Entrepreneurship: Personality Traits, Opportunity Recognition, and Business Growth

This document explores the personality traits of successful entrepreneurs, their ability to recognize opportunities, and strategies for business growth. It focuses on the case of Arcadia family business in the retail sector. The report discusses the importance of motivation, creativity, vision, and risk tolerance in entrepreneurship. It also highlights how entrepreneurs recognize opportunities and introduce innovative products in the market. Additionally, it examines the role of entrepreneurs as leaders and their strategies for building and growing a successful team. The document concludes with an evaluation of the contribution of entrepreneurship to the economy.

Entrepreneurship
Assessment

Table of Contents
Introduction......................................................................................................................................3
Main body .......................................................................................................................................3
Part A ..............................................................................................................................................3
Critically discuss the personality traits of the entrepreneurs......................................................3
How entrepreneur recognise opportunity ...................................................................................4
What innovative products introduced in the market? And why innovation is important...........5
Part B...............................................................................................................................................6
How did entrepreneur build a team. ...........................................................................................6
Explain Entrepreneur's role as leader .........................................................................................7
How entrepreneur grow business................................................................................................8
Part C...............................................................................................................................................9
Evaluate contribution to economy..............................................................................................9
Evaluate the survival issues......................................................................................................10
Conclusion ....................................................................................................................................11
References .....................................................................................................................................13

Introduction
Entrepreneurship is a type of business which is set up by the individual who bear all the
type of losses and take benefits of profits. It perform all operations and management with
innovation and creativity. The entrepreneur act as a source of new innovative idea. It create the
value and extract value creation. They are always in search of opportunities who take advantage
at right time and in right way. In this report chosen entrepreneurship is Arcadia that is biggest
entrepreneurship in retail sector which is a family business. There are various business are still
running by families (Aadland and Aaboen, 2018). This company is founded by Montague Burton
who arrived UK at the starting of 1990s. That time he was the age of 18 years. At the time of his
death he created biggest multiple tailor in the world with the worth of £100. Now it is owned by
the green family. It create brand which mainstay of each Britisher. At the time of pandemic this
organisation faces lots of ups and down. But still they overcome and maintain their performance
at the time of covid-19. This report includes entrepreneurship, the entrepreneurial organisation
chosen is Arcadia that is run as family business. How they successfully manage the company
profitability at the time of pandemic. They are still one of the growing business and create
competition in retail sector. This report also included contribution to the economy that is job
creation, social well-being and producing innovative product that contribute the society.
Entrepreneurship uses the resources of society so they have to pay back to society.
Main body
Part A
Critically discuss the personality traits of the entrepreneurs
There are certain personality traits of entrepreneurs by which they are considered to be a
successful entrepreneur (Abou-Moghli and Al-Abdallah, 2018). Entrepreneur of Arcadia family
business are a successful entrepreneur. They re having certain personality traits which are
discussed below:
 Motivation- Hard working entrepreneur motivated their staff to succeed. Arcadia Group
motivates their team members during the time of pandemic. Through this traits it will
increase the performance of the employee. Employee are one of the most important
resources of the company so their motivation will enhance the productivity of the team

member. By providing financial and non financial incentives they motivates their
employee during pandemic.
 Creativity- Every entrepreneur always want to provide creative product and services.
Same as the with Arcadia Group they always try to maintain their creativity level.
During pandemic situation they improve creativity in the products and services. They
create innovative product differentiation which provides competitive advantage
(Anggadwita and et.al., 2017).
 Vision: Successful entrepreneur always keep one eye on big picture. They always focus
on their goals and vision so that they could achieve them as soon as possible. There
visions is ll about strategic planning. At the time of covid pandemic entrepreneurs of
Arcadia family business focuses on customer attraction and their satisfaction. For that
company is using online promotions and delivery.
 Risk tolerance: Entrepreneur are the one who is ready to bear risk at any situation. As he
is to to make make certain policies and strategies that are used to be used at the time of
risk situation. In the family business of Arcadia, company is dealing in retail sector,. So
there can be loss at any time. As most the people at the time of covid pandemic are not
purchasing ration. So entrepreneur should have the capacity to deal with risk situation.
How entrepreneur recognise opportunity
Entrepreneur individuals are the success driven and thus they more engage in the right
kind of opportunity recognisation to make sure that they are successful. Entrepreneurial
opportunities believed that when individuals have special understanding of value of uncommon
opportunities that results in entrepreneurial income or rent. It is believed that entrepreneurship is
not about recognisation of given opportunity but it is about incremental and experimentation
learning by taking advantage of resources (Armuña and et.al., 2020). Entrepreneurs focus on
mainly actions such as investments, starting up of business that aimed to develop profits and
opportunity. There are certain steps by which entrepreneurs focus on their opportunities. These
are discussed below:
 Emphasis: Entrepreneur of Family business of Arcadia, they not focus on external
environment but they focus on those activities which they can control. This helps them in
talking personal responsibility seriously for the actions. They notice how mindset
influence the decision making process.

