Entrepreneurial Traits: The Key to Success

This report study highlights the importance of experiences in shaping an individual's reaction to situations, whether positive or negative. It is believed that individuals who have faced difficult situations in their lives are more likely to react positively if they possess the ability to adapt to change. This learning can help one become an entrepreneur as well. Additionally, the report emphasizes the need for entrepreneurs to develop certain skills and traits, such as risk-taking and innovation, in order to be successful. It also discusses the importance of small and micro-level businesses and their impact on the economy.

ENTREPRENEURSHIP

Table of Contents
ENTREPRENEURSHIP............................................................................................................................1
INTRODUCTION.....................................................................................................................................3
TASK1........................................................................................................................................................3
P1)Entrepreneurial ventures and typology of entrepreneurship.......................................................3
P2) Differences and similarities between entrepreneurial ventures..................................................4
TASK2........................................................................................................................................................5
P3) How micro and small businesses has its impact upon economy?..............................................5
P4)Importance of the micro and small businesses in the growth of the social economy after Brexit. 7
TASK3........................................................................................................................................................7
P5) Traits and characteristics of two entrepreneurs which differentiate them from other business
managers...........................................................................................................................................7
P6) How entrepreneurial personality reflect entrepreneurial motivation and mindset.....................8
TASK4........................................................................................................................................................9
P7) Background and experience hinder and foster entrepreneurship..............................................9
CONCLUSION .........................................................................................................................................9
REFERENCES.........................................................................................................................................11

INTRODUCTION
Entrepreneurship is the act where the business are run in an innovative manner and has high risk
bearing nature. It is the ability of the individual to develop, organise and handle all the related aspect of
the business with the expectation of profit generation and presence of the risk factor.
In this report study we will discuss about the two very renowned personality of the world who
has set standard for all the upcoming entrepreneurs. The objective of this study is to understand the
traits and the characteristics of the entrepreneurs (Hall, Daneke and Lenox., 2010). The role of them as
to run the business.
TASK1
P1)Entrepreneurial ventures and typology of entrepreneurship.
Entrepreneur are the people who starts their businesses with new ideas and innovative
techniques where risk factors are very high and resources used by them are comparatively low.
Basically enterprise are those organisations which are owned by entrepreneurs, it focuses upon availing
advises to in an effective manner which will assist them to survive and sustain in the competitive
market scenario. There are many types of the entrepreneurial ventures which is operating in the
current scenario. The person who carry out the business with new and innovative ideas and bear risk to
earn good returns as a long term objective is called as entrepreneur. They are as follows
1. Small entrepreneurial venture- In this type of entrepreneurial venture the person carries out the
small business. The main objective is to attain the profit that can fulfil the basic needs of the
family. The operations are done at very small level and is at small place or next to the door. The
businessman only wants the family and the relatives to get satisfied and the basic requirements
are accomplished. The business like plumbers, electrician etc are some of the example of this
type of venture.
2. Large entrepreneurial venture- These type of ventures are run for the long term objective. The
entrepreneur here focuses on the maximisation of the profits and the high level of the customer
satisfaction. The products and the services are to be offer to the consumers of the life time
purposes. The offerings done by the firm is in very attractive manner to that the customers
willingly come for the products and the services of these kind of ventures. The quality is
extremely well. The customers get satisfied by the services provided by them. These enterprise
helps in long term success and wealth in effective way.
3. Scalabe Entrepreneurial venture- Here the entrepreneurs want to get popular in the competitive
market. As they enter into the environment of working the become so famous that all the people
of the society come to know about them. The business plan that they introduces is so innovative
that the investors get attracted towards the plan and investing is done in a frequent manner. The
products and the services that they provide are so innovative and creative. This strategy of the
business people attract the customers as well as the influence of the quality is very appropriate.
4. Social entrepreneurial ventures- These type of the venture are very much focused on the welfare
of the society. Hence the products and the services provided by them are very very qualitative
and are supportive to the social needs (Barringer., 2012.). The social issues and the problems
are their main concern.
Typologies
 Serial entrepreneur- A serial entrepreneur person as somebody who begins and leads one
business after another or, various organizations in the meantime. This is against a business
person who begins a solitary business and runs the everyday operations of that business till

