Entrepreneurship: Ventures, Traits, Skills, and Background

This report offers a comprehensive overview of entrepreneurship, examining various entrepreneurial ventures, their typologies, and the similarities and differences between them. It delves into the characteristic traits and skills of successful entrepreneurs, exploring how personality, motivation, an...Read More

What makes an
entrepreneur?

Table of Contents
Executive summary..........................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1 Different types of entrepreneurial ventures and how the relate to the typology of
entrepreneurship..........................................................................................................................1
2 Similarities and difference between entrepreneurial ventures.................................................4
3 Diverse range of entrepreneurial ventures to understanding of entrepreneurship in both the
public and corporate sector.........................................................................................................6
4 Examine the scope, development and growth of entrepreneurial ventures..............................7
RECOMMENDATION...................................................................................................................7
REFERENCES................................................................................................................................7
INTRODUCTION...........................................................................................................................9
TASK 3............................................................................................................................................9
1 Characteristic traits and skills of a successful entrepreneur that differentiate them from other
business managers.......................................................................................................................9
2 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset......................................................................................................................................10
3 Entrepreneurial characteristic such as are entrepreneurs born or made.................................11
4 How background and experience can hinder or foster entrepreneurship...............................11
5 Link between entrepreneurial characteristic and the influence of personal background and
experience to specific entrepreneurs.........................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................12
.......................................................................................................................................................13

Executive summary
Current scenario is related with the entrepreneurship. An entrepreneur is that person
which have an ability and skills to conduct or run in a successful manner. Person bring new ideas
as well as innovation in order to make things better or more attractive. In this they bring
innovative ideas and ways for making higher profitability in market place. With the help of this
they easily invite larger number of customers towards new ideas which may contribute in
enhancing positive image of the firm. There are various kinds of entrepreneurial ventures and
also their typologies are different from the each other.
INTRODUCTION
Entrepreneurship is an effective process to develop, manage and organize a new venture
with the purpose of make a profit. A person who run and start a new business by taking risk is
called as entrepreneurs. Along with this, it also contribute in developing economic growth of the
nation by providing employment to local people (Lortie and Castogiovanni, 2015). This section
discussed about various types of entrepreneurial ventures and relation to the typology of
entrepreneurship. In addition of this, similarities and difference between entrepreneurial ventures
are also mentioned in this section.
TASK 1
1 Different types of entrepreneurial ventures and how the relate to the typology of
entrepreneurship
Entrepreneur:
Individuals who develop new and innovative ideas with the purpose of running a new
business activities. In this, they also take risk in order to convert into higher profitability. In
addition of this, they also contribute in enhancing overall performance by implementing new
activities. With the help of this, they earn more revenue and order to enhance their market share.
Entrepreneurial ventures:
It defines as an organisation that focus on developing business activities for attaining
positive outcomes as it also contribute in economic growth of the nation. In this context, person
who start a business by bringing new and innovative ideas in order to attain higher success at
market place is known by entrepreneur (Hunt, 2015). One of the main aim entrepreneurial
venture is to provide employment opportunities to local people in which they improve their
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living standard. Mainly, entrepreneurs take risk for generating profits for attaining success at
market place.
Types of entrepreneurs:
Serial entrepreneurs are the person who implement new and creative ideas to run a new
business in market place. Mainly, this type of entrepreneurs come up with innovative ideas to
improve performance of the new business (Kautonen, Gelderen and Fink, 2015). Along with this,
they also undertake profitable venture and give their responsibilities to another person. After that
the move on to a new venture by bringing lots of unique ideas.
Social entrepreneurs are those people who work for society because the aim of social
entrepreneurs is to establish their business for providing better solution to resolve social issues.
One of the main purpose of those people is to solve community problems in order to enhance
economic condition.
Female entrepreneurs consist of women who applies feminist values with the purpose
of improving the well-being of girls. Along with this, they also manage as well as organize
whole business activities by accepting challenges to become a more independent. In addition of
this, they having minimum financial interest of 51% of capital. Approx. 1/3rd entrepreneurs are
women in the world.
Concept of entrepreneurship:
This concept refers to an effective process which define decision making, innovation and
various things that contribute in establishing a new business organization with the purpose of
generating higher profitability. Along with, it is also evaluate various opportunities through
which an entrepreneurs can take high risk for converting into financial gain. In this the main
main of entrepreneurship is to produce as well as offer creative services which help in grabbing
customers attention. This will contribute in enhancing the chances of attaining success at market
place.
