The Underlying Motives of Entrepreneur

The Underlying Motives of Entrepreneur 0
Title: The Underlying Motives of Entrepreneur
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The Underlying Motives of Entrepreneur 1
Executive Summary
This project has been summarized into seven parts. Part 1 comprises of introduction on
typology and scope of entrepreneurial activities. Part-2 comprises of different
entrepreneur forms with relevant characteristics, objectives and similarities and
differences. Part-3 gives a brief overview on how a small and micro enterprise has an
impact on the economy. Part-4 gives an overview on the Significance of Small
Businesses and Small Startups on the Growth of Social Economy. Part- 5 summarizes
the Skills and Traits Possessed by a Successful Entrepreneur. Part-6 summarizes the
reflection of entrepreneurial personality and part 7 gives an overview on how a Person’s
Background can hinder or Foster Entrepreneurship and this is followed by a conclusion.

The Underlying Motives of Entrepreneur 2
Contents
Introduction....................................................................................................................................3
P1 Entrepreneurship Scope and Typology...............................................................................3
Entrepreneurial Scope.........................................................................................................................3
Entrepreneurship Typology.................................................................................................................4
P2 Similarities and Differences, Roles and Characteristics and Objectives.......................4
P3 How Small and Micro Businesses Have an Impact on the Economy?...........................7
P4 The Significance of Small Businesses and Small Startups on the Growth of Social Economy.8
P5 Skills and Traits Possessed by a Successful Entrepreneur.............................................9
P6 The Reflection of Entrepreneurial Personality..................................................................10
P7 How a Person’s Background can hinder or Foster Entrepreneurship?........................12
Risk and Rewards of Starting a Business.......................................................................................12
Conclusion....................................................................................................................................13
References...................................................................................................................................14

The Underlying Motives of Entrepreneur 3
Introduction
An entrepreneur does not work for an employer, runs a small venture and
undertaking all the risks and rewards associated with the start-up. The entrepreneur is
commonly known as the innovator, who is a source for new ideas, businesses, goods
and services and also procedures. The entrepreneurs are known for playing the biggest
role in the economy. These are key people who are known for having requisite skills to
perform a given task. These people can measure the current and future needs and
present ideas to the market. Entrepreneurs are known for taking risks into the markets
and rewarded with continued opportunities. According to the economists,
entrepreneurship is critical to the production process and other factors of production of
being the capital, labor and resources. The entrepreneur must combine the resources to
procure goods or services. The company needs to create the typical business plan,
acquire resources and get into financing. The entrepreneur needs to take leadership as
a responsibility and business management. Entrepreneurs are faced with different
obstacles-hiring and retaining talent, obtaining the different sources of finance and
overcoming bureaucracy. The concept of capital funding is very challenging and most of
the entrepreneurs undergo bootstrapping. These entrepreneurs, finance the business
through different methods like using the own money. The entrepreneurs are also
focused on decreasing the labor costs, factoring receivables and minimizing inventory.
P1 Entrepreneurship Scope and Typology
Entrepreneurial Scope
The entrepreneurial spirit can be recognized and difficult to define. The
entrepreneurship is a dynamic integration of 4 elements-
1. Marketable innovations
2. The charisma of attracting capital for the purpose of exploration
3. The leadership capability for organizing labor and technology for production
capabilities
4. Marketing skills for distributing and selling efforts (Agarwal and Braguinsky,
2014).