Entrepreneurship and Small Business Management: Characteristic Traits & Skills of Successful Entrepreneurs

This project is based on the entrepreneurship & also small business management in UK. The prime concern of this task is to explain the characteristic traits & skills of successful entrepreneurs. This task will identify the specific personality traits which can improve the mindset of the entrepreneurs.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION.....................................................................................................3
Various kinds of entrepreneurial ventures & how it relates to typology of
entrepreneurship.....................................................................................................3
Typology of entrepreneurship................................................................................4
Similarities and distinction between types of entrepreneurship.............................4
Interpret the statistics and data in order to illustrate how micro and small
business impact the economy.................................................................................7
Importance of small business & start-ups in growth of social economy...............9
TASK 3....................................................................................................................10
P5 Characteristic traits & skills of successful entrepreneurs................................10
P6 Entrepreneurial personality reflects entrepreneurial motivation & mindset...12
TASK 4....................................................................................................................14
P7 Background & experience can hinder or foster entrepreneurship...................14
References...............................................................................................................16

INTRODUCTION
In this modern era, startups & small businesses are providing more contribution in the
evolvement of the country economy. Entrepreneurs are containing risk taking applicability who
formulate business with their innovative mind & prepare a strategic plan which lead long term
development. In UK, various types of businesses operating by entrepreneurs like micro, small,
medium & also large enterprises. Every business established with different aim, size & also
scale. This project is based on the entrepreneurship & also small business management in UK.
The prime concern of this project is to explain about various types of entrepreneurial ventures &
its typologies. This project also determines the significance of start-up & small businesses in the
growth of social economy. Moreover, this project will discuss about local, social & global
entrepreneurial personalities & identify their skills, characteristics & traits. Lastly, this project
will also highlight background & experience of these personalities to motivate the people.
Various kinds of entrepreneurial ventures & how it relates to typology of
entrepreneurship.
In UK, there are different types of entrepreneurial ventures which are giving specific
contribution in the development of UK economy. Entrepreneurial ventures need appropriate
resources and funds in order to perform their business operations. The description about various
entrepreneurial ventures are discussed as follows -
 Small enterprises - These types of ventures are established to full field in need of local
community’s people who found difficulty to get goods & services of large corporations.
Small ventures need less capital & resources as compared to the other venture. The size &
scale of these ventures are very small but their purpose is big. Small businesses started with
the purpose to evolve the living standard of the local people. These ventures provide
employment less than 10 candidates (Anggadwita and et. al., 2017). Such sort of business
was created in the low set field by occurrence of fixed capitals in the management.
Resources that are collected by taking financial value from relations or from bank to fulfil

their needs. For example, native supplies that are basically have very lower sectors of
structure. As focusing on developing high set of productivity and profitability then they
recruit management to endure and fulfil the needs of customer.
 Large enterprises - The prime aim of large ventures is resolve the problems of the people
by providing them innovative goods which can help to make their life suitable &
comfortable. Large venture required high level of capital, equipments, and resources in
order to running their business operations in a smooth manner. It is necessary for the
large businesses to follow appropriate legal consideration and government procedure so
that they can effectively perform their operation all around the world. Large ventures are
providing employment more than 250 people. Dyson, Tesco, Sainsbury's, Marks and
Spencer are the main example of large ventures.
 Social Enterprise - Basically social ventures are non profit enterprises which are mainly
established with the motive to provide specific contribution in the development of the local
communities & those people who are facing issues in their lives. Shelter, Save the children
are the example of social ventures (Blundel, Lockett and Wang, 2017). Social venture is
termed as the venture who conduct varied set of the operation and function for social
advantages. The fundamental term of such management is to fulfil the social duty not only
profit term. They also offer low term of cost of the goods to their customer. For example,
management like Impact Hub are developed to provide consumer well defined life and good
customary fields of living.
Typology of entrepreneurship
Entrepreneurial ventures are connected with the typologies in order to manage all the
business operations of the ventures in an appropriate way. Few specific entrepreneurial
typologies are as follows - Lifestyle firm - These firms are more concerned about to improve the living standard of
the people so that they can live a healthy lifestyle. These firms are giving various work
opportunities to the people so that they can effectively become independent and improve
their living standard.

 Growth firm - The main aim of this form is to revolve the growth level of the firm so
that company can effectively expand their business operations. These forms are
established with the specific motive to generate more profit and enhance more
productivity level.
 Successful Entrepreneurship - They are termed to such entrepreneur who had faced all
the term of the issues in each situation in the management but still they are facing straight
to manage it other issues by relating their suitable tactics and techniques.
 Research Entrepreneurship - They provide an effective set of investigation on all
section as before developing several roles of the methods approaches and tactics in the
field of the business management. For example, there are well-
known businesspersons that include Bill Gates, Pierre Omidyar, Arianna Huffington and
Caterina Fake. It involves important characteristics of successful entrepreneurs that
involve risk taking, creativity, initiative, problem solving, managerial abilities,
communication and independence as effectively.
Similarities and distinction between types of entrepreneurship.
Differences
Basis Small enterprises Large enterprises Social enterprises
Scale level Small ventures scale
level is lower than
the other ventures &
these ventures are
targeting limited
areas people
(Boermans and
Willebrands, 2017).
Large ventures are
containing high level
of scale & these
businesses also cover
the whole market
nationally or
internationally.
Social ventures are
considered lower
scale as compared to
the other enterprises
& these businesses
are proving their
services for the
development of social
people.
Purpose The prime purpose The main purpose of Social business is

