Traits and Skills of Successful Entrepreneurs | Desklib

This article discusses the traits and skills that set successful entrepreneurs apart from other business managers. It explores the importance of qualities such as risk-taking, innovation, leadership, and adaptability in achieving entrepreneurial success.

Unit-9 Entrepreneurship and
Small Business Management

Contents
INTRODUCTION...........................................................................................................................3
MAIN NODY..................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examine different type of entrepreneurial venture and explain how they are connected with
the typology of entrepreneurship............................................................................................3
P2 Explore similarities and difference between entrepreneurial ventures.............................4
TASK 2............................................................................................................................................6
P3 Interpret and assess the relevant data along with statistics to illustrate how micro and small
business affects economy.......................................................................................................6
P4. Discuss the significance of small business and start-up business in development of social
economy.................................................................................................................................8
TASK 3............................................................................................................................................9
P5. Identify the traits and skill of successful entrepreneurs that differentiate them from other
business manager....................................................................................................................9
P6. Examine how aspects of entrepreneurial personality reflects entrepreneurial motivation
and mind set..........................................................................................................................11
TASK 4..........................................................................................................................................12
P7. Examine with the help of relevant example, how background and experience can hinder or
foster entrepreneurship.........................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurs are those individual who believes to launch innovative and creative product/
service in market to gain profitability without worrying about any risk or uncertainty that are
being associated with innovation. They pose ability to compete with risk and deal with any kind
of problem to accomplish their goal (Wennberg and Anderson, 2020). Following report is based
on two successful entrepreneurs who are the owner of ASDA organisation. They started their
business with a single petrol pump but now they become billionaire and buy ASDA from US
owner of Walmart. To explore more, current report includes discussion about different types of
entrepreneurial venture, and how they are related with the typology, illustration of how mall and
micro business affects the economy and their significance towards growth of social economy.
Also, includes determination of traits and characteristics along with skill of successful
entrepreneurs that makes them different from other managers. Lastly, it includes how
background and experience foster and hinder the entrepreneurship.
MAIN NODY
TASK 1
P1 Examine different type of entrepreneurial venture and explain how they are connected with
the typology of entrepreneurship.
Entrepreneurial venture refer to a place that concentrate on creative and innovation that
generates social and economic values. Entrepreneurs mainly focus to earn high profit and returns
instead of worrying about any risk that are linked with venture. ASDA, is a great example of an
entrepreneurial venture where two brother of different skill and knowledge start their business
with one single petrol pump and now become a billionaire by buying Supermarket from US
owner of Walmart (Herron, 2020). They provides number of product to their consumer in order
to improve the consumer base and for enhancing the profitability and productivity.
Types of entrepreneurial venture:
Social enterprise: These types of venture believes to changes the world by focusing on
mission and vision. They are quite innovative and product such type of product that make
changes the life of society and resolve their problems. Their main focus in not about welfare of
business owner but it aim to make world better. For example, NHS, Safe point are the social
enterprise that focus to provide medical services to poor people in society.

Scalable entrepreneurial venture: Such type of venture are based on beliefs of owner
like one day they will change the world. They mostly influence financial investors and focus to
identify & implement a scalable model of business (Apostolopoulos and et.al., 2018). They make
only small part of business from total due to outsize return and high capital risk. Instagram,
Facebook, online shopping are the examples of such type of entrepreneurial venture as they
operates in scalable model of business.
Small business entrepreneurial venture: Small companies are those which are small in
size and may be grocery stores, home ware, consultants, travel agents, and so many more. They
generally hire local people and utilize all family services to make profit. They operates their
business with the aim of supporting the family and developing living status. Such type of
business owner deal with the known risk and uncertainty unlike scalable. For instance beauty bay
is a small enterprise of London and provide beauty product services to their consumer.
Large company entrepreneurial venture: Large organisation are vast and big in size and
due to that they mainly focus on development of new product to their core one. They have large
product portfolio due to large size of company. Changing behaviour of consumers, advancement
in technology and the competitor’s strategies make them to launch some innovative and creative
then only they will sustain the competitive and survive in market. In relevance to this there are
number of organisation such as Google, Microsoft, and Samsung. All these are large organisation
and do innovation for satisfying the needs of consumer.
Based on sector:
Corporate sector: These firms are considered as sub part of domestic economy
enhancement. They does not considered the function of government, these are privately owned
non-profit companies.
Based on growth rate:
Survival company- Such type of venture make more efforts in order to maintain their
sustainability in market. These are those organisation which mainly concentrate to carry out their
business for making more profit. The revenue generation by these companies are not sufficient in
order to satisfy the basic needs (Eijdenberg, Paas and Masurel, 2017). Also due to limited
available of resources, they will not able to gain desire outcome. Bakeries shop, grocery store
etc. are the example of such type of business unit.

