment to 49 or less than that whereas in micro business around 5 employees are working.
Both these type of enterprises operated generally by sole trader or partners that offers the job
opportunity to the people of the nation. Entrepreneur can operate and establish these type of
organisations for enhancing their living standards and their individual families and friends. They
only focus on maximising the profits and growth within marketplace. In country economy SME
can contribute more by bringing innovation within marketplace. Due to this high competition
will be faced by the companies (Rebernik and et. al., 2018).
Micro business- It refers to that business which covers the local area by supply the demand
within that location. In this around 0-10 employees are working. For example- cafe, ice cream
parlour etc. In UK there is high contribution of this type of organisations where people are
businessman can work for satisfying the customers.
Small business- It defines that business enterprise that are working with maximum 50
employees where company can generate their highest turnover of 5 million. They are working
with limited capital and resources such as grocery, bakery stores etc.
For example- Because of Brexit in UK economy of the country is majorly affected because of
exit from many European Union due to this currency would be reduced and this may create
problems for the organisations and their survival. In this micro and small enterprise helps the UK
government and economy to deal with this type of situation.
As to deal with the critical situation SMEs can contribute high that can be shown in the below
figures:
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Illustration 1: source: UK SME data and charts
From the above data it is interpreted the contribution of SME on the economy:
According to this 99.9% of businesses in UK are classed as SME ( 0-249 workers)
0.6% are belongs to medium size enterprise (50- 259 employees)
More than 95% are belongs to micro business ( 0-9 workers)
Less than 4% are related to small businesses (10-49 workers) (UK SME Data, Stats & Charts,
2020).
Explain importance of small businesses and business start-ups to growth of social economy
Small business refers to the privately owned company that is operated by the sole trader,
partnership in which few employees are included. This enterprise also working for low revenues
and does not contain more legal regulations (Brush and et. al., 2019).
Social economy concerned to the rich diversity that focuses on the relationship between
economics and social behaviour. It includes the norms, ethics and other several social
philosophies that helps in influencing the people to buy the products and services for shaping the
buying trends in the country. This will increase the social economy and national economy.
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Start-up business- It refers to that type of business that reflects the first stage of
operations. In which entrepreneurs are starting their business with innovations by analysing the
customers needs for long term sustainability.
Both small and start-up enterprises can contributes mainly on the social economy that
will be reflected as a importance of small and start-up ventures which can elaborated below:
Providing job opportunities- The major importance of small and start up business in
developing the social economy is that it will develops the employment opportunity within
marketplace. This also helps in eliminating the poverty in the nation. As small and start up
business can offer the jobs to the unemployed people for fulfilling the basic needs of them and
their individual family.
Enhances living standards- Start-up and small business enterprise can mainly emphasis on
maximising the living standards of public in the society by removing poverty to offer them the
jobs. This helps in enhancing the social economy as well as whole economy in an advantageous
way (Singh and Gaur, 2018).
Developing innovation- Small and start-up businesses are working with the innovation that
helps in developing the economy of the country because of their creativity. This enterprises are
producing the innovating products and services that can fulfils the demands of the customers so
that large base of customers are attracted towards it and this will enhance their buying behaviour.
As focusing more on innovation helps in compete with the other countries and company that can
enhance the globalisation business. This helps in enhancing the social economy as well as overall
country economy (Jena, 2020).
Evaluate differences small, medium and large businesses make to economy applying relevant
data and statistics
In the economy of the country, important role can be performed by the small, medium
and large enterprise and they also impact majorly. In this small and medium size organisation
contributes more on the economy of nation after Brexit. Because these ventures can support the
economy of country when many large organisation can wind up. Small and medium size
organisation contributes by paying the small amount of tax that can generate more of the
economy. As it can contributes more in the nation GDP, providing job opportunities that helps in
shaping the country and the value of currency. In this large scale industries balancing the FDI by
contributing more on the economy at the time of requirement.
