This presentation discusses the characteristics, skills, and motivational drivers of successful entrepreneurs, as well as the impact of small and micro businesses on the economy.
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Entrepreneurship and Small Business Management TASK 2
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TABLE OF CONTENTS INTRODUCTION Characteristics, skills of successful entrepreneurs DifferentEnvironmentsThatFosterOrHinder Entrepreneurship CONCLUSION REFERENCES
INTRODUCTION This task is based on successful entrepreneurs characteristics, traits, motivational drivers and also explain differences between the owner of the organization and their managers. Moreover, it justifies impact of small and micro business on economy. This task is explain entrepreneurial personality reflection on entrepreneurial mindset and motivation. It also discussed about entrepreneur background and experience that hinder and foster entrepreneurship.
Characteristics,skillsofsuccessful entrepreneurs Sir Richard Branson- Charles Richard is a philanthropist and successful entrepreneur that built Virgin Group. This controls more than 360 + organizations. He was born on 18 July, 1950 in England.
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CONTI….. Skills- Richard have all the leadership skills in themselves that help to build successful entrepreneur in UK. They make their decisions within positive outcomes and involved other people in this process.
CONTI….. James Dyson- James Dyson is a phenomenal inventor and engineer that build vacuum cleaner. He is born in 2 May, 1947 in England. Dyson design Sea truck in 1970 while studying in Royal college of art.
CONTI….. Skills- James Dyson have creative skills that build them as successful entrepreneur. They always do something unique and different form the others. They motivate their team members and listen their thoughts and also take their advice's.
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CONTI….. Motivational Drivers of successful entrepreneurs Richard Branson: According to Branson, growth mindset is crucial for taking risks. Entrepreneurs must conduct experimentation to achieve aim. Pursuing ambitions would lead to quick motivation in terms of achieving success.
CONTI….. FromtheoverviewofentrepreneurialventurebyRichard Branson who founded Virgin Groups led to great motivational story for others. Hewasfailedconsecutivelyinseveralventureslike Virgin Publishing, Virgin Cars, Virgin Clothing and more. Yet he found his grounds by breaking the stereotypes which is attached with failures. He always supported the concept of risk- taking abilities to fulfil the expectations and seek challenges in order to strive for excellence.
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CONTI….. James Dyson: Themajordriversareconfidence,self-belief,delegatorand knowledge seeker. His independent attitude led to such creative inventions. Believer of integrity and risk taking abilities to survive in the competition.
CONTI….. In regard to this innovator who shook the world with his creations like the modified version of wheelbarrow which he termed as ball barrow,designedwheel-boatandsuchrelatedengineering inventions. When he decided to build a vacuum cleaner in the late 170s, there was not a single person who believed his creation and rejected it until Dyson decided to launch it in Japan. His risk-taking capacity encouraged this challenge where he licensed the technology and followed his success steps.
Different Environments That Foster Or Hinder Entrepreneurship Entrepreneurshipisaprocessoflaunching,designingand running a new business, which is most often a small business. It can also be defined as an activity of setting up a business by taking financial risks in the hope of profit. There are various factors that hinder or foster entrepreneurship in both positive and negative way.
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CONTI….. Out of many factors two are the most common factors that affect entrepreneurship are: Background:Backgroundofanentrepreneurhinderstheir entrepreneurship in various ways such as: Family background: Family from which they belong, type of family, economic status of the family etc. Educational Background: Field in which they have done their graduation or post graduation.
CONTI….. Experience: In order to flourish business experience in all the fields is important. The more experience one have, the lesser amount of risk they need face in order to flourish their business. Infactexperiencenotonlylimitedtoexperienceofthe entrepreneur but experience of their co-workers also affects the growth of a business.
CONCLUSION From the above presentation it has been summarized that there arevariouscharacteristicstraitsandskillsofasuccessful entrepreneurwhichdifferentiatesthemfromotherbusiness managers. These entrepreneurs have different motivations and mindsets which differentiates their personality from others.
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REFERENCES Acs, Z.J. and et.al., 2018. Entrepreneurship, institutional economics, and economic growth: an ecosystem perspective.Small Business Economics.51(2). pp.501-514. Storey, D.J., 2016.Entrepreneurship and new firm. Routledge. Stuetzer, M. and et.al., 2018. Entrepreneurship culture, knowledge spillovers and the growth of regions.Regional Studies.52(5). pp.608-618. Suárez-Álvarez, J. and Pedrosa, I., 2016. The assessment of entrepreneurial personality: The current situation and future directions.Papeles del Psicólogo.37(1). pp.62-68. Werthes, D., Mauer, R. and Brettel, M., 2018. Cultural and creative entrepreneurs: understanding the role of entrepreneurial identity.International Journal of Entrepreneurial Behavior & Research.24(1). pp.290-314.