Entrepreneurship and Small Business Management

This study material provides insights into entrepreneurship and small business management. It covers topics such as entrepreneurial ventures, types of entrepreneurs, typology of entrepreneurship, and the challenges facing UK businesses. It also discusses the character traits and skills of successful entrepreneurs and the impact of business on the economy and society.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
PART A...........................................................................................................................................3
Entrepreneurial of ventures..........................................................................................................3
Types of entrepreneur of ventures...............................................................................................3
Typology of entrepreneurial........................................................................................................6
Difference and similarities between the entrepreneurial ventures...............................................8
Advantage and disadvantages with examples............................................................................10
Impact of business on international, national and social economy............................................10
PART B..........................................................................................................................................12
Determining and analysing the character traits, skills and motivational drivers of successful
entrepreneurs and supporting it with examples.........................................................................12
Entrepreneur's personality, characteristics and definition of personality..................................15
Personal Background and its impact on Entrepreneur...............................................................18
Impact of Self Experience on On becoming a successful Entrepreneur....................................19
CONCLUSION..............................................................................................................................20
REFERENCES..............................................................................................................................21

PART A
Entrepreneurial of ventures
Entrepreneur is the individual who run and effectively start up business with limited
planning as well as resources. Businessman is accountable for all the rewards, risk and benefits
of their overall business. Entrepreneurial venture always focused on providing the best services
and quality products to mid and early stage of business (Wamba and Carter, 2016). Their role in
organizations varies depend on stage of firms. In simple words, a person who sets up businesses,
responsible for taking financial or other risks related to business in hope of profit is called
entrepreneur. It can be defined as an company that places opportunism and innovation at their
mind as well as heart in order to produce social and economic value. Entrepreneurial is business
owner who attempts to make money for organization, they target high profit with a fair level of
uncertainty, entrepreneur is prepared to risk their career and financial security, investing money
and time on uncertain venture, managing for required capital, skilled workers and raw materials.
Distribution of services & resources, marketing sales, and other essential aspects is controlled by
entrepreneurial of venture effectively. Even when some of these activities is outsourced, the
overall risk is carried by them. Entrepreneurship is the mode to set up venture by considering
various risk consist to managerial and financial. Entrepreneurial venture have several ownership
structures and businessperson need to have certain characteristic or skills to management and
development of entire business. The present explains some information about funeral care and
Virgin group business in UK.
Types of entrepreneur of ventures
Micro enterprise ventures-
Micro enterprise business employs small number of applicants within venture, they
operate functions which fewer than 10 employees and started with small amount of capital
advanced from investors and banks. Most of the micro enterprises specialized in offering
services or products for its local areas (Love Roper, and Zhou, 2016). They are financed by
microcredit, a form of credit facility provide to person who have no employment or collateral
credit history. The scope of micro enterprise ventures is vast covering the broad range of
functions and activities needed less sophisticated technology. For example, funeral care is one
of the micro entrepreneur ventures that run small size business with more than 20 workers. In
addition they provide repatriation facilities, crematoria and cemeteries. They operates 1,000
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funeral homes and provide range of services to local populations. Furthermore, they also cater
range of funeral plans which permit people to prepare and plan for its funeral in early. The
development of this business is quite limited as they grow not much rather than the other
businesses within marketplace. It purchased from independent funeral directors. They provide
for all faiths, beliefs, culture and their services available at 24 hours a day.
Passion capital is another medium size venture provide their services in UK, it is tech
centring investment company with good portfolio, they had not been able to spread business in
wider areas.
Ariadne capital is medium size company, they cater services as investor or advisor
independently.
Small venture-
These kind of business only be run by number of workers and owners are very low, along
with this, they can generate revenue better as compare to micro enterprise venture. Small size
businesses continually focused on getting more consumers and also centring on development of
their services and goods. It can be run and managed with the help of friends and family members
as partners because without support they cannot be able to managed overall business effectively.
However, many small business provides creative services or products and progress
exponentially. Scope of their operation is tightly focused and have difficulty progressing into the
even larger operations. Small businesses is privately owned corporations, sole proprietorships
and partnerships that have fewer workers and less annual share rather than regular sized
corporation or business. Real estate business, web design agency, e-commerce business and
professional services companies is considered as small ventures. Many business is invested in
one individual or groups with expectation of business give financial gain for all backers. Small
business is critical essential to performance of economy, travel agency is also consider as small
venture as they run their business at small level with few operation and consumers as well.
Large sized-
This type of entrepreneur venture through sustaining innovation and creation, provide
new products which is quite different around their core goods. They manufacture new goods
which is highly beneficial for overall business as helps to increase profit margin rather than
before. In order match with chaining requirements of consumers and latest technologies large
companies conduct market research and able to fulfil the needs of people as compare to other

