Different Traits and Skills of Successful Entrepreneurs

This article discusses the various traits and skills of successful entrepreneurs, focusing on individuals like Bill Gates and Mark Zuckerberg. It highlights their creativity, passion, risk-taking, and focus as key factors contributing to their success.

INTRODUCTION
Entrepreneurship is define as procedure to develop, manage as well as organize business
activities along with facing risk in order to achieve profits (Acs and et.al., 2016). In addition to
this, it is refereed to those actions that help in mobilizing resources in order to introduce projects
and create company whose goods and services will meet the needs of society. The present report
will includes certain different example to determine the different forms of ventures. This report
interprets about different entrepreneurial ventures and with typologies. Along with this, it
explains about similarities and differences between different types of entrepreneurial ventures.
Further the assignment will study the critical impact of medium and small business on economy
with the help of graph and their importance for the growth of social economy. There are various
entrepreneurs who became successful after going through different hindrances such as family
background, financially, friends and many more.
TASK 1
P1 various kinds of entrepreneurial ventures and relation with typology.
Venture of Entrepreneur is defined as a process in which a company place innovation as
well as opportunity as a priority so that they can produce various forms of economy or social
value. There are various categories of entrepreneurial ventures which is describes as follows:
Scalable start-up Entrepreneurship: This entrepreneurial venture describes about those
entrepreneurs who start their business by believing that the vision of the company can change the
working style of the market. Funds for running organisation is arranged from venture capital
through which they are able to hire skilled and talented staff for their organization. The main
goal of entrepreneur is to determine the scalable and repeatable business model. Along with this,
scalable start-ups take small area due to risk capital as well as large returns.
Small Business Entrepreneurship: There are various entrepreneurs which carry small
business. For example in US there are 99.7% of business which are small business, and they
enhances at least 50% of non-governmental workers (What Is Entrepreneurship? – Types &
Importance, 2019). Like: Inzpire Limited company is considers as a small business
entrepreneurship in UK which is provide defence management service to their customers. The
main motive of entrepreneur to run small business is respect of earning higher profit in order to

raise their standard of living and support their families. These entrepreneurs arrange funds
through friends, families, and others.
Social Entrepreneurship: It is define as an entrepreneur who deal in producing or
delivering goods and service in order to serve societies and communities in order to attain their
social needs and issues(Allen and Truman, 2016). for example: NHS is social company which is
social company. That provides various medical services to customers. The primary of social
entrepreneurship initiates the amount of ideas to bring changes in the world a better world
instead of earning profit. These entrepreneurs majorly include non-profit organization.
Large Company Entrepreneurship: It is refereed to those entrepreneurships in which
company sustain by offering differentiate products and adding extra value to it with the help of
innovation. The company produce goods and also deal in services according to the changing
taste and demand of the appropriate customers so that they make them happy as well as satisfied.
Typologies of entrepreneurship:
Survival Typology: This typology mainly focusses on performing their function as well
as operation of company in context of surviving in the market for longer term duration. This can
be done with the help of satisfying customer needs and demands. These types of typologies are
small in size and perform company activities in limited resources.
Lifestyle Typology: company who fall under lifestyle typology produce their goods and
services as per the latest trend which help them in fulfilling customer taste and preferences.
These companies perform their business operation under single premise.
Growth firm: the growth firm is a type of company which is growing at a faster pace
than its competitors in the economy. This type of firms significantly has a faster rate of growth as
compared to the other economies. The growth company reinvests all its profitable investment
back within the company only and this again yields more profits.
Relation of typology with entrepreneurial venture
The entrepreneurial venture is a very much related with the typology of the
entrepreneurship. This is majorly because of the fact that both have a huge relation among them.
The entrepreneurial venture that is small business entrepreneurship is related with the typology
of survival. This is majorly because of the reason that small business is established for the long
survival of the business. That is why the small business entrepreneurship is mainly focused on
survival. The example is Inzpire limited is within the private sector and focuses on survival.

