Entrepreneurship: Traits, Opportunities, and Growth

This document explores the concept of entrepreneurship and focuses on the personality traits of successful entrepreneurs. It discusses how entrepreneurs generate opportunities and introduce innovative products/services. It also examines the role of entrepreneurs as leaders and how they grow their businesses. Additionally, it evaluates the contribution of entrepreneurship to the economy and society.

Entrepreneurship

Contents
INTRODUCTION...........................................................................................................................3
Main Body.......................................................................................................................................3
A. About entrepreneur.....................................................................................................................3
Critically explain personality trait related to entrepreneurs...................................................3
How entrepreneurs did renowned opportunity or generate the opportunity...........................4
Explain innovative product/ service introduced at marketplace?...........................................5
Explain why innovation is significant....................................................................................5
B. About entrepreneurial organisation.............................................................................................6
Explain the entrepreneur’s role as leader and what it takes to become a successful leader...6
How did entrepreneurs grow their business?..........................................................................7
C About contribution to economy and society................................................................................8
Discuss and evaluate the contribution to economy................................................................8
Evaluate the survival issues due to global pandemic.............................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship signifies concept connected with administration in improvement of
business venture that help in achieving profits by taking risk in environment. In addition to this,
it is determined as a willingness to launch new organisation. The individual person who launches
new organisation and faces different kinds of challenges linked with company. The assignment is
depending upon entrepreneur named as Bill Gates as well as Nicholas Woodman. Bill Gates is
determined as a successful entrepreneurs and also known as originator of Microsoft. He
generates basic operating system that helps in launching new functions. These functions is
dominating at market place as it influences Bill Gates to expand their organisation and also their
focus is on producing or manufacturing more good such as window and many more. In addition
to this, Nicholas woodman is determined as an originator of CameraGoPro. In year of 2002, he
gets failed then he focuses on manufacturing innovative product and become billionaire in last.
Furthermore, in this report, there are discussion regarding personality trait related to
entrepreneur, opportunity generated by entrepreneur as well as new goods and services
introduced by them. In addition to this the entrepreneurial role as leader to achieve growth in
future period of time and they also increase their contribution in respect of society (Henry, Hill
and Leitch, 2017).
Main Body
A. About entrepreneur.
Critically explain personality trait related to entrepreneurs
Entrepreneur personality signifies features that possess implication on attitude of
entrepreneur. To have a superior plan to take decision, the appropriateness related to personality
trait within entrepreneur require there. Therefore, motivation signifies forces that inspired
individual person to execute different kind of activity at marketplace. It signifies mind of
individual person that help in influencing things that make happen. And entrepreneur is
determined as visionary and possesses capability to set mission for organisation.
Independence is determined as other traits of personality of entrepreneurs and they are
determined as independent innovator for bringing innovative ideas at workplace. In reference of
this, both selected entrepreneur will focuses on bringing innovative ideas at Marketplace and
launch new business during particular phase of time period. Their main focus is to provide

innovative goods and services to its user in order to motivate them to bring innovation. In
addition to this, the persistence related to entrepreneur trait reflects or affect its mind shape and
committed in respect of decision.
Leadership is determined as another personality trait that is important for entrepreneurs to
become successful. Bill Gates as well as Nicholas Woodman display superior skills of leadership
that help organisation inspiring individual person in respect of allotted role. They use goal and
provide support in achieving goal and objective in timely manner. Their focus is on achieving
goal in timely manner. Therefore, motivation signifies forces that inspired individual person to
execute different kind of activity at marketplace. It signifies mind of individual person that help
in influencing things that make happen. And entrepreneur is determined as visionary and
possesses capability to set mission for organisation. Therefore, they focuses on providing some
innovative goods like window as well as other that helps Bill Gates in becoming successful at
Marketplace. In addition to this, he was capable to generate opportunity & recognizing skill of
improving program (Aldrich, 2017).
Self motivation is determined as an other personality trait related to entrepreneurs and
important to prevail that help in influencing another person and also dealing with different kind
of risk which is linked with innovation as well as creation. They are also committed in respect of
decision in order to achieve goals as well as objective in a timely manner and perform work
during the period of time.
How entrepreneurs did renowned opportunity or generate the opportunity.
Bill Gates is determined as successful entrepreneurs within market and determined as
originator related to Microsoft. It getting bored from schooling then just because of his bullied
from other children, his batch mates pull down his legs and many more. In addition to this, all
these things make tension to its parents and then their intention. In assistance of this, Bill Gates
goes to college and generate first program of computer as well as complete graduation. Then he
focuses on spending their time on increasing their learning regarding computer and increases
knowledge regarding it. His knowledge, skill as well as financial support which are provided by
its family influence him to get successful at marketplace. In addition to this, through knowledge
and skill, he was capable to generate basic system related to operations and provide superior
break to organisation. Therefore, they focuses on providing some innovative goods like window
as well as other that helps Bill Gates in becoming successful at Marketplace. In addition to this,

