Entrepreneurial Characteristics and Environments

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................2
LO3 Determine and assess the key aspects of an entrepreneurial mind-set....................................2
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................2
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset.............................................................................................................................4
M3: Explore and examine different lines of argument relating to entrepreneurial
characteristics.........................................................................................................................4
D3: Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples......................................................................5
LO4 Examine the different environments that foster or hinder entrepreneurship...........................5
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.....................................................................................................................5
M4: Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs..........................................6
D4: Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting examples......................................6
Conclusion.......................................................................................................................................7
REFERNCE.....................................................................................................................................8
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INTRODUCTION
Entrepreneurship can be defined as a process of creating something new and innovative.
Main aim of every entrepreneur to bring a change in society with their innovative idea. They
want to impact life of people in a positive manner (7 essential traits of an entrepreneur, 2020).
In present report there is discussion of skills and traits of a successful entrepreneur that actually
driven behaviour towards creation of a successful idea into a business venture.
LO3 Determine and assess the key aspects of an entrepreneurial mind-set
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.
There are certain key skills and traits that help a individual to become a successful entrepreneur
as discussed below:
Elizabeth Gooch Tom
Traits  Bringing change:
Entrepreneur posses a
zeal to bring some
positive change in the
society. Elizabeth
posses a instinct that
she was not satisfied
the way that was
being adopted by
organisations for
managing their
workforce so she
decided to start her
own venture and then
further manage in the
way she wanted it to
be actually done.
 Innovation: It is a
Experimentalist: Tom had a
nature of experimentation; it
was the effort that he made
towards doing some new
experiments of having a
alternative of breakfast so
that time could be saved
which lead to change that he
invented.
Innovation: the innovative
nature of Tom actually made
him work towards a new
change that he thought to
bring in the society by means
by of using of some regular
ingredients and then
converting into a nutritional
shake that could fulfil the
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