 Empower: Entrepreneurs discover various ways to up level their mindset. They identify
solutions and focus on developing their skills and strength. This helps them in improving
their behaviours which can raise opportunity level for the entrepreneurs of family
business.
 Shift: They identify strength instead of finding faults in business organisation and then
looks forwards to the opportunities so that they can satisfy customers and their needs and
demands (Basco, Calabrò and Campopiano, 2019).
 Open minded: It is like deciding to do something new. Entrepreneur of Arcadia family
business challenge themselves and explore their thinking perspective. A person never
know where his next opportunity lies. So, oppotu8nities which takes a person to the next
level appear in unexpected ways. There are certain ideas and innovations which is lead by
entrepreneur and they create new opportunities. At the time of covid virus, company is
performing various tasks that can attract customers and provides their employees various
facilities. As a retail sector, company as make certain strategies and methods which helps
them in increasing their sales and their revenues.
What innovative products introduced in the market? And why innovation is important.
Innovation has led to increase in profits and increase in sales of an organisation. There
are certain new services and trends which are to be innovated in the company and in the market
to satisfy customer demands and needs. These innovations are discussed below:
Social commerce: During the pace of covid pandemic, company now a days becoming
more social. Company are now a data sharing their products and service online platforms
(Cañeque and Hart, 2017). Customers about 41% people are currently shopping online and not
buying from store. Native shopping experiences on social media offers shoppers more seamless
way to shop online. Instead of shopping from third party website. User can purchase right from
company website or app. Sellers are creating collection of featured products and services. And
also they regular modify their banners, images and colour etc.
Focus on personal health care and hygiene products: Company now a days focusing
on healthy products and hygiene products and services as these will attract customers. Because at
the time of pandemic, company and entrepreneur are making decisions regarding personal
growth and development. Company is providing online facilities to customers. They mostly

focus on maintaining hygiene and healthy environment in the company. With a rise in
coronavirus, there is a rise in customer health and safety.
Innovation is the most important process which is to be conducted by every company or
every industry. Because innovations are the process by which a company can transfer to another
process and make unique products or services. These innovations are the process of increasing
customer base and sales for the organisation. However, as a retain industry, company needs to
make certain innovations and programmes that can satisfy customer needs and their demands
both. This will results in increasing revenue and reputation of a company both. Moreover,
innovations bring new ideas and techniques that can lead to grow in business income. There can
be improvements in products and services company is selling in the market, increase efficiency,
and most important increase in profitability (Chernopyatov and et.al., 2018). Due to increases in
competition in retail sector, company has make certain innovation in their promotional strategies
and marketing strategies so that they can compete with competitors in the market. In context of
Arcadia family business, company has introduced new market strategies that could target
customers and helps them to provide customer satisfaction. They have introduced into new
market globally with lot of branches in the country.
Part B
How did entrepreneur build a team.
Start-ups and entrepreneurial ventures cannot be sustain for long time of there is a
absence of right team. This generally means that entrepreneur not only need to invest money into
the form but also need to maintain entrepreneurial team effectively so that they could perform
their task effectively (.Farinha, Ferreira and Nunes, 2018). There are certain ways by which
entrepreneur of Arcadia family business have build their team:
 Investing time on team building: Entrepreneur could build effective team by giving
right time of respect and regard to reach each person individually. Entrepreneur should
needs to make sure that all employees should perform job responsibilities and roles.
They should have to be communicate to build a effective team and make them perform
tahir all functions. When all communication channels are open and honest then
employees can speak up there issues an problems with the entrepreneur without any fear.
And this will results in building productivity and focus.

