The Role of Personality in Entrepreneurship

This assignment delves into the connection between personality traits and entrepreneurial ventures. It analyzes various research studies, including those focusing on the Big Five personality framework (Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism), and their impact on entrepreneurial behavior and outcomes. The assignment also considers ethical implications in entrepreneurship and explores different perspectives on corporate entrepreneurship.

Entrepreneurship

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
P 1 Examination of different entrepreneurial ventures and relationship between ventures and
topology.......................................................................................................................................4
P 2 Comparison between entrepreneurial ventures......................................................................5
P3. Illustration of the impact of the startups on economy...........................................................8
P 4. Contribution of small business and business startups into the growth of social economy
after “Brexit”................................................................................................................................9
P 5 Characteristic, Traits and Skills of successful entrepreneur ...............................................10
P6 Aspects of the entrepreneural personality and reflection on their motivation and mindset. 11
P7 Background and characteristics, affect on entrepreneurship................................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneur is the person who start a business by implementing their own innovation and
imagination into the real world. The process starts from designing, developing then product. And
the whole process of implementation of the innovation is called Entrepreneurship. During this
process the entrepreneur has to be courageous and confident to implement the concept by taking
risk. In this report we are including the relation between various ventures and typologies by
describing types of typologies of ventures. Along with that we are providing the comparison
between the men entrepreneur and women entrepreneur the way the accept the business
opportunities, including various factors like their educations, background, marital status, etc.
After this we are analyzing the impact of startup on the economical contribution of any country.
The way it can cause positive impact on the society, along with the negative effect. We have also
discuss about the successful entrepreneur on the basis of their characteristic, traits and skills.
P 1 Examination of different entrepreneurial ventures and relationship between ventures and
topology.
The word 'Entrepreneurship' is used to describe the process in which a new designing ,
development, launching of new business takes place. An individual who is going to start such
group and business are called as 'Entrepreneur'. Entrepreneurship involves strong willingness and
confidence to develop a startup, accept the challenges and risk along with that focus on the goal.
Any entrepreneur can be controlled by the commercial undertaking such as human resources,
material resources and most important finance (Kuratko, 2009). To start any new business the
person should have a clear objective and his plans should applicable into the real world.
Entrepreneurship can be considered as an opportunity which is identified by some people which
acquire and deploy the resources according the need.
Entrepreneur Ventures: Entrepreneur Venture are considered as small business in many
ventures are invested by one or more business groups in order to make a strong finnance and also
to expand their business. There are four types of ventures such as: Small Business Entrepreneur : Business related to grocery, plumbers, electrician,
carpenter, travel agencies which hire local people to execute their job or fulfil the
requirement of their customer are considered under this segment.

 Scalable Business Entrepreneur : These are the company with the focused objective
from the first day. They only hire bright and talented people who can help them in order
to achieve their objective. They attract their investors through the vision of the business,
Silicon valley and shanghai are the best example of that. Large Scale Entrepreneur : These types of companies consist of finite life cycles. They
play important role in order to change the taste of customers by introducing new
products, technologies. Large companies need to introduce completely new product into
the market (Kuratko and Hodgetts, 2010).
 Social Entrepreneur : Social entrepreneur are those who work to solve the social issues
and problems of the people. Like the scalable business their aim is to bring the world at
new level. They may try to make profit , or may not be or may be hybrid.
Success Key of Ventures : The success of any foundation may depends on the foundation, the
agencies itself and their companies capitalist in order to solve the need of customers livelihood
that play an important role in the success of any company (Barringer, 2012). The key are
mentioned below: Leadership : Every startup need a dominating leader who can helps to coordinate the
workers, and itself would be able to work in all the sector or we can consider that a leader
should be multidimensional so that at multiple purpose of company can be solved.
 Business Planing and marketing : The proper planning of any business is very essential
because it decides the further steps of the business. As if the planning of the task is done
properly then the task is considered as half done (Zahra, 2014). After that marketing is
also very important for any business because it decides the growth of the business.
P 2 Comparison between entrepreneurial ventures
The process of designing and developing a innovation into a business then the process is termed
as entrepreneurship. This include various business venture that helps to increase or maximize the
economical contribution in the growth of country. There are basically two types of ventures are
available first is profitable organization where the another one is non-profitable organization.
Both the organization have different purpose and objective to do their work. Like the small
business ventures, scalable business ventures, large business ventures comes under this section
where the remaining ventures fall under the non-profitable organizations. On the basis of