The another example is of Fair Wear foundation which is a public sector company comes under
the social entrepreneurship. This is type of social entrepreneurship venture which is related with
the typology of lifestyle. This is because of the reason that this helps in producing the goods and
service sin accordance with the latest trends and for some social purpose.
P2 Similarities and difference between of various types of entrepreneurial ventures.
Similarities between Small business and Social entrepreneurship
The similarities which is examined between small business entrepreneurship and social
entrepreneurship is that both business run in order to satisfy their customers taste and preferences
(Audretsch and et.al., 2012). Both organization promote their goods and services with the help of
advertisement, social media and other source. Both the types' entrepreneurship runs for the
motive of earning profits and increasing their market share, goodwill and consumers base.
Differences:
Small Business Entrepreneurship Social Entrepreneurship
The aim of small business entrepreneurship
is grown and develop business with the
motive of earning profit.
The objective of social entrepreneurship is to
create social change by meeting needs and
demands of communities as well as societies.
Small business entrepreneurship wealth
creation means earning profit (Blackburnm,
Hart and Wainwright, 2013).
Social entrepreneurship wealth creation is defined
as a social and environmental capital.
The small business measure their profitably
from shareholders as well as investors.
This type of entrepreneurship measure their profit
by engaging in for-profit activities.
The main strategies of small business
entrepreneurship is to fill gaps, review small
business support and advertise offerings.
The important strategies of social
entrepreneurship is to social innovate forums as
well as challenges.

TASK 2
P3 Relevant data and statistics to interpret the fact that how micro and small businesses impact
on the economy
Medium and small business has a critical impact on economy of UK. Income of small
business has a better impact in respect of economy of UK (Williams and Vorley, 2015). On the
contrary micro business does not have much impact on economy of the country. SMEs play an
important role on the economy. This is because in the year 2015, there were nearly 600 million
jobs which were required at global level (The impact of SMEs in the global economy, 2019).
There were qualified jobs that were available in emerging markets that were created by SMEs.
As in the development of the economy, small and medium enterprises lack around 50% of access
in capital investment. But it also determined that 33% of income which is related to national as
well as 45% of total number of employment in developing countries. There are various benefit of
SME's through which it creates a great influence on economy such as create job opportunities,
helps in expand of tax base.
Illustration 1: Brexit’s impact on small businesses: the experts may be spot on after all
(Source:Brexit’s impact on small businesses: the experts may be spot on after all, 2019)

From the present graph, it can be evaluated and concluded that there are some 5.8 m
small and medium enterprises which examined that 99% of private company and 60% of UK
employment opportunity is determined to the private sectors. Small and medium enterprises has
also examined that 73% of net private sector provides facilities to the employees to became more
qualified foo the jobs. In UK, by creating 2m jobs in 2010 (Brexit’s impact on small businesses:
the experts may be spot on after all, 2019). SMEs reacted that misshapen that arise in context of
Brexit which has a significant impact on the stability growth of economy in country. In order to
assess the causation of Brexit on Small and Medium Enterprises, government of UK had
researched on approx 10000 SMEs. From the above bar graph, it can be determined that micro
business results in bringing less opportunities to employees to sustain their life in country. i.e.
18.9% as compared to small business i.e. 23.4%.
P4 Explaining importance of small business and business start-ups to growth of social economy
Economy related to social aspects is formed by rich heterogeneity of enterprises as well
as companys such as mutuals, foundation, cooperatives and many more. Along with this, social
economy is an example which tells about compatibility of rationality as well as social progress.
In addition to this, it also tells about efficiency of business with corporate social responsibilities
and the method of doing business is possible (Bridge and O'Neill, 2012). The importance of start
up business and small scale business results in reflecting the growth of social economy is
undertaken as follows:
Creating the values of proactivity within the context of society:
Small business as well as start-ups companies helps in growth of economy by bringing
the value of future situation into society which will be based on creativity as well as knowledge.
As with the growth of population, these companies have determine that they have the duty for
their career development as well as work.
Innovation and creativity:
It is one of the primary driving unit for development of economy in order to gain the
productive aspects in respect of knowledge and experiences in society (THE IMPORTANCE OF
STARTUP COMPANIES FOR ECONOMIC DEVELOPMENT, 2019). Small business and
start-ups are effective way for implementing inventions as well as is also best medium to
promote the services related to technological and other novelties. These start-ups company