 Ensure that right people will get right approach: Most of the entrepreneurs should
understand employees problems and issues. Entrepreneur should have to give work to the
employees according to their capacity. They should work as a leaders so that employees
will not feel fear tos hare any information or issues with the, they should have to provide
training and development sessions to the employees. They should also teach them about
modern technologies so that they could save their time and efforts both (.Fritsch and
Wyrwich, 2017).
 Learn from failure: Company needs to make sure that employees should learn from
failure. As a leader, entrepreneur should build a team effectively and tell them how they
can make positive work environment. Individual personality and productivity are
important because they can affect all the business performance. Entrepreneur should
make sure that employees can develop their skills and abilities from failure. This overall
results in building new and effective team.
Explain Entrepreneur's role as leader
Entrepreneur is the one who is ready to perform all activities by his own and can bear all
risk and losses. Leader is the one who guides his team members and motivate them towards the
achievement of goal and objectives. The successful leader has a vision which means he know
where he wants to go and to whom he needs to guide for completed that goals and objectives.
Entrepreneur works as a leader and he may provides directions to the team members ops that
they could work towards the achievement of personal and organisational goals. In context of
Arcadia family business, entrepreneur becomes as a leader and make certain actions and
resource that will helps employees in working their task effectively. Entrepreneur as leader
should have to communicate well with the employees or staff members. Entrepreneur should
have to clarify vision to the employees so that they could work so effectively in the business
organisation. They needs to manage all conflicts and evaluate their performance. This will
provide them relief and they will work more effectively in the organisation (Hasan, Khan and
Nabi, 2017).
Entrepreneur can become a successfully leader at a time when he can perform all leaders
task effectively in business organisation. Entrepreneur should have to communicate effectively
with the employees and team members. He should make them guide and provide direction to the
team members. He should also convey the vision to employees is that they could be clarify their

direction and works on the achievement of gaol. Achievement of goal can be done by increasing
productivity and potentials of employees. A entrepreneur can be successful when he tries to
make certain changes in himself and ready to mange all team and its all subordinates.
How entrepreneur grow business
Entrepreneur can grow business in very effective manner. As entrepreneur are the one
who are ready to take risks and bear losses. They needs to open their mind by reading books and
articles. All are discussed below:
 Identification of customer needs: Entrepreneur should have to analyse customer needs
and demands so that they could work according to the requirements of customers.
Entrepreneur should have to to market analyse so that they could know about personal
customer experience and their demands. By this entrepreneur can grow business and
increase its sales and profitability (.Ibragimov and Tursunov, 2017). In context of
Arcadia family business is the retail business which is running by very successful
entrepreneur. They are making certain strategies of marketing and promotion to attract
customers and increase their sales.
 Performing SWOT analysis: Entrepreneur should have to conduct SWOT analysis by
which they can analyse their business internal performance. SWOT stands for company
strength, weakness, opportunity and threats. As a family business, entrepreneur needs
make certain strategies that could help them in achieving its target. By undertaking
SWOT analysis, entrepreneur can helps the company in working on its weaknesses and
threats. As in family business, entrepreneur is used to conduct this analysis because this
will helps them in improving on their weakness.
 Willing to take risks: Entrepreneur is the one who is ready to take risk. It doesn't matter
that how many time a person fails. He should not loss his hope. He should stand up again.
Being an entrepreneur is not easy as he needs to make certain changes and strategies that
could helps them in growing their business (Jena,, 2020). This will results in making new
ideas and innovative ideas. By this an entrepreneur will meet new partners and investors.
This will overall results in growing up of business opportunities and making contacts
with investors.

Part C
Evaluate contribution to economy
Entrepreneur plays a vital role in economic development. As entrepreneur serve as a
catalyst in the process of industrialization and economic growth. Progress cannot be alone by
technical but it needs to be technological break throughout that are to be put into use by
entrepreneurs (. Kuratko and Morris, 2018). There are several roles of entrepreneur which re
capital formation and improvement in per capita income, generation of employment, balanced
regional development, economic independence, backward and forward linkages, provide
diversity in firms, productions etc. entrepreneur can contribute to economic development as in
following ways:
 Capital formation: Entrepreneur mobilize the saving of a public that is through the
issues of industrial securities. Public saving investment will results in productivity of
utilization of natural resources. Rate of capital formation increase with the increase
economic growth. Hence, an entrepreneur is considers to be a create of a wealth.
 Improvement in per capita income: Entrepreneur at the one who explore and locate
opportunities for their business. They convert idle resources and income of customer and
public into the land, labour and capital into the national income and wealth in the form of
goods and services. Entrepreneurs helps in increasing net national; product and per capita
income of the country which are considers to be important yardsticks for measuring
economic growth and productivity.
 Balanced regional development: Entrepreneurs in the private and public sectors or
industry helps in removing disparities in economic development (.Kurilova and et.al.,
2019). They sometimes set there industries and business in local and regional area that
can avail to concessions and subsidies offers by central and local government.
 Generation of employment: Entrepreneur generate employment by both directly and
indirectly. By directly, self employment, entrepreneur offers the best way for independent
and honourable life. Indirectly can be by setting large and small scale business units they
can provide millions of job opportunity to the local people. Thus, entrepreneurship helps
the country in reducing unemployment problems.
 Improve in living standards: Entrepreneur set various services and industries which
provides job opportunity to various people of local and international. They setup those

