Entrepreneurial Characteristics and Success

This assignment delves into the importance of small and medium enterprises (SMEs) for organizational growth and enhancement. It highlights the role of entrepreneurship in delivering desirable goods and services, creating a competitive market share. The characteristics of entrepreneurs are analyzed, including their personal background and experience, which influence their traits and behavior. Case studies of successful entrepreneurs, such as Susan Aktemel and Nancy Cruickshank, are presented to illustrate the impact of entrepreneurial characteristics on business success.

ENTREPRENERUSHIP

EXECUTIVE SUMMARY
Entrepreneurship is an important term in which consist of various processes that are
designing, launching and developing a new business project. This report highlights about kinds
of new ventures and typologies that are connected to each other. It also elaborates about role and
importance of small and micro business enterprise in economic development and enhancement.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1............................................................................................................................................4
M1. Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding
of entrepreneurship in both the public and corporate sector..................................................7
D1. Critically examine the scope, development and growth of entrepreneurial ventures......7
P2 ...........................................................................................................................................7
P3 ..................................................................................................................................................11
M2 Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics.....................................................................................16
D2 Critically examine how small businesses have an impact on different levels of the
economy...............................................................................................................................17
P4 .........................................................................................................................................17
P5..........................................................................................................................................18
P6 .........................................................................................................................................21
M3 Explore and examine different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................23
D3 Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples....................................................................23
P7..........................................................................................................................................23
M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs........................................25

D4 Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively......................................................................................................26
CONCLUSION..............................................................................................................................26

INTRODUCTION
Entrepreneurship a best trait or behaviour to create or build a business from the new idea
or concept with motive of generating profit. On other hand main concern of entrepreneurship is
to identify key areas of hidden needs and wants of masses and give in a new way by bringing
social change, by innovative products and services and creating products and services by giving
new life changing solution. With to become an successful entrepreneur an individualistic have to
start a new business with some profit potential. This report is based on different kinds of
entrepreneurial venture by relating with various kinds of entrepreneurial typologies, it also
includes difference between various kinds of entrepreneurial ventures. In addition to it access
relevant data and statistics about role and importance of small business in economy with small
businesses in social economy. It also includes characteristics and traits of entrepreneurs that
differ from them managers and impact of entrepreneurial personality and traits and factors that
helps in hinder or foster entrepreneurship. Hence it focused on growing and improvement of
entrepreneurs and economic development to remain always competitive in market place.
TASK 1
P1
Entrepreneurship is referred to the procedure of launching, designing and running a small
business to earn revenues and profits. Entrepreneurship is one of main attribute that helps in
creating entrepreneurial opportunities by finding out the major spheres in which development are
very much potential. There are different aspects which are concerned with entrepreneurship,
these aspects are stated below:
Entrepreneur: An entrepreneur is an individual who is an initiator, challenger and driver
of change and it creates something new business, project or an activity (Bennett, 2014. ). An
entrepreneur always find out major areas in which changes are very much potential to reach at
goals and objectives.
Entrepreneurship: Entrepreneurship is an individual who have the capacity and
willingness to develop, organize and coordinate a venture by taking appropriate risk with
motivation of income (Bloom, Sadun and Van Reenen, 2015. ). The most important instance of
entrepreneurship is to start a fresh enterprise.