he was capable to generate opportunity & recognizing skill of improving program (Kuratk and
Morris, 2018).
Nicholas woodmen focus on bringing GoProInc but he confronted failure within an
organisation. He introduce camera but failed then he focuses on launching innovative goods for
becoming successful at marketplace. Then due to less support of his family and bad condition on
finance, there is no support from family side related to finance. Then he focuses on starting a
new venture but he is not getting successful. And, he takes experience from different kind of
failure and started new business during particular phase of time period. And then he launch
GoPro with its experience then he will become successful and turn out to be billionaire. In
addition to this, there are different kind of challenges confronted by him to become successful
and billionaire at marketplace to recognise its capability and achieve advantage or benefit of that.
Explain innovative product/ service introduced at marketplace?
Innovative product/ services launched by Bill gates:
Bill Gates was determined as an originator of Microsoft. They launched the companies
related to basic operating system which operate on Altirecomputer. In addition to this, when
organisations grew in addition with some another organisation like Apple, IBM in improving
hardware then Bill Gates was regularly on road advertise merit related to application of
Microsoft software as well as generate some another operation such as window.
Innovative product/ service introduced by Nicholas Woodman:
Nicholas woodman is the originator of camera in year of 2002 after maintaining
prototype which sewing machine as well as drill. He also introduces video camera in year of
2004 and focuses on marketing it from different shop during particular phase of time period. In
addition to this, they introduce new good product name does GoPro camera that provide success
as well as become billionaire in future period of time.
Explain why innovation is significant.
Innovation is determined as a commercial application as well as successful management of
innovative ideas. It signifies launching something innovative into business organisation.
Innovative is determined as an origin related to modern existence. In addition to this, it is
significant to advance society and also the focus is on resolving different kind of problem and
enhances capacities of society to act. They focus is on resolving different kind of problem in an
appropriate manner that is connected with innovative technology. Innovation provides positive

results from society perspective as it enhances economic growth, communication as well as
educationally accessibility and many more.
Innovation is determined as a more significant concern related to company and they focus is
on improvement in addition with coordination in market. Therefore, it is applied on product
improvement methods related to management to perform their work. It increases the process of
organisation for increasing level of efficiency and productivity that help organisation to extend
quality of goods and services. It also adds worth to existing well and make differ to another
goods and services from its competitor that help in increasing competitive advantage over
rivalries at market place (Meyer, Neck and Meeks, 2017).
B. About entrepreneurial organisation.
Explain the entrepreneur’s role as leader and what it takes to become a successful leader.
Entrepreneur is determined as having skill and competency for performing different kind
of function in order to become successful at marketplace. There are different kinds of skills that
are provided within entrepreneur for achieving goal as well as obsjective in timely manner.
There is different kind of role of entrepreneurial as leader that is going to be mentioned below:
Visions a successful entrepreneur possesses clarified vision for communicating vision to
member of teams and perform their work to transform vision into reality. In addition to this, it is
necessary to have a clear vision to provide direction to different staff member and engaging in
respect of role for satisfying objective of organisation. In reference of selected entrepreneur, they
possess clarified goal as Microsoft Company focuses on increasing profitability as well as
empower as well as every individual person to achieve goal and objective in timely manner.
Therefore, it is necessary to have a clear vision for achieving success in future period of time
(Welter and Gartner, 2016).
Risk taker- for the accomplishment of organisation goal it is essential to have ability to
task risk, as it gives strength to accept all challenging and complex task for betterment of
organisation. This ultimately enhances the sales and profitability of organisation and support
entities to launch new technologies without worrying about failure.
Learning – Leaders are not meant to sit in an organisation for adhering knowledge and
training but also responsible for creating learning culture by motivating others to improve skill
and knowledge for tackling and accepting complex task. They motivate them to think outside the

