Characteristics, Traits and Skills of Successful Entrepreneurs

This article discusses the characteristics, traits and skills of successful entrepreneurs and how they contribute to their success in business. It explores the importance of hard work, passion, innovative thinking and leadership skills in achieving entrepreneurial success. The article also highlights the confident trait of entrepreneurs and how it helps them in running their business effectively.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in PPT.......................................................................................................................3
TASK 2............................................................................................................................................3
Covered in PPT.......................................................................................................................3
TASK 3............................................................................................................................................3
P5. Characteristics, traits and skills of successful entrepreneurs...........................................3
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset.............................................................................................................................5
TASK 4............................................................................................................................................5
P7. Background and experience can hinder and foster entrepreneurship...............................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
Books & Journals...................................................................................................................7

INTRODUCTION
Entrepreneurship is a process of designing, launching and running a business entity with some
purpose and who create this unit is known as entrepreneurs. It is a way by which business set by
considering various risk which are related to the financial and managerial activities. This report
considers three organisations which are small, medium and large company. For small, Radio
Flyer is taken which is a situated in Chicago and it is a family owned business. For scalable start
up, Little Italy Soho is taken which is a small restaurant in UK. For large company, Facebook is
considered which is an American social media service company based in California and founded
by Mark Zuckerberg. This report emphasis on various entrepreneurial ventures and different
between them and how they influence the economy. In addition to this, skills, traits and
characteristics of an entrepreneur is discussed which motivate new entrepreneurs.
TASK 1
Explain different types of entrepreneurial ventures and their typology
Entrepreneurial ventures are the structure which involves different size of enterprises and
to run these entities an entrepreneur need specific skills and features in order to develop and
manage the business activities.
Small Business: These are the organisation which operates and runs at small level where
the number of employees are less in quantity and also run by individual. In addition to this, the
profit margin is not the main motive, they focus on building more clients and customers which
helps them in their expansion. Moreover, various small businesses are exist in market which
provides innovative products and services in order to achieve competitive advantage. For
instance, Radio flyer is a family owned business and survive in market in order to fulfil its basic
needs.
Scalable start up: These are the enterprises which come into market with specific
purpose which to change the world with their innovative view point. These entrepreneurs
emphasis on providing innovative products and services to their customers in order to gain their
trust. In order to establish their business they take help from various investors and venture
capitalists as they have financial issues. This type of organisation also hire fresh and innovative
candidates in their organisation. For instance, Little Italy Soho set up its restaurant with the
purpose of introducing new and innovative dishes which attract the customers.

Large company: These organisations focus on providing new products to its potential
customers in order to gain sustainability of business in the external environment. These
organisations launch its products and services by considering their customer’s needs and taste
and they also consider various laws and legislations which helps them in their survival.
Therefore, large companies make disruptive innovation difficult.
Social enterprise: These organisations focus on solving the social problems of nation.
These are considered in trust and charity which helps the poor and needy people and also helps
the government in providing social support to them. These organisations does not have specific
structure and emphasis on creating better world for poor and citizens of country. These are non-
profit, for-profit or hybrid organisations.
Different types of entrepreneurship Survival entrepreneur: These are the entrepreneurs who came in the market just for their
survival and to earn basic living standards. They set up small business or start ups in
order to earn profit which helps them in surviving in the dynamic business environment.
These entrepreneurs are less risk takers as in order to take risk it requires market research
and for this they need huge capital investment. Lifestyle entrepreneur: These are those entrepreneurs who start their venture in order
manage their lifestyle and not for the purpose of earning profit. These entrepreneurs can
set up large, social and medium size organisation.
 Growth firms: These are those firms who grows faster then its peers and competitors.
Moreover, in these firms there are not defined rules as they have generally high annual
revenues over a sustained period.
P2. Differences and similarities of entrepreneurial ventures
Basis Small enterprises Scalable
enterprises
Large company Social enterprises
Goals and
objectives
These
organisations
might not have
defined goals and
objectives and
they exist into
These
organisations
come with
specific purpose
which is to
provide
The purpose of
these
organisations is to
sustain the whole
business market
by developing
The purpose of
these
organisations is to
provide quality
products and
services which