retirement and solvency.
 Social entrepreneur- This is a person who mainly focuses upon solving and aiding with many
problems of faced by people of the society.
 Female entrepreneur- A lady who is leading a business activity with innovative thoughts and
ideas and is ready to adapt every changes and to bear risk is said to be as female entrepreneurs.
There are many entrepreneurs who are very effectively performing the operations and functions in the
market and also they are contributing their skills and knowledge for the nation's development.
1. Determined entrepreneurs- These are the entrepreneurs who are very egoistic they never copy
anything like ideas, plans or the business strategies. They want everything to be new and
innovative. They do all the efforts to accomplish the objective of the business and to attain the
maximised wealth. They are very much determined towards what ever the work they are doing.
It is very difficult to carry out a business and to make successful but these entrepreneur have the
confidence to make the ideas convert into reality.
2. Accomplished entrepreneurs- these entrepreneurs do all the possible efforts and faces all the
difficulties to carry out the business in an effective manner. They very well know about the
techniques and the strategies which will hep them to satisfy the customers and to attract them
towards the products and the services of the firm. They do planning to retain the existing
customers and they always get connected to them at every way.
3. Skeptical entrepreneurs- These are the people who thinks that the business success can be attain
by lucky charms or the stars that make the luck shine one day. They use to do lots of
questioning, they just believe in the luck. The truth is not what actually they think because
success is something that can be achieved only by the efforts and the hard work (Welter., 2011).
Until and unless one does not try to put efforts to attain something nothing will help to get that
to them. These are a kind of entrepreneurs who are very much curious about knowing all those
factors through which others got success. They use to question others that what all things were
performed which made you success, these are an example of their questions that they use to ask
from successful people. They believes that when their all stars are favourable then only success
can be attained. So they are different thinkers, these people use to give lots of excuses so that
tasks can be delayed till their stars falls for them. They are a kind of superstitious, they believes
on their luck factor.
4. Research entrepreneurs- these are the people who do in depth study to reach the objective of
the firm. The people here likes to learn new things and try to implement them into the business
practices. They think that to attain the goals the crux study of the problem has to be done.
P2) Differences and similarities between entrepreneurial ventures.
Types of ventures Similarities Differences
Lifestyle venture and serial
entrepreneurial ventures
These two venture are very
innovative in their ideas and are
implementing them in a creative
manner.
These ventures always follows
their own opinion rather asking
for suggestions from others.
Their aims and objectives are
very well defined and they just
follow that path to attain
standards. They are not
Lifestyle companies mostly starts
their business by debt financing
and try to sustain in the market.
Whereas serial entrepreneurial
ventures the business are
expanded in very frequent
manner.

followers, they are initiators.
Female and male Entrepreneurial Both are concern about business
expansions and development of
its business in the competitive
market.
Male entrepreneurs mostly
focuses upon earning profit and
to compete in aggressive manner
but female entrepreneurial
ventures mainly take their
decisions mentally more
emotionally. They are not much
aggressive compared to men.
Types of ventures Similarities Differences
Small and social entrepreneurial The people of both the arena is
focusing to fulfil the basic needs.
They are very much dedicated
towards their objectives and
want to satisfy the needs of the
family and the community. The
earnings are mostly done on
daily or weekly basis.
They both works in very
different manner. The
environmental and the premises
of the business structure is very
different from each other. The
products and the services that
offered by the small business
ventures are for the daily use
where as the social entrepreneurs
focuses on the welfare of the
society rather than the family and
wish to fulfil the needs and the
wants of the society. The
products are related to the
community's requirements. They
concerns about the costumers a
lot.
Large and scalable entrepreneurs They are similar in terms of their
objectives as they establishes
their business to run for long
term they both wants to make an
image in the minds of the people
of the society. By providing the
services and products in best
qualitative way they pertain their
existence in the market.
The difference between both the
entrepreneurial venture are that
one want to survive for long term
where as the other want to create
such products and the services
which are very unique and
innovative (Herrington and et.al.,
2010). The business in scalable
stay for long but the products
and services gets change timely
so that the survival of the firm
can be carried out.

