Analysis of Entrepreneurship and Personality Traits

The assignment provided is a collection of research papers and articles that explore the relationship between entrepreneurship and personality traits. The documents examine various studies on the topic, including the role of personality in entrepreneurship, the impact of personality traits on entrepreneurial success, and the dynamics of entrepreneurship from an Islamic perspective. The assignment also includes references to books and journals related to the subject.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and the way they are related with typology of
entrepreneurship..........................................................................................................................1
P2. Similarities and differences between entrepreneurial ventures............................................3
TASK 2............................................................................................................................................4
P3 Impact of micro and small businesses on the economy.........................................................4
P4 Importance of small entrepreneurship in the contribution to the economy growth after
Brexit...........................................................................................................................................5
TASK 3............................................................................................................................................7
P5 Explain characteristics, traits and skills of entrepreneur business or differentiate them from
other business manager...............................................................................................................7
P6 Entrepreneur personality reflecting entrepreneurial motivation and mindset. ......................8
TASK 4............................................................................................................................................9
P7 Examine the relevant background and hindering fostering entrepreneurship. .....................9
CONCLUSION..............................................................................................................................10

INTRODUCTION
Entrepreneurship is an effective and important activity that assists to enhance the profits
and revenue of business. In this regard, innovation and creativity has been determined that create
more standard work and successful results in business. In addition to this, entrepreneurial
ventures also consist jobs and prosperous society for increasing growth and their value (Zahra,
Newey and Li, 2014). Present report focuses on the Cylex UK which is UK business directory.
This enterprise has main aim is to connect their customers and different companies. Hence,
owners take advantages for free basic entries. In order to focus on the report, it covers different
types of entrepreneurial ventures that have some advantages through operations and functions.
Furthermore, it includes interpretation and relevancy of data for the small business enterprise.
Moreover, it discusses about traits and skills of successful entrepreneurs and their background
information.
TASK 1
P1. Different types of entrepreneurial ventures and the way they are related with typology of
entrepreneurship
Entrepreneurship is effective strategy and defines as the creative and innovative
perspective. In this regard, individuals carry their functions and operations through starting up
new and unique things for increasing profits and revenue. Hereafter, individual known as
entrepreneur and organisation known as entrepreneurial venture (Terjesen, Hessels and Li,
2016). At workplace of UK, there are different entrepreneurs and ventures exist that are as
follows:
 Small business entrepreneurship: These types of ventures define the unique and
innovative qualities of entrepreneurs which impact to the individual for accomplish
business objectives and goals. In this regard, each person require create plan for
identifying market and there competition which exists in the areas. With this aspect, there
are different kinds of businesses operated such as grocery, barber shop, plumber, etc.
(Chetty, Partanen and Servais, 2014). These types of businesses require high skills and
innovative ideas through which they can earn high amount of profits and revenue at
workplace. In this way, high profits and influencing to more people helps to develop
effective functions and operations in the business environment. UK carrying small
business venture which play significant role to develop opportunities. Hence, the
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enterprise will easily launch their products and services in the market. Main typology
included in this aspect is that individuals earn high profits and revenue to fulfil their basic
needs and also, of their family.
 Sealable start up entrepreneurship: In this aspect, entrepreneurship ventures concerned
for innovations so that it assists to attract more number of people to focus on the
favourable ideas. It also provides opportunities to entrepreneurs to get more amount of
fund and attract people at large. Hence, brand image of the organisation also increasing
that create more pitches to get launched. These types of ventures possess typology to
making innovative functions and operations so that customers could be attracted easily
(Zahra, Newey and Li, 2014).
 Social entrepreneurship: In addition to this, these types of entrepreneurial ventures also
help to provide different types of social services in community for the welfare of people.
These venture carried for attaining more amount of profits that create benefits to the
businesses. Therefore, typology also categorized to serve effective products and services
in efficient manner (Terjesen, Hessels and Li, 2016).
 Female entrepreneurs: These types of entrepreneurs have focus on the expansion of
organisation in international market. Hence, it includes females who possess innovative
and creative skills. In this manner, development of the entrepreneurs assists to create
more profits (Chetty, Partanen and Servais, 2014).