box for coming up with new ideas and effective solution of all problems. This support them to
combat with all competition of market and sustain there by gaining growth and development.
This make them flexible to opt all changes for smooth running of business operation.
Supportive- Entrepreneurs are those personnel, who are supportive in nature and guide
team mates where they are lacking and went wrong as well as which is the right path for them to
accomplish the organisational goal in effective manner and on given time. An entrepreneurial
leaders realize the importance of initiatives and reactiveness to supports team mates. They do not
punish employee but help them to showing right path.
Inspire other towards entrepreneurship- Primary role that is performed by entrepreneurs as
a leader is to motivate their team mates to open new venture by getting involve in opinion and by
exploring new things. Which is beneficial for those who are interested in becoming entrepreneurs
this provides success to be effective and successful leader manner (Landström and Harirchi,
2018). So this process helps to create a chain reaction of entrepreneurship that directly
contributes to the health of the economy and their success. With relevance to Nicholas
Woodman, inspire your employee to be an entrepreneur for the development of the nation's
economy and make the organization known
How did entrepreneurs grow their business?
With the help of family members- to set up new venture, it is vital to have family and
financial support as it gives motivation and encourage them to go ahead without worrying about
anything. in context of bill gates, his family support him from starting and motivates in term of
financial manner to successful start his new venture whereas woodman parents not support his
initially and due to which he was not able to get success but after so many efforts he became
successful entrepreneur.
With persistence nature- To be stubborn towards decision makes an entrepreneurs
successful. With relevance to Woodman, he was very persistent towards his aim, as he faces
failure so many time but not get let down instead learn something from all failure attempts and
became a billionaire. Such type of nature help to gain growth and success in business by
concentrating on aim.
By accepting risk-To be successful in business it is vital to compete with risk and
uncertainty that are associated with business operation. Also it is vital for an entrepreneurs that

they can self-motivate themselves for performing all function in effective (Dias, Rodrigues and
Ferreira, 2019). This makes flexible towards all changes for the betterment of organisation.
By launching innovate product an entrepreneur become successful as people are moving
towards advancement in technologies and wants to consumer such technologies which gives
them satisfaction. As well as increase the consumers base towards offering of company and this
improves the profitability ratio of organisation and make business more development and
success.
C About contribution to economy and society.
Discuss and evaluate the contribution to economy
Entrepreneur are those individual who have ability to boost up economic growth by
launching new technologies and innovative product at marketplace. On demand of consumers
they product optimum amount of product/ service (Ferreira, Fernandes and Kraus, 2019). In
context of this, there are N number of entrepreneurs who launched creative and innovative
product such as Bill gates (Microsoft), Steve Jobs (Apple), Larry page & Sergey Brin (Google)
and so many other. They offer employment to unemployed and seekers on short and long term
basis for helping country to improve economy. Hence entrepreneurs make huge efforts in
improving and gaining high growth in economy few are follow:
Job creation: The ratio of start-up business in UK is higher as compare to other business
units. They creates job opportunities to individual to overcome the situation of unemployment
and contributing in well-fare of society. By opining new venture they give job to seekers to
contribute in countries’ income. Advancement in employment and higher earning contributes to
national income in form of higher tax revenue and higher government spending. If there is lack
of entrepreneurs in country, then GDP will adversely affected as it is solely depends on import
and multinational companies.
New product innovation: entrepreneurs mainly depends on introducing innovative and
advanced technologies for increasing the sales and profitability ratio of company (Welter, Baker
and Wirsching, 2019). By launching innovative product as per consumer requirements,
entrepreneurs will able to grasp more consumer and significantly able to contribute towards
development of economy. Start up business unit foster creativity by investing huge time, money

