P5. Characteristics, traits and skills of two successful entrepreneurs

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Types of Entrepreneurial Ventures and their relation to typology of Entrepreneurship........1
P2 Similarities and Differences between entrepreneurial ventures.............................................3
P3. Impact of micro and small businesses on the economy.......................................................5
P4. Significance of small businesses are for the growth of the social economy after ‘Brexit’...7
P5. Characteristics, traits and skills of two successful entrepreneurs.......................................10
P6. Aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset.. . .12
P7. Background and experience can hinder or foster entrepreneurship....................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is all about starting a new venture in order to earn greater profits but
some risks are also associated with this adventure. People who starts this are called
entrepreneurs. Actually, an entrepreneur is someone who is able to take risks and that ability is
known as entrepreneurship (Drucker, 2014). This report is all about entrepreneurship in which it
describes different types of entrepreneurial ventures and their relations with typology of
entrepreneurship. Later on, this speeds discussion towards similarities and differences between
above research conducted. This tells that there are 4 types of entrepreneurship and their
relationship can be related to typologies. Further more, report throws light on impact of small
businesses on growth of economy after Brexit. Moving forward, examples are given to show that
how this conducted research can add or reduce to economic growth. Skills of successful
entrepreneurs are also explained on the basis of which it can be extracted that how small
businesses can affect to macro and micro economy.
P1 Types of Entrepreneurial Ventures and their relation to typology of Entrepreneurship
Entrepreneur: Entrepreneur is a person who undertakes entrepreneurship and is able to
take risks associated with it. An Entrepreneur can be defined as an individual who is an
innovator, a source of new and good ideas, which can be proved as asset in future.
Entrepreneurship: Entrepreneurship is process of setting business and undertaking
financial risks in order to earn profit. It is study of both, how new business are created and how
they are started in actual forms.
Types of Entrepreneurship: There are 4 types of Entrepreneurship. These are:
Small Business Entrepreneurship: Small business entrepreneurship are those which
starts with very low budget and hence low profit margin. These business ventures mostly
includes hairdressers, grocery stores, plumbers, electricians, etc. In UK, there are number of
small businesses and start ups. There are so many small businesses in UK. Small ventures
believes that success for them is to feed their family and make a reasonable profit (Scarborough,
2016) .
Scalable Start up Entrepreneurship: These businesses are specially have high
investments by financial investors. Scalable entrepreneurs always hires best and brightest. They
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want that their business should grow at a rapid pace, hence their main job is to search repeatable
and scalable business models.
Large Company Entrepreneurship: These companies grow on a high scale with new
products and innovations because changes in tastes and preferences of customers can occur at
anytime and this increases pressures over them. Large companies always offers new products to
customers with higher innovations that differ from core products which will help to attract large
number of customers
Social Entrepreneurship: These types of businesses always make products that can meet
social needs and demands. Main motive of Social Entrepreneurs is to give society something in
return because they believe that organizations exist in society itself and companies should give
society in return. They can be profit, non-profit or hybrid.
These above are 4 types of Entrepreneurship which have different levels of profit margins
with different investments and with different motives.
Typologies of Entrepreneur: There are 4 typologies of an Entrepreneur:
Female Entrepreneur: Female Entrepreneurs are individuals who work with feminist
values and approaches and their goals are to develop and improve quality of life of girls and
women. Mostly women owned businesses are in retail, wholesale and manufacturing. Since they
use feminist practices in their businesses, they also acts as social entrepreneurs because females
always think about well being of others also (Kirzner, 2015).
This type of entrepreneurship can be linked with social entrepreneurship in many ways;
social businesses also work for well being of society and so female entrepreneurs do the same.
Serial Entrepreneur: This type of Entrepreneur always come up with new ideas and
starts new business. Process is, they innovate ideas, start business with routine and keeps on
playing important role in organizations. If they find one more new idea then give responsibility
to another person and move on to new idea with new venture.