Entrepreneurial venture: Entrepreneurial venture focus on giving consultative work for
primal and mid stage organisation,it varies on stage or tier of an organisation. An entrepreneurial
venture who owner of an organisation and deals to bring profit. It is one of important aspect or
term in growth of business economy.
Enterprise: Enterprise is a profit business or an organisation and often connected with
entrepreneurial venture. There are various kinds of legal enterprise that are sole proprietorship,
partnership, corporation, limited liability company and professional company.
In order to get desirable outcomes organisation have to comply with entrepreneurial
ventures with typologies that can be possible by sharing common goals and objectives with each
other with do their best in gaining large market share positively. Such as enterprise that
connected with small size social ventures that are possible type of it to gain right kind of value to
reach at desirable goals and objectives. Large scale entrepreneurship should be also a part of
entrepreneurship in which everyone can contribute towards achieving their goals and objectives
in proper way.
Typology of entrepreneurship:
 Small size social venture: In these organisations needs and requirements of people at
local level are fulfilled. Majority of ventures in UK are small businesses and they are not
profit motive in nature. These businesses operates so that poor and needy people can live
a little better life.
 Established organisations: These are usually large organisations which operates at large
scale. These companies enjoys a strong position within marketplace due to which they are
big threat to small companies and their rival organisations. For example, M&S is an
established organisation which is one of the leading retailer of UK.
 Public sector entrepreneurship: Public entrepreneurship consist of those organisations
which works under national or regional government. They work for welfare of society
and they are non-profitable in nature. The major example of public enterprise is NHS that
provide health services to customers or their patients mostly in UK.
Types of entrepreneurial ventures:There are various kinds of entrepreneurial ventures that are
as follows:
 Scalable start-up entrepreneurship: That kind of entrepreneurs believe on that their
ideas and views can change the world and their funding come from venture capitalists

and hire best employees for their organisation. Their main goal is to find out scalable and
repeatable business model.
 Small business entrepreneurship: In the whole world almost all businesses are small
businesses and mostly work for earn profit and only make profit with motive of living
with support their family (Burns, 2016). They are lack in attract venture capital and take
funds from the family and friends. Examples are hairdressers, grocery stores and
electricians with plumbers.
 Large company entrepreneurship: Large companies by sustaining innovation, by
offering new products and services that are vary from their core products (.Fayolle,
Liñán and Moriano, 2014..). That kind of new products should be developed after
accessing changing needs and wants by using advance tools and technology. Majorly
organisations partnering with buying with innovative organisations.
 Social entrepreneurship: Social entrepreneurship is where an entrepreneur creates
products and services to solve problems of people. Their main aim is to make a better
world and not make profit but welfare of society. This kind of ventures are focus on
making products and services in large quantity so that people can be served in a proper
manner. They can either be small business or large enterprises and operate at any level as
per their size.
 Survival firms: These venture majorly focused on accomplish functions to survive in
marketplace and satisfy needs and wants in proper way. That kinds of ventures are small
in size and accomplish tasks with limited resources. These type of firms that set up a
smart business to earn a standard livelihood so that healthy life can be sustained. These
firms work in accordance with workable business model that helps in gain growth over
time.
Difference between Serial entrepreneurs, intrapreneurs and owner managers:
The main difference in serial entrepreneur and intrapreneurs that intrpreneur is an
employee and on other hand serial entrepreneur is free and leader of their operation with bring
continuous changes by new ideas and start their own business. With the owner manager is an
individual that possess gives their best in organisational development by giving their best. The
primary motive of owner manager is to get promotion and rewards and on other hand main aim

of Serial entrepreneur is to get opportunity to bring new idea and get money. With the main aim
of intrpreneur to remain independent and get corporate rewards.
Male Entrepreneur:
This type of entrepreneurship is run by male individual who focus on running their
business at market with the aim of generating larger profitability. They easily take risk within
their business and tries to convert into larger profits.
Female entrepreneur:
Now a days number of female are operate their business at market for attaining success.
They have more patience and confidence as compare to men. They easily run their business at
market and also capture larger attention as well.
M1. Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector.
There are various kinds of entrepreneurial ventures such as small business and large
business entrepreneurship and public and private sector entrepreneurship which plays major role
in economic development and enhancement (Karadag, 2015.). All these are important factors in
economy with public and corporate sectors.
D1. Critically examine the scope, development and growth of entrepreneurial ventures.
Entrepreneurial venture are very important for economic development and growth by
finding out hidden opportunities (Mauer, Neergaard and Linstad, 2017.). But on other hand
they are sometimes hinders self interest by creating least employment opportunities and not
finding the unique products and services that are beneficial for organisational growth and
enhancement.
P2
There are some kinds of similarities and differences in entrepreneurial ventures that are
as follows:
Similarities among these entrepreneurial ventures:
Strong-willed entrepreneur – Every entrepreneurial venture has strong will power
towards their idea of business and dedication to put efforts for establishing own firm
successfully. They have different ideas and level of business but bear same strength of
conducting business operations in order to fulfil their own goals properly.

