Entrepreneurship and Personality Traits

The provided text explores the relationship between entrepreneur's background and experience on their success. It mentions Richard Branson as an example of a successful entrepreneur who has a supportive background and emphasizes the importance of personality traits such as being honest, kind, diligent, and having good listening skills for entrepreneurial success.

Entrepreneurship and Small Business
Management

Table of Contents
TASK 1............................................................................................................................................4
Introduction .....................................................................................................................................4
Main body .......................................................................................................................................4
A Different type of entrepreneurial venture and various typology of entrepreneurship ............4
B Similarities and differences between entrepreneurial ventures ..............................................6
Conclusion ......................................................................................................................................7
References........................................................................................................................................7
TASK 2 ...........................................................................................................................................8
Introduction .....................................................................................................................................8
Main body .......................................................................................................................................8
C Impact of small and micro businesses on economy ...............................................................8
D Importance of small and start-up businesses to social economy growth .............................10
Conclusion ....................................................................................................................................10
References......................................................................................................................................11
TASK 3 .........................................................................................................................................11
Introduction....................................................................................................................................11
Main Body.....................................................................................................................................11
E Traits, skills and characteristic of successful entrepreneur that different from other manager
...................................................................................................................................................11
F Entrepreneurial personality reflect motivation and mindset .................................................12
Conclusion.....................................................................................................................................13
References .....................................................................................................................................13
TASK 4 .........................................................................................................................................13
Introduction....................................................................................................................................13
Main Body.....................................................................................................................................14
G Background and experience can hinder or foster entrepreneurship .....................................14
Conclusion ....................................................................................................................................14
References .....................................................................................................................................14

TASK 1
Introduction
Entrepreneurship is the operation of making, introducing and operating new business
which is often initially small business. An individual who create these businesses are called as
entrepreneurs (Birley and Stockley, 2017). It has been determined as capability and effort in term
of improving, managing and dealing business project along with any risks that make profits.
Report will explicate different kinds of entrepreneurial venture and that link with various
typology of entrepreneurship.
Main body
A Different type of entrepreneurial venture and various typology of entrepreneurship
Entrepreneurial Venture:
It is the defined as firm which has taken place via touching chances of arranging
invention and creating promoting economical value. There are various types of entrepreneurial
venture which are followed such as:
No Type of Entrepreneurial
Venture
Description Example
1 Managed Growth Firms The objective of managed
growth firms is to make
profitability. They are starting
their venture via small level
and reach out their large
growth and success (Koehler,
2016).
For example: Facebook
is the social media firm.
They are beginning their
business through small
level as well as reach
out their large growth
and success.
2 Public Sector
Entrepreneurship
The public sector companies
are operated through central
and localised government as
well as public company.
These types of firms are listed
in government standards.
For example: Child
Maintenance Group is
public sector
entrepreneurship that is
delivered their services
for child welfare

(Yemini and Sagie,
2015).
3 Lifestyle entrepreneurship Lifestyle enterprise is
business establish and operate
through their founders mainly
with the purpose of
continuing specific level of
income and to give basis from
that is enjoyed specific
lifestyle.
For example: Tahoe
Trips & Trails operated
is the lifestyle firm.
Company leads outdoor
adventure trips.
Typology of Entrepreneurship:
There are different typologies of entrepreneurship which are linked with different
entrepreneurial ventures. Such as:
No Type of Entrepreneurship Description Example
1 Small Businesses
Entrepreneurship
These can teach general
regulation of entrepreneurship
and business morals. Small
businesses are generally
operates the sole proprietors
and partnership companies
(Cardon, Post and Forster,
2017).
Corner shop is
example of small
business
entrepreneurship.
2 Scalable Start-up
Entrepreneurship
The scalable enterprise is taken
innovative business ideas for
owned business at huge growth
and profits for firms.
Instagram is the social
media company that is
majority of their start-
up cost goes into
software development.
3 Large Company The large company enterprise McDonald is the

