Characteristics of Successful Entrepreneurs

This article discusses the characteristics, traits, and skills of successful entrepreneurs that set them apart from other business managers. It covers topics such as creativity, confidence, and the Big Five personality traits.

business information
systems

INTRODUCTION
Entrepreneurship official to the conception of carry off and developing a business
venture in command to gain profit by taking various risks in corporate world. Entrepreneur take
risk in the business and find the success of investment, so they can covert their imagination
into the reality.
This report will talk about ventures of entrepreneurial ship and it will explain impact of
small business on the economy of the nation. This report will discuss about key aspect of
entrepreneurship mindset. In the end of this report will analysis different environment that
surrogate or posterior entrepreneurship
Activity 1
P1 Different types of entrepreneurial venture and explain how they relate to the Typology of
entrepreneurship
There are different different entrepreneurial ventures which are having different
business activities but some similarities as well.
Small business entrepreneurship
Small business are the start up business which can be Grocery stores, hairdressers,
carpenters, plumbers etc. Anyone can owners of the small business and mainly they7 hire
employees which are from their home, relatives and friends. In small business entrepreneur
businessman take money from their friends and family, so they can start their business. This
kind of business have huge contribution to the economy and their main concern is to earn profit
by providing services and product top their customers. Small business are usually created by the
local people who want to start their own business in small area. They arrange finance from their
family and friends.
Social good enterprise
Social entrepreneurs are ground breaker who focusing on making new products and
unique services which can figure out social needs and difficulty. But unlike social business
startups their objective is to make the global a better spot, not to take marketplace share or to
make to wealthiness for the founders. They may be non-profit-making, for-profit, or hybrid. In
this business venture businessman build good and innovate new services which helps to make
life of the people good and their goal is to maximizing impacts sustainable way. Some of the

busies like a company who helps to give global health issues and no profitable company with
the philanthropic mission.
Large companies
Large institution have finite life cycles. Most increase through continues innovation,
providing new products that are variable around their core products. Alteration in customer taste
sensation, new technologies, civil law, new challengers, etc. can create force for more disruptive
innovation – need large institutions to make entirely new products sold-out into new customers
in new marketplace. Existing organization do this by either getting innovative companies or
effort to build a disruptive product internally. Ironically, large institutions size and culture make
disruptive invention extremely hard to penalize.
Scalable Startup Entrepreneurship
Focus of these business is totally toward the creative points of the business. A
persisting model is dynamically change by those ventures. They used to target their employees
efficient personal in their workforce to achieve their business objective. They rely on ventures
capital funds a financial investment for their expansion.
Entrepreneurship typology
In the field of the entrepreneurship, a typology described as the classification of the
group having the common characteristics ion the basis of plan structure and style. There are
four type of typology.
Survival ventures
In this venture does not need any baking relationship and it can be operated by the
entrepreneur in just few assets . I this venture businessman earn to survive in their life and try to
earn money for their survival.
Lifestyle venture
lifestyle entrepreneurship venture basically to do with following passion and work
which an individual loves to do, some of the best examples are a travels bloggers who travel to
different places, so they can follow their passion
managed growth venture
This venture focus to stable business growth and consist f workable business model.
And they also aim to steadily expanding their facilities, product launches etc reinstatement in the
ventures are ongoing.

Aggressive growth venture
This ventures are technology based in nature ad possess strong innovation potentials.
P2- similarities and differences between entrepreneurial venture
Each and every entrepreneurial venture have some diffuseness and some similarities.
Which shows how this all ventures work here are some similarities and differences in all four
ventures. This characteristics must required in the person if they want to be successful
entrepreneur. They need to take risk in the business, so they can get better outcomes. People
who want to become entrepreneur should take the risk in their business to innovate their
business.
Type of enterprise Similarities Differences
Small V/S Large business
enterprise
Large and small both kind of
business work to get their
won benefits in the business.
They always understand the
needs of their customers, so
they can satisfy their needs. As
a result both the ventures able
to improve their profitability
in businessmen
Small business have lower
financial resources while large
business have strong financial
resources to run their day to
day activities.
Small businesses work on the
local level but large business
work on the national level and
provide their product in all
over the country.
Social V/s Scalable Enterprise Both social and scalable
business have aim to provide
benefits to the society, for this
they also developed new ideas
which can add some value in
their life. Both the enterprise
have tendency to take risk,
so they can get better result
Social entrepreneurial ship
deal with the society people
who are having problem, so
they can helps them . This
helps to improving their
standard.
Whole in relation with the
sclable venture , they work