Key ventures of entrepreneurship:
Small business is an entrepreneurship venture which operate at small scale with small
financial funds. In today's time, number of small business are present in UK market and the main
aim these type of business is to generate larger profitability. Mainly, it also impacts on economic
growth of the country (Roig-Tierno, Alcazar and Ribeiro-Navarrete, 2015). As it includes less
than 50 employees who support in business to run its activities. In addition of this, it also
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required less funds for establishing their business activities in market place. The main example
of these business organization are consultants, travel agent, internet shops and many more. All
these are put their positive impact on economic condition of the nation.
Social entrepreneurship are those business which helps in developing solution to society
with the purpose of developing their living standard (Roig-Tierno, Alcazar and Ribeiro-
Navarrete, 2015). One of the main aim of this type of business is to provide solution to society
for increasing welfare. Along with this, these type of ventures are run their business for
delivering advantages to society members which directly contribute in making positive image of
society. These type of business activities are not working for making profits but creating better
image of the society. The main focus of social ventures on ecological change they help in
earning money for providing support. In this they provide quality products and services to fulfil
social needs and issues.
Scalable entrepreneurship are those business ventures who take high risk for making high
financial gain. In this context, they implement new and innovative ways and ideas to make their
business successful. Along with this, they also hire specialists workers to produce quality
products and services. This will helps in achieving high level of returns at market place.
Relation of ventures with entrepreneur typology:
Under this, different ventures are highly connected by various entrepreneurs in order to
enhance growth level. In this context, lifestyles ventures are connect with serial entrepreneurs.
Survival ventures are connect with small business because both are operate their business
activities on small scale. In addition of this, managed growth ventures are also connect with
social entrepreneurs because they introduce unique and creative ideas for making society
developed. As all these connections are contribute in earning revenue and at the same time also
aid in operating business activities effectively. As there are various types of typology are as
follows:
Lifestyles ventures is a type of typologies which helps in providing high profit to
business organization. Along with this, they work with the aim of sustaining income level in
order to enjoy their lifestyle. As it relate with scalable entrepreneurs.
Survival entrepreneurs are those business which start their activities at a small scale and
less fund as well. The main purpose of operating business activities is to fulfil their needs for
survive in the world (Lam and Harker, 2015). They work for their day to day activities. Along
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with this, grocery store, Cyber cafe, barber store and many more are the example of this type of
businesses. In addition of this, it connect with small scale businesses.
Managed growth entrepreneurs are those venture who understand entire process and
methods to earn revenues for enhancing their growth level at market place (Kuratko, 2016).
Along with this, it is connected with social entrepreneurs in order to generate profits by
implementing new and innovative ideas at market place.
CONCLUSION
As per given section it has been summarised that, various types of entrepreneurial
ventures are consider as a vital aspect which includes innovation and forecasting activities to
undertake a new business. Along with this, all the ventures are highly relating to the
entrepreneurship typology which help in managing entire activities of new business.
2 Similarities and difference between entrepreneurial ventures
Various entrepreneurs are operate their business activities in society with the purpose of
attaining success. In this context, there is lots of similarities and difference between various
entrepreneurs (Autio and Fu, 2015). This will contribute in making positive and effective image
at market. These similarities and difference can be understood by following description:
Similarities Lifestyle ventures Social entrepreneurs
 These type of business
do not consider any
kind of objective to
generate profit and
revenue as well. For
this, they can create
effective policies to
tries to compete their
competitors.
 They also run their
business activities at
small scale because
they having limited
 These type of ventures
are operate their
business with the
purpose of providing
benefits to society in
order to improve their
living standard.
 These business are
operate their business
in a small scale
because they operate
work for improving
social welfare.
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funds to operate
operational activities.
Differences Lifestyle ventures Social entrepreneurs
 These type of business
ventures are run this
business for earning
profits (Schaper,
2016).
 In addition of this, they
do not having effective
strategy but they
perform their activities
with spirit.
 These type of business
organization perform
their activities on large
scale in which they
generate funds from
various investors in
order to perform their
activities.
 They use effective
strategies for executing
business activities in
most effective manner.