Creative idea – All the four entrepreneurial ventures develop a new and creative idea by
focusing on their business and customer demand to create a product to fulfil their their desires
and earn profit. Surviving ventures earn for survival, lifestyle ventures gain profit to fulfil desire
of related trends and managed growth ventures focus to maintain their growth rate by creating
new ideas to completed needs of people. Aggressive growth ventures prefer to increase
profitability for developing wealth.
Driving forces – The driving forces of business consist similar goals and objectives of
businesses to gain income for completing their vision. Survival venture has a need and goal to
earn much income for their survival through conducting business. However, life style venture
has a driving force to maintain sufficient income to complete their lifestyle needs through
business. Moreover, managed growth ventures has a driving force of maintaining their growth
rate and changed choices of customers to sustain their position market. Additionally, aggressive
growth ventures has a driving force of maintain desired wealth and increasing the same by
earning more profits with the help of conducting business.
Creating a Brand name – These all ventures have their brand names according to their
products and services at local, regional and national level. It consist their same efforts top make
their brand strong in market by satisfying customer through their innovative products.
Differences:
Basis Survival venture Life style
venture
Managed growth
ventures
Aggressive
growth venture
Economic
motives
The main motive
of that enterprise
is to survive and
meet with
financial
obligations in
proper manner.
Life style
entrepreneur get
into business for
economic motive
by income
substitution.
Their main
economic motive
is long term
sustainability and
value by enlarge
business
opportunities and
by competitive in
marketplace.
The main motive
behind its survival
is to earn profit
and create wealth.
Technological Their ratio of They majorly In that aspect they That kind of

Investment technological
investment are
very low because
they are micro
enterprises and
deals in market
for survival of
family.
engage by
creating higher
values to
anticipate
technological
needs and wants
to enlarge
business
opportunities.
made larger
technological
investment by
both upfront
investment of
capital and
investing time by
managing
business and their
growth.
organisation
needs high
technological
investment.
Managerial focus They observe day
to day activities
because they
operate at small
level.
They focus on
each and every
but the important
matter to get
desirable
objectives.
Managerial focus
on these ventures
is to focus on
major areas to get
sustainability.
The managerial
focus is every
corner of work to
get desirable goals
and objectives.
Managerial style They prefer to use
authoritarian
management style
with clear
direction and
control.
They prefer to
apply servant
leadership
management style
for supporting
workers perform
in desired way.
These ventures
use transactional
management style
because of
focussing on
incentives &
bonuses to
motivate
employees for
increasing their
productivity.
They utilise
visionary
management
styles through
conveying overall
vision of the
company.
Source of finance The survival
ventures use
retained funds
They prefer bank
borrowing and
franchising to
The managed
growth ventures
utilise band loans,
They use angel
investors, equity
offerings and

and money
collected as a
profit from
business.
gain desired
amount of funds
to run business
properly.
equity shares and
venture capital for
funding to run
business
appropriately.
commercial
financial
companies to raise
funds for
conducting
operations of
business properly.
From the above table it has been summarised that there are some major differences in all
kinds of entrepreneurial ventures that they are different motives, investment, return and
managerial focus that give them various objectives and motives that deliver right kind of value to
the business and contributes in economic development.
Basis Small business Scalable start up Large company Social
entrepreneurshi
p
Definition This type of
venture is
medium in size as
it operate at small
scale for
establishing
positive brand
image.
These type of
business are those
who set their
clear vision to
attain their targets
in stipulate time
frame.
These type of
companies have
finite cycle in
which they offer
new and quality
products as per
customers needs
and wants.
They are
innovator who
provide ways and
solution to
satisfied social
needs and wants
in order to
develop economic
condition.
Characteristics These type of
business have
limited resources
to operate their
activities.
The main ficus of
this type of
business is to
develop more
capital to expand
It is related with
continuous
process in which
company change
their products as
Under this type of
business have full
support of
government and
resource to