entrepreneurial ventures. The large firms have bounded business life cycles and focus on catering
new services & goods to customers for longevity and sustainability of business. In simple words,
the trends and demand of people is consistently changed along with legislation and competition
that forced large company in disruptive creation as well as create new goods for entirely new
target market (Lee and Brown, 2016). For example, Apple is a large size entrepreneurial
ventures and is one of the leading technology organization, it considered as one of the large four
Tech firms along with Facebook. They employ over 132, 000 applicants worldwide, developed
their business in all around the world and operate successfully & systematically almost 6,000
stores. Apple spread their business across the world and run effectively at global level, they
highly recognized on the basis of generated revenue and number of consumers base. Company is
well known for their revenue and size in market.
Marks & Spencer is also work in retail sector for longer effectively, and considered as
large sized organization. The size of company is larger than other firm in industry as they spread
business all around the world.
H&M is large company they provide its products to large number of consumers and
operate business across the nation.
High growth companies-
A organization expected to perform better or performing better than the other
entrepreneurial ventures within market is known as high growth firms. They are able to gain
profitability and generate high market share. Succeed companies earn a lot of money as they are
capable to invest within new project that helps to grow business and increased profit margin. A
progress firm is any organization whose ventures generate importance positive cash flows &
earnings, that maximized at importantly faster rates than overall economy. The growth
organization seeks to have very profitable reinvestment benefits for their own retained earnings.
Revolt is another high growth company in UK, they relatively few fin tech start-ups that
is dividing through into main root of retail finance.
Deliveroo is also known as high progressive company based in UK, deliver their services
at nations cities and largest town.
Social enterprise-
They provide services to people for improving their health and well-being of public in
society. CASA is one of the social services provider who support patients and older people
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through developing strong network of workers.
The quality of service that help to recover human health is one of the main contribution
of social enterprise.
Challenges facing UK business-
Government and consumers concern towards sustainable environment is one of the
challenge that UK businesses were facing that effect growth in market. But they can deal with
this challenge with the help of making changes in production and other operations that reduce
risk of environmental harm.
Typology of entrepreneurial
In filed of entrepreneurship, Typology term usually used to describe classification of
kinds regardless of its basis.
Survival companies-
Micro enterprise companies is included in survival organization as they face many
difficulties to run business effectively in market with limited resources and workers. The provide
general help for entrepreneurial of ventures and their family. Survival means facing difficulty to
manage and maintain the position as well as overall business within marketplace. Most of the
companies in UK, survive to grow and developed which is essential to sustain for longer time in
market just like the other companies. But to financial circumstance they cannot be able to
achieve business goals and objectives. Funeral care is survival organization because they earn
not much profit, they face many issues which affect on their business and operations. They cater
funeral facility in cheaper cost to people for funeral of their family and friends. It may not be
formally registered in nation and also have few assets that help them to earn money which they
can use for purchasing the required products in daily routine. Furthermore, they arrange facilities
according with wishes of surviving family and friends, whether immediate next of kin. They also
take care of necessary permits, paper work and other information such as making all
arrangements with cemetery.
Lifestyle firms-
Lifestyle companies is a organizations run and set up by founders primarily with
objective and aim of sustaining special level of income and to cater foundation from which to
enjoy particular lifestyle. They offer the best services and products to consumers and then earn a
lot of money which is beneficial for business. For example, Apple is lifestyle firm because they

