This report discusses the characteristic traits and skills of potential entrepreneurs, the entrepreneurial personality that reflects motivations and mindset, and the components that foster or hinder entrepreneurship. It also includes examples of successful entrepreneurs such as Mark Zuckerberg and Bill Gates.
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Entrepreneurship and Small Business Management (Part 2)
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Table of Contents INTRODUCTION...........................................................................................................................1 TASK 3............................................................................................................................................1 P5: Characteristic traits and skills of potential entrepreneurs.....................................................1 P6: Entrepreneurial personality that reflects motivations and respective mind set....................3 M3: Examine various argument relating to entrepreneurial characteristic.................................4 D2: Derivers of successful entrepreneurs...................................................................................4 TASK 4............................................................................................................................................4 P7 Components that foster or hinder the entrepreneurship.........................................................4 CONCLUSION................................................................................................................................5 REFERENCES................................................................................................................................7
INTRODUCTION In context to deal with innovative and creative aspects, an individual need to make use of ideas to transform within an organisation to develop new businesses. Entrepreneurial prospective is concern with taking risk to get maximum return in coming time. This particular part is associated with “Just eat”. All the issues related with products and services are discussed under this report. Scope and primary objective to use their business operations as an innovative entrepreneur are mentioned under this project. Characteristics traits and skills are discussed to make successful entrepreneurs more effective. Accessibility about different personality that reflects motivation and mindsets of entrepreneur are discuss under this report. With the use of relevant examples to support experience of various entrepreneurial persons are discussing effectively in this report (Storey, 2016). TASK 3 P5: Characteristic traits and skills of potential entrepreneurs It has been seen that, all successful individual are having certain kind of potential and ability to make innovative ideas into transformation of business more effectively.By their creative thinking capability they are able to increase moral of people and other employees those are working with them. This can be great aspects for young people to make use of their valuable comments and steps in its daily life to increase overall growth and gaining upcoming advantages to their businesses. It is important to determine skills and traits which will be supportive them to attain aims and objectives in more effective manner (Goss, 2015). All those aspects that would be helpful to make strategies regarding future events so that employeescangetmotivatedtowardtoperformtheirjobmorespecifically(Aspectsof Entrepreneurial personality,2017). There valuable thoughts are more helpful for employees to guide them and make right direction to make strategies toward innovative thinking. The two valuable entrepreneurs those are responsible for transforming world with their effective business decisions and products offered to various customers. The two of the most attractive entrepreneurs those are said to be an effective examples for young generations to use their ideas in daily lifestyle. Some of them are Mark Zuckerberg and Bill gates. It has been observed that both of them are having innovative thinking and ability to make their ideas into delivering latest feature products and services to the nation. It has been determined that both of them are having extra 1
ordinary talent and ability in their respective field that make them different from each other. They are having specific passion to create something new and innovative that is more effective for entire nations. The most significant characteristic which are they carries are discussed underneath: Risk taking ability: It has been determine that both personalities are having certain special kind of ability to take risk in order to make business more effective and strong in comparison to other. This seems to be more crucial aspects to get success in coming time to manage their overall business operations. It has been observed that if risk taking ability is higher than the capability of gaining can get enhances at the same time (Fassin, Van Rossem and Buelens, 2011). Money measurement: This seems to be more specific characteristic which consists of ability to manage and operate finance in more effective manner. It can help in evaluating performance of various operations in more reliable manner. Flexibility: It is necessary aspects which posses by both concern parties in respect to make alteration in their necessary policies and planning as per the necessary changes in respect to market demand. Hard work:It is an important capability which makes them separate from one another. This can leads to make good efforts in increase goodwill of the company. This can represent overall profit and market growth in respect to analyse about their hard working aspects in respect to other (Neck and Greene, 2011). Some crucial aspects that are related with traits and skills of two entrepreneurial are discussed underneath: Purposeful: It has been seen that both entrepreneurs are having reliable skills to target about their business aims and objectives. This kind of ability assist to stick on their overall plans that can follows to attain their overall vision and mission of an organisation. Communication capability: It is an effective aspect that are being carried by both personalities that helps to deliver more effective roles and responsibility to their staffs and workers those are working in an organisation. Quick learner: As an entrepreneurial are more innovative as they are grab new changes and modification that are needed to be helpful in their overall growth and profitability. Large number of opportunities is available to understanding about customers regarding necessary changes. 2
