Entrepreneurial Traits: The Key to Success
Added on 2019-12-18
12 Pages6064 Words152 Views
Entrepreneurship
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ENTREPRENEURSHIP
Table of ContentsENTREPRENEURSHIP............................................................................................................................1INTRODUCTION.....................................................................................................................................3TASK1........................................................................................................................................................3P1)Entrepreneurial ventures and typology of entrepreneurship.......................................................3P2) Differences and similarities between entrepreneurial ventures..................................................4TASK2........................................................................................................................................................5P3) How micro and small businesses has its impact upon economy?..............................................5P4)Importance of the micro and small businesses in the growth of the social economy after Brexit.7TASK3........................................................................................................................................................7P5) Traits and characteristics of two entrepreneurs which differentiate them from other business managers...........................................................................................................................................7P6) How entrepreneurial personality reflect entrepreneurial motivation and mindset.....................8TASK4........................................................................................................................................................9P7) Background and experience hinder and foster entrepreneurship..............................................9CONCLUSION .........................................................................................................................................9REFERENCES.........................................................................................................................................11
INTRODUCTIONEntrepreneurship is the act where the business are run in an innovative manner and has high riskbearing nature. It is the ability of the individual to develop, organise and handle all the related aspect ofthe 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.TASK1P1)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 availingadvises 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 follows1.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 peopleof the society come to know about them. The business plan that they introduces is so innovativethat 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 welfareof 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 theconfidence 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 venturesSimilarities Differences Lifestyle venture and serial entrepreneurial venturesThese 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 startstheir business by debt financing and try to sustain in the market. Whereas serial entrepreneurial ventures the business are expanded in very frequent manner.
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