Entrepreneurship: Traits, Skills, Theories, and Importance

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Traits and Skills of an entrepreneur........................................................................................4
Theories of an entrepreneurship.............................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
APPENDIX......................................................................................................................................9

INTRODUCTION
Entrepreneurship is the ability to bring the skills to develop, organise and run the
business efficiently and manage the uncertainties comes in running the business. The significant
example of an entrepreneurship is the starting of any business either small or large scale
business. In the term of economics, entrepreneurship somehow connected with land, labour,
capital and natural resources with the help of these factors an entrepreneur can gen rate the profit
to run the business (Wartiovaara, Lahti and Wincent, 2019). The main topics covered in
assignment are theoretical knowledge of entrepreneurship, differentiate in between traits and
skills of an entrepreneur, theories related to the entrepreneur traits & skills and importance of
entrepreneurship and entrepreneur with relation to economy.
MAIN BODY
The entrepreneur defines the person who manage the task of the day to day work in the
business and have an ability to start, administrate and succeed in the start-up venture along with
all the risk factors. An entrepreneur can be from a small business to a multinational company. In
short any one who can run the businesses with taking all the risk factors and earn the profit than
that person may called the Entrepreneur. There are four different types of entrepreneurship
according to the type of the organisation and it includes small businesses which are entrepreneurs
who open the new and small stores like grocery, travel agent, consultant, hairdresser etc. all are
comes under the small business. For them the profit earning desired is just to feed their families
and live a normal life. The next type is Scalable Start-up Businesses, they are the person who
start-up their business by thinking out of the box, they know that they have the ability to change
the world. Another type is Large Businesses, these companies include high profits and pre-
defined life cycle structure (Parker, 2018). These includes MNC's also, companies sustain their
growth and profit by offering new products and innovation in their products. And the last one is
Social Entrepreneurship, they have their focus is on manufacturing products and giving services
which solve the social need and main motive is making products for the societies not for the
profit earning.
The organisation have employees that are having skills and they will be starting a new
venture can involve the failure in the starting, so an entrepreneur must have the ability to take a
risk. They should be highly innovative and have the ability to generate the new ideas to earn the