Lifestyle companies: These are those which run their business with the aim of earning
more profit in order to full fill their needs and requirements (Niosi, 2018). They mainly execute
those task which are linked with the high profile. It includes Skin instructors, tour guides etc.
P2 Explore similarities and difference between entrepreneurial ventures.
Similarities between entrepreneurial ventures
Scalable Large Small
The primary purpose of
scalable is to satisfy the needs
of target consumer. For
instance Facebook, design
services as per consumer
requirements so that they will
fell satisfied.
Similarly, the main motive of
large is to product wide rages
product to satisfy the needs of
consumers. Google, provide
effective and required content
to users which satisfies them
(Tkachenko, Kuzior and
Kwilinski, 2019).
Beauty bay is a small
enterprise and its aim is to
provide beauty product to
local customers.
To ensure sustainability,
Facebook use consumer
centred strategies and do
innovation based on that.
Likewise, Google also opt
consumer centred strategies
for sustainability and
competitiveness in market
SME, beauty bay use
customer centred strategies
and product innovative
product to make sure
sustainability.
Facebook use it assets in
optimized manner for earning
high profit and launches new
product such as messenger at
marketplace.
Whereas Google utilized it
assist in optimised manner to
raise customer base.
Additionally, introduce
innovative services such as
Allo Application for
messaging.
Beauty Bay has limited
resources and have to use in
optimized manner to
maximizing returns. Also
creates new hair expansion
and added more value in
services.
Difference between entrepreneurial ventures
Basis Social enterprise Scalable Large Small
Goal Primary aim of
social enterprise
Such firm focus
to create and
Main aim of
large enterprise
Such unit
target is to

is development
and growth of
society. Safe
point offer
medical services
to poor people at
lower cost to
make their lives
better.
develop
innovative item
to enhance the
profit and raise
the return.
Facebook
removes the
geographical gap
between people
for gaining same
aim.
is to capture
huge market by
meeting
consumer needs,
Google motive
is to provide
world’s best
information to
users.
improve the
lifestyle and
feed the family
members and
same aim
posed by
beauty bay.
Risk Moderate level
risk is associated
as many people
are involved in
operation.
High level risk
due to direct
involvement of
owner.
Lower degree
due to well
image of
company at
marketplace.
High personal
risk because of
direct
involvement of
owner.
Structure and
number of
employee.
Trusted based
like NGO and
safe points are
such social
enterprise and
have registration
number 1119073.
They hold more
than 100
volunteers.
Partnership or
cooperate based
structure.
Facebook has
legal form of
cooperates
structure with
more than 43000
people.
Limited liability
or private sector,
Google has
limited liability
due to company
registration and
legal existence
under limited
liability format.
IT holds about
115000
employee across
the world
(Aldrich, 2017).
Sole
proprietorship
structure posed
by beauty bay
as it is
managed by
single owner
and have 30
employee
within single
enterprise.

TASK 2
P3 Interpret and assess the relevant data along with statistics to illustrate how micro and small
business affects economy.
Micro Business: Such type of unit have not more than £250,000 sales revenue and assists
values. Also the number of employee re less than 5. It includes house cleaners, photographer,
child acre etc. Due to high number they added more value in growth of country economy and
that improves the income and lower the cost without any training and more accessibility of
formal job.
Small Business: These are those enterprise which are operate by corporation, sole
proprietor and partnership. They have more than £250,000 but less than £1000000 sales revenue
and assists value. Also the number of employee are more than 5 but less than 50. Grocery store,
home ware, consultant, etc. are small business enterprise. Such enterprise vary in size, revenue
and changes the authorization. Thus, some required to licence while other are (Cooper and Folta,
2017). .
Contribution of micro business in UK economy:
From below graph it has been analysed that micro business are those which contributes
96 % of total towards improvement of national economy in UK by raising employment. The
number of employee who get job in year 2000 was about £3.75 and it get increased by £5.5
million in 2016. More than 235000 micro business unit are leading the turnover £1000000 and
the average is around £280000. It puts positive influence in term of decrement of unemployment
and increment of GDP. Micro business are more focused towards innovation and creative for
introducing innovative ideas regulated (Hsieh and Wu, 2019). Owner of such enterprise pay tax
as personal tax and assist to nation in enhancement of income and revenue generation.