business
activities.
per customers
needs and wants.
operate their
business in
effective manner.
Role The main role of
this type of
business is to earn
profit at market
place.
The clear role of
this business is to
create innovative
ways to operate
their business.
These business
organisation
includes their role
is to provide best
and quality
services in
market.
The main role of
this business is to
create awareness
of customers
towards the
company products
and services.
In addition of this, there are some similarities among all the entrepreneurial ventures are
as follows:
 All these type of ventures are focus on customers demand and wants.
 They also create new and innovative ideas to invite number of customers towards
company products and services.
 The main aim of these business is to established their successful brand image at market
place.
They focus on providing customers satisfaction by providing quality products and services.
P3
Micro business:
A micro business in which has five or fewer employees, initiated their business by
$50,000 or from less than it in initial capital and they not reach for conventional commercial
loans (Mazzarol, 2014.). Micro enterprises they begin small initially but quickly develop in
market by advance products and services and by creating jobs for economic development.
Small business:
Small businesses are privately owned organisations, partnership firms and sole
proprietorship that have few employees and less annual turnover in comparing to a daily sized
business concern.
Role of small business that impact on economy:

The value of small business for local gathering by emotionally rooted in purchasing and
marketing products and services by satisfying their hidden needs and wants in proper way
( Obeng, Robson and Haugh, 2014.). There are constantly rising of small-business in UK, it
helps in enhancing employment opportunities by finding out major areas in which they amend in
ways to giving best ways to live their life in proper way.
SME have impact on economic growth and development of country. There is impact on
employment, assets, living standards of people which provides growth and development of
country. While starting new there is employment to two or more people which provides them
source of income and their living standard gets raised. From collected data it is analysed that 5.6
million small business are started in 2018. there is improvement in employment rate by around
2% which provides growth and development. Annual turnover from small and micro business is
around £ 2.0 trillion (UK Small Business Statistics, 2019). There is requirement of different
sources of finance for running small business, so government plans some policies through which
small business and entrepreneurs can raise funds.
The micro and small business enterprise classified into MSME act 2006 that are small
businesses in which employing nine people or fewer of them. It has balance sheet less than a
certain amount.
On other hand in small enterprise in which investment in plant and machinery is more than 25
lake and not exceed from 5 crore.

Interpretation:
From that graph it should be concluded that small business are very much crucial for
organisational development and enhancement. In Micro units contributes largely on economic
development and small businesses are contributing in different spheres in units and enterprises
which are quite large.
Illustr
ation 1: Small business 2019

Interpretation:
from graph it has been summarised that small business enterprises provides in economic
evolution by finding out major areas in which development are very much obligatory. In 2011
small-business contributes 4.7% and in same year medium enterprises contributes 3.0 and in
large organisation 8.8 so in year 2011 contribution in economy. In year 2012 the contribution in
economy of various enterprises are high in comparison to previous year and the micro and small
business are respectively 4.4 and 3.1%. on other hand in year the contribution in economy that is
3.9 and 2.7.
Illustration 2: Key Small Business Statistics - June 2016
source: Key Small Business Statistics - June 2016

Interpretation:
From the above graph it has been summarised that role of small and medium business
enterprise are plays great part in economic development and enhancement. In that micro
enterprises contributes 18.9% while small businesses contributes almost 23.4% in economic
advancement.
Interpretation:
In that graph it has been summarised that small businesses are contribute in economy by
19.8% and on other hand medium enterprises contributes 9.7% while large organization
contributes 70.5% in growing and enhancement of an economy.
Illustration 3: The conversation 2019
Source:The conversation 2019
Illustration 4: Key Small Business Statistics - June 2016
Source:Key Small Business Statistics - June 2016

