Characteristics of Entrepreneurs and Their Impact

This assignment delves into the world of entrepreneurship, examining the traits that distinguish successful businesspeople. It discusses various forms of businesses, including small, social, and scalable enterprises, and how they contribute to economic growth. The Big Five personality trait framework is also explored, highlighting its relevance in understanding entrepreneurial behavior. With a focus on Brazil's challenges and the importance of entrepreneurship education, this assignment provides valuable insights into the world of entrepreneurship.

Entrepreneurship
and
Small Business

INTRODUCTION
Entrepreneurship is considered as the procedures of designing, developing, introducing as
well as operating an enterprise. It is the activity of establishing a business and ready to bear the
financial risk for obtaining the profitability. The main aim of entrepreneurship is to acquire
competitive advantage (Scarborough, 2016). In this report, the chosen entrepreneurs are Bill
gates and Peter Jones who was the founder of Microsoft Corporation and UK Enterprise
Academy. This assignment covers several kinds of entrepreneurial business as well as their
relation with entrepreneurship typologies. The distinguish as well as sameness between
businessperson venture. Statistics to illustrate the effects of business in context of small as well
as micro upon economic system. The start-up as well as small enterprises significance towards
growth of societal economy. Successful entrepreneurs’ characteristics, traits and skills are
explained. Reflection of mind set as well as entrepreneurial motivation of business man
personality. Apart from this, applicable illustration that obstruct or adoptive businessmen are also
mentioned into this report.
TASK 1 & TASK 2
Covered in Booklet
TASK 3
P5.
There are several successful entrepreneurs who set an examples. All those has few
characteristics, traits and skills that can be obeyed by another (Volery and et.al., 2013). Peter
Jones as well as Bill gates are two business man who are successful in their life. . Bill gates is
founder of the Microsoft and Peter Jones is the British entrepreneur who was the founder of UK
Enterprise Academy. Both characteristics, traits and skills are mentioned below:
Characteristics Traits Skills
Bill Gates Result oriented – Bill
Gates is result oriented
person. He focusses on
outcome and achieving
results. Bill Gates put his
Team player – Bill gates
believe that successful
entrepreneur recognises
that other make you
stronger whether as a part
Problem solver – Bill Gates
is a problem solver, to be
successful it is important to
have skilled needed to
correct problem at right
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efforts and time needed to
accomplish task or goal.
On the other hand,
managers are seems as
task oriented who put
their efforts to completed
assign task.
of team effort or having
strong support. He is a
good team player as they
believe in team
management practices
and believe in
improvement by taking
feedbacks. Manager
believe in one-man
management style.
time as to deals with
mistake and failures.
Whereas manager is always
tries to avoid mistakes and
uncertainties.
Peter Jones Smart worker – Peter
Jones work in such a way
that his efforts and time
leads to great impact and
achievement of task in
less time. He works
smartly and does not
believe in showing off
what he has done. On the
other hand, manager is a
formal player who
believe in getting instant
results by implementing
strategic plans and
practices.
Passionate – Peter Jones
is very much passionate
about his work and enjoy
what he is doing. Passion
is a driving force of
innovation. Entrepreneur
must be passionate about
his work and believe in
potential for success.
Manager is also
passionate towards their
responsibilities but their
objectives always falls in
short term thinks.
Risk taker – Key skill
component of entrepreneur
is to be innovative.
Innovation consist of lots of
risk, peter Jones have
ability to take risk and see
it as stepping stone to
success. Manager is s risk
averse personality who play
securely to reduce risk from
the organisation.
All these the above mentioned characteristics, skills and traits of Bill gates and Peter
Jones differentiate them from the another business manager as they are smart worker, passionate,
risk taker, problem solver, team workers and so on. Whereas manager is more focused in
decision making, managing employees etc. hence this distinguish them from manager.
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P6.
The businessmen have various traits, characteristics as well as skills that assists them to
become successful into whole world. As there are different elements which will affect people
mind set as well as level of motivation (Loader, 2013). Both Bill gates as well as Peter Jones that
has some personality attribute that aids both to become successful. Moreover, there are various
framework which can be used through individuals for determining its personality traits. Big five
frameworks are used mostly for this. His five factors framework that are connected with assess
of 5 significant attributes of individuals’ personality. It is helpful to know, examine as well as
predict relationship between personality success and traits. This states several ways where it can
present that how individuals will respond into particular circumstances which are as follows:
 Openness to experience: This is associated with traits and characteristics that involve
various interest and ability for dealing with risk of using new thought in functional part.
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Illustration 1: Big five personality trait
(Source: Big five personality trait. 2019)