and efforts to generate huge profit. By this they will effectively able to contribute towards
economy of nation also.
Wealth creation and distribution- There is direct relationship among entrepreneurial
activity and job creation opportunity. Individual are not able to get job due to some reason and
become poor. As a base of income, unemployed people and job seeker will get job with the help
of entrepreneurial activity. By utilizing untapped natural and human resources, entrepreneurs
ensure wealth creation. It permits to manufacture product by fetching into better price. This
process cumulates equal redistribution of wealth along with income.
Poverty alleviation: Entrepreneur are those candidates who have potential to product goods
on mass scales at lower prices in order to improve the living standard of common people as it
eliminates the scarcity of essential commodity (Anggadwita, Luturlean and Ratten, 2017). Also
by opening new venture, they provides to opportunities to eligible candidates and aid nation to
remove poverty by improving their living standard and status of lower level individual. As well
as by investing significant amount in charity, entrepreneurs are helping country to compete with
this poverty. UK is high in labour-intensive, entrepreneurs are one who generates employment
and supports government in eradicating unemployment and poverty in economy.
Evaluate the survival issues due to global pandemic.
Global pandemic refers to a situation which arise all over the world and hamper all activity either
related with life or business. Recently one of the major pandemic occur is related with the life
and affects both business and life of an individual, namely COVID-19. As it creates huge crises
across the world and make life tough to survive. The most affected due to this pandemic was
economy of each nation. Due to implementation of lockdown, supply, demand, productivity and
overall profitability of all companies. All these are carry out for the well fare of individual as it
directly affects the health of individual and spread in extreme rate and become hard to control
that without implementation of lockdown (Herron, 2020). This puts negative impact on business
operation and become hard to survive. When lockdown was removed, all business unit focus to
get their position again for the survival in business industry. By launching innovative product
that offers safety to consumers is the only option left for entrepreneurs to meet the requirements
of company and consumer. This basically affects the lives of lower and middle level people as
they were not able to earn money and not able to satisfy their basic needs.

Brexit is another pandemic that influenced the business operation within UK as it got
separated from EU. Due to which all business operation got affected as rules and policies get
differ from EU nation. Export and import within two nation got banned and that impose huge
impact on production and profitability of company. Which makes hard to survive for those
individual who work in companies of EU nation. Thus entrepreneur are those individual who
overcome thus situation and maintain the growth and survival of individual.
CONCLUSION
From above discussed report it has been analysed that the entrepreneurs are those candidates
who believes to launch new ideas, technologies and product/ service without worrying about any
problem or uncertainty that is associated with advancement. They have ability, capability, skill
and knowledge in order to be successful and all these become vital to help country for the growth
and development of country. It foster competition too for other players of marketers and this
encourage other for launching some innovation and creation to marketplace to be sustain in
market. Further, the present assignment was based on two successful entrepreneurs who puts
huge efforts to become successful and significantly contributes towards development and growth
of national economy. This is all because of their family support and some unique characteristics
that make then different from other people and foster them to set up their entrepreneurial
ventures.

REFERENCES
Books and journals
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship, pp.5-25.
Anggadwita, G., Luturlean, B.S., and Ratten, V., 2017. Socio-cultural environments and
emerging economy entrepreneurship. Journal of Entrepreneurship in Emerging
Economies.
Dias, C.S., Rodrigues, R.G. and Ferreira, J.J., 2019. What's new in the research on agricultural
entrepreneurship?. Journal of rural studies, 65, pp.99-115.
Ferreira, J.J., Fernandes, C.I. and Kraus, S., 2019. Entrepreneurship research: mapping
intellectual structures and research trends. Review of Managerial Science, 13(1), pp.181-
205.
Henry, C., Hill, F. and Leitch, C., 2017. Entrepreneurship education and training: the issue of
effectiveness. Routledge.
Herron, L., 2020. Do Skills Predict Profits: A Study of Successful Entrepreneurship. Routledge.
Kuratko, D.F. and Morris, M.H., 2018. Examining the future trajectory of
entrepreneurship. Journal of Small Business Management, 56(1), pp.11-23.
Landström, H. and Harirchi, G., 2018. The social structure of entrepreneurship as a scientific
field. Research Policy, 47(3), pp.650-662.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic management
interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
Welter, F. and Gartner, W.B. eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.
Welter, F., Baker, T. and Wirsching, K., 2019. Three waves and counting: the rising tide of
contextualization in entrepreneurship research. Small Business Economics, 52(2), pp.319-
330.