Lifestyle Entrepreneur: These type of entrepreneurs starts ventures in order to increase
their personal lifestyle because their main motive is not to making only profits. This is all about
to make interests and passions towards products which can improve quality of work life.
Social Entrepreneur: These are individuals who thinks that business should start in such
a way so that society can gain something more than money, in return. Businesses while having
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practices in society and uses resources over there and so their moral duty is to give back to
society.
P2 Similarities and Differences between entrepreneurial ventures
Basis Male Entrepreneurs Female Entrepreneurs
Similarities  They are usually more
ambitious regarding their work.
Male entrepreneurs once make
plans to do business in definite
form, they tend to make fullest
efforts to complete particular
task.
 Male entrepreneurs grow fast at
rapid pace because their main
motive is to make more people
satisfied at any cost, with better
insights.
 As they are ambitious towards
their work so they always want
bigger achievements in their
work tasks.
 Female entrepreneurs are very
serious regarding their work.
They usually work for well
being of females and actually
complete it with highest
efforts.
 Female entrepreneurs are very
hard working while
performing their job roles as
they think that there should be
maximum efforts to complete
given tasks (Kuratko, 2016) .
 Female entrepreneurs are so
similar with male
entrepreneurs in this context.
Since they are so real for their
work and always demand
bigger.
Differences  Male entrepreneurs mostly
burst out with anger or
frustration, often very
frequently. They have no
control over their inner
frustration.
 On the other hand, female
entrepreneur are quieter and
less flamboyant. They did not
get frustrated until and unless
something big went wrong.
They have control over their
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 Male entrepreneurs always
thinks that whatever they have
done is right. They even don't
blame themselves while
something goes wrong.
 These type of entrepreneurs
always be ready for self
promotion. Basically, they
always push themselves ahead
in order to promote themselves
that particular tasks is
completed by them.
burst out.
 These entrepreneurs often
blame themselves when
something gets wrong. They
feel that work was not done
properly by them only and
start blaming selves.
 Female entrepreneurs on the
other hand feel shy to push
themselves forward. They
don't let feel to others that
particular work is done by
them because it does not let
them feel good by doing this.
Basis Lifestyle Entrepreneurs Serial Entrepreneurs
Similarities  Lifestyle entrepreneurs are
those who start business in
order to alter their personal
development. They are offering
products which are satisfying
needs of customers.
 These entrepreneurs always
view opportunities to develop
quality of life (Storey and
Greene, 2010).
 Serial entrepreneurs are those
who start business in order to
satisfy customers needs and
demands. They are so curious
to know new trends in order to
offer new products.
 They always provide new
offerings in order to attract
customers.
Differences  Lifestyle entrepreneurs start
ventures to increase their
personal quality of life.
 These entrepreneurs always
provide new and innovated
products so that they can meet
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 They did not change in their
business ans ventures always.
customers needs in an
innovated way.
 They always come up with
new ideas and innovations.
Entrepreneurial Ventures are business bodies which have been started by people called
entrepreneurs who are able to take risks. Now-a-days, Entrepreneurial Ventures are having their
existence very strong in growing economies. People are starting their own ventures with new set
of skills and knowledge.
Scope: There are so many reasons that people are becoming entrepreneurs, like; people
are ambitious and want to do something new in future, there is more scope of profits in
entrepreneurship and last but not least, people are committed in promoting entrepreneurship at
larger level.
Development: with the help of Entrepreneurial Ventures, people are making themselves
self-employed and self-independent. It obviously incudes necessary subsets of skills and
knowledge so that they can offer sensible and innovated products.
Growth: Growth in entrepreneurial ventures are so vital because they create new
opportunities to grow and foster people in innovated ways. There is high scope of growth in
these ventures foe people because at there, they become self-promoted and self-independent
(Morris, Kuratko and Covin, 2010).
