Traits And Skill Of Successful Entrepreneurs Assignment

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Entrepreneurial ventures along with relation to typology......................................................1
P2 Similarities and difference between entrepreneurial ventures...............................................3
P3. Micro and small businesses impact on economy..................................................................5
P4 Importance of SME to growth of social economy.................................................................7
TASK 3............................................................................................................................................8
P5. Characteristics, traits and skills of successful entrepreneurs................................................8
P6. Aspects of entrepreneurial personality depict motivation....................................................8
TASK 4............................................................................................................................................9
P7: Background and Experience can hinder or foster Entrepreneurship....................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is a formative procedure in which activities related to designing,
launching and running of a new business venture is being done mainly on a small scale.
Individuals who initiate business venture are known as entrepreneurs. They take financial risks
as to gain large base of profitability and long term sustainability. In simple terms,
entrepreneurship is consider as a capacity and willingness to effectively initiate, develop,
organize and manage business as to attain profitability in best effective manner (Bridge and
O'Neill, 2012). Thus, in this entrepreneurs are required to take use of innovation and advanced
ideas as to offer welfare to society along with profitability. In this report formative discussion
has been made on, public and private business sectors along with small scale business impact on
business economy. This project also cover the traits and skill of successful entrepreneurs in
addition with their mind set and personality reflection.
TASK 1
P1 Entrepreneurial ventures along with relation to typology
Entrepreneur is one of the most important factor within an economy as they effectively
offer support to government with their innovative business venture idea as to grow economy on
regular manner. Entrepreneurship is a process that will further aid country to increase their
overall rate of revenue in best effective manner. Entrepreneur effectively operate their business
with the help of innovation as to offer unique products and services to customers with an aim to
earn high amount of profitability.
Basic Entrepreneur Intrapreneur Manager
Meaning Entrepreneur is termed
as a person those who
initiate new business
venture along with
unique ides as to
generate large amount
of profitability.
Intraprenuer are those
individuals those who acts
as an employees within an
business organisation along
with this, they have
responsibility towards
producing new services and
products.
Managers are those
individuals those who
perform the functions that
covers activities such as
planning, organising,
directing as well as
controlling.
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Arrangement
of capital
Entrepreneur allocate
funds mainly from the
resources such as
capital reserves, friends
and relatives.
Intraprenuer allocate fund
from employer.
Managers mainly allocate
funds for external as well
as internal sources that
include shareholders,
issuing of share as
employees.
Organisation Entrepreneurial
organisation is a newly
developed organisation.
Structure of an
intrapreneurial organisation
is already existing entity.
It is basically a newly
developed as well as
surviving organisation.
Dependency Dependency of an
entrepreneur is mainly
in the form of an
independent person.
Dependency of
intrapreneurial is in the
form of an dependent
person.
Manager dependency is
as an independent
individual.
There are numerous set of entrepreneurs within marketplace those who operate activities
which is related to invention of new and unique business idea as to start their business in order to
gain large base of profitability along with providing economic advancements to country
economy. There are some certain ventures defined below:
Small business As to start business in this form of segment, there is a need of capital on
small amount. Along with this sole individuals manage and operate these form of business with a
motive to earn adequate profitability. Individuals within this operate business for livelihood with
having 50 or less than employees. For instance, Orion electrotech limited, small scale business
perform their functions as to gain profitability. Along with this company engage in the process of
offering construction and manufacturing services.
Large Enterprises Entrepreneurs as to initiate entrepreneurial operations in this form of
segment needs funds on large scale (Kassean, 2015). Most important motive which has been
seen in large enterprises is to effectively increase business services along with element of risk. In
large enterprises there are 5000 workers. In addition with this there is more than 1.5 million of
annual turnover. For instance, Marks and Spencer and General Motors, are large scale
organisations those who operate their business operations in many different geographical
locations in order to gain long term sustainability and probability.
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Social enterprises In this form of business enterprises, business functions are operated as
to offer welfare to society in best effective manner. Individuals and trustees mainly operate
social enterprises. For instance Oxfam and Save the Children. Organisations those who operate
their functions within this mainly allocate funds from large scale private companies.
Scalable Enterprises Within this form of enterprises, individual those who do not wish
to develop a small business venture are included. This lead them towards initiating their own
form of scalable business venture. Within scalable enterprises main focus in towards creation of
products and services of best quality as to further make an increase in sales volume. For instance,
partnership and automate solutions. In addition with this, this has been identified that this form
of enterprise have limited scope along with this in this business functions are operated with
partner's concern.