 Serial entrepreneur: These types of entrepreneurs concentrate for future developing and
always looking to start new venture to provide products and services to each person. With
the help of innovative features and development, they can easily enhance outcomes and
results in the enterprise.
 Lifestyle entrepreneur: Such types of entrepreneurs have focus on the future
development that obtain risk handling capacity to work in a significant manner. As
results, it assists to enhances market share and profits in systematic manner.
P2. Similarities and differences between entrepreneurial ventures
In respect to work as the entrepreneurial venture, following are differences and
similarities existing in the business.
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 Size and structure: In this aspect, it has been assessed that size of the small business is
considered as a crucial element because small business enterprises determine their
operations and functions to meet with customer’s demands and requirements. As
compared to the large organisation, SMEs determine their products with unique features
to attract several number of people at workplace. For example, entrepreneur consist
planning to start their business through understand concept of Tesco and Asda. This is
because; they are the large players of organisation in retail sector. With the help of
innovative ideas, success could be made at workplace of SME (Brown, 2016). In sealable
start up business size and structure not matter because initial step idea require only for
start venture.
 Aim and objectives: There are many other differences exists that are lies in the aims and
objectives of entrepreneurial businesses. Social entrepreneurship has an aim to create a
better life of people and society which enhances revenue of the firm. Besides this,
sealable start-up venture also helps to create innovative plans to make higher profits and
market share with long term objectives (Frese and Gielnik, 2014). Hence, it has been
assessed that there are great similarities and differences in terms of aim and objectives of
entrepreneurial ventures. It also provides high quality of products and services to the
customers.
 Sources of finance: Another difference is to obtain finance from different
entrepreneurship. Therefore, it is important to arrange funds which help to expand
business in new areas (Chetty, Partanen and Servais, 2014). In respect to compare with
social entrepreneur they are focus towards welfare of society and not earn revenue. Main
similarities is possessed unique features and concept that attain desired results at
workplace.
Lifestyle venture and business Serial entrepreneur venture and
Similarities
They require human resource management
with skilled employees to accomplish
effective results.
They also need human resources and
management team for new people in it.
Innovative features also help to make the They are also possessed innovative qualities to
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future development in organisation. make development of the organisation.
They have risk capacity They also have risk capacity (Terjesen,
Hessels and Li, 2016).
Differences
Lifestyle entrepreneurs have focus on the
life reward in which people enjoy and
provide passion to accomplish work.
However, serial entrepreneurs have focus on
the ideas and strategy for regular functioning
to operate effective functions as a new
business. Hence, it plays an important role for
the development of enterprise.
Female entrepreneur business Male entrepreneurs business
Similarities
Females looks for enhance functions and
operations of international market.
Male also look to expand operations in new
areas.
Less turnover (Zahra, Newey and Li, 2014). Less turnover
Differences
As compare to male, female entrepreneurs
are less number of amount such as 1/3rd
On the other hand, as compare to female, they
are large number in international market.
M1
In respect to determines different kinds of entrepreneurial venture, entrepreneurship
perform systematic functions and operations. In this way, small business entrepreneurial venture
perform their unique characteristics and innovations to make it systematic. Furthermore, there
are sealable, female, etc. entrepreneurs perform their tasks and duty to gain more effective results
at workplace.
D1
In order to determines scope of different businesses, it can be stated that small business
venture consider their innovative functions and operations to gain more profits and revenue.
However, sealable entrepreneurship consider operations to attract more candidates in the
business environment. Therefore, it will help to attain desire results and profitability in the
business unit.
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TASK 2
P3 Impact of micro and small businesses on the economy
Small business enterprises definitely impact on the economy in positive ways. Small
entrepreneurship gives expansion of customers needs and wants(Bae, Qian, Miao, and Fiet,
2014.). This organisation provides goods and services at low prices. It helps to grow the
economic condition of United Kingdom. There are many small organisation which works to
expand the market. They helped the country in times of Brexit. They make economic conditions
stable and good. In united kingdom there was 93.3% organisation company based on small
scales. These also provides the employment facilities to the unemployed persons and helps to
decrease the unemployment condition in the country(Baum, Frese, and Baron, eds., 2014.). In
UK there were 60% of employees worked in small scale companies and earn good amount of
money. It helps to increase the GDP level of the company as well. 47% of gross annual turnover
contributed by small scale industries. Furthermore, it also helps to give low prices goods and
services to the customers and helps to full fill their satisfaction level.
