Characteristics and traits of successful entrepreneurs

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Entrepreneurial ventures and their interrelation with types of entrepreneurship...................1
P2 Differences and similarities among entrepreneurial ventures................................................2
TASK 2............................................................................................................................................4
P3 Small and micro business effect on economy........................................................................4
P4 Contribution for the growth of social economy by small business........................................5
TASK 3 ...........................................................................................................................................7
P5 Skills, characteristic and traits of successful entrepreneurs...................................................7
P6 Aspects of entrepreneurial personality which reflects entrepreneurial mind-set...................8
TASK 4............................................................................................................................................9
P7 Background and past experience which hinder entrepreneurship..........................................9
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................12
.......................................................................................................................................................13

INTRODUCTION
Entrepreneurship is the study which is based on the development of new business with
new idea as well as it is the way or process which is involved in starting a new business. It is also
defined as the willingness or capability which is needed for the arrangement, control and
development of an organisation by analysing risks in order to generate revenues and profit (What
is Entrepreneurship?. 2017). Different new entrepreneurs are growing each day and making
good contribution for the development of a economy. This report is based on the topic of
entrepreneurship and will be supportive in motivating and helping entrepreneurs so as to start
new business in an existing as well as new market. In this report different types of
entrepreneurial venture and their relation with entrepreneurship, contribution of small business
for economy, various skills, characteristic and traits entrepreneurs who have got success will be
analysed in this report.
TASK 1
P1 Entrepreneurial ventures and their interrelation with types of entrepreneurship
There are various types of entrepreneurial venture that exists in a market and can be
defined as follows: Lifestyle ventures: These venture can be defined as the type of ventures who assist in
giving continuous and stable income to its owners on the basis of conservation approach
for trade model and management. Owners make investment in this business so as to
maintain competition in local market. It is located in just one area and are not keen to
have much growth and development (Bridge and O'Neill, 2012). Survival ventures: These kind of ventures are new in market and only contribute in the
living of owner and their family members. Such business do not have specific workplace,
not having formal registration as well as coordination with bank. Managed growth ventures: These kinds of ventures which are called managed growth
ventures have appropriate and stable growth. Such businesses are having continuous
investment from its investors and manage to get moderate growth. Time to time launch of
several new products, necessary facilities for staff and appropriate expansion of locations
are some of the features of this venture.
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 Aggressive growth venture: Such businesses are based on the technology and have
ability for strong innovation and growth. These businesses get funds from equity capital
and this venture is opportunity driven .
Venture which are discussed above are related with different types of entrepreneurship,
which are defined as follows: Small business entrepreneurship: Such kinds of business are having small scale such as
grocery stores, plumbers, travel agents, consultants etc. These entrepreneurs own their
business and hire families and local employees. They are in relation with survival
ventures as they cannot make large funding. In this businesses investment is done by
families, small business loans and friends (Burns, 2010). Scalable start-up entrepreneurship: In this kind of business, owners believe that their
vision which is made will help in changing world. Investments are made in this business
with the help of financial investors like venture capitalists. Large company entrepreneurship: These entrepreneurs are related with ventures of
managed growth. They make growth by producing innovative and creative products. If
there will be change in the taste of customer it due to that there will be pressure on
disruptive innovation.
 Social entrepreneurship: These kinds of entrepreneurship exist for the social welfare of
the society. Entrepreneurs of these businesses act as innovators and make production of
products which assist in satisfying social problems and issues. They want to make world
a better place.
As per Carland and Carland (2015), entrepreneur is a person who takes risks and
develops innovative products. New phase will be developed by global development, where a
significant role is being played by an entrepreneur. Economy of a country which is properly
managed will be dependent on mass production and big trade, which will assist in the
development of economy.
P2 Differences and similarities among entrepreneurial ventures
Several types of entrepreneurial ventures are there which can be discussed. Every
entrepreneurial ventures have some differences and similarities with one another.
Entrepreneurial ventures Resemblance Difference
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