different ventures the small businesses venture is use to involve the local person such as
plumber, carpenter, electrician and many more through this the local person can easily get
involve. Where in the salable venture the entrepreneur in mainly focused on towards the
objective in order to achieve the goal he use to select people as per their requirement and their
parameters such kind of organization helps the country to attract the foreign investors. In case of
large scale business ventures already developed business are considered which are now
introducing new technologies to attract customers (Hayton, 2005). In this venture the company
work under a fixed life cycle. The company cannot break the sequence and move to the next
stage according to their requirement. Such ventures falls under the category of profitable
organization. Where the social business venture falls under the non profitable organization
because they are mainly focused on the social issues of the user the company under this services
are like facebook, twiter. Their primary goal is to meet or resolve the social issues of the user
while the secondary issue is to make capital. But they are equally important for the economical
contribution
Comparison basis Men Women
Types of business Men can easily start business
because it makes lesser
demand from human but
require lots in the form of
capital that can be easily
arranged by the men.
Otherwise, there is no
qualification related problems
arise because women are
equally educated the way men
are(Dees, 2015).
Females usually start business
that provides personal service.
Business started by women are
less growth oriented, less
attracted towards opportunities
but toward wage substitution.
Usually women works toward
certain fixed industries
because they may face
obstacles in new work.
Marital Status In this case approx 90
percentage of male are having
married marital status whose
In case of females most of the
females have unmarried
marital status. And in case if

wives are playing the
traditional role of support
system.
some of them will be married
then they must be having
unstable marital status. This
shows the support of society
towards women.
Opportunity Identification Unlike the women, mend
always considered the
opportunities after the huge
conversations with the
investors, bankers and various
others loan providers agencies
and can easily modify their
objective according to the need
Female entrepreneur always
look forward for new
opportunities. They always
consider the information of
social network as they have
different social network than
men so that they always have
variety of opportunities.
Startup Problems In case of male startups they
easily get support from the
society. There are lots of
motivators are available into
the society any at the stage of
failure of business they easily
get the support and sympathy
from the society (Dacin,
Dacin and Matear, 2010.).
Therefore the y do not face as
such difficulty while starting
their business.
According to the research of
various agencies the lack of
women role model into society
is very important because
usually the talented women are
hidden under the huge family
responsibilities and their talent
is getting waste. The attitude
of society towards the role of
women is very much
conservative that has to be
changed. Therefore shortage of
motivator make it more
difficult.

P3. Illustration of the impact of the startups on economy.
Startups are considered as the small business groups or companies but they have made a
very strong impact on the economy of the country. As the startups re comes up with concepts
along with that they bring competition into the market. Like if we consider the example of
Infosys which has changed the face of Bangalore, Google changed Mountain View,California.
Initially these companies were started small but when they grew up they have transformed the
face of their cities where they were stated (Ferreira, 2011). These sectors have introduced lots of
job opportunities for both experienced and young.
Small businesses are considered as very important in UK's economy such as: Turnover : The first thing comes in our mind when we calculate economic contribution
by the company is the companies are small and medium and their contribution is about
1.6 trillion at the beginning of year 2014.
 Employment : Most of the small companies are providing huge job opportunities. In UK
these small groups are employing more then 24.3 million people. Hence we can say that about
60% people are getting jobs though this sector only. Growth : When we talk about growth startup keeps the market fresh because they focus
mainly on the latest technologies. A huge increment of approx 47% is reported between
the period of 2009 to 2013 which played an important role in the growth of UK.
 Industries : Large industries are considered as the heart of UK's retail and manufacturing
market. This market is mostly consists of 45% of core economic activity. 46% form total
revenue is generated by this sector only. Hence this sector is very important.
According to the forecast of Leeds and Manchester London can considered as the home of
largest growing SME. With increase in SME the business will rise from 444880 (2015) to half
million of 534035 at 2020 (Ács, and Audretsch,eds., 2010). Considering UK as a whole the only
sector that is SME whose growth will play a significant role.
P 4. Contribution of small business and business startups into the growth of social economy
after “Brexit”
The abbreviation of “British exit” is known as Brexit against UK's decision of leaving European
Union (EU) was considered as a punishment for UK. It has both the positive and negative impact
on the growth social economy such as :