Similarities Female entrepreneurs Male entrepreneurs
 Female entrepreneurs
are those who focus on
their work and perform
with high dedication
and spirit as well. With
the help of this, they
easily earn more profits
in an appropriate time
frame (Irene, 2017).
 They are more creative
as they established new
and innovative ways to
accomplish their task in
 Male entrepreneurs
focus on their work
activities of the
business. By this they
easily accomplish
positive outcomes.
 They also perform their
activities with the
purpose of attaining
their set goals and
objectives.
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effective manner.
Differences Female entrepreneurs Male entrepreneurs
 Female entrepreneurs
are take more time for
taking right decision.
 They always humble
with their staff
members in which they
easily build positive
and healthy relations
(Fayolle and Gailly,
2015).
 Women entrepreneurs
are conservative in
taking financial risk.
 Male entrepreneurs
take quick decision as
they easily attain set
goals and objectives.
 They can easily take
financial risk in order
to make their process
effective.
CONCLUSION
As per given section it can be concluded that every entrepreneurial ventures having some
similarities and differences. It helps in implementing all the business activities in effective
manner and at the same time also contribute in taking positive results.
3 Diverse range of entrepreneurial ventures to understanding of entrepreneurship in both the
public and corporate sector
A corporate sector entrepreneurship refer to the business which operate with the purpose
of enhancing profits and revenue as well. It helps in developing economic growth of the nation.
As these type of enterprise operate privately. On the other hand, public firms are operate and
consider as government property. In this they provide various services to customers for
enhancing their profitability level. Along with this, these type of firms are provide public
services which is available in stock market.
CONCLUSION
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From the above mentioned section it can be concluded that diverse range of
entrepreneurial ventures helps in understanding both corporate and public sector. These will
contribute in enhancing revenue of the firm.
4 Examine the scope, development and growth of entrepreneurial ventures
Scope: In this various type of entrepreneurial ventures are there which execute different
task and activities with the purpose of attaining set goals and objectives (Burns, 2016). Along
with this, social, scalable, small business and serial firms evaluate their particular vision and
mission.
Growth and development: Under this, number of organizations are there which operate
by entrepreneurs in order to generating profitability level and positive brand image as well. With
the help of this entrepreneurial ventures are easily attain desirable growth at market place.
CONCLUSION
As per given section it has been concluded that, every entrepreneurial ventures are having
their scope and development which help them in enhancing growth level at market place.
RECOMMENDATION
It has been recommended from above given report that an individual should have better
abilities, knowledge and skills to make an successful entrepreneur. It is necessary that purposes
of all types of entrepreneurs should be different from each other and but their main motive
should work for welfare of people.
REFERENCES
Books and journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management 53(1). pp.75-93.
Irene, B. N., 2017. Women entrepreneurship in South Africa: Understanding the role of
competencies in business success. The Southern African Journal of Entrepreneurship
and Small Business Management. 9(1). pp.1-9.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Autio, E. and Fu, K., 2015. Economic and political institutions and entry into formal and
informal entrepreneurship. Asia Pacific Journal of Management. 32(1). pp.67-94.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
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Lam, W. and Harker, M. J., 2015. Marketing and entrepreneurship: An integrated view from the
entrepreneur’s perspective. International Small Business Journal. 33(3). pp.321-348.
Roig-Tierno, N., Alcazar, J. and Ribeiro-Navarrete, S., 2015. Use of infrastructures to support
innovative entrepreneurship and business growth. Journal of Business Research. 68(11).
pp.2290-2294.
Kautonen, T., van Gelderen, M. and Fink, M., 2015. Robustness of the theory of planned
behavior in predicting entrepreneurial intentions and actions. Entrepreneurship Theory
and Practice. 39(3). pp.655-674.
Hunt, R. A., 2015. Contagion Entrepreneurship: Institutional Support, Strategic Incoherence, and
the Social Costs of Over‐Entry. Journal of Small Business Management. 53. pp.5-29.
Lortie, J. and Castogiovanni, G., 2015. The theory of planned behavior in entrepreneurship
research: what we know and future directions. International Entrepreneurship and
Management Journal. 11(4). pp.935-957.
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INTRODUCTION
Every entrepreneurs having their specific traits and skill for operating business activities
which is totally differ from another business manager. For attaining success at market place, they
have to bring lots of new ideas and ways to execute business activities as it helps in improving
the chances of attaining growth (Drucker, 2014). This section based on successful entrepreneurs
characteristic and traits. Along with this, entrepreneur background and experience is also
mentioned in this project which can hinder or foster entrepreneurship.