People which tend in scoring more on Openness were curious and exquisite in quality as
well as the one whose score is low into this are mostly resist to take challenges and
conservative. Hence, both entrepreneurs score is high on it as they have flexible nature.
This shows the motivation and mind set as they are very much capability to take risk.
 Conscientiousness: Here in an individual whose having high score in this traits are
usually accountable, disciplined as well as so on (Burton, Sørensen and Dobrev, 2016).
Whereas individuals those score are reduced into particular traits are mostly alternate.
both are irresponsible, do not follow any policies, rules etc. Thus, Bill gates and Peter
Jones scores are high as both of them are concentrated towards effective work ethics. As
they are well disciplined this shows their mind set and also allow them to keep motivated.
 Extroversion: It is significant for successful entrepreneur that it has to be extroversion so
that they can able to communicate effectively with other people. This will help individual
to know another people appropriately and influence them to do the work efficaciously.
Moreover, Bill gates and Peter Jones both have this trait that allow them to always be
optimistic, active and energetic. This shows the entrepreneurial motivation and mind set
as in this their activeness, positivity thinking are displays.
 Agreeableness: Individuals those who have effective personality trait are generally
trustworthy, kinds, do not hesitate and many more. Whereas those who are not good are
not trustworthy, always think negative etc. Therefore, Bill gates and Peter Jones both
score is high on this which make them successful not only in their business but also, in
the people mind. It shows the motivation and mind set of the entrepreneurs are
trustworthy, kinds.
 Neuroticism: People whose score is high on this personality trait are generally
experiences anger, depression where as people whose score is low on this are usually
affection, peaceful in their nature (Siqueira, Webb and Bruton, 2016). Hence, Bill gates
and Peter Jones both score are low in this traits which build them distinguish and
successful. This shows the entrepreneurs nature, affection and so on which motivate and
set their minds appropriately to do the things.
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TASK 4
P7.
The background as well as experiences can foster or hinder entrepreneurship. The
entrepreneurs Bill gates and Peter Jones background and experiences aids them to become
successful.
Peter Jones is considered as a British entrepreneur as well as businesses man, its interests
is in TV, media, mobile phones retail and property. He is the last staying investor on BBC two
television show Dragons Den. Moreover, it is the founder of UK's first Enterprise Academy.
Peter Jones was born in Berkshire, England within a family who was not financial well. His
father owned a small enterprise and from initiate age he was also interested to obeying his
footstep of father. He attended a private school, before joining college named as Desborough
which is an institution for secondary education. He completed his higher education from
Windsor boys school in which he interest was develop more into tennis and economics. He
became the coach of their own establishment after qualifying the Lawns Tennis association
examination. At the age 20, he founded business which made and sold computers. It was
successful for few times then he initiated a business of restaurant where only cocktail is served
but it also do not goes well. Them it has to sell his that at a loss. Having been drained from all his
wealth this hinder him. He started a firm named as Siemens Nixdorf where he climbed the
corporate ladder. This build confidence in him as due to various failure he loosed that. Moreover,
in year 2009 he initiated an Enterprise Academy to train the young students of UK to become
effective business man. As he faces many challenge from initial times only as his family is not
financial strong, his fails many times but never lose hope which foster him to become successful.
The entrepreneur who is the founder of Micro soft firm is named as Bill gates. Also, the
American magnate, author, investors etc. he has the battle with its self-assurance as its early
times, the non-achievement discourage him various multiplication but his self-confidence did not
lose as well as then ready for considering risk regularly as he become flourishing. It was
studying in Harvard business school and leave in between. At their schooling period, he was
facilitated a thought as the bill gates is the talented child and choose a profession like professor
and so on. It not only inspires him but also enable him to concentrate regarding future. Thereafter
his friends determinant bill gates in taking the subjects related to computer and then he thinks to
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make its career within particular field. (Lackéus and Williams Middleton, 2015). thereafter
performing with software company for 2 years that encourage them to become entrepreneur.
Then, he taken a risk for launching Microsoft but he his little bit nervous as company which
refers as an ideal was fail in their activities. He experiences that risk is everywhere but then also
does not build hurdles in future course of action and opportunities does not get missed. Rather
than it, he faced several questioning within their experience there after bill gates is now capable
to become successful in their recent and future.
CONCLUSION
As per the above mentioned assignment, it is summarised that business man is referring
as the one of the quality which aids individuals to develop and run their business in effective
way. Several forms of businesses like small, social, scalable and so on that are performing into
present market area. All those has several entrepreneurship typologies such as female, serial etc.
start-up and small enterprise are helps economic system in growing rapidly by contributing more
amount within national income of the country. Moreover, there are several entrepreneurs who
have eye catching skill, characteristics and traits which distinguish them from others manager
which are passionate, Team player, Problem solver, Risk taker etc. OCEAN model frameworks
are utilised to display encouragement as well as mid set of businessperson. Examples are given
in respect of business man which obstructs as well as foster them.
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REFERENCES
Books and journals
Lima, E. and et.al., 2015. Opportunities to improve entrepreneurship education: Contributions
considering Brazilian challenges. Journal of Small Business Management. 53(4).
pp.1033-1051.
Acs, Z. J. and et.al., 2016. National systems of entrepreneurship. Small Business Economics.
46(4). pp.527-535.
Puri, M. and Robinson, D. T., 2013. The economic psychology of entrepreneurship and family
business. Journal of Economics & Management Strategy. 22(2). pp.423-444.
Volery, T. and et.al., 2013. The impact of entrepreneurship education on human capital at upper‐
secondary level. Journal of Small Business Management. 51(3). pp.429-446.
Loader, K., 2013. Is public procurement a successful small business support policy? A review of
the evidence. Environment and Planning C: Government and Policy. 31(1). pp.39-55.
Burton, M. D., Sørensen, J.B. and Dobrev, S.D., 2016. A careers perspective on
entrepreneurship. Entrepreneurship Theory and Practice. 40(2). pp.237-247.
Siqueira, A. C. O., Webb, J. W. and Bruton, G. D., 2016. Informal entrepreneurship and industry
conditions. Entrepreneurship Theory and Practice. 40(1). pp.177-200.
Lackéus, M. and Williams Middleton, K., 2015. Venture creation programs: bridging
entrepreneurship education and technology transfer. Education+ training. 57(1). pp.48-
73.
Online
The Four Types of Entrepreneurship. 2019. [Online]. Available through:
<http://casnocha.com/2011/02/the-four-types-of-entrepreneurship.html>.
Impact of SMEs on growth of an economy.2018. [Online]. Available through:
<https://ec.europa.eu/growth/smes/business-friendly-environment/performance-
review_it>
Big five personality trait. 2019. [Online]. Available through:
<https://www.psychologistworld.com/personality/five-factor-model-big-five-
personality>
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