of small ventures is
to target rural &
local areas
population so that
they can easily get
specific goods &
services & improve
their living standard.
Small management
will make combined
section to create
revenue through
which they get high
set of success to
them and the
business of
management. As
they are using
individual assets to
develop fundamental
sections.
large corporations is
to produce innovative
goods & services &
maintain profit
maximization by
operating their
business activities in
various foreign
countries.
created with the
purpose to support
the survivals so that
they can live a
healthy life.
Incorporate social
organisation for
individual advantages
by offering
inexpensive and an
effective balanced
product. They will
also exploit social
funds to provide
innovative products.
Similarities
Basis Small Large Social
Evolvement
in people
living
Small ventures are
giving their
appropriate services to
the local & niche areas
people so that they can
improve their living in
an adequate manner.
Large businesses are
provide direct
contribution to
provide employment
opportunities to the
most of the people
internationally which
Social ventures are
formulated to
provide their
services for the
development of
society so that
those people who

can be useful to
evolve the living
standard of the
population across the
whole globe (Brush
and et. al., 2019).
are surviving, they
can effectively
improve their life.
Economical
developmen
t
Small ventures
providing their best
contribution in the
development of the
economy & also
constantly working to
improve the quality of
life of the people
nationally. Company
target rural people
those are not getting
Work chances &
provide them working
opportunities so that
they can contribute in
the development of
economy.
Large ventures are
directly engage with
the development of
country economy by
generating high level
of foreign currencies.
Large ventures are
providing their
innovative products
& get the attention of
customers all around
the world.
Social ventures are
also beneficial to
improve the social
structure of the
country so that
people can improve
their life &
participate in the
development of
economy.

interpret the statistics and data in order to illustrate how micro and small business impact the
economy.
The description about different types of enterprises which are giving direct impact on the
country economy are given below -
 Micro businesses -. These enterprises are giving the work chances less than 10
candidates & annual turnover considered under the 2 Million. Small businesses -. These enterprises are liable to provide job under 50 candidates &
annual turnover rate would be under 10 Million. Medium businesses - These enterprises are generally operating their business activities
under then 250 candidate & annual turnover rate determined under the 50 Million.
 Large businesses - Large enterprises are conducting their business operations
internationally & required high level of resources. Large ventures are proving
employment more than 250 candidates & annual turnover rate contain more than 50
Million.
Factors that impact on the economy
SMEs are providing your contribution in the overall development of the economy.
Aishwarya recent analysis, it can be determined that micro & small businesses are providing
their best participation to improve the growth rate of the company & these ventures also getting
proper Government support. UK government it is taking various initiatives and also giving
financial support to these businesses so that people can effectively establish business with their
innovative mind. Proper Government support can help full to improve the marketing activities of
these businesses so that we can effectively get export opportunities and enhance their GDP rate
and generate more foreign currencies which can help to boost the economy of the country
(Loarne-Lemaire, Maalaoui, and Dana, 2017).

Another element, which are considered by micro & small businesses such as employment
opportunities. These businesses are more focus on their business activities so that they can
effectively target local areas people in order to improve their living standard. It is evaluated that,
these businesses are giving employment opportunities more than 9 8.3 % people and maintain
the high per capita income rate.
Impact on various economies-
 Regional impact - Basically micro and also small enterprises are participating in the
development of regional economy. These dresses also support local communities &
giving them job opportunities so that they can evolve their life.

 Local impact - Micro and small businesses more concerned about the local area people
and also provide their specific services to these people so that they can effectively get
advantages of company’s goods and services. These businesses are giving large impact
on the living of the people so that they can effectively manage their day-to-day activities.
Small Bakery, grocery shop & coffee store are the main example of these businesses
(Muyassarhon, 2018).
 National impact - Micro & small businesses are beneficial in the filament of the
economy and also helping to improve pay level of per capita income. Hyderabad news
can formulate their business and produce creative goods in order to improve the living of
the people domestically.
Importance of small business & start-ups in growth of social economy.
The importance of small businesses and start up is more in the improvement of social
economy of a country. The description about the importance of judicial officers are given below
-
 Job opportunities - These enterprises generating more job opportunities for the rural area
people so that they can get employment at their native place. Startup & small businesses
are contribution to reduce the unemployment rate & improve the social economy level
(Nwachukwu,Chládková and Žufan, 2017).
 Evolvement of lifestyle - Start-ups & small businesses are helpful to enhance the lifestyle
of the profile people so that they can we can financially independent and live a