TASK 3
1 Characteristic traits and skills of a successful entrepreneur that differentiate them from other
business managers
Steph Croft- Simon is a successful entrepreneur as they founder of Nom Foods and
launch Nom Popcorn in 2015. It is first organic popcorn brand in UK. In addition of this, as per
understanding the fact, the market of popcorn was simple and also free from any kind of artificial
flavours. In this Steph has decided to introduce innovation in market with the purpose of
improving their overall performance. As she come up with some new ideas like they offer salted
maple, cinnamon flavour popcorn (George and Bock, 2011). As per current scenario, demand of
snacks are always high no matter inflation and recession. Along with this, Steph is well know
that how to exploit right ways to right time for enhancing their performance level. In this context,
there are some major skills and traits which help her in making successful entrepreneur are as
follows: Hardcore Realistic: It is consider as an important skills which help individual to
introduce valid and creative ideas in order to making their functional activities more
effective. In this context, Steph also having this kind of skill in which they evaluate as
well as examine all the issues and threats which occur in business activities. Along with
this, she also can easily identify the cause of arising issues. This will help them in making
better solution. Know about organizing things: For improving overall activities of the company, it is
important for every person to manage as well as organize all the issues and problems.
With the help of this, they easily accomplish their goals and objectives in an appropriate
time frame (Delgado, Porter and Stern, 2010). In context of Steph, she know that how to
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deal with issues and challenges at the time of operating their activities. This will aid in
attaining desirable goals and objectives. Along with this, it is also contribute in
developing desirable results in most effective manner. Risk taker: For making their process appropriate, Steph have ability to take risk which
provide support her at the time of executing their business activities. She also tries to
make entire activities effective which contribute in satisfying needs and wants of itself
(Jaouen and Lasch, 2015). In addition of this, she also take risk within their activities to
enhance the chances of converting into financial gain.
 Time management: It is important for every single person to manage time as per given
task which may help them in enhancing overall performance of the company. In this
context, Steph manage their time as per their business activities as they easily enhance
their profitability level and at the same time also grab opportunities to attain competitive
advantage.
2 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset
Each and every entrepreneurs having their particular personality through which they
operate their business in their way. In this they easily attain desirable profitability level. In
addition of this, it can be stated that entrepreneurs personality highly affect their mindset. This
will help them in becoming a successful person (Jones, Coviello and Tang, 2011). Mainly,
entrepreneur skills and personality is totally differ form other business men because they make as
well as develop strategies for improving the chances of attaining desirable growth. For
evaluating entrepreneurial personality, the big five personality model is mentioned which helps
in determining the impact of their mindset are as follows: Openness to experience: It refer to creativity, intellectual curiosity within the individual.
As it refer to inventiveness which relate with positive art, invention, adventures curiosity
in order to determine the chances of managing business activities. As it also contribute in
evaluating the willingness to takes risk within the organization. Neuroticism: It refer to tendency of the person through which they express their
emotions, stress and anger. Mainly is refer to effective method to measure nature and
trust in order build positive relation with others (Staniewski, 2016). Agreeableness: Under this, people are having this type of personality that focus on
attaining set organizational objectives by establishing positive environment at
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workplace. Along with this, they also use various tools and techniques for managing as
well as providing guidance to workers in order to attain desirable results that established
in the firm. Extraversion: This kind of people are positive emotions, sociability, tendency, positive
energy that helps in making entire activities in effective manner (Bryson and Daniels,
2015). As it is important for people to having this type of attitude in which they easily
inspire others to share issues and opinion.
 Conscientiousness: It refer to steady, self- discipline, acting dutifully and goal oriented
behaviour as well. This will helps in operating all the business activities in an
appropriate way and at the same time make chances for attaining desirable results.
Mainly, it define effective and organized behaviour which relate with careless behaviour.
3 Entrepreneurial characteristic such as are entrepreneurs born or made
As every entrepreneurs not by born but also made because for making successful person
they have to build their personality and mindset accordingly. In addition of this, they have to
enhance their knowledge and skills through various education institutions. Because within proper
skills and knowledge no one can take any kind of right decision (Are Entrepreneurs Born Or
Made?, 2014). Some entrepreneurs are form good background in which they can easily start their
new business. On the other side, some people have ability to easily determine the new business
opportunities in order to established in market place.
