Report: Characteristics, Skills, and Environment of Entrepreneurship

This report delves into the entrepreneurial mindset, examining the key characteristics, traits, and skills that distinguish successful entrepreneurs. It explores the ability to generate innovative ideas, think creatively, and provide solutions to market problems. The report assesses how aspects of the entrepreneurial personality reflect motivation and mindset, including the importance of setting goals and managing risks. It further analyzes the environments that either foster or hinder entrepreneurship, highlighting the influence of personal background and experience, such as family support and financial backing, on entrepreneurial success. The report concludes with a discussion of the contributions of start-up businesses to economic development and the essential skills and traits required for entrepreneurial success, referencing examples like Ms. Emma Sinclair and Target Parking. This report is a valuable resource for students studying entrepreneurship, offering insights into the critical factors that drive entrepreneurial ventures.

EXPLORATION OF THE
ENTREPRENEURIAL MINDSET
PART-2

Content
Introduction
P5 Determining characteristics, traits and skills of
entrepreneur
P6 Assessing aspects of the entrepreneurial
personality reflect entrepreneurial mindset and
motivation
P7 Examining different environment that foster and
hinder entrepreneurship
Conclusion
References

Introduction
 An entrepreneur is the person who has the ability and
capability to start a new business or venture. The person
is responsible for taking risks and converting difficult
situations into opportunities. The opportunity could be
resolving problems of people by providing products and
services that could solve that particular issue or
fulfilling demand of customers (Embi and et. al., 2019).

P5 Determining the characteristics, traits and skills of successful
entrepreneurs that differentiate them from other business
managers
An entrepreneur has different types of
traits, skills and characteristics that are
necessary for setting up a new successful
business and enhancing its growth and
development (Jafari Sadeghi and et. al.,
2019).

The characteristics of an entrepreneur include:
Ability of generating new ideas and bring
innovation
Ability to think creatively to fulfil demands of
people
Capable enough to bring solutions to the
problems faced by public in the
market(Hmieleski and Sheppard, 2019).

The skills of an entrepreneur are:
 Skill of communication and interaction is required to
conduct business globally with different people like
distributors, suppliers, clients, workers and many more
 Time managing skill is must and significant for an
entrepreneur because it assists in completing every task
and achieving every objectives on time

The traits of entrepreneur include:
Strong knowledge about basic integrity and
ethics
Spirit of healthy competition
Understanding the value of strong peer network
Ability to face failure

P6 Assessing how aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mindset and exploring different lines of
argument related to entrepreneurial characteristics
 The entrepreneurial personality of a person is necessary to set up
an organization and be encouraged and motivated to face
different issues, risks and problems related to it (Nielsen, 2020).
 The entrepreneurial personality includes traits and characteristics
by which an entrepreneur focuses on generating new ideas and
executing it for generating revenue. These ideas require fulfilling
demand of people and an entrepreneur requires to constantly
bringing ideas that could resolve issues and problems.

Exploring different lines of argument relating to
entrepreneurial characteristics
 The characteristics of an entrepreneur have greater similarities with
the leader’s characteristics. Entrepreneurs require setting objectives,
targets and goals for their new businesses. They need to
successfully deal with the risks and makes effective plans for
achieving those pre-defined goals (Wu and et. al., 2019). They are
the individuals who have to deal with the investors, distributors,
employees single-handedly.

P7 Examining the different environments that foster or hinder
entrepreneurship and analysing link between entrepreneurial
characteristics and the influence of personal background and experience
to specific successful entrepreneurs
 Personal experience and background could have great
impact on business and it could foster or hinder the
entrepreneurship. The personal background includes
support from family, relatives and friends, motivation,
financial support and many others (Fuentelsaz, Maicas
and Montero, 2018).
 In this process if an individual gets appropriate support
from family and friends then they could be encouraged
enough to set up a new business. The support could
enhance the ability of risk taking and motivation that
could foster the entrepreneurship.

The personal background and experience could assist an individual in
setting up a business successfully. Ms. Emma Sinclair, 35 who had great
successful career in investment banking but have focused on moving into
real estate and particularly parking, founding target parking.
In UK her team focuses on delivering facility of car parking and
management services for different clients in United Kingdom. In the
starting stage she had planned the business plan and assessing funds to
invest in the new business, recruited talented and skilled workers and
developed strategies of marketing to attract employees (Lee, 2019).

CONCLUSION
The start-up businesses could be various kinds of
small, micro, medium and large businesses that have
great contribution in developing economy. An
entrepreneur is an individual who takes risks for the
development of entrepreneurship.
There are different skills, characteristics and traits are
required in individual because then only it is possible
for an entrepreneur to get success.

REFERENCES
Hmieleski, K.M. and Sheppard, L.D., 2019. The Yin and Yang of entrepreneurship: Gender
differences in the importance of communal and agentic characteristics for entrepreneurs'
subjective well-being and performance. Journal of Business Venturing. 34(4). pp.709-730.
Jafari Sadeghi and et. al., 2019. International entrepreneurship by particular people'on their
own terms': a study on the universal characteristics of entrepreneurs in evolving economies.
Embi and et. al., 2019. The effects of students’ entrepreneurial characteristics on their
propensity to become entrepreneurs in Malaysia. Education+ training.
Nielsen, M.S., 2020. Passing on the good vibes: Entrepreneurs’ social support. The
International Journal of Entrepreneurship and Innovation. 21(1). pp.60-71.
Wu and et. al., 2019. Entrepreneurship in the internet age: internet, entrepreneurs, and
capital resources. International Journal on Semantic Web and Information Systems
(IJSWIS). 15(4). pp.21-30.
Fuentelsaz, L., Maicas, J.P. and Montero, J., 2018. Entrepreneurs and innovation: The
contingent role of institutional factors. International small business journal. 36(6). pp.686-
711.
Lee, B., 2019. Human capital and labor: the effect of entrepreneur characteristics on venture
success. International Journal of Entrepreneurial Behavior & Research.