industries which remove scarcity of essential commodities and introduce new products.
Sometimes industrious like production of goods on mass scale and manufacture of
handicrafts can increases the living standards of people. Moreover, in context of retail
industry of Arcadia family business, they have provide various job opportunity to the
people. This has results in increasing and maintain living standard of people (.Kwilinski
and et.al., 2019).
These are the contributions that re to be made by entrepreneurs when they start any new
business or start-ups. By this it is said that entrepreneur are important for the company because
they helps in creating job opportunities, bringing new innovations and wealth creation. This
overall results in increasing progress of economy and society development. In addition,
entrepreneur should work on their innovations. At the time of covid pandemic, company is using
certain strategies to enhance customers and attracting them towards the products and services.
Evaluate the survival issues
Entrepreneur are using certain technologies and innovative ideas to conduct various
business activities. At the time of covid 19, entrepreneur of family business are following all
safety measures. Entrepreneur are using social distancing at the time of pandemic. They are
surviving effectively in the market. At that time business are experiencing major impacts no
matter how they are having re- look and how they manage. They are operating their businesses
according to their made business plan (Lumpkin, Bacq and Pidduck, 2018). At that time, the
most important challenge for very business is to keep their financial wheels high because
customer are not purchases anything. There are at there hoe during low-down. And due to less
revenue churn, business cannot able to ear that much amount. So during that time, entrepreneurs
have to adapt new rules and regulation made by government of country. They are surviving
certain things discussed below:
Tracking expenses: During lock down or at the time of covid pandemic, entrepreneur are
tracking expenses of the company as they are tracking expenses against revenue status. They are
conducting proper assignment of their fixed and variable expenses and as well as their actual
revenue. This provides proper understanding of entrepreneur that where company stands and
financially and helps them in planning ahead in the current market. This situation is currently
implemented when pandemic effect settles.

Checking feasibility of business model: It is considerer that market is changing every
week and it is imperative to reconsiders the business model (Macke and et.al., 2018). It also
reaccess where a business stands as per the assumptions concerning revenue and cost. This is
considers to be crucial time to track current financial metrics and cash flows. Business need to
evaluate impact of new sales, and their collection, credit cycles.
Plan policy of next months: It is important for entrepreneurs that they should be ready for
any situations and risk involves in the business or start-ups. In context of Family business of
Arcadia, entrepreneur is considering all the laws and regulations that are to be considered by
entrepreneur. Business is using certain policies and laws that re to be followed by all employees
and staff members (Ndou, Mele and Del Vecchio, 2019). However, at the crisis of nine months,
business have to make and recognise creation startles that are to be reduce variable expenses and
focus on crucial essential for survival. This may be considers as a good idea by selling online
products and services. They are making more innovative ideas and communicating with
customers online and through social media. This helps them in attracting customers.
Be patient in securing investments: Every business needs capital to run their business in
difficult time or any other time. For that they have to be fund for business. This is a time where
understanding of a gravity of situation and turning is favourable for the business. They
communicate transparently with your customers and maintaining healthy relationship with
contracted parties.
Conclusion
From the above report it has been concluded that entrepreneurship is a type of business
which is set by an individual who bears all losses and risks within a business organisation.
Entrepreneur is the one who is making innovations in the company and bearing all loses and
risks. There are certain personality traits which are discussed above and these traits helps the
entrepreneur in becoming successful in the organisation. In the context of Arcadia family
business, company is running successful by successful entrepreneur. Entrepreneur s the one who
are who are ready to create opportunities regularly and works on the improvements of their
business. They also make innovations time to time accordingly because this helps them in
earning profits and sales. Then entrepreneur brings various ideas and build entrepreneurial team
which helps them in achieving their goals and objectives. Entrepreneur sometimes play their role
as a leader also. They provides proper training and development sessions that will help

employees in working efficiently in the company. At the time of covid 19 pandemic, company
entrepreneur has made certain strategies and innovation which will helps them in conducting
various activities. Entrepreneurs believes that they work towards the contribution of economy.
They bring job opportunity to the local people, new product innovation and wealth creation. This
will all helps them in increasing economy growth.

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