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Characteristics, traits and skills of successful entrepreneurs

   

Added on  2020-01-07

14 Pages4024 Words420 Views
Entrepreneurship and smallbusiness management
Characteristics, traits and skills of successful entrepreneurs_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3PART 1............................................................................................................................................3P1) Types of entrepreneurship ventures......................................................................................3P2 Similarities and differences between entrepreneurial ventures..............................................4P3 Impact micro and smallbusiness on the economy...........................................................................................................6P4) Importance that smallbusinesses and business start-ups on the growth of the social economy....................................7PART 2............................................................................................................................................9P5 Characteristics, traits and skills of successful entrepreneurs..................................................9P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation andmindsets ...................................................................................................................................10P7 Impact of person’s background and experiences can hinder orfoster entrepreneurship..............................................................................................................11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................132
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INTRODUCTIONSmall businesses and entrepreneurship play important role in growth and development ofan economy. This micro businesses provide large number of job and generating significantamount of revenue. The presents report is based on impact of small-business andentrepreneurship on UK economy which helps to country's government for generating revenue asin from of taxes (Mariotti and Glackin, 2014). This report also make analysis on types ofentrepreneurship venture and their relation with typologies. At, last this report make analysis onCharacteristics, skills and traits which helps to individual to become a successful entrepreneur. PART 1M1& M2P1) Types of entrepreneurship venturesAn entrepreneur is that individual who start and run business with limited resources andplanning to taking all risks and rewards for his / her ventures. Enterprise is considered thatbusiness which is run by individual or group of person who offers innovative products orservices to its customers (Neck and Greene,2011)Entrepreneurship is defined as the process of designing, launching and running a newbusiness. It can also describe as the capacity and will\ to develop. Organize and manage abusiness venture in order to make profits. Individual who run a business venture is known asentrepreneur. Basic activities of entrepreneur includes making new products and services for itscustomers and gain profit. There are various types of entrepreneurship ventures which are givenbelow. Local or private entrepreneurship Business which is owned and run by local or private entrepreneur. In this type ofentrepreneurship includes small-business or grocery shops in which is mainly limited to aparticular region. Main aim of this type of business venture is make profit and activities aregenerally controlled by single person or family members (Nga and Shamuganathan, 2010)Global or Public entrepreneurship 3
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It is considered as a business which run operation at global level and required highercapital as compere to local venture. This types of venture are generally focuses on maintain longterm growth and use of innovation in its products so they can gain more international customers.So, global venture is mainly focused on customer's preferences and new technology. Example ofglobal entrepreneurs are Bill gates and Mark Zuckerberg. Serial entrepreneurship A serial entrepreneur is that person who create and innovate an idea and transform in tosmall business and then see day to day functional activities (Sampaio, Thomas and Font, 2012).After sometime, this business is developed by another person a make efforts to grow thisbusiness to next level. Example of serial entrepreneur is Richard Branson. Female entrepreneurship Female entrepreneurship, which is run, design and develop by female. In this type ofventure all the business factors are organized by female. In this venture women start business atinitial stage and then transform it into a large organization. Social entrepreneurship Social entrepreneur is that person which focuses on developing such type of product andservices which assist to society for solving their problems. This type of business venture arebuild to serve their services to help the society and conduct its activities for non- profit purpose. In addition, they are related to typology of entrepreneurship which means that varioustypes of business venture are connected with typologies. Local business run their operations forearning profits whereas global entrepreneurship is focused on offering their services atinternational level (Scarborough, 2012). Serial entrepreneurship is related to develop business toa particular area and then take over by another persons. On the other hand female entrepreneur isfocused on develop services by female and adding quality in their services along with a vision totransform their business into large organization.P2 Similarities and differences between entrepreneurial venturesThere are different types of similarities and differences in between entrepreneurialventures. Different ventures are established as they are highly beneficial for enabling thedevelopment and growth within economy. In business world there are various types'entrepreneurship such as public entrepreneurship, private entrepreneur and social entrepreneurs.4
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