Typologies of entrepreneurship
There are wide range of typologies that are covered in entrepreneurship which is defined
below in brief:
Lifestyle Enterprise Within this form of entrepreneurial venture, entrepreneurs mainly
perform their operations while having their utmost focus on lifestyles and living standard of
individuals. In lifestyles enterprise, entrepreneurs are mainly inclined towards increase in living
standards if individuals as by providing them products and services along with offering adequate
job opportunities.
Growth firms In this form of entrepreneurship, operations are mainly concerned towards
sustainable increase in revenue and profitability. In this form of entrepreneurial segment
entrepreneurs are mainly concerned towards innovation and generation of new business ideas
with the assistance of which profitability can be effectively increased.
As per the above mentioned discussion it has been seen that all the above mentioned
typologies are mainly interrelated and thus there is a need of large base of efforts as to
effectively make an improvement in each and every market segment of business (Galloway,
Kapasi and Sang, 2015). Further all the form of typologies effectively contributed towards
country growth economic prospects in more developing manner.
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P2 Similarities and difference between entrepreneurial ventures
There are numerous range of entrepreneurs those who effectively perform their
operations within large, scalable, social and small scale business organisation with a motive to
offer best effective services to society along with gaining adequate sum of probability.
Mentioned below there are some certain set of differences as well as similarities defined below:
Similarities between small, large, scalable and social entrepreneurs
 Entrepreneurs effectively perform their operations in within large, small and scalable
ventures along with a motive to gain long term business advantages while taking risk
elements.
 Entrepreneurs perform their operations with a motive to increase business activities
efficiency in order to gain large and effective amount of profitability.
 Entrepreneurs operate their business with the help of innovation and unique ideas that
will in turn increase their competitive advancements in marketplace.
 Entrepreneurs those who perform their activities and functions in social, small and large
scale business organisations provide best effective services to consumers with the help of
which long term sustainability of business organisation effectively increase.
Difference between small, large, scalable and social entrepreneurs
Basis Small size Large size Social Scalable
Meaning Small scale
entrepreneurial
ventures conduct
business
functioning at
small level.
Large scale
entrepreneurial
Ventures conduct
business activities
at large level.
Social
entrepreneurial
venture conduct
business functions
for society.
Scalable
entrepreneurial
ventures conduct
their business in
scalable level that
means in a
particular location.
Objects Major objective is
to gain profit
through the
process of
Main objective is
to effectively
expand business
services in order
Main objective is
to satisfy society
by offering them
products and
Main objective is
to effectively
increase
profitability by
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conducting
operations in
business industry.
to gain high
profitability.
services with best
quality.
conducting
activities at large
level.
Capital Small size
entrepreneurial
ventures mainly
require capital in
small amount as
to conduct
business
operations.
In this there is a
requirement of
large base of
capital as to
further initiate
business
functioning.
In this form funds
are arranged from
society those who
work for society.
In this there is no
requirement of
huge amount of
capital as to
initiate business
set up.
P3. Micro and small businesses impact on economy
Small and micro level business enterprises have at least 50 employees who have
responsibility to perform activities within organisation with a motive to earn livelihood. Small
scale entities mainly have small and limited ratio of turnover. If it is seen in micro level
organisations, it mainly have 5 or less than that workers. Small and micro level business
organisations are maintained by sole proprietors. In addition with this, it has been evaluated that
these form of business organisations exists in each and every local region of nation. With the
help of this, country can effectively able to increase their overall bas of economic growth aspect
along with developmental opportunities (Vilcov and Dimitrescu, 2015). Entrepreneurs mainly
operate their entrepreneurial venture as to effectively make an simultaneous increase in lifestyles
standard of individuals along with satisfying needs and requirements of customers in order to
earn adequate amount of money. Entrepreneurs within small and micro level business
organisation conduct activities and functions along with innovation and uniqueness within their
products and services as to effectively satisfy needs and demands of customers. With the help of
this country can effectively able to increase their economic growth along with increase in
revenue generation capabilities. It has been seen that situation of brexit have largely impact upon
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UK that further lead towards economic slowdown. Thus, it becomes essential for government to
effectively provide adequate support to these micro and small level business organisation in
order to effectively increases fund flow capabilities within country.