operate business effectively consist with the new trends within marketplace. They provide its
consumer the latest collection of gadgets and Iphone series which make people happy.
Furthermore, they launched new scheme for their loyal consumers, in order to retain them for
longer period. They expand their business across the world and earn profit rather than before,
company cater Mac apple, iOS and iPad to people they also provide online services to consumers
that helps to save time and money. They conduct market research for gathering data about new
trends in market and for collecting information about people preferences which support them to
offer the goods or services accordantly. Lifestyles firms is able to retain clients with them and
make changes in current production procedure effectively. It has stores in many nations across
Ireland, Europe and Asia.
Managed growth organizations-
Those organizations who progressing faster than its business competitors and wide
economy is known as managed growth firms. Most of the companies within UK, managed their
business effectively without taking any support by family and friends, they operate each and
every function smoothly, but on some point due to some circumstances in business they can take
help from other if it required. Small business venture is included in managed growth companies
because they well managed its entire business, and provide the better services to residential
people live around the area (Witt, 2019). Tour and travel agency in UK are small ventures, they
earn profit by selling the holiday packages to travellers who wish to travel some specific place
out of their nation or state. They has smaller team of workers than organization that operate on
large level, they run entire by small group of people and single individual. Rather than the high
growth companies, small ventures serve in small area. They can be found only in limited field,
these firms is not likely to have sales framework in multiple nations, for example. Small business
cannot be able to operate their function at large scale.
Aggressive growth companies-
This type of entrepreneurial seeks to gain potential amount of profit and growth stocks
which is beneficial and effective for whole company. Aggressive growth organizations try hard
to achieve their business objectives and implement new plan to achieve its objectives. For
example, Facebook is include in aggressive growth firms because they keeping moving towards
global market and earn a lot of profitability rather than before. They compete with Google and
other companies who also try hard to gain competitive advantages. Organization connect people
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with each other and make easy for business to share essential information faster. They make
most of their revenue from promotional activities and advertisements that appear on mobile or
computer screens. Facebook helps to prevent spread of fake news and information and also used
by many person for generating awareness among people.
Original typology is developed to include the administrative kind of entrepreneur, who
are professional and other associated with motivations and skills that is usually refer to
managerial.
Independent entrepreneur is the different types of typology, it refers to those persons
who are self-employed and hired to perform for various organization on specific assignments.
Opportunism or businesses entrepreneur, are able and willing to organize, manage and
develop business venture along with risks and any issues in order to make profit. For example
Facebook is the best example for this typology.
Growth oriented owner entrepreneur, these type of persons make plan to achieve their
business objectives in order to success and grow by its quantity and quality.
Survival companies are related to original typology because they face challenges and
survive to managed business. Managed growth entrepreneurial ventures are related to
independent entrepreneur typology.
Difference and similarities between the entrepreneurial ventures
Similarities between entrepreneurial ventures-
Large business, small size, social enterprise and other entrepreneurial ventures support in
providing employment opportunities, it is one of the similarity bases that connect all ventures
together. Social enterprise contributes to economy, they provide number of employment benefits
to people, they face challenges in UK after Brexit because the rate of employment is increase
after all happen. They deal with issue by offering the best placement or job to local people that
helps to improve living standards of individuals. Strong willed entrepreneur, Creative idea and
economic benefits provide by all ventures is the base of similarities. Micro enterprise business
has strong willed, they have few people in business, but operate operations at lower level without
losing hope as similar to the large and small companies. They create ideas just to manage their
small business consist with limited risk. Innovative ideas and thoughts make them able to
managed current business position effectively and efficiently at low scale.
Small business on the other hand, also have similar purpose of business that is to earn