comfortable life. These businesses also provide their contribution to improve the living
off the women and minorities people (Venkataraman, 2019).
 Employment Production – As there are several job opportunities that are developed by
start-ups and new organisation. They have direct impact on increasing the financial
abilities of the nation. It also includes the term of the sustainability of job opportunities
by those they have practiced and the semi practiced employees who are getting
employment and work role as effectively.
 Innovation – They help in providing new and innovative words and their services to the
customer through which growth of the business will be primed at the marketplace and
advanced term of productivity and profitability might be increased in an organisation by
providing innovative services that helps in increasing the needs of the business at the
marketplace.
 To connect more people – The involvement of individuals, staff faculty and challenges
at the market who have directly get affected on increasing the work performance as
effectively.
CONCLUSION
On the basis of this project, it can be concluded that the involvement of micro, small,
medium & large businesses are more growth of the country economy. This project
discuss about various types of entrepreneurial ventures which can provide their
contribution in the development of social economy of the country. This presentation used
OCEAN model and considered specific personality trait which can improve the mindset
of the entrepreneurs. This presentation also determined various characteristics, skills and
trait of the famous personalities & also shared their background and experience so that
people can easily motivate in order to improve their business operations.

TASK 3

Introduction
Every business established with different aim, size & also scale. This project is based on the
entrepreneurship & also small business management in UK. The prime concern of this project is
to explain about various types of entrepreneurial ventures & its typologies. This project also
determines the significance of start-up & small businesses in the growth of social economy.
Moreover, this project will discuss about local, social & global entrepreneurial personalities &
identify their skills, characteristics & traits. Lastly, this project will also highlight background &
experience of these personalities to motivate the people.

Local Entrepreneur : James Dyson
Characteristic
 Determination - This is containing as the main characteristic which can helpful to
maintain the business operations with specific determination. James Dyson is very
deterministic about their decisions.
 Self motivation - This characteristic is essential & contain by James Dyson so that they
can work properly & improve his morale by self motivation.

Social Entrepreneur : Bruce Kendrick
Characteristics
 Loyalty - Bruce Kendrick contain this characteristics because he was very loyal toward
himself & also considered as the trustworthy person for their followers.
 Decision Making - This characteristics is beneficial to maintain the decision making
process & Bruce Kendrick was a good decision maker he took various decisions for the
welfare of the people.

Skills
 Communication skill - Bruce Kendrick was a good communicator and also maintains
proper coordination with their team members in order to to serve the society.
 Critical problems solving - This skill was mainly considered by Bruce Kendrick who was
solved their team members critical problems and provide them appropriate solution.
Traits
 Time management - Bruce Kendrick contained this trait & finished their task on time in
order to maintain their regular operations.
 Team working - Kendrick contained team spirit which performs their job in an
appropriate way & worked collectively in a team.
Global Entrepreneur : J. K. Rowling
Characteristics
 Creative thinker - Rowling is a creative thinker who uses their creative thinking in her
writing in order to take attention of the people.
 Decision Maker - J.K. Rowling is a good decision maker & she is taking appropriate
decisions as per their condition in order to improve their working.

Extroversion – This trait is helpful to enhance the social activities why the entrepreneur so that
they can effectively improve the communication and maintain good relations with employees
(Sauka and Chepurenko, 2017).

Agreeableness – Entrepreneurs are more concerned about this personality because they can
improve their behavior towards their team members and also provide then proper support
(Ruchkina and et. al., 2017).
Neuroticism - This personality trait mainly spread the unstable emotions and also feelings which
contain tension, frustration, irritation & fear that provide negative impact on their performance
(Shaver and Carsrud, 2018).
James Dyson
 Experience - In the beginning of his career, he worked so hard and he served as Provost
of Royal College of Art from August 2011 to the July 2017 and opens a new University
that named Dyson Institute of technology. He is the most influential entrepreneur who
motivates every person.
Bruce Kenrick
 Background - Kendrick was born in the year 1920 & he was a famous social worker who
performed his working activities in an appropriate manner. In the beginning of his career,
he performed his job as an accountant but he became doctor after the outbreak of the war.
He also performed their working in University of Edinburgh in which he had shifted to
divinity & connected with the missionary Work (Turner and Gianiodis, 2018).

 Experience - Bruce Kendrick was very confident about him & overcome all the
difficulties with their self confidence. He was a social activist & worked for the
development of the society & he established “Shelter " nonprofit organization.
J. K. Rowling
 Background - Rowling was born in the year 1965 & her childhood was good but she
faced various ups & downs in their early life. In 1992 , she married & she have a
daughter. Her marriage was not working then she filed divorce. She is a famous film
producer, author, screen writer.
 Experience - J.K. Rowling considered as the most popular author and her novel Harry
Potter is loved by people around the world. Harry' Potter is contained as the best selling
novel of her. In this time she is contain as the most popular author who motivate most of
the people around the world.
Conclusion
This presentation also determined various characteristics, skills and trait of the famous
personalities & also shared their background and experience so that people can easily motivate in
order to improve their business operations.