Source: Impact on small businesses, 2017
It has been evaluated from the above mentioned statistical data that micro and small level
business organisation engage in the process of contributing in country economy of UK. As these
business organisations effectively offer wide range of job opportunities to wide base of
individuals that will in turn lead towards making an simultaneous increase in per capita income
level (Wright and Stigliani, 2013). In context with this, it has been evaluated that small and
micro level business organisation effectively contributes 18.9% within UK economic aspects.
Along with this, small scale businesses organisations effectively put 23.4 % contribution in
growth aspect of UK economy. While in terms with micro scale, this sector put 29.2%
contribution in country developmental phase with the help of which overall growth ratio of
country effectively increases. Thus, it has been seen that these small and micro level business
organisations contributes their developmental
in UK economic segment that will simultaneously lead towards increasing individuals living
standards along with country growth sustainability.
Impacts of social enterprises are also termed as an agent for change for society. They
offer wide range of innovative solutions to imperative problems within business organisation.
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Social entrepreneurship acts as an developing phenomenon within emerging economy. This also
lead towards generating large base of job opportunities along with increase in overall GDP. With
the assistance of these emerging trend effectively lead towards decreasing government burden
and thus offer adequate support to entity in terms of funds. This has been further seen that these
current emerging trends effectively lead towards compromising up to 60% in country GDP.
Thus, it has been measured that enterprise play one of the most essential role as to provide
sustainable solution as to improve lifestyle opportunities of society in best effective manner.
P4 Importance of SME to growth of social economy
It has been evaluated that small scale enterprises and start ups effectively contributed
towards economic growth and development of country in best effective manner (Kuratko, 2016).
Formative growth in the economic aspect of UK has been seen due to small and micro level
business organisations. Further this, has been seen that UK is holds large number of small and
micro level organisation within it. All these entities effectively lead towards contributing in
economic stability of country with the help of which UK is making its strong presence in
international marketplace. Mentioned below there are some contribution of such business entities
defined:
Standard of living: Small scale organisations offer wide range of employment
opportunities with the help of which living standards of individuals can be effectively increased.
In addition with this these entities contributes towards generation of jobs and economic
prosperity of nation.
Innovation: Small and medium scale business organisations helps in bringing innovation
and creativity in nation with the help of which products and services can be served to customers
in best effective manner as per according to their needs and demands. With the help of this tend
economic stability in UK has been effectively increased. It further helps in facilitating innovative
practices in a quantum manner that helps in increasing overall growth of country in best effective
manner.
Low overheads: Small scale business organisation operate their business at small scale
which is the main reason towards decrease in within overheads of these organisations. They take
use of small amount as they have to operate their business at relatively low extent with the help
of which associated cost related to lightning, rent and heating can be reduced. With the help of
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this these organisations can aimed towards large base of probability with the help of which they
render effective boost in UK economic conditions.
TASK 3
P5. Characteristics, traits and skills of successful entrepreneurs
Entrepreneur is an individual who have the capabilities to take risk as to initiate their
passion into a successful business (Burns, 2016). In context with this, characteristics, traits and
skills of Jeff Bezos, Amazon entrepreneur is defined below:
Characteristics
Self Belief:It is one of the most important characteristic which is present in entrepreneur
with the help of which they conduct their entrepreneurial functions with motivation in best
effective manner. It is one of the most important facilitating factor that effectively encourage
person as to further establish positive mindset. In context with, Jeff bezos entrepreneur posses
self belief as to deal with any kind of situation with great zeal.
Traits
Creativity:It is mainly related with innovation and unique mind frame which is hold by
an entrepreneur as to display their creativity in order to effectively produce products and services
and further execute task in more defined manner. In relation with this, Jeff Bezos comes up with
new business idea, which is a online book store and further expand it with other products. With
the help of creativity trait Jeff Bezos satisfied customers in best effective manner.
Skills
Learning Skills:In order to evolve with the past phase technology entrepreneurs are
found as an keen learners which effectively helps them to gain new knowledge and experiences
as per the regular update. Entrepreneurs gain knowledge from family, surroundings and friends
and further gain experience from that. In context with Jeff Bezosm entrepreneur effectively
initiate idea of online book store that later emerged with a large base online market store that
effectively satisfies needs and demand of each and every set of customer range.