money, they also want to earn profit juts like the others and retain people with them for longer.
Small business also create new ideas to run its ventures, they are able to invest more than micro
enterprises. Large growth companies such as Apple, their entrepreneur strongly focused on
achieving business objectives, they have strong willed to run each and every operation as well as
functions related to it. Large business create innovative and creative ideas to expand their
business at global level, they also create plan for future business growth and success. Aggressive
growth business working harder and performing better consistently just like the other
entrepreneurial ventures. Aggressive growth companies such as Facebook, are running
consistently their current venture by implementing creative ideas that helps to grow more and
more.
Bases of
differences
Micro enterprise
business
Small business Large growth
companies
Aggressive
growth business
Annual growth The annual
growth of micro
enterprise
business cannot
be measure
because it depend
on their daily
earning which is
not fixed as
compare to other
businesses.
Small business
earn profit rather
than micro and
operate
operations better.
Large growth
companies earn
rather than small,
the annual income
rate is more than
2,206 million.
As compare to
large, small and
micro they earn
more than 19,906
million.
Technology
investment
They cannot be
able to invest in
implementation
of technology.
They can
implement new
technology if it is
in their budget.
Large companies
invest in
technology
implementation
because it is
essential to
increase
They invest
within new
technology and
also implement
the new ones that
helps to increase
their profit
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operational
efficiencies.
margin and
financial
performance.
Funding from
some investor
and venture
capitalist
Micro enterprises
take funds from
friends for
commercial
purpose, like
small and large
companies do.
As similar to
other
entrepreneurial
ventures, small
business collect
funds but through
other sources for
example, friends
and family.
Large companies
like Apple
funding from
banks for new
project within
business.
Aggressive
growth
organizations get
funding from
business investors
which is
beneficial for
them.
Advantage and disadvantages with examples
When Apple operate their business effectively within market place they can generate
more GDP which is beneficial for economy, moreover with the help of business development
plan they can provide employment opportunities to local people that contribute in its professional
as well as personal career growth.
On the other hand, it increase competitive environment which is not appropriate for
overall business within private and public sector.
Impact of business on international, national and social economy
Micro business impact on social economy, for example funeral care cater services to
social economy as they work within limited business assets.
Small business impact on national level as they provide employment benefits to people.
5.7 Million private sector companies in UK provide residential people the best job opportunities.
They contribute highly in economic of nation, the number of SMS business is increased over
decade that generate high market revenue by offering through services and products to consumer.
In nation small size business grow at 99% which is beneficial for economic growth and
development.

Illustration 1: SMS Contribution in UK
(Source: UK Small Business Statistics, 2018)
On the other hand large size business such as Apple , impact at international level where
they hire people belong to different culture and spread diversity in workplace.
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UK business impact on, its national economy they provide employment opportunity to
those people who do not have any job and face issues to survive. It help to boost up the
productivity which is beneficial for social economy. furthermore, UK businesses were also
impact on international economy as they increased the competitive environment at global level
that helps to grow business rather than before.
Micro business impact positively on economy, as they provide all the facility to people
which they cannot be able to get. Medium size business are accountable for contributing to value
added, they provide the best services to local people. On the other hand large businesses also
impact positively, they offering the great employment opportunities to applicants.
But due to some change it impact negatively on economy, change in policies and plans
workers need to contribute within it which is not possible for them.
Social economy meant by rich diversity of organizations and businesses that operate its
function effectively.
National economy is referring to services and products which nation is capable to
produce at any time using all human, natural and capital resources accessible to it.
The range of economic and economic activity on global scale across the world areas that
serve its services at international population is known as international economy.
Challenges facing UK businesses-
After Brexit several challenges were faced by companies in UK that affect growth and
longer term success within marketplace. Changes in trade policies, high taxation rates, and

managing technologies are the challenges faced by UK firms.
PART B
Determining and analysing the character traits, skills and motivational drivers of successful
entrepreneurs and supporting it with examples.
An entrepreneur is an individual that creates an idea into a business opportunity by using
innovative skills. He/she further creates a successful business by bearing most of the risks and
thus enjoying the profits. The regional or local entrepreneurs of UK include Steph Croft Simon,
national involves Richard Branson, founder of the Virgin Group and at international level it is
concerned with Elon Musk, a technology Entrepreneur of Tesla and Space X Group.
The character traits, skills and motivational drivers of Regional, National and
International Entrepreneurs are as follows
Characteristics traits: Characteristics traits are concerned with the inherited habits that all the
entrepreneurs are born with. Although, character traits can differ but most of the entrepreneurs
share similar traits and skills.
 Passion: Passion is concerned with having faith in a particular task and also the ability to
work hard for the accomplishment of the tasks. (Obschonka, Moeller and Goethner,2018)
Also, it takes dedication and calculative risks to pursue the passion and achieve ultimate
goals and objectives. Elon Musk's relentless passion to build electric cars and innovative
space rockets made the company successful and profitable.
 Personal growth: Individual growth is as important as professional growth hence it is
very important to focus on personal strengths and weakness while establishing an
enterprise. Moreover, being an Entrepreneur also enhances the personal skills and
knowledge of a person which proves to be beneficial for the company in long run
(Stephan, Hart and Drews, 2015).
Skills: It is essential for an Entrepreneur to have certain skills that help them become successful
and also gives competitive advantage to the organization.
 Communication: It is mandatory for an Entrepreneur to be an effective communicator in
order to achieve the organizational goals and objectives effectively and efficiently. Good
communication skills are required to not only interact with the employees of the company
but also with the suppliers, shareholders and investors of the business. Richard Branson
has mastered all communication skills including one on one communication, group
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communication, written and oral as well (Durkin and Gunn, 2016).
 Learning ability: The ability to learn is extremely important if an organization wishes to
grow in the future and also to achieve the competitive advantage. An entrepreneur must
have the ability to learn through both success and failure so that he can learn from his
mistakes and take corrective actions the next time. Also, it is important to learn about the
current and future changes and implement it effectively in their business successfully.
Steph-Croft Simon, founder of Nom Foods faced various rejections and failures during
the initial phase of the business but with extensive research and continuous learning,
Nom Foods started and became an immediate success after its launch (Poblete, and et.al.,
2019).
 Leadership skills- in order to make a better team and effective work force, entrepreneur
must have good leadership abilities that help to achieve positive results.
Motivational drivers: Every individual has a certain motivation to work it can be either
monetary or non-monetary but for a successful Entrepreneur the motivational drivers are as
follows:
McCllend theory-
It is essential motivational theory that stated needs for achievement, affiliation and power
significantly influence behaviour of person. It defines that human behaviour is influenced by
three needs which is useful for them as it help to grow.
Personal experience is another motivational driver that help to motivate person in order to
achieve better results.