TASK2
P3) How micro and small businesses has its impact upon economy?
Business are the entity which are involved in transactions of good and services in terms of
money. There are different types of businesses that are functioned in the market, they all have their own
objectives and goals and they are having different strategies and techniques to carry out its operations
and functions. They all are different from each other as they having different types paper works and
they need to register it with several documentation methods. They are as follow-
 Sole proprietorship- This is the business that are owned and functioned by an individual person.
Profits and losses are liable by that person only. Basically there is no distinctions between
organisation and owner and also liabilities are unlimited.
 Partnership- This is the business where number of the owners are more that one. Many types of
partners are there active partners, sleeping partners, nominal partners etc. they also has
unlimited liabilities, they usually shares advantages of responsibilities.
 Limited company- Private and public are included in limited organisations. They normally do
not trade on stock exchanges. These are registered at companies house and the ownership are
equally shared.
Small business are made when the employees working there are of 50 in number and revenue is
also less that 5.6 million euro.
Medium business can be established when number of employees lies between 50-250 and revenue
must be greater that 5.6 million euro and less that 22.8 million euros.
Demand and supply, currency, exchanges rates and GDP are the four major economical elements which
has its impact upon the small and medium enterprises as the demand and supply fluctuates it directly
affect the activities and operations of the businesses. Also when several times the rates of currency get
changes which has the connection with the company's operations and activities as because currency of
the basic element of the economy. Thus these elements are very much interconnected with each other
any of the element fluctuates the entire operations get affected of small and medium enterprises.
Micro and small business is the most important for the economy of the nation as because the operations
done by them in the society some or the other way helps to grow the reliant factor of the nation. As the
research it is analysed that the nation who wants to grow in the competitive internation market then
they should promote the micro and small business. It help in an effective manner in the attainment of
the growth of the country. The government of the nation has to influence and motivate entrepreneurs to
establish the micro and small businesses (Kirzner., 2015). With this the economic condition of the
country get enhancement and will able to compete in the international market. It will also help in the
critical situations as well.
The opportunities also get increased by the introduction of the small and the micro enterprises
in the market. Those who does not have any source to earn can get the employment opportunity. With
this the people of the nation will get income and they will have a good standard of living, which will
directly influence in the economy in an effective way. They people of the nation can stay back instead
of moving out of the country for job opportunities. An the source of the income also stay in the ratio
that include in the GDP.
The people who wants to start up with the micro or small businesses then the government of the
country also have to support them in every aspects. This will motivate them to perform effectively so
that the profit and the sustainability gets increased. Financial support is very important thin g that one
should get if he is going to start something that can enhance the condition of the country like small and
micro organisations. The government can also help them by providing the resources that is needed to
start the business. The people have to do certain planing and have to make strategies so that they can