for that they also adopt new
technology in their business,
so they can increase their
production.
with the mission of changing
the world for better living, so
they implement new
innovation and ideas and
thoughts.
Lifestyle and survival
entrepreneurial venture
Both the business lifestyle and
survival are same in which b
individual work with the
purpose of earning more
money for their survivals and
established a food image in
front of the society and people.
Lifestyle entrepreneurship
venture basically to do with
following passion and work
which an individual loves to
do, some of the best examples
are a travels bloggers who
travel to different places, so
they can follow their passion
Survival venture is does not
need any baking relationship
and it can be operated by the
entrepreneur in just few
assets . I this venture
businessman earn to survive in
their life and try to earn
money for their survival.

M1- Diverse range of entrepreneurial venture to understand entrepreneurship in public and
corporate sector.
Public body entrepreneurship is an idea that how's times has seed. As the situation for
this sector services and society become more existent and more analyzable. Three sector
entrepreneurship is having three chiseled division which are act that are innovative and that
change to the state ques. Collaborationism is essential in this entrepreneurship, who try to build
coalitions for the alteration across government, business concern and civilian society, often
informed when to let go in other too else to lead. Entrepreneurship in the public body is an
innovative initiatory outcome
In a private sector entrepreneur start their own work privately where come up with
their own idea and innovation, so they can ear profit and make their business successful. This is
an idea of single person to achieve their goals.
D1- The scope, development and growth of entrepreneurial venture
Entrepreneurship decreases the risk in the business through proper planning, research
and development and the scope of the entrepreneurship ventures is small, large, scale up and
social entrepreneurship provide good scope for the individual person. It also helps to
developed new skills in a persona, so they can earn profit by doing business. Proper planing and
business set up also provide growth to the business and entrepreneur can start their business
and become successful business man. To become a successful entrepreneur individual person
need to have some skills and characteristics, so they can create an new ideas or plan which can
be unique and attractive for the people. There are many successful entrepreneurs, who have
started from noting but now they are top entrepreneur and earning billions of dollars per year.
They have all the characteristics which are required to become a entrepreneur. Two most
popular and successful entrepreneur are Michael Bloomberg and Bill gates who started their life
withing having anythings. Here are some characteristics and skills which are required to
become successful entrepreneur-

Entrepreneurial venture contribute to many factors which are connected with the growth
of the country and this cannot be ignored so easily. Some of the factors which include the
employment opportunities. Entrepreneurial venture helps to create new jobs in the economy so
people can be employed, and they can ear money for their living. This also bring the innovation
and ideas for the growth and provide strength to the economy and mostly this business pay the
taxes to the country which is used to provide benefits for the society and improvement in
the infrastructure of the particular country. They also bring the new technology which is useful
for the country. Every successful entrepreneur developed their own personality which helps to
reflect their mindset and their motivation. It is necessary for the people to create their own
personalty by developing the skills and mindset. Big five personality Traits is the model
which helps to describe the theory of extroversion , agreeableness, openness, conscientiousness
and neuroticism. This Traits help to make the personality of the people.
P3- Impact of micro and small enterprise on economy
Micro and small enterprise has vast impact on the economy of the UK . The importance
of the micro and small businesses to the local communities in the Untied kingdom is
emotionally rooted to the selling and buying with the neighbor. The value of the small
enterprise in the UK agricultural areas and the large cities also is seen in the economic profit
of the buying nationally. Small and micro business are backbone of the UK economy which
helps to driven growth, creating jobs, operating new markets . This shows that their
contribution in the economy is vital. Micro entities are every small business. In 2018, Parliament
of the UK identified that 5.7 million SME's are making up to the 99 percent of the all
businesses in the country. There were more than 5.4 million micro business which accounts
for the 96 percent of the business in UK.
As per the private business sector in the UK have huge contribution to provide jobs to
the people. In total 5,867,770 business which are privately owned are providing jobs to the
employees around 27,498. Small business in London has Huge contribution in UK economy
and yearly they have turnover around 1098, south east 729 etc. In England its growing rapidly
around which is around 7.8 %.
Contribution to local Government with taxes
Micro and small business pay taxes to the state government which helps to develop the
infrastructure of the particular state. They are basically giving money back to their local people.