Basically theMcClelland's Needs theory is about three types of motivational drivers that can
motivate the entrepreneur or individual person to become successful in the corporate world. This
three needs are Need of Power, Need of Affiliation nad need of achievement.
Need of Power
This power can be concluded as power that provide the ability to the person to influence
of the individual person. For example a person who is lying on the high position, have enough
power to force some one of influence someone to act particularly.
Need of Affiliation
The people with high need of affiliation they drive satisfaction from the factor lijke loved
by all in order to avoid and pain. This tendency of getting loved help them to interact with other
people to make strong bonding with them. This how need of affiliation motivate them to become
a good entrepreneur.
Need of Achievement
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Illustration 1: McCllend theory
(Source: McClelland’s Needs Theory, 2019)

The achievements of individual person force them to gain more achievment to full fill the
need and design of the achievement. This is how the motivation of getting more success can help
the person to get more successful as an entrepreneur.
Entrepreneur's personality, characteristics and definition of personality.
Entrepreneur Personality
As an entrepreneur individual person need to have different characteristic and traits.
These traits and qualities make entrepreneur successful along with their business. By including
all this trait in a person creates a personality that is the best suitable for an entrepreneurship
venture. This also includes that how an individual person use those skills and personality traits to
become successful in carrier (Wright and Westhead, 2016).
Bailard, Biehl and Kaiser Five way Model
This model is basically known as model for inverters which are also cam be taken as
entrepreneurs. There are two axis are considered in this model. On the horizontal axis parameters
taken are careful impetuous and for vertical axis confident and Anxious are considered. There
are five personalities are provided for investors and entrepreneurs which are individualist,
adventurer, guardian, celebrity and straight arrow. This is classification of personality can be
used to evaluate the personality of individual person. BB & K model can be used to analyse the
personality of a leader or entrepreneur who is leading an organization. Leader of organization
can be categorized in one of this personality-
Individualist
Individualist is the person who is confident and independent which can be seen in their
choice of employment. All the decision make by this personality are taken after brief thinking
and careful analysis. They are open for advices of other that can help to reduce the complexity of
any problem. Working of this type of entrepreneur is different form the others because they are
willing to work on their own. For example Elon Musk can be considered as individualist because
all the decisions of Tesla motors are taken by him and most of those decisions are effective and
successful for organization. Apart from this Elon musk also consider the advices and suggestion
of employees to improve the performance of organization and keep it productive.
Adventurer
Adventurer is personality in which individual person shows intend to take risk in
different activities in order to gain faster growth. This personality can be consider one of good