Small and medium scale industries increase the standard of living of the society by
giving employments. It helps to increase the purchasing power of the consumer as well. Small
entrepreneur gives many opportunities to develop the economy growth. More small scale
industries gives more profit to the government or to the customers as well. Small scale industries
are not too much high level in terms of prices. It gives low prices and better services to their
customers. Like Cylex company is based on small scale and gives product and services at low
cost(Drucker, 2014. ). It is basically a small online business. Small entrepreneurs also helps to
give better environment to the employees. It has good coordination level amongst employees.
And provides quality of training and development sessions for their team members.
M2
Small entrepreneur give more opportunities and challenges to big companies. It gives the
best quality of services at lower cost prices. On the other side small entrepreneur have limited
resources to expand their businesses but they get benefit from government sides in the form of
low interest loans and funds. This organisation creates future opportunities for expansion and
make new other employment services for the poor persons.
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D2
Small economy impact on the behaviour of international, local or regional economy by
influencing from different growth level. rom the above explanation it will show that the major
part of the economy covered by small and medium sized entrepreneurship. It helps to make
infrastructure more attractive and make more stability power. Economy level increase when in
the country more start-up is done and contribute their level for the development of the
economy(Burrows, ed., 2015.).
P4 Importance of small entrepreneurship in the contribution to the economy growth after Brexit.
Small industries helps to increase the growth of the economy in many ways. Small
entrepreneur business creates unique and attracting ideas to generate product and services. It
helps to give more new varieties of goods and services(Espíritu-Olmos, and Sastre-Castillo,
2015.). It helps to full fill the needs of customers and make them satisfied. Small businesses is
the essential parts of the economy growth. There are much importance of new start-ups and small
scale industries given below:
 Increase Employment opportunities: The most important thing is given employment
opportunities to the unemployed persons(Ghani, Kerr, and O'connell, 2014.). It increases
the income level and helps to remove poverty ratio in the country. New start ups and
small based companies the contribution towards the citizens. It also helps to increase the
market share by given good experienced and knowledgeable services. This small
businesses help to full fill the needs of the peoples by giving them job opportunities it
helps to full fill the basic needs of persons and make them happy. Employment
opportunities gives strength to company also in terms of making talented employees
team. Those persons create value and services for the company growth. In the of Brexit
this opportunity will help most(Hoque, Mamun, and Mohammad Ahshanul Mamun,
2014. ).
 Innovation Development: Small entrepreneur helps to create innovative products and
services according to the needs and wants of the customer. Innovation process helps to
increase the image of the business in front of the customers. Adding to that it also assist
to increase the market share of the Cylex company. These businesses make new
opportunities and growth by giving new attractive services to the customers. Overall by
these effects it helps to ratio of economy. It also helps to increase the country image in
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front of the others. In the time of Brexit it helps most to maintain the situation of the
economy. New adopted technologies and strategies helps to expand the business and take
small level to large level. This innovative styles helps to increase the competitive
environment and build long term relationship with the customers.
 Growth in economy: Small business enterprises helps to increase economic growth. And
aid to alteration in national income. It plays very important role in economic contribution.
And make new other opportunities and growth. Small businesses have the largest share of
contribution in economic growth. Small ventures make profit and helps to increase the
performance level of the country. At the time of Brexit small enterprises helps to stable
the situation and gives many aids. This is the reason when it was concluded that small
scale enter prices are the most important for the developments. There small business
gives high level of professionalism quality to the individuals which helps to increasing
the educated environment. Economic growth is depended upon the quality of country like
income level, employment ratio, population growth and poverty as well. So in overall
condition says that with the help of small enterprises country improves their standard of
living and maintain its position in the economic growth.