Local enterprise and Micro business make higher income which means that the business will
pay the high taxes which also consider property taxes.
Employing local workers
Small and micro business create employment opportunities for the local people. Which is
also direct contribution to the economy. People can get job, and they can earn for their living,
and they can spend money to full fill their demand ad heir basic needs.
P4- Importance of the small business and business setups to the growth of social economy
More than 39 percent of the small business run by the females , who create around 8
percent of the employment and also generate the revenue around 4.2 percent of the total. Small
enterprise has huge share to the social economy where they help to make jobs possibility and
drive the nation economic growing in the smaller geographical areas and also make the UK
market more competitor which is direct share to the Social economy of the nation there are
some profit of the small concern to the social economy .
Creating employment
Small business create new jobs for the people, so they can earn money, and they can
able to cause to fulfill their basic needs. This is an direct contribution of the social economy
because if people will be employed then they can live better life and spend money to fulfill
their needs.
Innovation
Small business come up with the new innovation and ideas which helps to satisfy the
needs and demand of the society, and they can use to make their living more better. New
innovation and ideas can be about the product and services which can be useful for the
society and their welfare.
Meeting the social purpose
It also helps to meeting the social purpose because they are paying taxes to the
government which is directly pass on to the society and their welfare. People get better schools,
education and better infrastructure.
ACTIVITY- 2
P5- Characteristics traits and skills of the successful entrepreneur that differentiate them from
the other business mangers

Creative mind
This one of the necessary skills which is required in the person should have creative
mind, and they should think to make the things more easy for the people or innovating things
which can be useful for the people.
Confident
They should always be confident about their idea and their plan. They will need confident
when they will find the investors they thy have to communicate with them, so they should be in
confident..
P6- aspect of the personality reflect entrepreneurial Motivation and mindset
Big five personality Traits
Openness
People who similar to learn new things and enjoy new experiences normally score
advanced in openness. Openness consider traits like being perceptive and ingenious and having a
wide assortment of interests.
Conscientiousness
This are the group who have the advanced degree of the conscience are dependable and
punctual. Traits which also include methodical and thorough and being organized. It is
necessary for the people to develop this traits to create their personality.
Extroversion
Extraverts get their energy from the interacting with the others people, while the
introverts get their energy for those people- new entrepreneurs should learn to talk in the
group, and they can take the helps of the people.
Agreeableness
These individuals are money likely to be friendly, compassionate and cooperative as
compare to the normal people and the people who are having every low agreeableness may be
more distant. This people are kind with the other and ready to help others.
Neuroticism
This is also called affectional stability. This magnitude relates to one’s affectionate
staleness and degree of antagonistic emotions. People that score high on neurosis often
experience emotional instability and negative act.

P7- How background and experience can hider r fosters entrepreneurship
Michael Bloomberg
Michael Bloomberg us an American Business man, Author, politician and
Philanthropic. He is also an owner and co- founder of the Bloomberg L.P. This entrepreneur
start his career at the security brokerage salomon brother before forming their own company.
His company provides information related to the finance, make software and also films
which are known for their Bloomberg Terminal. Michael Bloomberg also rank in the most
richest man alive in all over the world and his estimated worth is 55.5 billion US dollars.
Bill gates
Bill gates also an American entrepreneur who develop the software, investor and
philanthropist. He is the Co- founder of the company Microsoft which is famous in all around
the world. In the starting of his career he was on the position of the Chief software , while
also being the largest individual shareholder until the may 2014. during the late 90's Bill
gates always been criticized for his business tactics, which have been considers as anti
comparative, but he showed to the world that how useful his software I and now his software
is used in every country, and he also rank 1st in the worlds richest man in all over the world.

CONCLSUION
AS per the report will discuss bout ventures of entrepreneurial ship and it has been
explained impact of small business on the economy of the country. This report also has been
discuss key aspect of entrepreneurship mindset. In the end of this report has been analysis
different environment that foster or hinder entrepreneurship.

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