Hence it has been concluded that small, medium and large business organization plays very
major role in organisational as well as economic growth and enhancement by contributing in
living standard of people.
Furthermore, impact of small and micro enterprise on economic condition that help in
improving growth level of the economic. This can be understood by following points:
(Source: Impact of micro and small business on economy, 2018)
As per above mentioned graph, it has been evaluated that in social business employment
contribute around 40% to the economy and it also help in improving overall condition of nation.
Along with this, it also determine the chances of opportunists in which small business
organisation easily attain higher success and develop positive growth of the nation.
M2 Evaluate the differences small, medium and large businesses make to the economy, applying
relevant data and statistics.
There are huge difference in small, medium and large business organisation in
perspective of revenue and growth by contributing 28 % in economic development, medium
businesses contributes almost 19.8 and large businesses contributes by 60 to 80 percent in all

new jobs so that they are very much important for organisational growth (Rey-Martí, Porcar,
and Mas-Tur, 2015.).
D2 Critically examine how small businesses have an impact on different levels of the economy.
Small-business majorly contribute in various stages of economy that are primary level,
secondary level and other levels by economic advancement and by finding out major spheres in
which development are very much obligatory for growth and enhancement (Quarter, Mook and
Armstrong, 2017.).
P4
Social economy is defined by accumulation of various types of organizations and
enterprises like mutual, cooperative and social enterprises. Small business are considering as job
seeker which can help in expand business as per the economy requirement and get technology
growth and development. In hence, it can build to build social economy so small business can
play important role to develop a nation and address to various type of environmental and social
issues. Apart from it s mainly work for welfare or social economy -
Value of small business or start up for the growing and development of social economic
system
In reference to creation of the small business has defined to development of standard of
living of different people. It can spread to financial status and reputation of company to fulfil the
operation of business activities.
Innovation – The adoption of innovation intensify the development of economy and it
also increase the productivity. The innovative idea basically apply in start up company to operate
business in effective manner and contribute in business different technology which can help to
get advantage in competitive market.
Creation of employment – These small business or start up can open gate of get
opportunity regarding to employment. It can provide jobs to people of the nation and help to
develop social economy in effective manner. Small business can hire to new people on lower
cost to conduct business activities. They can fulfil the requirements in reference to corporate
social responsibility to provide employment.
Local Improvement – To improve local communities they can hire those people who
can related to local sites and areas. They can work in lower amount and try to understand all
things in effective manner. The small business can provide opportunity to work hard and earn for

their family. It will also assist to amend standardised living of weaker area masses and help to
maintain their daily routine.
Engage significant number of people including the from disadvantages group –
Small business can attract to large number of people through their products and services. They
are focusing on their product and provide on low cost in each section of the society. It can help to
attract more customers and develop economy in effective manner. Apart from it can help to grow
their business and help to develop the nation. They tent to attract to tourism for get currency of
different countries which will further contribute for development process in reference to nation.
P5
Entrepreneurs helps in bring economic development, give jobs and invent products and
services that helps in bring uniqueness and build a unique place to live ( Scarborough and
Cornwall, 2015). To become a successful entrepreneur they require think out of box thinking
and ideas that are larger than life. Entrepreneurial mindset which is differ from the common
people and have ability to think in an innovative way. Their mindset is an unique and it must be
creative, unique and highly motivated that helps in bear risk.
Types of mindset:
There are various kinds of entrepreneurial mindset in which in which growth mindset in
which an individual can alter the ways in order to capture endless capabilities in whole world. In
entrepreneurial mindset consist of ability of quick sense, taking action. In fixed mindset believe
on concept of that their intelligence is fixed in nature.
Importance of entrepreneurial mind set:
Entrepreneurial mindset is one of important attribute that helps in balancing and keeping
control to build strong quality products and services (Scarborough, 2016.). It helps in give
encouragement to bring creativity in woks and activities by finding out major sphere that are
untouched in nature. It helps in think out of box that helps in lead in market by understanding
current trends of market by accessing proper risk which are important for any entrepreneur.
Different traits or behaviour of an prosperous entrepreneur:
There are various traits of an booming entrepreneur that helps to lead in market by
accessing needs and demands of people in major spheres. There are some characteristics that are
very much essential for an entrepreneur that are creative thinking and work method, passionate
about their work, fully motivated that can also inspire from their views to others also. All these