 Immigration : As the result of Brexit the annual immigration from Europe become twice
since 2012 and reached 183000 at the end of march 2015. This represented that the
migration from Europe is boosted by the 0.5%. Which can be considered important for
the growth of the economy without creating any inflation (Harris, Sapienza, and Bowie,
2009). Trades and Manufacturing : The trading links automatically get increased if we are
including the countries like UK. Because they provide free trade agreement under
European Union. It may be possible that a favorable offers comes after Brexit in that case
the trader has to close the trading agreement. According to this agreement 60% of British
goods export through this references. Financial services and the city: After the of European Union financial services decreases
badly by most of the other sectors. UK trade brokers are providing emergent services for
the long term basis. Due to which the UK would be able to deal with this problem. Regulation, Innovation and Productivity : Bexit does not have as such huge impact on
the Britain's productivity. Major business related improvement comes from the investors
and a small support is from the government. As Britain can spend lots of money in order
to get new idea and can purchase new concepts. Therefore productivity get increased
automatically (Oviatt, and McDougall, 2005). Foreign Investment : Britain can have direct foreign policies that they can use from
outside the European Union. Britain is smart enough that they can change the foreign
policies as per their requirement. Public sector: Government of Britain is able to save aprox 10bn per year from its total
contribution of European Union. Little economical distribution , low migration are
considered as the result of the Bexit. Government can also make contribution if they
want.
 Overall : The overall impact of Bexit on Britain's economy is not fixed. British economy
is wide but does not contain any evidence (Nicholls, 2010). The Bexit does not have any
negative impact on the growth and job creation. Various foreign investment policies and
finance services faced the short term effect on the agreement.

P 5 Characteristic, Traits and Skills of successful entrepreneur
Mark Zuckerberg – Mark elliot Zuckerberg is an american computer programmer and an
entrepreneur. He is the chairman, chief executive officer and co-founder of facebook. In today's
world he is one of the most successful business manager. To become successful you have to have
“ambitions”, so as they say Zuckerberg wore his ambitions and kept moving to achieve them.
There are some traits we can learn from Mark Zuckerberg,
1. Motivated : He always remain motivated. He has the strong passion to change the
world. For zuckerberg its not about getting the work done but its about being innovative at the
same time.
2. Determined : Determation defines Mark Zuckerberg. When he launched facebook, he
was having nothing but with his hard work and determination he achieved everything.
3. Grounded : There is no doubt to say that wealth puts people out of touch but not with
the same with Zuckerberg. He always remains grounded and he donated a large part of his
income to welfare funds.
There are various characterstics of Mark Zuckerberg:
- He truly believed on what bhe is doing
- not afraid to take risks
- loves to dream big
- he was clear about his mission and saw it through
- he was very generous
- He was always prepared to take criticism
These are the qualities which makes him one of the best entrepreneur in the world.
Richard Brother – He was an early believer and a teacher. He was in navy and served under
kepply, then he became lieutenant and honourably discharged. He was very good in his work and
soon he started attracting people from many other fields, but due to his rejection of
organisational work, and rude nature, he was not able to develop any sort of social employement.
He was arrested for treason in 1795, and declared as criminally insane. R8ichard brother was
very opposite from mark Zuckerberg. He decided to see himself as apostle of new relegion. After
he was declared criminally insane, he was taken to the private asylum. He was always very

negative towards his life and he want others to work under him, which people rejected as they
declared him criminally insane.
P6 Aspects of the entrepreneural personality and reflection on their motivation and mindset
Entrepreneurs personality factors have a significant impact on their capabilities of
developing theories throughout the entrepreneurial process. Personality canbe describe on the
basis of skills which a person carries. Entrepreneurs personality types are traits and the
characteristics of the personality of entrepreneur which are the concoction of the need of the
business. Each personality dimension describe or depict the psychological functioning of an
entrepreneur consolidated with the variety of elements.(Caliendo,Fossen and Kritikos, 2014)
There is well researched and examined theories are suggested for the evaluation of the
personality of an entrepreneur, Big five personality theory is one which is consider as well
versed among them. It is also named as five factor model ( FFM) and OCEAN.The OCEAN
strategy provides a vast information about the various aspects of entrepreneural personality and
their reflection on the entrepreneurs motivation and mindset.(Miller, 2016)
Openness to experience, it is one of the dimension of entrepreneur personality that
portrays the level and degree of intellectuality, curiosity and creativity of an entrepreneur. The
parameters of openness to experience are calculated on the basis of appreciation for art,
affection, adventures and so on. Someone who is having high degree of openness is considered
as creative, imaginative, reflective in nature at the other side some who is having low degree of
openness considered as conventional, narrow interest. Openness to experience affect the aspect
like creativity for an entrepreneur.(Leutner, Ahmetoglu, Akhtar, Chamorro, 2014)
Conscientiousness,reflects the level of organization, hard work, persistence of an
individual in order to achieve the end goal. The personality factor which an entrepreneur carry
with the high degree of conscientiousness are organized and dependable, discipline, planning,
flexible and spontaneous.(Wille and De Fruyt, 2014)
Extraversion, as the word is self explaining that energised, positivity, assertive,
sociability are the factor which an entrepreneur are having in their personality. In the case of
extraversion balance plays an important role as highdegree of extraversion can lead attention