establish the business in an effective manner and can be able to attain the objectives of the organisation
as well as the nation's. The entrepreneurs should take guidance of the all the experts and the advisor so
that they can perform the activities of the business appropriately. As to start a small and medium size
business many aspect is very important as to do a proper start. Numerous resources land, machinery,
man power, financial factors all are very essential that has to be managed by entrepreneurs. It become
very necessary for them to organise each and every thing so a proper guidance and support is must as.
There are many experts present in market who act as a consultant, they provide aid for the company
who are in need of and also many times they avail financial help to firms with their connection and link
with the financial institutions. Government is also very influentially promoting them as because they
know at time of Brexit situation actually takes place then these small and medium enterprise will be a
supporting system for them..They should also follow the great people's ideas and thoughts and have to
analyse how they got success with this they can get help in enhancing their own plans, strategies and
skills.
The contribution of the small and micro businesses are a lot in the economic growth of the
nation, the effectiveness of the operations can attain only by the hard work and the efforts. If the small
and micro businesses are supported by the government as well as the society then definitely the
services and the products of the firm will be offered in much better qualities. As the variety of the
business of same sector get introduced in the market then for sue the competition get arise and in
competing the entrepreneurs will offer the best quality of the products and services which will attract
the customers and will influence the buying behaviour of them (Drucker., 2014). As the buying activity
increases the income source of the nation government also increase, and with this the growth of the
nation can be done effectively. It is chain that has to be fulfilled by every link who is connected with
unit.
P4)Importance of the micro and small businesses in the growth of the social economy after Brexit.
Brexit is the term used for the act that is has taken place between two countries- British and
Europe. This act defines the nation British got separated from Europe, and all the trade that is carried
out by UK has been withdrawn by it. Before this action got place both the nations were doing the
trading and businesses together but due to some problem that took place between both has affected the
relation and this situation happened. This internal war has spoiled a lot of thing and both the nations
separated their businesses form each other's country. The share and the market condition of the both got
hamper very badly as because this was a big deal that had happened between them. Brexit action is still
in process so it is a great opportunity for UK nation that to develop the areas of small and medium size
businesses as it has been predicted that by 2020 Britain will probably get separated form Europe at that
time situation will not be in nation's favour as the entire economic factor will get change. This will
affect everyone people- organisation- country. A drastic change will occur that has to be balanced that
could be attained with the help of these businesses as they are not much depended upon others in
importing and exporting activities. This has also affected the economy they both have to do a start
from the crux then only they can be able to manage and make it reach more than it was at the time of
this Brexit act.
Brexit has many drawbacks for both the countries as their whole business structure has changed and
they both have to re start every transactions so that they can meet up with their economies. The
economy of the nations also get down in very affective manner and the people were suffering very
badly.
Small business- The products and the services that offered by the small business ventures are for the
daily use.
Start ups- These are the organisations which is emerged newly in the market and are focusing in

growing fast in the market.
The firms and the nation have to work together to cop up with the challenges that had arise in
front of them. They have to work so hard to maintain the standards and to meet the objectives of the
nation and the businesses. In this crucial situation small businesses and micro enterprises were the
factors that played an important role in the upliftment of the nation's social economical aspects. That
time the introduction of the micro and the small businesses were in the boom situation hence it has
helped the nation to get stable and to improve the severe condition of the nation. The problem that
small business face is the financial as well as the nation's support (Schaltegger and Wagner., 2011). UK
is in a situation of Brexit where big decisions has to be made by several enterprises so that adverse
effect of this act can be prevented, as at present the stability of nation is been fluctuated therefore it is
very necessary for the government to support more to these sme's. All the related problems regarding
management and responsibilities has to be guided by government of the nation. So that activities and
operations can be performed properly and most important thing they can be able to make this sector
strong and reliant so at time of crises it can be able to get sustainable growth and and develop at worse
conditions as well. The small business was not that much capable to carry out in effective manner
without the guidance of the advisors of the market who were suffering badly by the acts. It is very
necessary to get help and motivation to carry out any of the work.
The small enterprises were not having the financial support as required but they had the courage
to face all the challenges and was able to perform the activities in the most effective manner. The only
situation were the firm was lacking behind the motivational as well as the financial and other required
resources, if all the things were acquired by them then they can operate all the functions appropriately.
With the nation's support the number of small and micro business can be increased and the growth
opportunity can be developed in the community and the society. The scope of the enhancement of the
nation's condition can be availed by the small business enterprises therefore this sectors have to be
motivated and the government of the nation have to provide all the things that will help the firm to
perform in a better way as well as it's functioning will lead to the growth of the country's economy.
TASK3
P5) Traits and characteristics of two entrepreneurs which differentiate them from other business
managers.
There is not much difference between entrepreneur and the business managers the only
difference which lies in between them is the unique quality and the ability of risk bearing that an
entrepreneurs have business managers don't. Entrepreneurs are the one who have the ability to create
things in an innovative and creative manner and they take risk very high. They believe that taking high
risk will lead in the higher returns at the end. They have in themselves it may called as the gift of god
or can say the efforts and the hard work that make the person an entrepreneur.
The two very famous personalities of the world all the time are Mark Zuckerberg and Bill
Gates. These two people are very well known by the world as they have achieved great things till now.
The way they had worked and struggled for their achievements are unique and different. This is the
reason they are what they are. They have created the history in the era of innovation (Hockerts and
Wüstenhagen., 2010). The great personalities have the skills and the traits which made them an
entrepreneurs. Their efforts for attainment of the goals has made them different from all the other
business managers. There are some characteristics that make them different entity by others are as
follows-
Traits and skills of Mark Zuckerberg and Bill Gates
1. Motivated- These were the people who very well knows what all were the objectives that they
need to attain, therefore they by themselves get motivated as because there was no one to guide