contribute in the development of technology and area where they run their business. Due to this,
they have the possibility to gaining competitive advantage.
Promotion of system of research-innovation:
Knowledge bases and high technical services are closely related to knowledge institutions
(Burns and Dewhurst, 2016). Small business and start-ups promote research-innovation system
in order to contribute in research orientation in universities and institute of research. Along with
this, it set an example which help in encouraging students to adapt such ideas in start-up
company.
New competitive dynamics within the economy:
Small business and start-up companies are dynamic company at competitive marketplace
because they provide additional information as well as competitiveness to further growth in
context of further growth in economic system. This aid in keeping economy healthy, persevering
as well as vital.
Employment and growth of economy:
Since long period of time duration, small business and start-up companies create new job
opportunities that assist within the growth for economy. As the companies are associated with
innovation that aids in encouraging employees to invest into the sector which will aid in create
more job for long term.
Job Creation:
There are various advantages such as they facilitate large number of opportunities for
employees in the country. Small business and start-ups recruit those individuals who can carry
out business activities. Along with this, they focus on hiring candidate at low cost which helps
them in maintaining production cost as well as they also provide goods and services at low price.
In addition to this, these companies also keep into concern the corporate social responsibility in
order to provide employment opportunities (Gronum, Verreynne and Kastelle, 2012).
Hence from the above-mentioned points, it can be determined that there is various other
importance that help start-up business as well as the growth of social economy because of small
business. This help in raising standard of living of individuals which result in economic
development.

TASK 3
P5 Different traits and skills and characteristics of different successful entrepreneurs
Bill Gates Mark Zuckerberg
Characteristics:  Creative &
innovative: Bill Gates
is very creative person
and this characteristic
helps him in getting
better idea then other
(Julien, 2018). Bill
Gates like to
experiment something
new as well as use
innovative techniques
in order to perform
better. This
characteristic of Bill
Gates helps him in
dealing with tough
situations as well as
solve major issues
easily.
 Risk taking: This is
very important
characteristic of an
entrepreneur which
help them in gaining
success. Bill Gates is a
risk taker and this is
one of the major
 Passionate: this
entrepreneur is very
passionate in the
direction towards his
work and this is one of
the most important
characteristics which is
required in a successful
entrepreneur (Katz,
2014). Mark
Zuckerberg is loves
and enjoy what he does
as well as beliefs in his
idea. This strong
feeling and urge to
achieves success
through his work can
be considered as main
reason for his success.
 Focused: It can be
referred as a great deal
of attention towards a
particular objective.
Mark Zuckerberg has a
characteristic which
helps him in staying
focus to his set goals

reasons for his
successful company. A
company cannot grow
and develop without
risk. Bill Gates has
strength to take risk
and well as manage it
to achieving better
rewards.
and aim. This leads to
completion to all task
as well as identifying
which needs to be
completed. This trait is
very important for an
successful entrepreneur
as it leads to getting
proper vision and plan
to attain desired goals.
Traits:  Highly competitive:
Competitiveness can be
consider as a trait of a
person which leads to
create a desire of
performing better than
others. Bill Gates is
highly competitive
person and always have
a urge to do better than
other as well as gain
more and more
rewards. This trait
helps him in develop
competitive strategies
and give high
competition to rival
companies.
 Smart worker: Bill
Gates is a smart worker
and this trait helped
 Confidence: It is a trait
of a successful
entrepreneur that they
are always confident
about what they do
(Loader, 2013). Mark
Zuckerberg is a very
confident person and
does does not have any
doubt in mind about
any idea or decision.
This trait helps him in
gaining trust from his
team and other people
as well as completing
task with minimum
errors.
 Disciplined: Mark
Zuckerberg is a
disciplined person, and
he is always controlled