Contribution of Small business in UK economy:
Small business unit have 4 % of total number business within UK and help to mitigate the
unemployment. Such unit generates 16.3 million job opportunities from 15 % of total
employment. All these significantly contributes in enhancement of GDP and Turnover of UK.
By paying tax to government they contributes in increasing national income of UK. They
contributes towards economic development by paying tax to government with 9.8 % rate and
leads to god development in growth of nation.

P4. Discuss the significance of small business and start-up business in development of social
economy.
Social economy is an economy that is related with social behaviour and economy of
nation. It is a study of ethics, behaviour and other sentiments that affects the buying behaviour of
consumes. In context of this, Non- profit are those companies which operates their business for
the welfare of society and development of economy. Some of importance of small and start-up
business units are as follow:
Increasing job opportunities: Number of small and start-up business unit are more as
compare to large organisation in UK. Therefore, they creates more job opportunities to seekers
and unemployed and assist country in growth & development of social economy (Landström and
Harirchi, 2018). They give them significant amount of salary so that they will raise their living
standards and gain the benefit of job.
Poverty alleviation: By proving job to poor people, entrepreneurs of small and start up
business decreases the rate of poverty within country. They mainly focus to improve the living
standard and full their basic needs and that ultimately raise the economy of country as they are
working to remove scarcity.
Importance of start-up business on growth of social economy:
Owner of start-up business believe to bring innovation and creation at marketplace to
grow the economy. Innovation and creation help to meet the requirements of consumers and help
them to improve consumer experiences. They always use advanced technology along with eco-
friendly to protect the environment. Such unit are also gives significant amount of job
opportunities like 33% of total employment in UK with the aim of development of social
economy. All start-up unit bring positive changes and leads towards education and business
entrepreneurship.
Importance of small business on growth of social economy:
Such units contributes to social development by donating to charities & forming
employment. It offer more than 15 % of total employment and significantly contributes towards
social development. About 6 million business unit contributes for the improvement of GDP and
represent positive contribution in society by giving them job opportunity to raise their living
standard and income of people. Such unit mainly focus on innovation and creation and help to
reduce the wastage of resources & emission in manufacturing process. It refers that they are

contributing in maintaining environmental sustainable (Hisrich, Peters and Shepherd, 2017). For
instance Beauty Bay is a small enterprise of London and gives employment to 30 employee of
London to raise their status developed them in society.
TASK 3
P5. Identify the traits and skill of successful entrepreneurs that differentiate them from other
business manager.
Traits, skills and characteristics of entrepreneurs are as follow:
Zuber Issa Mohsin Issa
Traits Innovation: Success reason behind
Zuber is his advanced new ideas
thinking that push him to bring
innovation and creation at marketplace.
Visionary: A good entrepreneur have
always effective vision in order to see
the future in advanced. For instance the
both chosen entrepreneurs have good
vision to be successful and for
forecasting the future of ASDA.
Dynamic communication: A successful
entrepreneur must have ability to carry out
effective communication and interaction
with other in term if influencing them as
well as need to be a good listener and
devour to convince other. This is
significantly adhere by respective
entrepreneurs this is the only reason of his
success.
Persistency- To be a successful
entrepreneur it is vital to have persistent
trait with any devised decision and
Mohsin have this (Julien, 2018).
Skills Leadership: Without a good leadership
skill it is not possible to set up venture.
As effective leader can influences its
team member to be flexible towards all
changes as business environment is
dynamic in nature. Respective
entrepreneur have this quality.
Mindfulness: Mohsin have this skill to
cope up with any circumstances
effectively as well as to gain positive
result.