Entrepreneurship is the best and effective who
are services and products at the
marketplace.
example of large firm
entrepreneurship.
4 Social Entrepreneurship It is the used of start-up
companies and other
entrepreneurship to develop,
fund and apply result to
environmental, cultural and
social issues.
National Health
Service is the example
of social enterprise
which provide the free
medical services to the
people.
B Similarities and differences between entrepreneurial ventures
Types => Social Entrepreneur Lifestyle Entrepreneur
Similarities Social entrepreneur help to
community in relation to better
living by providing education
services (Birley and Stockley,
2017).
Lifestyle Entrepreneur aid to
people in relation to sustain
living through offering jobs.
Differences Social enterpriser is motivated
through emotional desire to
address some of large social and
economic situation in the
worldwide.
These entrepreneurs place
passion before profit when
introducing in relation to
combine personalised interests
and talent with capability to earn
living.
The aim of social entrepreneur is
make social value via
development of goods and
services provided to people.
The goals of lifestyle
entrepreneur including earning
living, self employment and
accomplishing good work/life
balance (Koehler, 2016).
Examples National Health Service is
example of social enterprises.
Tim Ferris is example of lifestyle
entrepreneur in their famous

book 4-Hours Work Week.
Types => Private Entrepreneur Public Sector Entrepreneur
Similarities The consumer for private firm is
one which has agreed to pay for
their services.
Consumer of public sector is
their citizens as it relates to
public facilities.
Nowadays, the rule of profits
purpose is not specific to private
entrepreneur (Yemini and Sagie,
2015).
Also, the profits making is
accepted as worthy goals for
public sector entrepreneur.
Differences Private entrepreneur is business
that is controlled and operated
by private citizens.
Public entrepreneurship is the
business frequently controls by
government.
There is no controlling of the
government.
The government has taken final
and leading policy decisions on
the directors.
Examples John Lewis is the partnership
firm which involve in private
sector entrepreneur.
British Broadcasting Corporation
is the British public service
broadcaster (Cardon Post and
Forster, 2017).
Conclusion
This report has summarised that different types of entrepreneurial venture and various
typology of entrepreneurship. It can be concluded that difference and similarities between social
and lifestyle, public and private entrepreneurship by giving example within the business
organisation.
References
Books and Journals

Birley, S. and Stockley, S., 2017. Entrepreneurial teams and venture growth. The Blackwell
handbook of entrepreneurship, pp.287-307.
Cardon, M. S., Post, C. and Forster, W.R., 2017. Team entrepreneurial passion: Its emergence
and influence in new venture teams. Academy of Management Review. 42(2). pp.283-
305.
Koehler, W. S., 2016. Fit as a fiddle: a longitudinal case study of an early-stage social
entrepreneurial venture in the fitness industry. Journal of Ethics &
Entrepreneurship. 6(2). p.63.
Yemini, M. and Sagie, N., 2015. School–Nongovernmental organization engagement as an
entrepreneurial venture: A case study of sunlight’s engagement with Israeli
schools. Educational Administration Quarterly. 51(4). pp.543-571.
TASK 2
Introduction
Small and micro businesses play essential role in growth and development of economy of
the United Kingdom (Reis and Cabral, 2015). Report will explain Impact of small and micro
businesses on economy by utilising the relevant the data and figurers of UK economy.
Main body
C Impact of small and micro businesses on economy
Small Businesses:
Small businesses are privately operated corporations, sole proprietor and partnership
which have lesser workers and less annual revenue rather than regular-sized business or
corporation (Acquaah and Agyapong, 2015). These are determined as small in relation to be
capable to implement for government support which is dependent on the nation and industry.
Micro Businesses:
It is the normally describe as small business employing nine people or lesser and having
balance sheet and less turnover than certain amount. Micro enterprise operators are mainly
interested in earning living to support themselves and their families.
Impact of Small and micro business:

Small businesses are keystone of economy of United Kingdom. Micro business are
having leading influence on UK economy. Small-medium sized businesses that have up to 250
workers, reported for 60% of all private sector jobs in the UK that is total of 16.3 Million. It is
essential to UK economy and their contribution is increased every year.
These departures 99.3% of all the businesses in Britain that are classified as small
businesses with lesser than 50 workers, but they still one more business category at look at.
Within small business place, they have also got micro-businesses and these create 96% of all
private sector firms in the United Kingdom. In order to that, total number of 96% of enterprises
in the United Kingdom less than 10 people.
Illustration 1: UK Businesses by size
Source: (UK Businesses by size, 2018)
Illustration 2: UK businesses by number of employees
Sources: (UK businesses by number of employees, 2018)

The number of firms without any workers at all has developed more than the total
number of businesses among 2000-2018. This indicates people are turning their backs on
traditional 9-5 jobs and beginning their personal businesses which involves plumbers,
entrepreneurs and small e-commerce shops.
D Importance of small and start-up businesses to social economy growth
Social Economy:
Social economy is make through wealthy variety of businesses and firms like mutuals,
financial organisation, social firm, sharing values and features like importance of individual,
social goal over capital, voluntary and mixture of interests of members (Hyder and Lussier,
2016). Social economy enterprises and entities that are leaders in their marketplace and run in all
the economic sectors.
In this context, there are many ways by which small and start-up businesses are very
essential to growth of social economy.
Financial Opportunities:
Small and start-up businesses give financial opportunities at the localised and regional
level. Small companies are created employment which directly give financial chances to the
people social economy. Through this, increasing income level of people by which they purchase
each and every products and services (Deller and Fletcher, 2018).
Enhance living of standard:
Small business and start-up businesses play important role in growth of economy. They
are highly contributed in job creation and employment in the economy. Through this, per capita
income and enhance standard of living to the people in the social economy. With the high
income level, people easily fulfil their needs and wants.
Manpower and personal skill development:
It is the necessary to develop skills of individual and manpower in the small and start-up
businesses. Therefore, small and start-up enterprises need to skilled and qualified employees for
developing and growing of the business (Reis and Cabral, 2015). Therefore, small business
owner require different skills like financial management, time management and other abilities.

Conclusion
In this task, it can be concluded that small and medium-sized enterprises has very
essential in relation to the growth, development and success of economy of United Kingdom. It
can be discussed that importance of small businesses like enhance standard of living and per
capital income of people in social economy.
References
Books and Journals
Acquaah, M. and Agyapong, A., 2015. The relationship between competitive strategy and firm
performance in micro and small businesses in Ghana: The moderating role of managerial
and marketing capabilities. Africa Journal of Management. 1(2). pp.172-193.
Deller, D. and Fletcher, A., 2018. Micro and Small Businesses’ Satisfaction with the UK Energy
Market: Policy Implications. Centre for Competition Paper Working Paper, pp.18-9.
Hyder, S. and Lussier, R.N., 2016. Why businesses succeed or fail: a study on small businesses
in Pakistan. Journal of Entrepreneurship in Emerging Economies. 8(1). pp.82-100.
Reis, P. R. and Cabral, S., 2015. Public procurement strategy: the impacts of a preference
programme for small and micro businesses. Public Money & Management. 35(2).
pp.103-110.
TASK 3
Introduction
Entrepreneurship is all about natural and personal skills and talents for determining
chances and set up enterprises for meeting other people's needs and wants (DeNisi, 2015). Task
will explain the different traits, skills and characteristic of successful entrepreneur that different
from other manager.
Main Body
E Traits, skills and characteristic of successful entrepreneur that different from other manager
Sir Richard Branson:
Family background & upbringing Sir Richard Charles Nicholas Branson is the British
Business magnate, author, investor and philanthropist.
He is the founder of Virgin Group which controls more