P3. Impact of micro and small businesses on the economy
Small, Medium and Large businesses have so much impact on an economy, in number of
ways. Small business are those who have fewer employees with less profits margins and less
investments, as well. They provide services in retail forms like, from grocery stores or bakeries.
Medium sized businesses are those which are bigger than small businesses and smaller
than large businesses. Companies are having 100-999 employees are considered as medium sized
enterprises.
Large sized businesses are those which higher employees more than medium sized
enterprises. There are higher opportunities of employment in large businesses.
Impact of small, medium and large sized enterprises in an economy is that all of them are
earning and contributing to economy, either in small or large quantity. Small and medium sized
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businesses do not contribute so much to an economy because they do not have larger
opportunities and hence small contribution. But large sized businesses have high impact on an
economy. Because there are higher employment opportunities in large business which in turn
will hire more employees. As a result of this, they produce greater profits and hence they will
pay more taxes to government (Austin, Stevenson and Wei-Skillern, 2012) .
Small businesses supports in creating job opportunities, open new markets and encourage
fresh ideas to change the status quo. In fact, there were 5.2 million businesses in 2014 in UK
according to the statistics published by the department for Innovation Business and Skills. The
small businesses in UK are accountable for 99.3% of all private sector business in 2016 and
99.9% of them were small to medium-scale enterprises. The total number of employment raised
by SMEs were 15.7 million which is 60% of employment of all private sector in UK.
In UK, the majority of business enterprises employ lesser than 10 people,hence, are
accounted for nearly 33% of employment (according to briefing paper in the house of commons
library published in May 2015.). With the help of SMEs, there is a boom in micro businesses. In
comparison to small scale businesses, the other sized businesses have only raised marginally or
either fallen in numbers (Researched by National Endowment for Science, Technology and the
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Arts in 2009). As a result, it has been analysed that micro and small business are playing crucial
role in developing the economy of a nation by coming with creative and innovative ideas.
Additionally, small scale business are helping the economy of UK in obtaining wealth,
creativity and productivity which shows the major influence on overall nation. Specifically,
small scale businesses who are involved in international market have made a large contribution
in the economy. By expanding their businesses in international market, they have encouraged
productivity amongst UK SMEs. Figures suggests exporting businesses globally will help in
attaining almost £1.15 billion to annual gross value.
Currently, there is only one out of five Small business who are exporting globally.
However, it is estimated that 9-12 % of non-exporting firms of UK could start exporting their
products globally. Such businesses act as a cushion against recession as they are very adaptive
and innovative, hence adapt the changing circumstances. There is a direct relationship between
poverty, hunger and economy and the general condition of the small businesses. Such businesses
helps in the development of various sectors like manufacturing, agriculture and ICT.
The UK finance sector has grown by ninety one percent from £ 492 million to £939
million in 2013. Government is encouraging small scale businesses by using tax breaks to
encourage R&D and employment. Constructive and practical business education should be
provide to such enterprises to help them grow. Certain support programmes like business school
schemes and peer to peer network should be given to the start-ups (The importance of small
businesses in the UK economy, 2015).
P4. Significance of small businesses are for the growth of the social economy after ‘Brexit’.
Small businesses are an integral part of the system which produces 99% of all businesses
in UK. Hence, there is a critical role for the small scale industry to face these major challenges
to hold on to the economy. These are poor productive growth, trade deficit, and a low level on
innovative businesses. Brexit is said to said a potential of rewriting the rulebook of how the
companies do their businesses in UK. Where everyone is considering Brexit to be a threat, it has
poised to create various numbers of opportunities for the small scale businesses. Capital is the
initial requirement for any type of business which these enterprises seems to be struggled raising,
specifically in the early stages of business (Audretsch and, Keilbach, 2010) . A recent research
was conducted which founded that 30% of the businesses found it to be the biggest obstacle to
raise the funds while setting a new business. The fluctuating rate of exchange because of Brexit
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has helped them by making the price of the goods and services more affordable for the global
buyers which gives them an additional opportunity to attain more business. Hence, now is the
right time for the small businesses to take actions by planning and implementing for further
growth opportunities presented off sea.