Characteris
tics
Risk-taker: Zuber have risk taking
characteristics in order to deal with
complex task as well as to launch new
advanced technology.
Problem Solving: Zuber hold such
quality to resolve all problem and face
with any uncertainty in effective
manner to be fruitful.
Motivator: To operate business,
entrepreneur need to be self-motivated so
that it will able to motivates others for
accomplish their long term goal. Also
needs to be focused toward goal.
Managers are those entities who are hired by the business owner to perform all business
function in effective manner. They obliged to oversee the employee performance and guide them
right path. Difference in between entrepreneur and manger are as follow:
Basis Managers Entrepreneurs
Focus Manger aim is to perform all
business activities in efficient
and effective manner for
accomplishing organisational
and personal goal.
Whereas, entrepreneurs is to
launch innovative product at
marketplace to make more
profit.
Status They are recruit by the
business owner as a
stakeholders to perform
business function.
On the other hand
entrepreneurs are the owners
of company and responsible
of all risk and profit
associated with business
(Kuratko and Morris, 2018).
Motivation Manger within company are
motivated by higher
authorities to effectively
perform all task and role.
They are the self-motivator as
it is needed to accept risk and
to be successful by taking
right and appropriate
decision.

P6. Examine how aspects of entrepreneurial personality reflects entrepreneurial motivation and
mind set.
Entrepreneurial personality can be defined as set of characteristic trait that implication on
behaviour and decision of entrepreneur. It is vital to be present in entrepreneur for making
effective plan. Motivation is a factor that inspire and encourage an individual to perform well. It
reflect their mind set too, they have potential to think positive and set effective mission and
vision for firm. In order to understand all entrepreneurial personality, it is vital to known about
some characteristics & that are as follow:
Family: Future and career path of a child relies on family background and the guidance,
knowledge manner that is given to them are the base of getting understanding about what is
wrong and what is right choice in order to be successful in life. Behaviour and attitude of a child
is shaped by the family member itself. At each point, the knowledge that is given by family
member are needed to gain growth and development in life. Norms, values, ethics represent the
importance of family in life for shaping the future and career of child (Morozova, Popkova and
Litvinova, 2019).
Upbringing: To shape the future of a child, the environment and culture that is provided to
them is also matter. Whom they are able to meet and interact effectively is totally relies on their
potential and capabilities that an individual have within itself and that comes from etiquette that
they get from their parents. Therefore, behaviour, nature and etiquette of an individual depends
on upbringing.
Lifestyle: A good lifestyle refers to an effective decision making thinking. For example,
Woodman faces so many problems and goes thorough number of hurdles but he never let get
down though he learn from his failure and get achievement by taking all risk and become
billionaire.
Zubar is an extrovert and confident personality that motivates and encourage others to
become the same person and gain huge success. This kind of personality reflects and inspires
other to get success in life similarly. Additionally, striving is other personality that reflects them
to gain success and achieve all desired goal that they wants.
Mohsin Issa is another successful entrepreneur that holds impulsive attitude along with
unique thinking that all make him to become successful and gain all desired outcome. This assist

them to gain all desire outcome by hook and crook. This is the personality that all plays
important role to be entrepreneur.
Beside all that, OCEAN model is also there in order to analyse the behaviour of any
entrepreneur and that is discussed below:
Openness: This tends to energy extent of an individual that motivates to promote
innovation and creation and to be liable by thinking out of the box. This holds traits such as
originality, creativity, insightfulness and so on. A person who have low trait of openness then it
implies to practices like meeting new people and full in brining innovation. For example, Zubar
holds this type of personality and it is vital to have in an entrepreneur in order to influence others
and to achieve all desired goals.
Conscientiousness: It shows the controlling power of an individual that makes them to
take right decision and think two more times while making any important decision. This type of
personality assist them to follow all rules that can help them to attain all goal within stipulated
time and by effective manner.
Extraversion: It refers to those nature or personality who are more talkative and
introvert kind nature. Also they have potential to fetch energy from other by convincing them
and make them to go and explore more things that are surrounded to them. This type of
personality within entrepreneur help them to take all advantages and become successful
entrepreneur. This influence positively (Audretsch and Moog, 2020). This is the personality that
is holds by Mohsin Issa, and due to this he is successful in his life and easily influence other to
buy their product and get satisfaction.
Agreeableness- Here it demonstrate the supportive, kindness and helpful nature that
positively affects the mind of individual. It comprises politeness, trust and patience of an
individual that can affects the mind of people too.
Neuroticism- It tends to emotional stability of an individual and that are important to cope u
with any circumstances. As it assist them how to deal with any problem effectively.