market in order to
attain less
profitability and
growth of
business
environment.
innovative
products in order
to gain success
and profitability
for their investors
and venture
capitalists.
and introducing
its new products
and services and
its marketing
strategies.
helps in making
the world better.
Risk In these
organisations, the
risk is lower but
the number of
competitors is
high as the
number of small
enterprises is
higher rather than
large companies.
Here, the risk
factor is high
because of high
amount of
financial
investment and
getting the return
of it. Also their
innovative factor
is considered in
order to attain
number of sales.
Here, the risk is
moderate in
nature because
large companies
manage more
sales and demand
because of their
brand image and
reputation.
Here, the risk
factor is not so
high because they
operate by getting
the support from
government
bodies and public.
Number of
employees
In this the number
of employees is
not more than
100.
Here, the number
of employees
depends on its
size and structure.
In the
organisations, the
number of
employees is
1000 or more
than 1000.
Here, the number
of employees
depends on the
size of the
organisation.
Structure In this, the
organisational
These
organisations set
Here, the
structure of
They are
charitable trusts

structure is not
defined. They can
operate on either
sole
proprietorship or
in partnership.
up as in
partnerships or
corporations.
organisations are
complex. They
can be either
private or public
limited
companies.
and trustees based
organisation.
Similarities: In above discussed organisations they have common points which are discussed as:
 Their size of business can be analysed by the number of employees or by its overall sales
as in this no particular line exist which can differentiate them from each other.
 Legal structure of these businesses determines that how they manage their debts as they
all need to follow same legal structure which is constituted by law in order to abide or
protect them from getting exploit.
 Research is the primary and common aspect which all these organisations perform before
launching its new product or entering into new market segment.
TASK 2
P3. Interpretation and assessment of relevant data and statistics to illustrate the impact of micro
and small businesses
In business environment, micro and small acquire large market place and contribute in
huge amount for the betterment and development of nation. As the number of small and micro
businesses increases frequently as they generate high revenue, provide job opportunities and
reduces the issues of unemployment. It helps in the development of country and they are
beneficial for their customers also because they offer products and services according to their
demand, need and requirement.
In UK, small businesses are high in number as also exist in various industries as there are
approximately 4.5 million SMEs which are almost 99% of the businesses in the country. These
organisations helps in generating more and more profit for the organisation which helps the

country in its development. Thus, the profits which are generated by these organisations
contribute to the GDP of UK.
The office of the national statistics is the executive office of the UK statistics which
directly reports to the parliament of UK. It is the largest independent producer of official
statistics and also responsible for collecting and publishing the statistics which is related to the
economy and population at regional, national and local level. Moreover, it plays an important
role in the global practice in the production of official statistics.
(Source: Brexit’s impact on small businesses, 2019)
The small and micro businesses are divided as by their innovation skills, number of
employees, suppliers, investors and exporters. These businesses helps in generating revenues
with or without creativity as they believe on their strength, knowledge and experience. They are
also beneficial to get foreign currencies in UK. Thus, the large companies earn high revenues
and sales by providing quality products and services by considering the needs, taste and demand
of their customers. Micro and small business consist various operational activities as by this they
recruit skilled, innovative and knowledgeable candidates which help them in achieving the
sustainability of the competitive environment.
Illustration 1: Brexit’s impact on small businesses

Small businesses owners and the entrepreneurs also receive the greater recognition in
order to drive the economic growth. There are around 28 million businesses in UK in which
employ 55% of the workforce and also account for 54% of the transactions which helps in
developing the economy and contributes in the employment of the country or eliminates the
unemployment from the economy which leads to increase or develop the nation.
P4. Importance of small businesses ans business start-ups for the growth of social economy
Social economy is the branch of economics which make concentration on the relationship
among social behaviour and proficiency. In addition to it, it monitors that how social norms,
ethics and philosophies influences behaviour of consumer and shape purchasing power of public.
Small business and start ups companies play an effective role in enlargement of market size and
share of the company in appropriate manner.
The importance of small businesses and start-ups are mentioned as below:
Enhancing awareness: Small businesses helps in creating and generating awareness
towards financial issues and fluctuation within the economy of the firm which assist social
economy to by developing and satisfying social need in an appropriate manner. This way, it help
the organisation to familiar with innovative profit margins which are based on consumers needs
and demands in order to to affiliated favourable attitude between the mindset of each person and
employees.
Development of local marketplace: Currently, it can be analysed that cause of Brexit, the
productivity and profitability of organisations are influenced. However small business and start-
ups are important and play an crucial role by expanding their business at several destination and
providing employment or job opportunities to local people. It help in improving their living
standards and help in the growth of social economy.
Social care and charities- Small businesses and start-ups business also important for
social welfare and development for the society or community. These kind of business generate
employment and job opportunities for the local people of that area in which business is operating
and running by the management of the company. It make contribution in social care and
improving the living standard of the people. These kind of organisation also conduct social
welfare program like educational program and counselling etc. which also important for
development of the community.