The businesses play a vital role in the economic growth of a nation which shows that
small and start-ups are really contributing major part in the growth of social economy. These
businesses allows both the government and the people of the country to acquire goods and
services they need for their growth. The impact of Brexit was high which resulted in lowering
the levels of capital investment, less access yo external finance, less innovative activities and
lower levels of growth. The capital investment for future within innovative SMEs seem to be
affected. This could be related to SMEs which are involved in import export activities. Most of
the academic and media focuses on implementing the affects of Brexit on big companies. For
the further data, a government survey was conducted on 10,000 SMEs to analyse the impact on
Brexit on the following. The government imposed various questions regarding the affect of
Brexit on their business and how it affected their future strategies. The larger and more export
oriented & hi-tech an SME is, the more likely it is to get affected by Brexit. Another issue of
concern is with the globalisation model for big business practice. The Employer's group reports
that increasing supply chains could raise around £30 billion to the economy and could create
more than 5,00,000 jobs till 2025 which shows that start-ups and small entities are contributing
to the major part of social economy. For example; offering of job to unemployed people aids in
developing societal members so that they can live their life in most suitable manner (Carland and
et. al., 2007) .
The export oriented businesses seems more concerned about the consequences of Brexit.
In the chart below, it can clearly depict that twice many innovative enterprises and thrice the
exporters see Brexit a major concern.
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(Source: Brexit’s impact on small business, 2018)
Nearly one third of the businesses that were using EU suppliers and now looking for
British substitute. For example, nearly 44% of the vehicle parts that are assembled in UK are
sourced locally. Small and medium sized business from East and West Midlands, who voted for
the referendum have claimed more confidence than the remaining Scotland and London.
As shown in the bar graph below, the concerns regarding the referendum of Brexit were
not equal across UK. The businesses that are based in Northern Ireland and Scotland seem more
concerned of Brexit than comparing it to their counterparts in England and Wales. Wales reflects
a decline by almost 6% in the number of enterprises. The stability of the nation is somehow
dependant on the stability on its economy and its financial strength which is derived from these
businesses (Role of Start-ups and Small Businesses, 2018). As a result, it has been understood
that start-ups and small firms are highly significant at UK marketplace because of their support
by enhancing business activities.
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Illustration
1: Brexit’s impact on small business

P5. Characteristics, traits and skills of two successful entrepreneurs
Entrepreneur is an individual who run a small business with innovative ideas, rather than
working as an employee for other organisation. They assume all the risk and rewards before
running their businesses and act as a source of new ideas, goods, services or business processes.
Some most known entrepreneurs in the world are Steve Jobs, Mark Zuckerberg, Jeff Bezos and
many more.
Mark Zuckerberg: Mark Elliot Zuckerberg is an American technological entrepreneur
and philanthropist known for co-founding and leading chairman and chief executive officer of
Facebook. He born in New york, in May,1984. Zuckerberg went to Harvard university , where he
launched Facebook on February,2004 with his room-mates. Originally started from a college
this site rapidly goes beyond college campus and reached more than one billion users when
Zuckerberg finally took the company in public in may 2012.
Steve Paul Jobs: Steve Jobs was an American entrepreneur and chairman, CEO and co-
founder of Apple Inc. Steve also hold chairmanship and majority shareholder of Pixar, member
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of The Walt Disney Group and founder, chairman and CEO of NeXt. Steve Jobs was born on
February 1955 and and completed his journey of life in October, 2011.
Characteristics:
Believe- Zuckerberg truly believe in whatever he do, which encourages him and
increases his level of passion and confidence, whereas Steve has believe in his product as
well as quality he is serving. The normal businessman do not believe in their product or
processes until they get succeeded.
Criticism: Steve and Zuckerberg both always prepared to take criticism and accept them
openly to differentiate themselves from competitors and improve customer satisfaction.