personality trait for entrepreneur but this personality can cause damage to the resources and
capability of organization. There are high chances of risk in this approach or personality.
Adventurer personality is easily visible in the actions of company and individual entrepreneur.
This type of personality help the individual to gain experience in different fields and this also can
help individual to try innovative processes and methods in organization to improve production.
The CEO of Tesla and Founder of Virgin Airlines Mr Richard Branson are the best example of
adventurer because the actions taken by them are innovative and highly creative. This attitude
and personality is high reflective in their actions (Rothe, 2017).
Guardia
This personality is mixture of careful and anxious where person is cautious and
concerned for future. Their focus is to preserve their resources and assets to keep organization
productive. They are always ready to take advices from the people who are highly experienced
and knowledgable. For example Steph Croft Simon can be consider as guardian entrepreneur
who is to concerned about their business because NomFoods is organization which in in its
initial phase. This type of personality reflect cautious nature of leader about business decisions.
Guardian nature can help person to run business without falls and failures.
Celebrity
Celebrity personality is anxious and impetuous nature of leader where they put their
views and opinion to some extent up to their limitations. Their nature is preventive, and they
usually take advice while making an investment in business field. These personalities are centre
of attraction inside and outside of organization. For example Elon Musk can be considered as
celebrity CEO. Name of Tesla Motors is associate with name of its CEO. Elon Musk is well-
known personality around world. Their involvement in the public events and gathering is high.
They also influence employees and workers in their company.
Resilience
This is one of the main personality characteristic of a leader. It allows person to recover
from major damage condition and help them to come up with new technology to get better result.
For example Elon Musk has brieliently recovered from the condition where they were facing
issues in consumer services failure.
Need of Sucess
There is a hunger in their nature where they are always ready for new things that can
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provide better opportunities to company. For example CEO of Tesla is always ready to make
certain changes in organization to improve their performance in the international market.
Risk Taking
Leaders are not afraid of taking risks. It is their natural characteristic from birth where
they always ready to start challenging work. By launching electrical vehicle Tesla has thken
huge risk. This thing shows risk taking capacity of person.
Security- A leader of organization or a entrepreneur is mostly concerned about safety and
security of workplace. They are prepared for the future security troubles and possess the
contingency plans that can help to avoid the security threats on the work place and in market
palace that are related to business of company.
Characteristics-
Leadership: Leadership skills are imperative in order to guide and supervise the team members
at different stages of growth and progress in the organization. A good leader also provides
motivation to its employees in order to achieve the organizational goals effectively and
efficiently. For instance, Elon Musk the Founder and CEO of Space X believes that having good
leadership skills not only boosts the confidence of employees but also improves their overall
productivity to perform their tasks which contributes towards the growth of the organization in
the long run (Mohanty, 2015).
Persistent: A successful entrepreneur is always persistent because it takes time to build a
company and also involves a lot of hard work and dedication. Every business faces losses and
failures but it is the fundamental duty of an Entrepreneur to be persistent and stay motivated
throughout the entire course of business. Richard Branson founded Virgin Airlines in the year
1984 but the airline company failed in its initial testing days and faced losses which further led to
shutting down of the company but the persistent attitude of Richard Branson motivated him to
start again and as a result the airline company got its certification and started its inaugural flight.
Ethics: Ethics and integrity are the two important pillars of a successful venture and it is the
fundamental duty of every entrepreneur to perform their business ethically because it not only
maintains the free flow of business but also help in improving the brand image of the
organization. For instance, an accident occurred in the Tesla factory which led to an injury to the
worker, Musk issued a public statement and took complete responsibility for it and also
mentioned that he will take care that such accidents do not take place in the near future. This