 High Living standards: Small enterprises helps to increase the income level of the
individuals. By this process peoples start purchasing their basic needs and full fill their
wants by the help of this automatically people standard of living is increased. On the
other side companies provides many attractive product and services which improves the
standard of the person(Kirzner, 2015. ). So this process increase the overall economy in
terms of full filling their needs.
TASK 3
P5 Explain characteristics, traits and skills of entrepreneur business or differentiate them from
other business manager.
Entrepreneur creates some innovative environment in the market. Every star up introduce
new technologies and power(Klotz, and Neubaum, 2016. ). It depends upon the different
organisation and their different culture When one person lead the group of numbers employees
on its own level. They used their own skills and knowledge to accomplish the goals and
objectives. Cylex small business owner handle all the information under its own guidances.
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There are different characteristics which makes entrepreneur different from manager given
below.
Characteristics:
Self Confidence: Entrepreneur should have self confidence to accomplish the goals in
effective manner. It helps to improve the quality of management skills. A good entrepreneur
needs to self confident so that they guide their employees in better terms.
Leadership power: Entrepreneurs is the person who needs to have leadership power. It
is important to maintain the working environment in the organisation. Cylex owner is the person
who lead the group and make powerful enthusiasm among employees. Leader is the most
important person who lead the group and make them capable to take the new challenges. It helps
to give motivation and confidence to the employees in effective working.
Skills:
Innovation Skills: enter entrepreneurs have innovative skills by which they make new
ideas and strategies to sustain in the competitive market. Cylex software company make
innovative technologies to improve their quality of management(Kuratko, 2016. ).
Team Leader Skills: the next skills of entrepreneur is to become good team leader with
the help of these skills. Entrepreneur helps to explain the plans and new strategies so that their
employees understand better and accomplish the gaols in within time period(Leutner,
Ahmetoglu, Akhtar, and Chamorro-Premuzic, 2014. ).
Traits:
Enthusiasm towards goals: These traits helps entrepreneur to achieve the target on time.
It helps to achieve the target within given structure in effective manner. These traits of
entrepreneur enhance the skills by which employees gives better performance. Cylex company
has good enthusiasm power between the employees and in owner. It helps to create new business
plans and strategic ideas(Luca, and Robu, 2016.). Entrepreneur is different from manager
because they have lots of experience and practical knowledge.
Risk taker: Entrepreneur should take risk to makes their environment more challenging.
It helps to take new strategic plans which helps in company growth. Risk is the factor which
gives new learning and ideas. It will help in future growth. Taking risk factor helps to make
profit revenue. Risk is the situation which involves everywhere it is uncertain in nature. It is the
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responsibility of entrepreneur to take new risk and challenges to competing with the
environment. It helps to developed the future growth and employees competency level.
M3
It is the different lines of arguments relating to the entrepreneurial characteristics. Which
may gives negative impact on the behaviour of employees. Conclusion of this assignment
explains the different characteristics, traits and skills of entrepreneurs(Miller, 2016.). These
qualities and skills make them more powerful and different. Every entrepreneur should have
these qualities and skills to carry its business in proper manner.
D3
Different characteristics and organisational behaviour affect company facilities and task
for the betterment of the organisations. Risk taker, confident, good leader and impactfull
behaviour on the business activities and purpose.
P6 Entrepreneur personality reflecting entrepreneurial motivation and mindset.
There are many features which shows the personality of entrepreneurs. It helps to
increase the motivation level among employees which helps Cylex to achieve the company
objective in proper way. Entrepreneur personality shows the company level and strategies which
helps company to build market image (Premand, Brodmann, Almeida, Grun, and Barouni,
2016.). These models recognized the personality of entrepreneurs and the attribute there are five
traits mentioned below:
 Agreeable: This quality of enterpriser is very important to make healthy
relationship with the clients and suppliers. They need to be polite and kind with
the employees. This behaviour encourages the motivation and confidence level of
team members. It helps to make positive environment when employees has lots of
work to do. This quality of entrepreneur helps to make more new relations which
create more sales and profit resources(Shepherd, 2015.). Sometimes employees
get demotivated with the working environment of the company in that situation
good entrepreneur helps to create some motivated environment by organise
exciting activities and games.