Other business managers do not accept criticism openly.
Dream big: Mark and Steve always have bigger and beyond the reality vision, and plan
to fulfil them even after facing so many complications and errors. Business managers do
not dream for the organisation they only contribute in its success. Entrepreneur or CEO
dream for the entire organisation's success(Hitt and Duane Ireland, 2017) .
Risk taking: Zuckerberg always welcome risk as without taking risk he can not achieve
his goals successfully. Steve Jobs was too risk taking, as he trusted his judgement and
understood what people needed from his company. Entrepreneur stand differentiated due
to this as business man generally do not take risk and avoid them.
Mission- Zuckerberg and Steve both have clear mission and vision beyond it to attain
success for their objectives and goals. The mission of an organisation is set by CEO and
to achieve that mission managers perform their role.
Traits:
Passion to make ideas a reality- Mark and Steve have zeal to change their ideas into
reality in any manner. They work for it until get succeeded in their passion. Entrepreneurs
struggles to change their dream into reality where managers only participate in generating
work from others.
Higher purpose of business- Zuckerberg and Jobs business purpose was not to make their
profit grow, Mark's only purpose and vision was to make a more connected and open
world, where Steve want delight their customers with best quality of services. With
regards to this businessman have only purpose is to increase their profit and market share.
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Have believe in product and team members- Mark and Steve believe that a great team is
all a organisation need to be successful. They were known to the fact that a single person
can not build a great company all by himself. Thus to run a successful business it is
important to build right relations with people or member of organisation (Bruton,
Ahlstrom and Li, 2010) .
Being aggressive but encouraging leader- Both entrepreneur acts aggressive when they do
not get results on time, as well he demands constant innovation and growth. However
they always pushes people and provide them a better atmosphere in office to think wider.
Businessman are not encouraging they only demand their employees to work harder.
Feedback approach is taken- Zuckerberg and Steve always been adaptable and listen as
well as follow their users feedback to make necessary improvements and increase their
satisfaction with services provided by business. Entrepreneur take feedback from their
customers as well as employees also whereas the businessman do not take feedback so
openly.
Skills;
Vision- Mark and Steve, being a successful entrepreneur always have clear and wider
vision towards their objectives. Businessman have specific and pre decided vision for their
organisation whereas entrepreneurs have long term vision for the company.
Critical thinking- These entrepreneur are great innovators as well as their level of critical
thinking during routine and bad situations is appreciative. Generally managers are not critical
thinkers and challenge acceptors (Jones, Coviello and Tang, 2011).
Effective communication- To stand as a successful entrepreneur it is important to have
great interpersonal or effective communication skills to encourage their followers and
employees. The managers only assign work to their employees and demand for the results.
Problem solving- Mark and Steve are good at solving problem due to their open mind set,
passion to achieve success and risk taking behaviour. The managers are not so problem solving
for their organisation. They believe in avoiding problems.
P6. Aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset.
Entrepreneurial personality carries wider vision, decision-making, and risk taking traits to
run their own business rather than working in organisation under other's ownership. These
entrepreneurial personality influences and encourages innovative mindsets and persons who want
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to set up their own business. The successful entrepreneur helps in motivating the innovative and
new entrepreneur by their personalities in many ways as follows:
The entrepreneurial personalities gives a message to new entrepreneur for making a
difference in the world. These personalities shows that uniqueness and innovation helps a
entrepreneur to stand differentiated from its competitors and serve their customers more
efficiently.
The successful entrepreneurial personalities motivates the innovative minds by giving
them a vision of making meaning and not making money by their business (Oosterbeek, Van
Praag and Ijsselstein, 2010) .
To dream big and believe in personal ideas and planning encourages the entrepreneurial
minds with a fact that do live at its extent before life ends. The entrepreneurs must aim to fulfil
their dreams to run a successful business with innovative ideas and tactics.