traits and behaviour are very much crucial for an individual to lead and define their products and
services in different manner.
Difference in characteristic of entrepreneur and a manager.
Entrepreneur Characteristic Traits Skills
Peter Jones and Alan
sugar.
Flexibility: In an
organisation flexible
work environment is
one of important factor
for enhance
productivity of
employees. In case of
Peter Jones they bring
flexible work
environment by
smooth hours of work
and on other hand
manager evaluate
needs of flexible
environment according
to employee
requirement which
should be inform by
manager in proper
way.
On other hand
manager not so much
flexible in their works
and activities in
comparison to the
entrepreneur.
Strong work ethic: one
of significant reason or
cause of success to
enlarge business
opportunists that
leader and manager
follow strongly ethical
works and practices
which not only limited
to themselves. But on
other hand manager
have limited authority
and they apply ethical
activities in their
department by apply
moral values and
ethics. Managers are
not so much not follow
ethics in their works
and activities because
they majorly focus on
earn money.
Initiator: Initiator one
who are proactive in
nature and take actions
in their according to
monitor works and
Leadership skills:
leadership skills are
very much important
for an individual to
reach at desirable goals
and objectives. In case
of Peter Jones he is a
good leader by
applying various
leadership skills and
styles and apply it on
large scale but on other
hand manager also an
good leader and
coordinate their
department and
employees so that
appropriate results
should be
accomplished.
Managers have strong
leadership skills by
that they manage their
team and their
members so that they
can get best results.

Passionate: the above
mentioned
entrepreneur both are
highly motivated and
dedicated towards
their works so that
they can majorly
contributes in
organisational growth
and development on
other hand in case of
manager they also
very much passionate
about their work they
have limited liability
and authority also so
they give their best at
some extent. In case of
manager they are not
so much passionate
about their works and
procedures because
they bound from some
limitations.
activities in an
deliberate manner. On
other hand manager
give suggestions to
their higher authority
and then take proper
actions. Managers are
not taking proper
initiatives because
they are not much
authority to do their
work and not rights
and obligations.
Entrepreneurs are not born they can be athletes and not need any kind of natural inherent
body and muscles. They need some kind of practice and confidence so that they become a good
entrepreneur, they have to be risk taking ability that helps in commencing their own business and
earn respect and large market share out of it (Entrepreneurs Are Born Or Made Business Essay
2019).

In order to direct relationship in entrepreneurial personality and their family background
as it aspires them to bring new idea after accessing needs and wants of their consumer base in
positive manner by brining new products and services in market to remain always competitive in
marketplace. To become an entrepreneur there are close relationship in personality traits and
family background to give best and develop entrepreneurial traits in them.
P6
Entrepreneurial personality are very much important to remain always competitive in
marketplace, in that traits consist of attributes, skills and features that are bring by an individual.
To understand entrepreneurial mindset there are various kinds of theories and practices plays
very important role one of them are:
The big personality trait theory:
It is an important theory or practice in which five important essential traits and behaviour
of an individual personality to foster the personality in right manner.
Openness:
This big five personality trait in which consist of imagination and insights. An individual
are high in that trait and have keen interest in that area and curious about to know the world
( Schaper, 2016.). People are high in that trait have a great range of interest and adventurous
with creative also. In case of Peter Jones they are very creative in nature and curious to new
things with attributes to reach at desirable goals.
Conscientiousness:
In that category consist of level of thoughtfulness, impulse control and behaviour that
direct towards goal. In that high conscientious people are organised and mindful in behaviour.
They plan their activities in forward manner and plan about behaviour and mindful for deadlines.
In that case Peter Jones and Alan sugar are high in that trait by following their ethics in great
manner.
Extraversion:
Extraversion is characterised by excitability, sociability and assertive behaviour and high
amount of emotional expressiveness (Shaw, 2014.). Individual are advanced in that trait are out
flowing in nature and energized in social situations. In that scene entrepreneur are broad in that
trait by assertive behaviour and passionate to give their best.
Agreeableness:

In that stage the main attributes are trust, altruism and kindness with affection in
behaviour and traits (Siegel and Wright, 2015.). An individual broad in that trait tend to be
more united and who are down in that trait are more competing and artful. In case of Peter Jones
and Alan sugar they are high in that trait and cooperate with their employees in good manner to
reach at desirable goals.
Neuroticism:
It is an attribute which defined as unhappiness, ill humour and affectional unstability and
citizenry are advanced in that attribute are swing in nature, anxiety and sadness always around
them. In that scenario Peter Jones and Alan sugar are low in that nature because it hinders self
interest of them.
By observing all these traits and characteristics that are very much potential for an
individual to remain always competitive in to marketplace. It can only possible after taking
insights and ideas from general factors that surrounds their environment. There are close
relationship in traits of an entrepreneur and their chosen profession that helps to become one of
great entrepreneur in the world. For an example Mark Zuckerberg who from the very beginning
always interested in computer science and they prove it.
On the other hand, there are some entrepreneurial characteristics and situational factors
which are related with the context in:
Family upbringing: It is one of the important factor that directly reflect the
entrepreneurial personality and mind set as well. Mainly, it is related with the social condition in
which entrepreneurs upbringing. Mark Zuckerberg is an American technology entrepreneur and
philanthropist. He is belonging from well educated family in which their father owned a dental
practice and his mother is a psychiatrist. They give their better upbringing and making them able
to understand all the social condition. It will contribute in improving their motivation and mind
set to operate their business at market place in successful manner.
Personal motivation: Marks Zuckerberg is motivated person who able in providing better
motivation to their team workers towards the business and its objectives. He is also able in taking
risk while operating their business. This the main reason that they also easily get motivated and
also execute their activities appropriately.
Lifestyle- Lifestyle of Marks Zuckerberg id better because he belongs to a better family
with good condition. If individual wants to entrepreneurial ideas then there is lifestyle matters

because they have to understand what is trendy in society and their business idea is relevant in
current market.
Cultural differences- There is difference in culture of people residing in society. Marks
Zuckerberg have to understand that people have different cultural values, so people are ready to
accept business idea. Facebook is social media application through which people can
communicate with each other and maintain social relations. Hence business ideas gets affected
with cultural difference among people.
M3 Explore and examine different lines of argument relating to entrepreneurial characteristics.
Entrepreneurial characteristics are very much important for an organisation as well as
individual to coordinate each and every activity in proper way (Volery and Mazzarol, 2015).
Sometimes that trait or characteristics influence in negative manner because it vary according to
person to person and their applicable ways. In entrepreneurial characteristics consist of creative
mind, exploring things in thoroughly and motivation to deal with situations in positive manner.
In some cases way of coordinating them is effects negatively on individuals.
D3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples.
Characteristics, traits and skills are very much important for an individual as well as
organisation to deal in various situations and circumstances. Successful entrepreneurs are very
much creative and motivated with passionate towards their works by setting an definite goals and
objectives. For an example Peter Jones is very so much ardent about their activity they evaluate
each and every matter in depth to reach at desirable goals and objectives.
P7
There are several elements that can affect to life of entrepreneurs which is related to
poverty, unemployment and school drop outs. The three entrepreneur that are categorises
according to the business they use to manage are discussed below:
LOCAL ENTREPRENEUR –
Alan sugar, is a British business magnate, media personality, politician and political
adviser in 1968. He started what would later become his largest business venture, consumer
electronics company. Alan sugar is local entrepreneur use to run famous consumer electronic
company named Amstrad. Jim Reeves was leading social entrepreneur use to develop from