 Emotions: Entrepreneur should need to control their emotion at the time of
decision making. It helps to maintain it stability in the market(Storey, ed.,
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2016. ). They need to measure the methods to control the situations. It helps to
improve performance management.
 Extraversion: This quality of entrepreneur helps to make more social. This
activity helps to create more relations. It helps to connect with the society and
learn something new. For every business organisation needs to connect with the
society to maintain its position in the market. It helps to enhance the company
image in front of the customers.
 Openness: This quality of traits make entrepreneur fearless. It helps to take risk
without any fear. They can make new services and innovative ideas to expand the
business. Generally this quality of trait arise after getting so much experience. It
helps to encourage employees and guide them for not to panic in uncertain
situation.
 Motivated: Entrepreneur always a good motivator who gives positive guidelines
to their employees. For making good environment Cylex should be self-motivated
so that they give motivation power to their potential employees. Organisation
working is depended upon the working environment. Which creates value of
work. They always motivated towards their mission and visions and also give
enthusiasm power to their workers.
 Creativity: Entrepreneur should not think always in same direction. They need to
change their strategy of work. It needs to think out of the box Because the
business build on creative ideas which provides some creative product and
services. Entrepreneur is the person who gives new productive services to their
customers and make profit to their business. It helps to accomplish the future
growth. Also, this quality of entrepreneur attract the number of customers to
increase the sales.
These all personality traits give motivation and enthusiasm to make new
ideas and business plans. This helps to bring new motivated environment and opportunities. It
helps to set up the mind and stable. Furthermore, it enhances the quality of performance and
future sustainability in long term.
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TASK 4
P7 Examine the relevant background and hindering fostering entrepreneurship.
According to the above explantation they mentioned many important skills and
knowledge of entrepreneur. This is the individual who make environment competitive and
challenging. A good entrepreneur should follow correct direction without taking any wrong path.
It helps to increase the faith and trust among the customers and clients which is most important
for the business growth(Woodside, Bernal, and Coduras, 2016. ). Cylex company should take
innovative online strategies by which they attract more new potential customers for making
profit. In the competitive environment entrepreneur face many difficult challenges which is
important for business growth.
M4
On the other side entrepreneur should adopt good behaviour and positive thoughts to
encourage their team members. Also, the person should always concentrate on their mission and
visions. Sometimes many competitors gives negative thoughts and challenges but good
entrepreneur always select positive way of work. Cylex owner should adopt positive thoughts to
making new business plans and strategies. Furthermore, entrepreneur should adopt the positive
environment out off negative environment(Guzman, and Stern, 2016.).
D4
Entrepreneurial background and experience gives both positive and negative impact on
the behaviour on organizational behaviour. Example manager take his authority and experience
in negative sense and leak the data of the company to his own personal use.
CONCLUSION
From the above report, it can be concluded that entrepreneurship is an important aspect
that assists to accomplish effective results in the business. For ascertain effective functions and
operations, small business unit continuously implement creative and innovative elements in it
that assists to enhance profits and revenue in systematic manner. Therefore, report summarized
about the different entrepreneurship ventures and their typology to meet with effective results at
workplace. Moreover, it articulated about the skills and traits that require meet goals and
objectives in the market. In addition to this, it develops understanding about the different
entrepreneurs who possess qualities and characteristics to increase effective results.
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REFERENCES
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Terjesen, S., Hessels, J. and Li, D., 2016. Comparative international entrepreneurship: A review
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Chetty, S.K., Partanen, J. and Servais, P., 2014. Contextualising case studies in entrepreneurship:
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Frese, M. and Gielnik, M.M., 2014. The psychology of entrepreneurship. Annu. Rev. Organ.
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Brown, R.A., 2016. Capital and entrepreneurship in South-east Asia. Springer.
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Hoque, N., Mamun, A. and Mohammad Ahshanul Mamun, A., 2014. Dynamics and traits
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Woodside, A. G., Bernal, P. M. and Coduras, A., 2016. The general theory of culture,
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