TASK 3
P5. Characteristics, traits and skills of successful entrepreneurs
Success is observed by penalize milestones and content for the involvement as it takes
huge endeavour or participation for a person to amplification successfulness of growing in career
in a sensational way. There are various characteristics, traits and skills are required to be a
successful entrepreneur. There are some characteristics, traits and skills of Elizabeth Gooch and
Tom Mercer are defined as follows:
Characteristics
Hard work- It is most essential characteristic to be a successful entrepreneur (Kunaka
and Moos, 2019). If the individuals do hard work in their business then attain their set objectives
and aims in set time period. Tom and Elizabeth both have this characteristic and do their work
effectively in efficient manner. Due to have this characteristic, they can attain success in their
business by using their all efforts and effectiveness. It differentiate them from business managers
because due to hard work they focus on the goals and objectives of the business where as the
business manager also focus on other activities like profitability and others.
Passion- It is the main characteristic to be a successful entrepreneur because with the
help of it they can show their dedication regarding their business and attain the goals of the
business appropriately (Lyons, Lyons and Jolley, 2019). Elizabeth and Tom both have this
characteristic and effectively operating the business activities. It make them different form
business managers because when there are any issues occur in the business they do not take
decision effectively due to lack of patience.
Skills
Innovative thinking- It is an effective and crucial skill of entrepreneurs because with the
help of this skill they can think in innovative manner. This will help in importing the business
and business activities or actions. Tom and Elizabeth both have this skill and with the assistance
of it they think effectively which help in improving and growing their business. It differentiate
them form business manager because managers are worked on ideas which are taking by the
management and leaders in context of organisational growth.
Leadership skills- It is another skill which is essential to lead and guide the employees
and workers of the company so that they can complete their work and task in appropriate
manner. Elizabeth and Tom both have this skill and with the help of it they effectively lead and

encapsidation their workers so that they can contribute in attaining organisational success and
growth. This differentiate them from business administrator because managers order to
employees regarding the work. They do not provide guidance and motivation to them.
Traits
Confident- It is an effective trait and quality of entrepreneurs because with the assistance
of it they feel confident and run their business in more efficacious manner. Tom and Elizabeth
both have the trait of confidence which help them in operating their business effectively by
taking decision in context of organisational growth (McMullen, 2019). It differentiate them form
business manger because administrators take decisions regarding business that it run smoothly
and sustainably. But entrepreneur take decision regarding business growth and success of the
firm.
Disciplined- It is another effective quality of entrepreneurs and with the help of it, they
operate and run their business in disciplined manner. Due to have this trait, Tom and Elizabeth
both operate their business activities in adequate manner (Ndoro, Louw and Kanyangale, 2019).
With the help of it, they can make concentration on their work effectively and accomplish their
business objectives in efficient manner.
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset
To monitor the personality of individual and both entrepreneurs, OCEAN model can be
used which defined as below:
Openness- It refers to a personality which is dynamic in nature with wide range of
interests in several actions and activities. Due to have it, people can make concentrate on their
work and communicate effectively with their subordinates and other employees within the firm.
Conscientiousness- The person who have this trait are goal oriented and have extent
thoughtfulness regarding their work. In current era, there are various changes are occurred in
business. So with these kind of personality, people can take effective decision according to
change.
Extraversion- Entrepreneurs who have this kind of personality are emotionally expensive
and likes to affirm their ideas on others. With the help of this personality trait individual trying to
perform their actions and activities in appropriate way.