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Critically evaluate small businesses have an impact on different levels of economy and in
international context
It is critically evaluated that the impact of small business on different level of economy is
major that can be shown below:
Local level- Small business enterprise may impact the local level economy is a significant
way. As in this small and micro business organisational can offers the job opportunities to the
unemployed people of the UK nation. This type if businesses are based on small activities that
are artist, carpenters etc. as this type of ventures not only enhance the living standards of people
but encourage them to include in earning day to day earning. For example- If in a small erection
company that is Cilo in UK contributes in the growth of the UK economy by providing the
employment opportunities so that problems related to spending money can be solved in the local
level.
Regional level- In this level medium size organisation work more to enhance the growth of
the economy. The main motto of this is to examine the market demand so that enterprise puts
full efforts in providing quality offerings to fulfil the desired demand. In this the objectives of the
company is to develop the infrastructure of the specific region.
National level- This is the largest level in which all types of organisation contributes but
majorly small and micro and small enterprises. This business venture put more efforts in
developing the social, economic and environmental factors of country that includes the export
and import, job availability to removing the poverty. As focusing on these factors can developing
the innovative skills and knowledge within entrepreneurs. For examples- in this service sector
ventures are playing a significant role in national level such as The Ledbury which is one of the
prominent hotel chain in UK serving the quality services to the customers for gaining higher
profits that helps in contributing to the GDP of nations at higher level.
The major drawback of the economy on the small and micro business enterprise is
creating a number of challenges related to job stability that is temporary within the small and
micro enterprises. These business are working with small capital and because of economy
slowdown it limits the growth opportunities of the companies.
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Determine characteristic, skills and traits of successful entrepreneurs that differentiate them from
other business managers
An entrepreneur is an person who run the business for satisfying the needs of customers
and a successful entrepreneur is one who managed to operate a successful business that can
fulfils the needs of customers for attaining the profits and longer sustainability. It can involves
the several activities in which they focus on taking decisions, encouraging staff members so that
they come up with new and innovative ideas that helps in managing risk and many more. To
research the study on the entrepreneurship this project includes the successful entrepreneurs that
are Mark Zuckerberg and Jeff Bezos (Scarborough, 2016). For Captify company department of
business can focus on discuss on the successful entrepreneurs so that they also inspired from that
and for developing their skill, trait and features and set their personality that reflects in the
successful entrepreneurs. Captify is the company who focus on the real time intent one global
scale outside the Google and Amazon so the people can get something unique out of Google and
Amazon.
Jeff Bezoz
He is the founder of best leading company Amazon that can deals in offering several
services that reflects the foundation of new technologies. Jeff Bezos can lead the successful
company where they offer many job opportunities to people and also can gain high amount of
profits and revenues. Presently Amazon is represented as a online world's largest organisation as
the hard work of Jeff Bezos reflects in the success of the firm.
Mark Zuckerberg
He is an American entrepreneur that start their entrepreneurship by leading the facebook
as a founder, CEO and manager. As Facebook is an online social media and a social networking
site that is one of the best in all over the world and also helpful to stay connected in all over the
world. The success of the face book is belongs to the Mark Zuckerberg because they do more
contribution in innovation so that people in the world can connect to one another in easiest and
simplest way on a social level.
Key characteristics, traits and skills presented under the Jeff Bezos and Mark Zuckerberg
Mark Zuckerberg
Characteristics
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Risk Taker- Mark Zuckerberg special characteristic is there risk taking feature this is the reason
he design the Facebook between his study that gives high success in their company.
Leadership- Mark Zuckerberg is one of the successful leader in the world due to this he
represents as a best leader of Facebook that helps in attaining their task and goals that can lead
the team mated in an effective and efficient way.
Traits
Innovation- One of the effective trait of Mark Zuckerberg is their creativity in leading and
managing the organisation. The services they provided to their customers is impressive and
different that attracts the people attention (Burns and Dewhurst, 2016).