than 400 firms. He was born 18 July 1950 in Black
heath, London. He was educated at Scaitcliffe School,
prep school in Surrey. Before, briefly attending Cliff
View House School in Sussex. He has dyslexia in which
the unable to reading. Also, he had poor academic
performance and their parents were supportive of his
endeavour from an early age. His mother was an
entrepreneur, so that there is no difficult to Branson in
relation be successful entrepreneur (Kerr, Kerr and Xu,
2018).
Personality He is able to listen to consumer feedback and take into
consideration as well as implement their ideas to his
businesses which is one of the personal traits. Richard
Branson in becoming successful very successful
enterprise which has definitely been his ideas to break
the rules.
Characteristic traits and skills Richard Branson has many characteristic traits such as
ability to think differently, eye for talent, positive
company culture and ability to delegate, attention to
detail and make decisions of the business (Obschonka
and Stuetzer, 2017).
Cultural differences Cultural means to the mode people live their language,
food celebration. It is closely associated to child's family
background. The way, he was increased as child, the
value were instilled in his mind, discipline regime, he
was subjected to at young age.
F Entrepreneurial personality reflect motivation and mindset
Richard Branson:
Mindset The mindset of Richard Branson like being the good

listener is absolutely critical to being good leader, the art
of delegation which is one of key abilities any
entrepreneur must master.
Skills Richard Branson have many skills such as ability to
delegate, attention to detail and eye for talent, positive
company culture and ability to delegate, attention to
detail and make decisions of the business (Farhangmehr,
Gonçalves and Sarmento, 2016).
Motivational drivers The motivational drivers of Richard Branson which are
his parents, because his mother also an entrepreneur.
Therefore, she was always encouraged to his son to be
successful entrepreneur.
Conclusion
In this task, it can be discussed that skills, traits and characteristic very essential for an
individual to be a successful entrepreneur. It can be concluded that mindset, background and
experience also aid to be successful entrepreneur of the company.
References
Books and Journals
DeNisi, A. S., 2015. Some further thoughts on the entrepreneurial personality.
Farhangmehr, M., Gonçalves, P. and Sarmento, M., 2016. Predicting entrepreneurial motivation
among university students: The role of entrepreneurship education. Education+
Training. 58(7/8). pp.861-881.
Kerr, S. P., Kerr, W. R. and Xu, T., 2018. Personality traits of entrepreneurs: a review of recent
literature. Foundations and Trends® in Entrepreneurship. 14(3). pp.279-356.
Obschonka, M. and Stuetzer, M., 2017. Integrating psychological approaches to
entrepreneurship: the Entrepreneurial Personality System (EPS). Small Business
Economics. 49(1). pp.203-231.

TASK 4
Introduction
The background and experience of an entrepreneur is very helpful for being successful
entrepreneur in the nation. Task will be explain background and experience can hinder or foster
entrepreneurship.
Main Body
G Background and experience can hinder or foster entrepreneurship
The background of Richard Branson was very supportive and foster entrepreneurship
because his mother was an entrepreneur, so that she was always support and encourage to be
successful entrepreneur. He has ability to delegate, attention to detail, eye for talent, positive
company culture by which they being successful entrepreneur and founder of Virgin Group
(Miller and Le Breton-Miller, 2017). In addition to that, he is able to listen to consumer feedback
and take into consideration as well as implement their ideas to his businesses which is one of the
personal traits. With the help of it, he was taken the appropriate decision after listening the
feedback of consumers.
Also, he was being good honest, kind and diligent person by which he was being
successful entrepreneur. The working environment of Richard Branson was very good and
effective in which they easily work and build relationship with their colleagues (Zimbroff,
Taylor and Houser, 2016). The mindset of Richard Branson like being the good listener is
perfectly captious to being good leader, the art of delegation which is one of key abilities any
entrepreneur must master.
Conclusion
In this task, it can be concluded that motivational factors, personality trait helpful for
being successful entrepreneur. It can be discussed that background and experience can hinder or
foster entrepreneurship.
References
Books and Journals
Miller, D. and Le Breton-Miller, I., 2017. Underdog entrepreneurs: A model of challenge–based
entrepreneurship.

Zimbroff, A., Taylor, A. and Houser, C., 2016. Assessment of learning outcomes and attitude
changes from experiential entrepreneurship education. In United States Association for
Small Business and Entrepreneurship. Conference Proceedings (p. AX1). United States
Association for Small Business and Entrepreneurship.