further proves the ethical and responsible behaviour of an Entrepreneur (Muegge and Reid,
2019).
Prestige- Entrepreneur are more concerned about the prestige of organization. This concern is
important for the success of organization with better brand image. This personality trait of
entrepreneur is crucial for the brand value of company.
This is how BB & K model of personality can be used to analyse the personality of an
entrepreneur who is leading a well known organization. In this model individual person is
evaluated to each type that is explained in model to found similarities and differences.
BITS stands for behavioural investors types . BITS may be define as in order for investors to
determine the diagnose and treat the behavioural biases they first need to check the client for all
the biases before identifying about the client biases convenient observable modified asset
allotment and IPS is being create for client.
Carl Jung personality : Jung introduced his first personality theory in his book psychological
types he used the rational and irrational functions such as thinking or feeling and sensation or
intuition. He differentiates introversion and extraversion. As per the Carl Jung every individual
have primary role and life attitude that describe his/her as a convinced personality types.
Limitation:
 These model is not efficient with personal skill's evaluation because sometime a person
have multiple qualities and it is difficult to position him as per this model.
 The judgement criteria provided in this model are limited and it is difficult for individual
to evaluate personality of investor or entrepreneur.
 Two dimensional approach is not suitable for personality evaluation.
Personal Background and its impact on Entrepreneur
The personal experience and background of the entrepreneur will definitely helps to
prevent a person for engaging in an entrepreneurial activity because if an entrepreneur is already
an experience holder then they have strong skills which helps to determine the it is successful for
the business or not. On the other side, having a strong family background also prevent a person
for engaging in entrepreneurial activity because if an individual faces any challenges then they
ensure that their family will definitely support and as a result, it leads to prevent from any
activity. In the same way, personal experience are also helps a person to take right decision
because they have a strong interpersonal skills and vision to determine whether it is right or
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wrong. Through these skills a person may easily prevent for engaging an entrepreneurial activity.
The personal background of an individual has a huge impact on their entrepreneurship
skills and the experience faced by them can be both positive and negative but it helps in framing
their business in the long run. The background and experiences help an individual in learning a
lot of skills and knowledge which is implemented by them during the initial phase of the
business. In the view point of Goldstein and et.al., (2018) the founder of Nom Foods, Steph
Croft-Simont faced several problems during her childhood that further led to the discovery of
Nom Foods.
Once the start-up became successful, products were sold in various supermarkets like
Whole Foods and Planet Organic which helped in increasing the customer base and the
profitability of the organization. Thus, it is an important example relating to the positive impact
of personal background of an individual and how it played a major role in Steph's life and made
her a successful Entrepreneur.
Richard Branson was born on 18 July 1950 in Blackheath and is a British magnate,
author and investor. He was the eldest child of Eve Branson and he has two younger sisters. His
grand father was a judge of the High court of Justice. He was ordeal with the dyslexia, he was
facing problem or difficulties in reading, writing and pronouncing words and the academic
performance of Richard Branson was very poor (Schaper, 2016). Parents were very supportive
in nature In 1970s he established the virgin group which rule more than 400 companies in
different fields. Branson disclose his aim to become an entrepreneur at very young age. At the
age of around 16 years he started his first business of magazine. In 1972-1980 with Nik Powell
launched virgin records, Virgin name was suggested by his one of employee. He was tangled
with the number of the break down business such as Virgin cars, clothing, brides etc. After 1985
he made many world records. In 1972 he was get married with the Kristen Tomassi, he has two
children Holly(daughter) and Sam (son) or he had one more daughter named Clare Sarah with
his second wife, Joan Templeman whom he was met in 1976 (Effendy, and Kaihatu, 2016).
Impact of Self Experience on On becoming a successful Entrepreneur
Childhood of Richard Branson was full of troubles and this thing made him capable of
stay motivated in difficult situation. This challenges and capability of handling different tasks
help him to come up with new idea of business. The physical limitation doesn't stop him from

become a successful entrepreneur.
For case of Steph Crof, she became allergic to various food items that refrained her from eating
the day to day snacks and fast food. In order to find a solution for the problem she started
cooking food by herself that not only provided nutrition and energy but also avoided the
allergies. As a result, the idea of Nom Foods came into the mind and finally got converted into a
business opportunity. According to Read and et.al., (2016) Steph also performed extensive
research by spending time in super market stores regarding the availability of substitute and the
non-availability of substitutes further gave her the confidence to start a new venture by
implementing her personal knowledge and experience and that made her start-up successful, and
she became a successful Entrepreneur. In different ways these experiences can hinder the
entrepreneur to perform some the activities. For example allergies can prevent her to perform
some activities that are related to her business. In case of Elon Musk, the failure experienced by
business can prevent them form taking fast actions on certain problems. This can cause some loss
in some conditions.
CONCLUSION
From the above study, it can be concluded that there are certain skills and character traits
that are possessed by an Entrepreneur which make them successful. Also, it included various
skills and motivational drivers which help in the incessant growth and development of the
company. The report mainly emphasized on Steph-Croft, Richard Branson and Elon Musk and
how they used innovative and problem solving skills to convert the ideas into business
opportunities. Also, it included different models of personality like Bielard, Biehl and Kaiser five
way model, Carl Jungs personality and BIT model. At the end, the report included summary of
personal experiences that help an individual in becoming a successful by usin their skills and
knowledge effectively and efficiently.
21

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