P6. Aspects of entrepreneurial personality depict motivation
Entrepreneur personality can be undertaken as combination of numerous form of skills,
traits and characteristics. Ocean model of Personality evaluates different types of attributes
which is found in an entrepreneur, as follows:-
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Openness: Entrepreneur is an vastly bouncy and enthusiastic personality who is
perpetually look towards attainment of experiences and knowledge. As they are always willing
to take new projection.
Conscientiousness: This display the person self disciplined along with aspirant nature of
entrepreneurs that effectively persuade them to effectively achieve their goals and objectives in
timely manner.
Extraversion: Entrepreneurs are actual origin of vigour, ardor and self-assertiveness
towards the situations.
Agreeableness: This feature exemplify the broad ratio of willingness of entrepreneurs to
concur, collaborate and display empathy towards other individuals.
Neuroticism: This abstraction of personality of an entrepreneur expose their power of
control over emotions as to hold their anguish, anger, sadness, frustration, etc. in many diverse
situations.
TASK 4
P7: Background and Experience can hinder or foster Entrepreneurship
There are diverse range of situations and events that takes place in entrepreneurs lives.
All these situations effectively provide a structures shape to their ambition and push them pursue
their career. These events and situations further acts an one of the most important factor that lead
towards shaping individual career path. In context with this, experiences and background of Jeff
Bezos is defined below:
Family backgrounds as well as experience: It is one of the most effective and important
aspect that relatively put great impact in individual as to carrying out entrepreneurship. In
context with, Jeff Bezos who was born on 12 January, 1964 in Albuquerque, New Mexico. From
fourth to sixth grade Jeff attended River Oaks Elementary school in Houston. His family moved
to Miami, Florida where he attended Miami Palmetto High School. Bezos completed his
graduation from Princeton University. In the year 1993, Jeff Bezos decided to initiate online
book store. As to initiate their entrepreneurial venture he left hos job and further founded
Amazon in his garage on 5 July 1994. With respecting many ups and downs Bezos successfully
rebounded financial stability of company with having large base of profit. In 2013 Amazon
comes up as one the largest online shopping retailer in all around the world.
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CONCLUSION
As per the above mentioned report, it has been concluded that entrepreneurship is a
process of creating and managing of business venture is done along with risk as to generate
profitability in best effective manner. There are different types of typologies present in this
report within which entrepreneurs take risk as to accomplish their objectives. In order to
effectively fulfil entrepreneurial goals entrepreneur undertake characteristics, skills and traits that
include passion, zeal, creativity, motivation and passion. In addition with this, report covers the
aspect of contribution of SMEs in a country economic stability. As these entities effectively
contributed towards nation growth in best effective manner.
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REFERENCES
Books and Journals
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Macmillan International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Landström, H., Harirchi, G. and Åström, F., 2012. Entrepreneurship: Exploring the knowledge
base. Research Policy. 41(7). pp.1154-1181.
Read, S. and et.al., 2016. Effectual entrepreneurship. Routledge.
Santos, F. M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Wright, M. and Stigliani, I., 2013. Entrepreneurship and growth. International Small Business
Journal, 31(1). pp.3-22.
Cumming, D. J. and Zahra, S. A., 2016. International business and entrepreneurship implications
of Brexit. British Journal of Management. 27(4). pp.687-692.
Fayolle, A., Verzat, C. and Wapshott, R., 2016. In quest of legitimacy: The theoretical and
methodological foundations of entrepreneurship education research. International Small
Business Journal. 34(7). pp.895-904.
Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and the value of
feminist approaches to understanding them. Journal of Small Business Management.
53(3). pp.683-692.
Kassean, H. and et. al., 2015. Entrepreneurship education: a need for reflection, real-world
experience and action. International Journal of Entrepreneurial Behavior & Research.
21(5). pp.690-708.
Petkovska, T., 2015. Role and importance of innovation in business of small and medium
enterprises. Економски Развој-Economic Development. 17(1-2). pp.55-74.
Rauch, A. and Hulsink, W., 2015. Putting entrepreneurship education where the intention to act
lies: An investigation into the impact of entrepreneurship education on entrepreneurial
behavior. Academy of management learning & education. 14(2). pp.187-204.
Vilcov, N. and Dimitrescu, M., 2015. Management of entrepreneurship education: A challenge
for a performant educational system in Romania. Procedia-Social and Behavioral
Sciences. 203. pp.173-179.
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