Experimentalist- In this Mark Zuckerberg can do some experiments rather than copy something
that already present within the marketplace. As this is the major trait due to which he emphasis
on experimenting the new things.
Skills
Focused- It is one of the major skill of Mark Zuckerberg is this he is very focused whatever they
do and try to do or innovate within their business due to this they get best out of it.
Mindfulness- Another skill of Mark Zuckerberg is that they can know how to handle the things
and problems that will offers the high success in their business. Due to this skill many other
entrepreneurs are also inspired (Julien, 2018).
Jeff Bezos
Characteristics
Team player- The one of the famous characteristic of Jeff Bezos is their team player attributes
that reflects how Jeff can handle the team so that they can achieve the goals and objectives
effectively and efficiently.
Problem solving- The main feature of Jeff Bezos is there problem solving skills that represent
as an effective and efficient within working environment. As he is also a very simple man that
can focus on solving it by creativity rather than defines the problems very much .
Traits
Creative- It represents as a best trait of Jeff Bezos because the ideas they executed within their
business were quite innovative and effective that is not to be used by the other people within
their organisation.
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Feedback approach- In this Jeff Bezos can believes in taking the customer follow ups on timely
basis so that changes can be done as per their requirements of the customers so that firm will
grow more and this also helps in longer sustainability.
Skills
Motivation- It is one of the best skill of Jeff Bezos that he motivates their team members so that
they can grow and show the productive work in their task completion that helps in high success
of the company (Collins and et. al., 2017).
Communication- Due to this effective communication skills Jeff Bezos can effectively affects
the investors, clients and many more stakeholders that helps in major success of the company.
Difference between successful entrepreneurs and business manager
Basis Entrepreneurs Business managers
Focus The major focus of the
successful entrepreneurs is
starting up and setting the
business by managing and
controlling for gaining higher
profits and revenues(Yan and
Yan, 2016).
The major focus of business
manager is to carrying the
operations of the business so
that higher success can be
gained out.
Status Entrepreneurs are the owner of
the business enterprise due to
this they have power of control
and taking decision according
to themselves.
Business managers are the
employees of the business
organisation that does not have
any power to control for taking
decision for the company.
Motivation The major motivation of an
entrepreneurs is getting high
profits and revenues due to this
firm will face higher success.
Carrying and performing the
operation effectively and
appropriately due to this
operations can done in a
smooth way is a motivating
source of the business
manager(Urbano and Aparicio,
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2019).
Assess aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset
This terms affects the entrepreneurial personality that can helps in showcasing the
successful entrepreneurs that are Jeff Bezos and Mark Zuckerberg that are working for higher
success. To understand the personality of the entrepreneurs OCEAN model is an effective that
can be shown below:
OCEAN MODEL
It refers to an appropriate model that includes the five basic aspects which helps in
examine the traits and responsibilities of the entrepreneur that helps in becoming tycoon. These
five areas can be shown below:
Openness – This factor states that the creativity level of an individual person which focus on
experiencing new things. It is based on several products and services which is designed by an
entrepreneurs because of their high level of curiosity to gather the information. Both the
entrepreneurs that are Mark Zuckerberg and Jeff Bezos ranked high in this determinants because
both are open minded and also it is positively affect their business survival (Sozuer, Altuntas and
Semercioz, 2017).
Conscientiousness- This aspect related to the level of care that helps a person to organise
their work in an effective way. These organised skills shows in what manner entrepreneur can
managed their subordinates in achieving their task. This will reflects in the Both Jeff Bezos and
Mark Zuckerberg because they organised their staff members in effective way and also they can
expect the same to their staff members.
Extraversion- It refers to represents the entrepreneurs skills to interact with the other people
to understand their nature as it is extrovert and introvert. As this aspect is high in both the
entrepreneurs that are Mark Zuckerberg and Jeff Bezos because from their childhood they are
extrovert in nature due to this they can effectively communicate with other person that helps in
successful in their business and professional life.
