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P5. Characteristics, traits and skills of two successful entrepreneurs

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Added on  2021-01-02

P5. Characteristics, traits and skills of two successful entrepreneurs

   Added on 2021-01-02

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ENTREPRENEURSHIP
P5. Characteristics, traits and skills of two successful entrepreneurs_1
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Types of Entrepreneurial Ventures and their relation to typology of Entrepreneurship........1P2 Similarities and Differences between entrepreneurial ventures.............................................3P3. Impact of micro and small businesses on the economy.......................................................5P4. Significance of small businesses are for the growth of the social economy after ‘Brexit’...7P5. Characteristics, traits and skills of two successful entrepreneurs.......................................10P6. Aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset....12P7. Background and experience can hinder or foster entrepreneurship....................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
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INTRODUCTIONEntrepreneurship is all about starting a new venture in order to earn greater profits butsome risks are also associated with this adventure. People who starts this are calledentrepreneurs. Actually, an entrepreneur is someone who is able to take risks and that ability isknown as entrepreneurship (Drucker, 2014). This report is all about entrepreneurship in which itdescribes different types of entrepreneurial ventures and their relations with typology ofentrepreneurship. Later on, this speeds discussion towards similarities and differences betweenabove research conducted. This tells that there are 4 types of entrepreneurship and theirrelationship can be related to typologies. Further more, report throws light on impact of smallbusinesses on growth of economy after Brexit. Moving forward, examples are given to show thathow this conducted research can add or reduce to economic growth. Skills of successfulentrepreneurs are also explained on the basis of which it can be extracted that how smallbusinesses can affect to macro and micro economy. P1 Types of Entrepreneurial Ventures and their relation to typology of EntrepreneurshipEntrepreneur: Entrepreneur is a person who undertakes entrepreneurship and is able totake risks associated with it. An Entrepreneur can be defined as an individual who is aninnovator, a source of new and good ideas, which can be proved as asset in future. Entrepreneurship: Entrepreneurship is process of setting business and undertakingfinancial risks in order to earn profit. It is study of both, how new business are created and howthey are started in actual forms. Types of Entrepreneurship: There are 4 types of Entrepreneurship. These are:Small Business Entrepreneurship: Small business entrepreneurship are those whichstarts with very low budget and hence low profit margin. These business ventures mostlyincludes hairdressers, grocery stores, plumbers, electricians, etc. In UK, there are number ofsmall businesses and start ups. There are so many small businesses in UK. Small venturesbelieves 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 highinvestments by financial investors. Scalable entrepreneurs always hires best and brightest. They1
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want that their business should grow at a rapid pace, hence their main job is to search repeatableand scalable business models. Large Company Entrepreneurship: These companies grow on a high scale with newproducts and innovations because changes in tastes and preferences of customers can occur atanytime and this increases pressures over them. Large companies always offers new products tocustomers with higher innovations that differ from core products which will help to attract largenumber of customers Social Entrepreneurship: These types of businesses always make products that can meetsocial needs and demands. Main motive of Social Entrepreneurs is to give society something inreturn because they believe that organizations exist in society itself and companies should givesociety in return. They can be profit, non-profit or hybrid. These above are 4 types of Entrepreneurship which have different levels of profit marginswith 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 feministvalues and approaches and their goals are to develop and improve quality of life of girls andwomen. Mostly women owned businesses are in retail, wholesale and manufacturing. Since theyuse feminist practices in their businesses, they also acts as social entrepreneurs because femalesalways 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 andstarts new business. Process is, they innovate ideas, start business with routine and keeps onplaying important role in organizations. If they find one more new idea then give responsibilityto another person and move on to new idea with new venture.Lifestyle Entrepreneur: These type of entrepreneurs starts ventures in order to increasetheir personal lifestyle because their main motive is not to making only profits. This is all aboutto 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 sucha way so that society can gain something more than money, in return. Businesses while having2
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