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P6: Entrepreneurial personality that reflects motivations and respective mind set The moresignificanceaspectsrelativewith entrepreneurialpersonsisformulating business in more effective manner. It is an utmost important activity which is needed to conduct as per the ideas which are being applied by their owners. They need to have more positive personality so that they would indicate more reliable and good impacts for the society. In order to have specific qualities that shows valuable skills and quality of an individual. These traits would make helpful for the personalities as entrepreneurs to present positive results in coming time. It is said to be more valuable behaviour of individual to follow towards those personalities and wants to make modification as per their current lifestyle (Karlan and Valdivia, 2011). These are having huge impacts on an individual as well as nation. It is primary duty of those personalities to do business with dignity and ethically manner. Both of them belong from middle class family, after completing their educations and passion to make innovative ideas towards necessary activities. This will motive all persons to formulate all such traits and become attractive personalities and make modification with their latest and creative thinking ability. Basically, major personalities are playing a very crucial role in inspiring others because they are having very unique and distinct outlook from others as they believe in doing something creative which make them totally distinguish. In order to determine all necessary traits, it is necessary to make use of Big Five models which is discussed underneath: Openness to experience: It is necessary to reflect the high degree of creative, innovative and skilled thinking individual which is having proper knowledge about day to day operations that are done in current time. Conscientiousness:Thisparticularabilityandtraitsprovidenecessaryinformationto entrepreneurs that would be helpful in efficient management of their work and must be conscious regarding attainment of desire aims and objectives. by using this, every mentioned aims can be attained in more quick time (Unger and et. al., 2011). Extraversion: According to these particular aspects which are responsible for evaluating performance of entrepreneurs which is energetic at their work and more socially strong. They are more specific quality which will be use for the betterment of society. 3
Agreeableness: This would depict that entrepreneurs would be more effective in terms of nature and will be more cooperative and reliable so that their member would remain happy with them for longer period of time. Emotional stability: As per this particular traits which indicate that entrepreneurs would be calmer in taking any kind of effective decision that would be helpful in attainment of future aims and objectives (Bridge and O'Neill, 2012). M3: Examine various argument relating to entrepreneurial characteristic There is one of the most common arguments between researchers about if entrepreneurs are more optimistic and if optimistic person related to their characteristic of another individual which is having more innovative ideas as compare to other one. This will be great aspects of determining ambition and self confidence among people to make their business more effective in respect to other innovative persons. They are mostly related with taking new outcomes from their mistakes and develop inner ability to deal with any critical situation arises in front of them. D2: Derivers of successful entrepreneurs This can be seen that overall study is providing crucial information about all those personalities that has made people to think according to their strength. It is mainly associated with associated with winners. Some specific personality such as Bill gates who is more related with punctuality and hard working ability. They always ready to deal with any kind of situation whatever comes in their ways. TASK 4 P7 Components that foster or hinder the entrepreneurship An individual whomsoever is becoming successful in their life are going through various stages of life cycle either positive or negative because attainment of set objectives in not an easy task due to the changes in various other factors. For example; sometime experience and background both the elements have a major impact on individual minds. It means, if parents or family of a person is engaged in a ethical work they their coming generation also get motivated towards same path. On the other hand, if family are involved in unethical or wrongful conduct then it automatically affects the minds of their kids. It means background of a person plays a very vital role in motivating them towards common goals or targets. Along with past experiences 4
are also somehow have greater influence on a success path of a person because knowledge are affecting an individual in distinct manner. For instance; one individual is working under major leader of particular association and gained maximum knowledge or learning which helps them in their future development. Additionally sometime they also get motivated to become a leader by learning the technique of controlling a large group (Chrisman and et. al., 2012). Hence, these examples shows that background and experiences is very useful which affects the person minds and act as a manipulation tool because it might manipulate a person to perform specific task or job role. Beside this, one most relevant example of this case is that ; children of doctor always get attracted towards this profession only because he/she is surrounded by this only but at the same time in few cases children’s might hate to follow same profession as their parents and wanted to do something unique or different from others. In fact successful leaders are also inspired from their parents; some of them are learner from their worst circumstances, life cycles. Apart from this, few persons believes in doing something different and see everything in a totally innovate way. For instance; Nelson Mandela is a great leader who always believes in working for entire society in order to uplift the whole community instead of self development. On the other hand, Bill Gates is seen as most appropriate example of inspiration which plays a very eminent role in encouraging others towards becoming a successful entrepreneur because he act as great manager. As he has the ability to assist a large group and become one of greatest billionaire across international level by gaining attention of maximum clients as well as develop a whole world. Actually his motive is to bring something new for facilitating society with unique ideas or thoughts in order to generate more or more revenue in a minimum time period. Hence, examples of famous leader’s shows that everyone has the ability to introduce something new or different as compare with others as well as must have potentiality to establish their image at marketplace. It means, background and experiences act as a major tool for encouraging a common people towards their objectives by helping in identifying hidden talent in order to make something new. Meanwhile, examples promotes to become an entrepreneur for establishing goodwill at market by gaining competitive advantage as well as inspired other also. CONCLUSION From the above project report, this has been concluded that every entrepreneur is having certain kind of ability that they use in making crucial decision in order to increase profitability 5
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and growth of their business. For this purpose, they need to keep continuous monitoring of outcomes and use innovative ideas that can provide more quick outcomes in very less period of time. 6
REFERENCES Books and Journals: Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐ economic goals in small firms.Entrepreneurship theory and practice. 36(2). pp.267- 293. Bridge,S.andO'Neill,K.,2012.Understandingenterprise:entrepreneurshipandsmall business. Palgrave Macmillan. Unger, J. M. and et. al., 2011. Human capital and entrepreneurial success: A meta-analytical review.Journal of business venturing. 26(3). pp.341-358. Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on microfinance clients and institutions.Review of Economics and statistics. 93(2). pp.510-527. Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new frontiers.Journal of Small Business Management. 49(1). pp.55-70. Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’ perceptions of business ethics and CSR-related concepts.Journal of Business ethics. 98(3). pp.425- 453. Goss, D., 2015.Small Business and Society (Routledge Revivals). Routledge. Storey, D. J., 2016.Understanding the small business sector. Routledge. Online AspectsofEntrepreneurialpersonality.2017.[Online].Available through:<http://smallbusiness.chron.com/important-small-businesses-local-economies- 5251.html>. 7
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