4 How background and experience can hinder or foster entrepreneurship
Background and experience of person consider as an important role in increasing their
motivation. As their home, school and academic skills are also develop entrepreneurs in which
they easily operate their business activities with the purpose of attaining positive results. In
context of this, home is one of the important aspect which in growing their mindset (McDonald
and et. al., 2015). As home will contribute in improving their abilities to take risk within their
life and business as well. On the other side, education also contribute in influencing them in
motivating them for undertaking business activities. By this, they implement and develop
effective plan to perform their roles and responsibilities. Without this they fails in determining
what is wrong and right as well.
Furthermore, entrepreneurs background also play important role in increasing their
abilities and knowledge to execute their future activities. It is not necessary that if person from
11

good background than they ate highly success. On the other side, if they are not from good
background then also they can attain success. As it is stated that entrepreneurs background
hinder or foster on entrepreneurship. Along with this, if person does not having proper skills and
knowledge then they can not perform well within their business. As it is important for
entrepreneurs to gain skills to operate their activities effectively which provide support to attain
long term success at market place (Chell and et. al., 2016). In addition of this, culture also help in
developing entrepreneurship through which they easily make and evaluate ways to arrange
enough funds to operate their new ventures with the purpose of attaining success at market place.
Mainly it includes values, attitude, beliefs of the people as it helps in developing their mind set
and personalities as well. So that it is vital to having enough knowledge so that they can able to
make their business performance high and competitive as well.
5 Link between entrepreneurial characteristic and the influence of personal background and
experience to specific entrepreneurs
There is huge link is persist between different type of entrepreneurial characteristics
which are present in entrepreneur. One of the specific entrepreneur regarding which description
is provided in this report is named as Step Croft-Simon. There are large number of characteristics
which are present between this entrepreneur which are named as risk taking, confidence,
patience etc. This will provides the opportunity to them is to gather positive results. If all the
characteristics are presented within the entrepreneur then it allows is to take effective decisions
according to situations (Staniewski, 2016). Simultaneously, the link is established in between
characteristics which are present in entrepreneur and their personal background and experience.
From the analysis of background and education of Step Croft-Simon, identified that he is belong
from business family and having good education background from where different
entrepreneurial characteristics are present in him allows to take best decisions. Positive impact is
ascertained by Step Croft-Simon from their family and education background which motivates
him to bring innovation in the process of making of popcorn and start new organisation with
different tastes. Through application of such different characteristics and positive experience he
is able to attain success and sustainability in market. This will enables him to earn large number
of profit.
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CONCLUSION
From the above mentioned report, it can be summarised that, each and every
entrepreneurs having their specific traits and skills through which they operate their business
activities with the purpose of attaining success in market place. In addition of this,
entrepreneurial personality also reflect their motivation and mindset as it contribute in attaining
positive results in an appropriate manner.
REFERENCES
Books and journals
Chell, E. and et. al., 2016. Social entrepreneurship and business ethics: Does social equal
ethical?. Journal of business ethics. 133(4). pp.619-625.
McDonald, S. and et. al., 2015. A review of research methods in entrepreneurship 1985-2013.
International Journal of Entrepreneurial Behavior & Research. 21(3). pp.291-315.
Bryson, J. R. and Daniels, P. W. eds., 2015. Handbook of service business: Management,
marketing, innovation and internationalisation. Edward Elgar Publishing.
Staniewski, M. W., 2016. The contribution of business experience and knowledge to successful
entrepreneurship. Journal of Business Research. 69(11). pp.5147-5152.
Jaouen, A. and Lasch, F., 2015. A new typology of micro-firm owner-managers. International
Small Business Journal. 33(4). pp.397-421.
Delgado, M., Porter, M.E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
economic geography. 10(4). pp.495-518.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
George, G. and Bock, A.J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Jones, M.V., Coviello, N. and Tang, Y.K., 2011. International entrepreneurship research (1989–
2009): a domain ontology and thematic analysis. Journal of business venturing, 26(6).
pp.632-659.
Online
Are Entrepreneurs Born Or Made?. 2014. [Online]. Available
through:<https://www.forbes.com/sites/freddiedawson/2014/12/25/are-entrepreneurs-
born-or-made/#6997dad27e4b>.
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