Agreeableness- From this aspect it is to be understand that the person level of trust. It
represents the set of time that an individual can take from making comfort to another person.
Both the entrepreneurs that are Mark Zuckerberg and Jeff Bezos are high in this factor because
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of their extrovert nature as this helps in analysing the other people effectively so that they can
easily identified the trustworthy person (Dana, 2017).
Neuroticism- It reflects the emotional stability of an individual that reflects the depression
and anxiety problems. In this Mark Zuckerberg and Jeff Bezos can ranked at low level because
they can easily communicate their vision to their subordinates and also effectively listen their
employees that look amazing as a boss. That will positively affect their business life. If they are
high on these traits it will negatively affect their business enterprise and their survival.
Both the above showing entrepreneurs are very successful in their professional life
because of their positivity and excitement in their features and traits helps in ranked high in the
personality trait(Ratten, 2016).
Explore different lines of argument relating to entrepreneurial characteristics
As per the guidance of Sujan Patel, 2020 entrepreneurship is very complex job that is
done by those who start their business on their own for gaining higher success and revenues. In
this entrepreneurship includes the major risk that does not seen by the entrepreneurs because they
only focus on their rewards. It involves the several characteristics, skills and traits that is
essential for the entrepreneurs because from them becoming creative, passionate and motivating
is the more important for getting the higher success.
According to the viewpoint of “Yan, J. and Yan, L., 2016” Entrepreneurs refers to a
person who focus on the management, company for analysing the risk that was present within the
company. IN this there are several qualities of an entrepreneurs are presented that helps in
becoming successful, managing risk, organisational skills and also for become confident and
connected so that they can grow and face higher success.
Analyse characteristics traits, skills and motivational drivers of successful entrepreneurs
supported by specific examples
It is to be analysed that there are several skills, traits and characteristics that helps the
entrepreneurs to become successful and encouraged so that they can sustain for a longer period
of time. IN case of Jeff Bezos key attributes helps in motivating to become successful as it
belongs to the strong financial background due to this they live their effectively. Also their skills
that are focused and mindfulness helps in gaining higher success that lead to longer
sustainability. The traits that is the main reason for higher growth because in this they connected
with their customers by taking follow-ups and due to their creativity in thoughts helps in more
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successful results. These factors motivating them to work effectively and efficiently. Major
motivating factors is related to attaining the goals because he has the zeal of doing something
effective and innovative that can attracts the people attraction.
On the other hand, the major motivational driver of Mark Zuckerberg is their family as he
is belong to the good family that does not have any financial problem. Their essential
characteristics like risk taking and leadership assist them to attain the goals and objectives in an
effective and efficient way. In this the major traits helps in getting successful in their
professional life because of their mindful nature. Their motivational factor is achieving the
objectives that represent the zeal of them.
Examine relevant examples how background and experience can hinder and foster
entrepreneurship
This reflects the factors that proves the significance of experience and background within
an individual person. It depicts the several aspects which helps to developing the person to
destroy the life of them. In context of both the entrepreneurs their background and experience
can foster their entrepreneurship as a professional life. Some of the aspects can shown below:
Jeff Bezos - Level of education- It reflects the significant role in examine the capability of
skills and development of an individual person. In this a person having a knowledge of different
field that helps in smooth functioning of the objectives. In terms of Jeff Bezos his specialisation
in information technology field helps in developing and operating the wide business
organisation. Hence, it is proved that this can foster the Jeff Bezos to become a successful
entrepreneurs(Radović-Marković and Tomaš, 2019).
Mark Zuckerberg- Nationality- With in the life of an entrepreneur values and culture place
an essential role in setting the mind of an individual. Mark Zuckerberg is the person who born in
the America within the financial strong family that also very supportive and active in every field.
Their family members are perform their activities according to the resource available within their
living region and in a optimum way.
