Characteristics, Traits and Skills of Successful Entrepreneurs

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