Agreeableness- The main characteristics of this personality trait are affectionate, kind
and sympathy. Due to have this quality, people can easily understand the ideas and views of their
employees and workers. If they are in any problem then providing ideas and help in overcoming
to them.
Neuroticism- It is also an effective personality trait of people (Runyan and Covin, 2019).
Due to having this personality traits, they always see the favourable side of things and feel
encouraged to them so that they can work for the organisational growth.
TASK 4
P7. Background and experience can hinder and foster entrepreneurship
When people are belong from different sociocultural background, gender, they have
several encouragement fro entrepreneurship subclause every society includes of different cultural
an d social groups. The experiences of the entrepreneur is considered as a factor fro setiing up
competitiveness as these differences have formed the major parts of research agenda on urban
centres. Different geographically areas have their specific culture and because enterprise
involves fresh thoughts, there are chances of development of new products and entrepreneurial
initiatives.
Family background- Elizabeth Gooch belong to a family whose economic situation is
not much good. Her father owned a small business so Elizabeth is also following the footprints
of her father. Gooch completed her study and start her career as an entrepreneurs. Due to having
bad family condition, she suffer various problems and face several experiences which foster her
to deal with them and make improvement in their family situation by working hard (Wynn and
Jones, 2019). It help in converting their dreams in reality. Due to not have good economic
condition, the background unfavourably affect them their career but her father is an owner of a
small business which motivate her to convert their dreams in reality as a successful business
person. Elizabeth Gooch is one from an ethnic background that embraces hard work and the role
played by her ethnicity is evident like innovativeness and development of new software in her
company.
Tom Mercer belong to a string family so he did not face issues and problems in his life
regarding study and others. He has interest in business so he want to operate his own business
and establish a company MOMA Foods. He has a dream to be a successful entrepreneur which

foster him to convert their dream and ideas in to a business. Tom Mercer, on the other hand, has
also experienced the effect of ethnicity in his business firm as he has advocated for better
innovative practices and correct identification of gaps in the market by supplying breakfast.
CONCLUSION
As per preceding information, it can be analysed that it is analysed that entrepreneurs
indicates to those individuals who convert their new ideas and thoughts in to a business for
making contribution in economic growth and providing employment to local people of the
nation. There are several kind of typologies which are also effective for the growth of the firm
and creating job opportunities to the workers. Several skills, traits and characteristics are also
crucial for entrepreneurs because with the help of them they can appropriately running and
operating their business in context of success and growth of it.

REFERENCES
Books & Journals
He, C., Lu, J. and Qian, H., 2019. Entrepreneurship in China. Small Business Economics. 52(3).
pp.563-572.
Kunaka, C. and Moos, M. N., 2019. Evaluating mentoring outcomes from the perspective of
entrepreneurs and small business owners. The Southern African Journal of
Entrepreneurship and Small Business Management. 11(1). pp.1-11.
Lyons, T. S., Lyons, J. S. and Jolley, J., 2019. The Readiness Inventory for Successful
Entrepreneurship (RISE). Economic Development in Higher Education. 2. pp.1-8.
McMullen, J. S., 2019. A wakeup call for the field of entrepreneurship and its
evaluators. Journal of Business Venturing. 34(3). pp.413-417.
Ndoro, T. T. R., Louw, L. and Kanyangale, M., 2019. Practices in operating a small business in a
host community: a social capital perspective of Chinese immigrant entrepreneurship
within the South African business context. International Journal of Entrepreneurship
and Small Business. 36(1-2). pp.148-163.
Runyan, R. C. and Covin, J. G., 2019. Small Business Orientation: A Construct
Proposal. Entrepreneurship Theory and Practice. 43(3). pp.529-552.
Wynn, M. and Jones, P., 2019. Context and entrepreneurship in Knowledge Transfer
Partnerships with small business enterprises. The International Journal of
Entrepreneurship and Innovation. 20(1). pp.8-20.
Online
Brexit’s impact on small businesses.2019. [Online] Available through
<http://theconversation.com/brexits-impact-on-small-businesses-the-experts-may-be-
spot-on-after-all-90561>./