and motivate them. They were so much dedicated for their goals that the motivational factors
automatically gets influenced by themselves. We can say that the talent they had was within
them by birth itself. They never tried or even thought of quitting the task on the way, they
always completed the work. Their hard work can be seen by the success they have achieved.
The motivation aspect was very much common in both the entrepreneurs as they are very
dedicated and has an objective to get success in their lives. They always liked to accept what
ever challenges come across, they never took their steps back. At times of big problems also
they use to be standing for it and facing them as a learning experience. They never quiet when
they didn't able to reach their aims, they always tried harder and the result is what they are now,
well recognised personnel.
2. Passionate- Mark Zuckerberg and Bill Gates always wished to do what so ever the work is in an
effective and in passionate manner. They were too much dedicated towards the work or the task
that has been allotted to them (Agarwal, Audretsch and Sarkar., 2010). Mark Zuckerberg had a
dream to innovate something which always make him connect with people and he wanted that
the whole world should always be in touch no matter where they resides, may be in same city,
state country or may be across the boundaries. Bill Gates was a unique entity as he used to wake
in the night to fulfil his dream. He never thought the work given to him is useful or not is it his
standard work or not, what ever work is been given to him he used to do it with full passion and
dedication.
3. Grounded- Both of them were grounded people, they use to respect each and every people of
the work place as well as the surrounding. They are the well renowned personalities still their
behaviour was very down to earth, they never pretended as they are the achievers the positive
action make them an entrepreneur. They never treated any worker of the firm as they are
nothing in front of them.
P6) How entrepreneurial personality reflect entrepreneurial motivation and mindset
Bill Gates and Mark Zuckerberg are the entrepreneurs who has done great innovation that has
change the condition and the situations of the market. In their motivation and mind set there are many
such factors that have influenced them. Some factors are like the family, culture, lifestyle and the
society. These factors can help anyone to become an entrepreneur. Those who get influenced by these
factors definitely can be able to attain the things that he or she want to. The factors that influence once
motivation and mindset are as follows-
1. Social factors- The most important factor that can affect positively or negatively is the social
factor. There are many people who faces the situation in a very bad or negative way but there
are many such people too who like to face the problems as challenges, those who quit the
situation with the fear of loosing and the comments that the society will speak make them
demotivated can never be able to attain the success (Von Graevenitz, Harhoff and Weber.,
2010). The people who take the hurdles in positive way and try to come out from the adverse
situation they are the ultimate entrepreneurs. The cited people in the report are those who took
the challenges of the society and presented themselves as a warrior and stood till they achieved
success.
2. Family background- This is also one of the factor that influence the motivation of and
individual. The support and the guidance of the family is very must for a person to attain his/her
objectives and goals.
The big five traits are used in the current scenario as to understand the personality psychology of an
entrepreneur, it basically has five dimensions such as-
 O(Openness)- It is the quality that defines how an individual is open and accepting the several
aspects of his/ her surrounding within an organisation. It is the originality of one person that