Elizabeth Gooch- Background: She was initiated her job at the HBSC bank at the age of
18 and after a period of one year she left her job and work under the consultancy firm. Elizabeth
is belonging to that family which is not financially strong. For this she collected money and
focus on starting their own business. She collected the funds from their family members and
relatives. After that she started their business in which they offer consulting services to the
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clients and earns high amount of profits and become successful. Experience- She started the
business and get experience from their family business but due to shortage of funds it would be
wind up. At that time her father can advised them to looking for job to earn some money rather
than earning short profits in their small family business. In searching the job she will get the
chance to meet Rodney Baker-Bates who has a great person and gives ideas for running a small
business related to software development. Elizabeth is interested to open their firm and attracts
the large number of investors where she able to become an successful entrepreneurs in the UK.
Above aspects reflects as a major role playing in the life, behaviour, style and value of
the entrepreneurs that will reflects in their personality as a successful entrepreneurs.
Analyse link between entrepreneurial characteristics and influence of personal background and
experience to specific successful entrepreneurs
It is to be analysed that there is effective relationship between the entrepreneurs
characteristics that they lead to become a successful in their business organisation. In this there
background and experience also encourages then for attained the goal in their professional life.
For instance- In terms of Mark Zuckerberg they belong to the highly educates family that
emphasis him to go for a higher education and involve in the course in which he contain interest.
To completed the study Mark Zuckerberg can go to the prestige university in the world and do
their study.
On the other hand Jeff Bezos belongs to the broken family because there parents are living
separately due to divorced when he was at the age of two. This will build the motivation to
become a successful entrepreneur and in their inbuilt skills and characteristic like problem
solving and team working is developed because he understands the work as a unity and how to
solve an issue.
In this Elizabeth can face the many issues and challenges in starting their business as compare to
other both the entrepreneurs that are Mark Zuckerberg and Jeff Bezos. This is done because she
came from the middle class family who face the issue of shortage of money. But because of
Elizabeth family supports she becomes an successful entrepreneur in their business industry.
Critically analyse background and experience influences entrepreneurs both positively and
negatively by comparing and contrasting examples
It is critically analysed that the background and experience of both contain positive and
negative aspects on the individual person as it can helps in becoming successful or destroy them.
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IN terms of both successful entrepreneurs background and experience place a positive impact on
their entrepreneurship. These terms helps entrepreneurs to select their filed in which they are best
so that they work effectively and according for getting higher success and profits. As during his
study time Mark Zuckerberg invented Facebook so that they connect with their friends that
reflects their extra skills and capabilities of doing something unique. In terms of Jeff Bezos, he
get the higher success after involving in the Amazon as a CEO that will develops the success of
the organisation. And in this their education play a major role and also their parents as they also
do their own business and also want that Jeff can also indulged in their own business and become
successful in their life.
Mark Zuckerberg background and experience impacted positively to become an entrepreneur
because he belongs to a modern family where they supports Zuckerberg to whatever he want to
become in their life. His education is also impacted because he gets the management degree that
helps in managing the business appropriately.
CONCLUSION
By the above analysis it is summarised that there are number of entrepreneurs present in
the world who plays effective and significant role in enhancing the economy of the country by
offering number of job opportunities to the unemployed people. Entrepreneurs are the one who
have the capability of running and operate the business enterprise by doing more innovation
within the marketplace. It inculcates the several skills, traits and characteristics that can
differentiate the business manager from the entrepreneurs and also helps in reflecting the growth
and success within the economy and organisation. In this by using the OCEAN model this report
helps in understanding the nature of the people and their pattern to perform the specific activities.
In this for analysing the importance and contribution of SME and social enterprise within the
economy this report involves data and statistics that helps in examine the UK economy in several
areas such as on regional, local and national level. At last bit reflects the background and
experience that can create hindrance and helps in developing their entrepreneurial skills and
become a successful.
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