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Characteristics, traits and skills of successful entrepreneurs

   

Added on  2020-02-05

18 Pages4794 Words105 Views
Entrepreneurship and smallbusiness management
Characteristics, traits and skills of successful entrepreneurs_1
Table of Contents.........................................................................................................................................................1INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different types of entrepreneurial ventures and typology of entrepreneurship.....................3P2 Similarities and differences between entrepreneurial ventures.............................................4TASK 2............................................................................................................................................6P3 Small business impact the economy and data and statics for mini research.........................6P4 Importance of small business and Growth of social economy after Brexit...........................7TASK 3............................................................................................................................................8P5 Characteristics, traits and skills of two successful entrepreneur............................................8P6 Entrepreneurial personality and entrepreneurial motivations and mindset............................9P7 Background experience foster entrepreneurship..................................................................11CONCLUSION..............................................................................................................................12REFERENCE.................................................................................................................................13
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Illustration IndexIllustration 1: Impact on social economy after Brexit.....................................................................9INTRODUCTIONEntrepreneurship defined as the process of designing, introducing and running the newbusiness which is a typically a small business and start-up the small company and offering thenew product, services and process (Barringer, 2012). The people who starting the small newbusiness are known as the entrepreneurs. Entrepreneur defined as the the capacity of a personand his willingness to start, organise, manage and develop a new business venture with the riskin order to make profit. The entrepreneurship is focus on lunching or introducing the newbusinesses collectable to the risk involved in the introduction of the new business. When aentrepreneur starting a business then he have to face many problems like lunching of business,lack of funding and bad business decisions, economical changes, lake of market demand ansmany more. Entrepreneurship is expanded to inform an individual how identify the opportunitiesevaluate these opportunities and then decide to explore them to introducing his business inmarket. The entrepreneur use the opportunities to develop new product and services.TASK 1P1 Different types of entrepreneurial ventures and typology of entrepreneurshipEntrepreneurship defined as a process in which an individual starting or introducing thenew business. The person who starting his new business known as the entrepreneur. Before
Characteristics, traits and skills of successful entrepreneurs_3
starting the business he analyse the different opportunities. Theses opportunities helps his toevaluate the different related risk to his business and provide his a base for his business. Theentrepreneur analyse and evaluate these opportunities and implementing them in his business.The entrepreneur use these opportunities to develop the new products and services.There are four types of entrepreneurship which define the different small business theseare a follow:1.Small business entrepreneurship2.Scalable start up entrepreneurship3.Large company entrepreneurship4.Social entrepreneurshipSmall business entrepreneurship: Small business entrepreneurship defined as when aperson starting his business at small level (.Bosma and Levie, 2010). In small businessentrepreneurship it include the grocery stores, hairdressers, consultant, travel agent,internetcommerce store fronts, carpenters, plumbers, electrician etc. they start their business at their ownlevel. In their business they hire local employees or their family members. Most of theseentrepreneurs are hardly profitable (Brut, 2010). Their success is to feed their family and make aeffective and efficient profit which can help them to satisfy their needs and wants. Their mainaim is to earn that profit which can help them to satisfy their basic needs not take an bid industryand millions business. They can not provide the scale to attract the venture capital, they fundtheir business through their friends, family, and through small business funds.Scalable start up entrepreneurship: Like small business Scalable start up entrepreneurshipin which the inverters and venture inverters do their business. These entrepreneurs start theirbusiness and company knowing from the starting day that their vision could change the world.These entrepreneurs attract the investors to their business through equally crazy financialinvestors and venter apolitical. These entrepreneurs hire the best and brightest employees in theirbusiness. These entrepreneurs job is to search the best , repeatable and scalable business models. Large company entrepreneurship: the large company entrepreneurship have the limitedlife cycle. Most of the entrepreneurs of this entrepreneurship go through the sustaininginnovation, offering the new products that are different close to their midpoint of products. Whenthere is change in customers taste, new technologies, government, entrance of new competitors
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