The entrepreneurs encourages to follow dreams with passion and zeal until it is not
achieved, and even if it gives failures and disappointments don't let it distract or break
entrepreneurial vision an individual carries.
The successful entrepreneurial personalities depicts that never feel sorry for your own
when it comes to failure. They believe in learning from their failures to become victorious.
The entrepreneurs with the abilities to take their critics or feedbacks positively and
manage to work on them is the key to become a successful entrepreneur. Due to this they also
serve their customers in more efficient way and improves their satisfaction level.
Having outstanding interpersonal and communication skills also help in motivation of
new entrepreneurs as well as the existing employees and customer of company. Thus the great
entrepreneurs motivate new entrepreneurs to work on their communication skills to become
advantageous (Schaltegger and Wagner, 2011).
P7. Background and experience can hinder or foster entrepreneurship
Simon Cowell is famous English television personality and great entrepreneur. He is
popularly known as judge on various talents shows on American and English channels. Being a
entrepreneur he is a founder of the television and music production house, Syco which is highly
successful in the UK and US. Simon was positively influenced by his mother's background, she
was a singer due to which he highly respect those who are highly talented. Whereas, family
background also influences negatively for example a gangster will influence their children to
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follow them. Even if the parents don't want their children to go in the same field but for the
children it will be a source to help their parents (Santos, 2012) .
Walt Disney, a famous cartoonist and successful entrepreneur in animation industry was
positively affected by his many failures and accepted them as challenge for him. These failure
experiences of Walt Disney made him more determined and guided him to gain success in his
dreams. On the other hand, if any entrepreneur face a failure or get unsuccessful may become
disappointed and leave that task or field. This may happen due to demotivation and low risk
taking traits in them which may lead them to leave entrepreneurial ideas.
CONCLUSION
From the above report, it is concluded that different entrepreneurs contributes great in
motivating small business ventures and individuals with innovative mindset and thinking. Along
with this, various types of entrepreneurial ventures and their relationship with entrepreneurship is
also analyzed. However this project mainly focused on the impact of micro and small businesses
on the economy. Furthermore, report also have some practical example of successful
entrepreneurs and their roles in different situations.
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REFERENCES
Books and Journals
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial Times
Prentice Hall.
Morris, M.H., Kuratko, D.F. and Covin, J.G., 2010. Corporate entrepreneurship & innovation.
Cengage Learning.
Austin, J., Stevenson, H. and Wei-Skillern, J., 2012. Social and commercial entrepreneurship:
same, different, or both?. Revista de Administração, 47(3), pp.370-384.
Audretsch, D.B. and Keilbach, M., 2010. Entrepreneurship and growth. In Knowledge Intensive
Entrepreneurship and Innovation Systems (pp. 309-320). Routledge.
Carland, J.W., Hoy, F., Boulton, W.R. and Carland, J.A.C., 2007. Differentiating entrepreneurs
from small business owners: A conceptualization. In Entrepreneurship (pp. 73-81).
Springer, Berlin, Heidelberg.
Busenitz, L.W. and Barney, J.B., 1997. Differences between entrepreneurs and managers in large
organizations: Biases and heuristics in strategic decision-making. Journal of business
venturing, 12(1), pp.9-30.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Bruton, G.D., Ahlstrom, D. and Li, H.L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?.Entrepreneurship theory and
practice, 34(3), pp.421-440.
Jones, M.V., Coviello, N. and Tang, Y.K., 2011. International entrepreneurship research (1989–
2009): a domain ontology and thematic analysis. Journal of business venturing, 26(6),
pp.632-659.
Oosterbeek, H., Van Praag, M. and Ijsselstein, A., 2010. The impact of entrepreneurship
education on entrepreneurship skills and motivation. European economic review, 54(3),
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Santos, F.M., 2012. A positive theory of social entrepreneurship. Journal of business ethics,
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Schaltegger, S. and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment, 20(4),
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