charity Solar Aid to design a lantern to replace harmful kerosene lamps that are so ubiquitous in
areas of the world with limited access to electricity. Peter Jones is international entrepreneur
famous for his leading press company.
Personal Background – Alan sugar is a British business magnate, media personality,
politician and political adviser. His father was a tailor in the garment industry of the east end and
he can leave school in the age of sixteen. The personal background of Aaln was not better so it
can affect to their skills and they can improve their life in effective manner. Hence personal
background of Alan Sugar is hinder for entrepreneurial aspect because of lack of knowledge
about external market.
Education - Alan sugar attend to North world school then Brooke house secondary
school in Upper Clapton. To earn money in low age can leave school in the age of of sixteen.
Education background of Alan Sugar is weak which is hinder in growth and development of
entrepreneurial career. Due to lack of knowledge about external market, Alan is not able to
understand what has to be done and how to react in case of negative market environment.
Experience - Alan sugar have experienced of better understanding and knowledge of
their respective field. He can handle every situation in effective manner. Sugar was the chairman
and part owner of Tottenham Hotspur from 1991 to 2001. He is also play role in the BBC TV as
the apprentice. Alan has good experience, so he is able to work as entrepreneur with
understanding different market conditions, so this is foster for growth and development of
entrepreneurial experience. When there is financial issue, then due to experience, Alan is able to
understand what has to be done and what manner.
SOCIAL ENTREPRENEUR –
An social entrepreneur can work for society and start new things as per the society things.
Susan Aktemel is the social entrepreneur and co founder of Homes for Good.
Personal Background - Susan Aktemel is a women chief executive at . She have
experience in property dealing developer. She has ability to communicate her idea in effective
manner to people and they have interest in social development of country. In 2014. share raised
around £8.5 million for social charity and investment. She belongs to Scotland UK having
British nationality. This has interest in the sector of culture and sports as well. As there is no
business experience to Susan Aktemel from family, so they are not able to understand changes

which are taking place in external market. This is hinder for Susan which affects performance of
entrepreneurial business.
Education - Susan Aktemel completed her schooling in 1980- 1985 from Bishopbriggs
High School, graduation is done from University of Strathclyde in the field of BA Hons Arts &
Social Science. This makes her educate about history and able to get complete knowledge about
history of country.
Experience - Susan Aktemel have experience in different organisations which shows that
experience in corporate organisation. This makes her understood about external environment
which assist them to know about changes which are happening. This makes Susan Aktemel
works as information officer, programme manager, director and founder at impact arts, vice chair
a social enterprise Scotland, chairperson at Glasgow social enterprise network, Steering Group
member of council for letting agents, Executive Director of Homes For Good Social Business
Group in 2013.
INTERNATIONAL ENTREPRENEUR –
Nancy Cruickshank is British entrepreneur in beauty, fashion and technology. She
founded three start- ups.
Personal Background – Nancy Cruickshank born and brought up in London. Her father
was in service sector for Revlon. Her family moved to Hong Kong and she was admitted to
boarding school. Hence this is hinder for Nancy Cruickshank because they are not able to
understand about market.
Education- Education of Nancy Cruickshank was done under University of Leeds. He
was brilliant in studies, so they have strong understanding about theories and models which are
relevant for entrepreneurial sector.
Experience – Nancy Cruickshank have good experience in because they worked as
journalist also under marketing and sales department. She worked as experience of CEO of
Video Jug, so get knowledge about digital development. It is foster for understanding external
environment and get positive impact on entrepreneurial business.

M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs.
The characteristics of entrepreneurial can show impact on their personal background and
their experience because in the early age they can face many problems that can affect to their
mental condition. In the starting age they were starting to earning to became successful.
D4 Critically evaluate how background and experience influences entrepreneurs, both positively
and negatively
Many time family background was not good so it can affect to their mentality and health
condition. They can learn bad things if there family related to bad area or field. There experience
can influence to characteristics and create bad image in front of all over people.
CONCLUSION
From the above report it has been summarised that small and medium enterprises are very
much important for organisational growth and enhancement. With entrepreneurship are very
much obligatory to find out major spheres to give desirable goods and services to give enchant
experience. In order to occupy large market share organisation have to deliver right kind of
knowledge and information to organisations so that they can work out in economic development
and enhancement. There are some traits and behaviour which are very much important for
organisational as well individual development of leader and manager.