seeking and dominating nature where as low degree of extraversion can lead reserve and
absorbed personality.(Antoncic, Bratkovic and DeNoble, 2015)
Agreeableness, it is a propensity of being compassionate and cooperative instead of
being cautious antagonistic for others. For entrepreneural scenerio it is an tool to measure the
helping nature of an entrepreneur and also influence the balance in temper related situations.
Neuroticism, In an entrepreneurial journey there are ample of unpleasant and un-
expected moments are arised such as anxiety, anger, vulnerability, depression, hostility and
impulsiveness. Entrepreneurs have to develop the technique of neuroticism within them so that
they are able to control and lowering the adverse feeling. Entrepreneurship tend to be remain
calm and self confident and ready to face the unexpected and sudden situations. Stability in the
level of emotions is a characteristic which developed by entrepreneurs to develop the
neuroticism personality.(Dobewall and et. al., 2014)
P7 Background and characteristics, affect on entrepreneurship
Entrepreneurs are made not born, the ability to facing the risks, being flexible enough to
adopt the enviornment, Developing the strategies, ability to face the time of adverse events are
the characteristics which an entrepreneur needs to develop within. Entrepreneurship is very
crucial task as one need to develop the habit of self motivation and prepare the mind-set. It is the
background and the entrepreneurs personality characteristics which push them throughout
journey.
The CEO and founder of Facebook Mark zukerberg is famous among the people for the
long journey he completed successfully with a start-up to a huge corporate giant. Education and
up-bringing plays a very major role in the entrepreneurial journey of Mark Zuckerberg.
Experience is a hard thing to earn and Zuckerberg is became successful entrepreneur because of
the experience he get throughout his life. At the early age Mark Zuckerberg developed a
programme named 'Zuckernet'. His father use this programme in his dental clinic where
receptionist instead of yelling transfer the information about the patient. Openness to experience
is one of the characteristics which shows up time to time in the Zuckerberg venture. As he
developed a dating programme at the when he was in Harvard, to develop communication
between the students from this experience he clicked with the idea to start Facebook and connect

the whole world for open communication with the help of the single programme.(Zuckerberg,
Sanghvi, Bosworth, Sittig. Hughes, Geminder, Corson, Facebook Inc. 2016)Richard Branson has
the extraversion characteristics which pushes him at the various moments of his entrepreneurial
journey. It is bransonson energised and positive nature which bring virgin group on the highest
level, as he started virgin group with mail order record company and now virgin have very
diverse catagories in there business line.
Conscientiousness is the element which reflects the level and the mind set of an
entrepreneur. Zuckerberg is had the quality of Conscientiousness and openness nature in the
experience he is having, he is having a nature of absorbing and observing the physically and
mentally activities which happening around him. The way in which Zuckerberg develop his
organization Facebook depicts itself the nature of creativity he has Daring and ready to face the
challenges attitudes which Richard Branson had makes him different from other entrepreneurs,
as he is known as one of the legendary and iconic individual around the business circle. If we
have a look on the Branson whole life than it explain the that he has a very high degree when
comparison is made on the basis of OCEAN method. Persistence is another trait and character
which Branson's carries as he start his journey as an entrepreneur in 1968 with the venture of
student magazine followed by various other venture till Virgin galactic and virgin pulse.
CONCLUSION
A number of conclusion have been drawn from the research. Entrepreneurial process
depends on the pillar as per the personality and characteristics which an entrepreneur is having.
The psychology and attitude of an entrepreneur is work as a backbone for their venture. OCEAN
theory gives a methodology for the entrepreneur self evaluation and development. The
background and experience helps throughout the entrepreneurial process as this is the base where
a person bring and grow the characteristics which is required in entrepreneurship. It provides the
intellectualize to an entrepreneur and also grow a better understanding about the particular area.

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