TASK 4
Examine with the help of relevant example, how background and experience can hinder or foster
entrepreneurship.
Effective educational background with good family background and personal experiences
plays major role in an individual life as it is the base of an entrepreneurship and that influence
the decision making & development of entrepreneurial venture. A good support from family and
a good education promote positivity in term of entrepreneurship, on the other hand uncooperative
reflects adverse and stop the development of entrepreneurial venture (Nambisan, 2017). Those
individual who have effective knowledge about market and have knowledge about any specific
field assist them to gain all advantage and serve their services by introducing innovative and
creative product to improve the consumer base. A well education background and good
experiences always support an individual to do some creative and always make right choice to
become successful. Financial status also matters and that foster to individual for starting their
own business. Underneath are some examples of successful entrepreneurs.
For instance, Bill gates is a founder of Microsoft and a successful entrepreneur. He got bore
from his school to early because his friend and classmates pull his leg and make fun of him. This
creates tension and worry to his parents. Afterwards Gates went to college when he was 13 and
then he completed his graduation but not with excellent marks. He spent mots of his time on
computer for gaining more knowledge and experience about computer. He got success too by
introducing BASIC operating system and gives a good break to company. He become
dominating in the marketing and that motivates him to do more creative and launch other similar
product like Windom. His family support and good financial condition assist him to stat-up
business and get success in life. His risk taking feature made him to launch more similar product
at marketplace and gain success. Also, he has different thinking mind and that entrepreneurial
characteristic made him to perform well and maintain concentration on innovative product
launching by his innovative ideas.
For instance, Nicholas Woodman he is also a successful entrepreneur and billionaire after
so many hard affords and failure. He introduced a GoPro camera in market but initially get fail
in order to get success and that made him to launch another creative product. The family and
financial support was not good for him and that adversely influence the intention of Nicholas to
set up venture. He makes so many efforts and start up his five new venture but did not get

success as dot-cum failure. But he never get let down instead he always learned from failure and
started GoPro by using experience that led him to become successful billionaire within industry.
His self -motivation, entrepreneurial characteristics made him to become successful as he got
failure so many time though he will not let down instead he learn from all these failure and
motivate himself for attaining all goal.
CONCLUSION
From above discussed report it has been concluded that in this world there are number of
entrepreneurs who gain success by competing with risk and dealing with so many problems.
They are the only one who help nation to enhance economy in tough time such as Covid-19. As
start-up and small business are more as compare to large business organisation. All these because
of their different characteristics, skill and trait. Each and every entrepreneur have different skill
as compare to mangers and that make them successful in their life. Good education, family
background and experience plays significant role in an entrepreneur life and that make them to
bring entrepreneurial ventures. In context of this there are various types of entrepreneurial
venture such as scalable, social, large and medium.

REFERENCES
Books and journals
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship, pp.5-25.
Apostolopoulos, N., and et.al., 2018. Entrepreneurship and the sustainable development goals.
Emerald Publishing Limited.
Audretsch, D.B. and Moog, P., 2020. Democracy and entrepreneurship. Entrepreneurship
Theory and Practice, p.1042258720943307.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Eijdenberg, E.L., Paas, L.J. and Masurel, E., 2017. Decision-making and small business growth
in Burundi. Journal of Entrepreneurship in Emerging Economies
Herron, L., 2020. Do Skills Predict Profits: A Study of Successful Entrepreneurship. Routledge.
Hisrich, R.D., Peters, M.P. and Shepherd, D.A., 2017. Entrepreneurship. McGraw-Hill
Education.
Hsieh, Y.J. and Wu, Y.J., 2019. Entrepreneurship through the platform strategy in the digital era:
Insights and research opportunities. Computers in Human Behavior, 95, pp.315-323.
Julien, P.A. ed., 2018. The state of the art in small business and 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.
Morozova, I.A., Popkova, E.G. and Litvinova, T.N., 2019. Sustainable development of global
entrepreneurship: infrastructure and perspectives. International Entrepreneurship and
Management Journal, 15(2), pp.589-597.
Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship theory and practice, 41(6), pp.1029-1055.
Niosi, J., 2018. Entrepreneurship: a short literature review. International Journal
Entrepreneurship and Small Business, 35(3), pp.257-265.
Tkachenko, V., Kuzior, A. and Kwilinski, A., 2019. Introduction of artificial intelligence tools
into the training methods of entrepreneurship activities. Journal of Entrepreneurship
Education, 22(6), pp.1-10.
Wennberg, K. and Anderson, B.S., 2020. Enhancing the exploration and communication of
quantitative entrepreneurship research. Journal of Business Venturing, 35(3), p.105938.