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Characteristics, skills and traits of successful entrepreneur

   

Added on  2019-12-18

20 Pages7152 Words432 Views
Entrepreneurship

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Different types of entrepreneurship ventures and their typology.....................................3P2. Similarities and dissimilarities between the entrepreneurial ventures.............................5TASK 2............................................................................................................................................6P3. Impact of micro and small business on the economy.......................................................6P4. Explain how important small businesses and business start –ups will contribute to thegrowth of the social economy.................................................................................................7TASK 3............................................................................................................................................9P5. Characteristic, skills and traits of two successful entrepreneur.......................................9TASK 4..........................................................................................................................................10P6. Reflection of entrepreneurial motivation and mindset by aspects of entrepreneurial-personality............................................................................................................................10P7. Impact of background and experience on entrepreneurship...........................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONEntrepreneurs are the person with special attributes who develop new and innovate ideasto establish a new venture and reach the new skies in the global markets. They are the personwho are ambitious to bring new and strong impact on the society as whole which ultimately leadto improve the overall lifestyle of the society (Alsos, Carter and Ljunggren, 2011). Thus, theybring fortune to the market to explore and expand globally and provide new products andservices to the customers. Being an entrepreneur is not a difficult task but requires clear vision ofthe goal to be achieve and should have in depth knowledge of the marketing conditions and thepresent opportunities in it. Entrepreneurship is the approach of thinking and acting to achieve thedesired goals with the prospective of changing the world. These entrepreneurs have the specialattribute to change the world and the society and have courage to overcome all the risks andbarriers present in the path of achieving the destiny. These people do not hesitate to take anyfinancial risk to establish the new venture by developing new ideas and strategies. This reportsignifies the various types of entrepreneurial ventures and their similarities and differences.Moreover, the skills, characteristics and traits of successful entrepreneur has also be described(Awogbenle and Iwuamadi, 2010). TASK 1P1. Different types of entrepreneurship ventures and their typologyEntrepreneurship is the process to take actions and exploit new ideas to grab the newopportunities present in the market for gaining high profits. It involves various risks anduncertainties to establish new ventures. This can be possible through investing small amount orlarge, depends upon the entrepreneurs preferences and perceptions. Some entrepreneurs startwith small investment to introduce new idea or service in the market to their sales and fulfil theiresteem needs. On the other hand, some entrepreneurs are those who start their business withlimited resources but are highly confident and ambitious to gain high profits and explore in themarket as the king of the industry. Determined entrepreneur: These entrepreneurs are mainly the pace maker rather thanthe path follower who do not like to copy anyone but introduce their own products and servicesto stand in the competitive global market. 1

Accomplish Entrepreneur: These are the entrepreneurs like Mark Zuckerberg who haveestablished their brand in the market as the market king by crossing all the limits and stages ofthe entrepreneurship. They strive hard to reach the sky and now continuously taking effectivesteps to maintain its position in the market (Bosma and Levie, 2010). These entrepreneurs havepassed various hurdles and barriers to reach the destiny thus they inspire the others to thinkpositive and strive hard because according to them passion, confidence, positive attitude andhard work makes the person entrepreneur. These entrepreneurs now have the objective toincrease their scaling in the market. They have high experience to enhance the customer loyaltytowards their company through regular feedback and quick response to their complaints andgrievances. Research Entrepreneur: This type of entrepreneur continuously researches the availableopportunities in market and tries to grab the changing market demands and conditions in the newprofitable concern. Intrapreneur: These entrepreneurs are established within large firms. They do not incurassociated risks while performing activities regarding their business. This is assisted by theirentrepreneurial skills.Serial entrepreneur: these type of entrepreneurs always try to come up with new andinnovative ideas for starting up new businesses. Until and unless he has developed another brandnew idea, he stays in con tact with the previous one. He does not stays in a particular business forvery long time. Lifestyle: These entrepreneurs create business with whole and sole motive of alteringtheir personal lifestyles. They do not bother just about profits. The life rewards that are providedto different individuals are focussed more by lifestyle. They always possess passion in whateveractivity they perform. Social entrepreneur: These type of entrepreneurs always try to incorporate social-innovation as well as transform the diversified fields of health, education, environment anddeveloping the enterprise. These are responsible for building up organizations which aresustainable.Growth entrepreneur: The competitive nature of businesses drives in the growthentrepreneurs. They always set their business according to long-term goals. In addition to this2

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