how frequent manner person are accepting the experiences and challenges. It reflect creativity,
preferences and curiosity that an individual pertains.
 Conscientiousness- It define the personality of a person how he/ she is dependable and
disciplined.
 Extraversion- This personality of a person tells how much attention is seek by him/ her in a
particular place. And also those who are introvert not much open to all. This is a type of
personality, who always try to interact and make bonds with all. They are those who are
impatient, they want to gather informations and knowledge from all. They like to get connected
with others as they can not keep themselves alone and want anyone's company to be with them.
 Agreeableness- This type of person is very much negotiated with all and are very cooperative.
They can be trusted and they are helpful in nature.
 Neuroticism- These people mostly experiences unpleasant feelings and emotions this dimension
of a person basically focus to the emotional stability.
All these are the factors that can be a element which will motivate a person and mindset of a person can
be analysed through this.
TASK4
P7) Background and experience hinder and foster entrepreneurship.
Background and experiences definitely plays and important role in the life of every individual.
The person who wants to become an entrepreneur can't get anything as it is an easy thing to achieve.
There are many things that influence a person to move towards the path of innovation and risk bearing.
Entrepreneurs are the one who with out thinking the negative aspects of the operations do many
innovative and creative things with the presence of the high risk factors (Drucker., 2014). The people
take high risk as to attain higher profit and to sustain long in the competitive market. They plan every
criteria and implement it in an effective manner so that the performances can be done in appropriate
manner.
Background is something that plays the most important role in the life of the individual. What ever the
person does and perform are the result of the upbringing by the family. The way the parent's support
and guidance help the person to take many decision in the life similarly the hindering part of an
entrepreneurs ids the family background. The skills and the traits and the way one behaves are the
outcomes that the family value and culture taught him. To become an entrepreneur the family
background is the influencer and the supportive factor for many of the great people. A background is an
aspect which is very important for a person to become an individual personality. For instance education
is a part of value and culture that are imparted by family background through this an person can be able
to get several principles of life and can incorporate them in every actions. Etiquettes are also an
important element that is availed to a child from their parents and members of family, social network
also plays a factor which hinder a person life to be a great personality. All these comes under
background and this helps in becoming a layman to an entrepreneur.
Experiences are the factors which help a person to react upon the situation in positive or
negative manner. The person who had a very difficult situation in his life ever will definitely react may
be in negative if the person is not have the nature of adapting things, but if the the person has the ability
to adapt the things and the changes for sure will react in a positive manner to any of the situation. This
is the learning that one get form his past experiences (Kirzner., 2015). It may help the person to become
an entrepreneur as well.

CONCLUSION
In this report study it is been concluded that every individual can not be an entrepreneur until and
unless he won't do effort to attain the goals. The skills and traits are also a factor that one should
inculcate in him/herself so that the journey to become an entrepreneur can become easy and effective. It
is very necessary for the person who wants to establish small and micro level business that the quality
to get sustained in the market is very much required. The person have the traits of bearing the risk
factor and have innovative and creative thoughts and ideas can only become a successful businessman.
We have also studied the different types of entrepreneurial venture that are carrying out their business
in different manner from each other.
We have studied about the two very renowned personality of all the time, Mark Zuckerberg and
Bill Gates, their individuality is what make them the great entrepreneurs. The background and
experiences that influenced the motivation the entrepreneurs has also been conclude in the report study.
The impact as well ad the importance of small and micro level business has been carried out. The social
economic influence by the small and micro business are covered and the supportive system and the
motivation level should be provided to the businesses has been learned.

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Entrepreneurship. 2017. [online]. Available through.
<http://www.businessdictionary.com/definition/entrepreneurship.html>. [Accessed on 23rd April2017].s