him in completing all
task in effective and
efficient way. This is a
capability of Bill Gates
that he can complete
work in accurate way
without taking much
time. This leads to
completing more task
in same time as
compare to others in an
effective manner.
about his actions as
well as his behaviours.
A successful
entrepreneur is always
disciplined about his
works and this helps
them in achieving
desired goals and
objective. Discipline
trait will lead to timely
completion of task and
make new steps every
day towards
accomplishing aims.
P6 Reason behind how entrepreneurial mindset and motivation are reflected from the personality
of the entrepreneur
The aspect of entrepreneurial personality that reflect entrepreneurial motivation and
mindset is well explained with the help of big five personality trait model (Five-Factor Model of
Personality, 2019). With the help of this model, it becomes easy to place employees in an
company. These elements is describes as follows:
Openness: This element of the OCEAN model explains relating to the individual
having respective trait will be creative, focused on handling difficult
situation and will also try new things which will help them to enhance
their skills and knowledge. Along with this, this trait includes
insightfulness and imaginative which consist of wide variety of interest.
Conscientiousness: This element describes about individuals who are aware about their
actions as well as consequences of behaviour. In this category, these
individuals are responsible about the duties that are delegated to them.
Along with this, these people are goal oriented, and they remain

motivated in order to accomplish them in effective manner.
Extraversion: This is the 4th component of this personality trait model that describes
that individuals who come under this category are sociable, talkative and
like to interact with other people. They remain motivated and more
concern about gaining attraction of other individuals. In addition to this,
these individuals are in habit of saying things without thinking about
and knowing their after effects consequences (Roig-Tierno, Alcazar and
Ribeiro-Navarrete, 2015).
Agreeableness: Within the model of big five personality this element it includes
characteristics of kindness, affection, trust & many more. Along with
this, these individuals are more cared about others and enjoy in
contributing for their happiness. These people don't like to indulge in
conflicts or any other arguments.
Neuroticism: This is the last element of big five personality trait model in which it
explains about individuals emotional instability (Zucchella and Servais,
2012). These people are in habit of over thinking and tend to get upset
easily. Along with this, they also worry about small things that happen
around them.
TASK 4
P7 Analysis of the fact that how experience and background of the entrepreneur can foster or
hinder the process of entrepreneurship
There are various factors that either hinder or foster entrepreneur to become successful
such as background of family, friends, relative and many more (Siemens, 2012). There are
various entrepreneurs who went through such situation, but they remain motivated and became
successful in a competitive world. This can be well explained by example of Mark Zuckerberg
who is the co-founder of Facebook.
Mark Zuckerberg:
Mark Zuckerberg is a type of entrepreneur relating to technology along with
philanthropist. He is chairman and chief executive officer of leading company Facebook. During

his early life, he had keen interest on computers and writing software in the middle of his school
i.e. Philips Exeter Academy which is situated in New Hemisphere. Atari BASIC Programming
was taught by his father for which they later hired private software developer tutor (Thomas,
2013). From the Mercy college Mark did his graduation course. As Mark Zuckerberg belongs to
psychology and computer science, he achieved reputation as a programming prodigy. He is an
introvert personality and has a smaller number of friends due to which he was able to give his
plenty of time in creating software and application. This implies that having support of family
and having no issues of financial issues as well as investing his time in software's and
applications he was able to launch Facebook.
CONCLUSION
Hence from the above report there are various typologies that are related to
entrepreneurial ventures that aid them in their development and growth of the business. In
addition to this, it highlighted differences between various entrepreneurs. In addition to this,
there is huge influence of small and micro companies over the country’s economy at competitive
marketplace. This report also describes the importance of start-up business & the manner in
which they uplifted in the economy at global level. Therefore, it has explained about an
entrepreneur who have gone through several hindrances such as skills, abilities, family
background and so on. But they remain motivated and became a successful entrepreneur in a
competitive world.

REFERENCES
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