Entrepreneurship Report: Ventures, Traits, and Environment Factors

This report provides an in-depth analysis of entrepreneurship and small business management. It begins by defining entrepreneurship and its role in introducing innovative goods and services, emphasizing the importance of individual ownership and risk-taking. The report then explores various types of entrepreneurial ventures, highlighting their similarities and differences, and examines the impact of small and startup businesses on the economy. It also delves into the characteristics, traits, and skills of successful entrepreneurs, using Oprah Winfrey and Henry Ford as examples, and analyzes their personalities using the Big Five personality traits model. Furthermore, the report investigates factors that can either foster or hinder entrepreneurship, such as family background and financial constraints, as exemplified by Henry Ford's experiences. The conclusion underscores the crucial role of small businesses and entrepreneurship in economic development and emphasizes the importance of understanding the characteristics and environmental factors that contribute to entrepreneurial success.

Entrepreneurship
and Small Business
Management

INTRODUCTION
Entrepreneurship is mainly considered a the procedures of business activities which
concentrate upon introducing as well as designing new and innovation goods and services to
consumers. These are enterprise that is managed and owned through individuals who is
accountable for facing all the losses and enjoy the profits (Allen, S. and Truman, C., 2016).
Moreover, entrepreneurship is explained as a ability of people or group of individuals for
managing entrepreneur venture. The aim of this report is to describe the range of entrepreneurial
ventures with their differences and similarities among them. Effect of small as well as start up
business upon economy. Various characteristics, trait and skills of different entrepreneur. Apart
from this, several factors of environment which hinder or foster entrepreneurship are also
mentioned in this report.
TASK 1 and TASK 2
COVERED IN BOOKLET
TASK 3
P5.
Characteristics traits are generally considered as the behaviours of the people that
explains its personality this involves its patience, honesty and many more. A Successful
entrepreneur possess its knowledge that aids them to develop as well as build its image
(Blackburn, Hart and Wainwright, 2013). The tow successful entrepreneurs are Oprah Winfrey
and Henry Ford. Oprah Winfrey is a woman entrepreneur that host a show, media executive and
actress. Where as henry ford is the assembly line sponsor into mass production. Both
characteristics traits and skills are follows:
Entrepreneurs Characteristics Traits Skills
Henry ford A man of quality-
Henry ford have belief
in facilitating
standards quality of
products or services to
their customers. Any
Thirsty for more- this
traits of Henry ford
explains that, it is the
one who do not
satisfied with the
things that he have
Motivator- Henry ford
have this skills
through this they able
to motivate their staff
to work hard.
Moreover, it guides
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goods are introduced
into marketplace, it
assure that products
are of standard quality.
currently. It thinks
about creative ides for
inventing new things.
Such as he launched
an auto mobile known
as Model-T within 19
th century (11
Personality Traits of
Henry Ford. 2019).
their subordinates to
accomplish the
organisational
objectives.
Oprah Winfrey Inspirational- This
characteristics aids
Oprah Winfrey to
concentrate become
successful
entrepreneur as well as
convert herself into
others life. She
provides suggestion
and advice to another
people. All these
makes them different
from business
manager.
Emotionally
intelligent- This
particular trait
considered as
development of
communication skills,
self awareness and so
on. Oprah Winfrey
have this trait to
become leader and
attain large targets. All
these differentiate her
from other business
manager.
Innovative skills-
Oprah Winfrey have
this skill that aids her
to facilitate innovative
ideas as well as
suggestion to another
individuals. Also, shed
light of hope into
others that are
advantageous for them
this make them
different from business
manager (Burns and
Dewhurst, 2016).
P6.
To get success there are various aspects that give entrepreneurial personality and attributes to
get right kind of attribute at right time. Personality trait model reflects the personality of an
individual with its human behaviour (Carsrud. and Brännback, 2014). There are five major trait
of that model that reflects that are as follows:
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 Conscientiousness: This model of big five personality trait shows the tier of
thoughtfulness that helps in control the behaviour of an individual in better way. It give
necessary information about the behaviour of an another person. Sometimes it not able to
give right kind of information from which it belongs in context of Henry ford and Oprah
Winfrey think about people sincerely and get feedback from them.
 Openness: That kind of personality trait that states about trait of people about their
innovation and creativity and how much they are interested to learn new things. It also
focus on handling various kinds of challenges that they face and ways by which they can
resolve it in proper way. In context of Henry ford and Oprah Winfrey they are high in
that personality trait always like to learn new things and attributes.
 Extraversion: Extraversion people are social in nature and interact with each other by
delivering right kind of value to one another. They are very friendly with others and
remain always energetic. In context of Both Henry ford and Oprah Winfrey are high in
that trait that they share knowledge and information with other to get right kind of
outputs to remain always competitive in marketplace.
 Agreeableness: This trait explains about the individuals behaviours such as selfless,
altruistic and so on. Herein, people are focused to assists others people in their tough time
(Cucculelli and Bettinelli, 2015). In context of Henry Ford and Oprah Winfrey help
those individuals who need it. They are provide courage to handle that problem.
 Neuroticism: It focused on sadness, emotional instability etc. Individuals who have this
trait more frustrated, and are not capable to handle the circumstances. This is not suitable
for Henry Ford and Oprah Winfrey are emotionally stable as well as manage the
circumstances with fear.
TASK 4
P7.
The experiences as well as background of an entrepreneur that foster or hinder
entrepreneurship like family background and another factors.
Henry Ford who is known as the founder Ford motor firm and industrialist. Also, he is
the sponsor of mass production for the improvement of assembly line. He is the person who
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never get satisfied with what he had currently. He also, used to perform invention as well as
experiments (Galindo and Méndez-Picazo, 2013). Also, introduced an auto mobile which is
named as Model-T. Respective entrepreneur was an American citizen and are engaged into
political parties. His father was running a farm and after his death their mother want that his son
will continue it. His financial condition was not so good which is a challenge for him. But his
interest was in business. He accomplished his engineering course and thereafter joined the
Edison Illumination firm of Detroit. He the accomplishment of 2 to 3 years he was promoted for
the post of chief engineer. Through this they do not obtain much funds as well as time for their
inventions. Hence, due to all these also they do not lose their motivation and ever put their step
back from challenges. Because of their financial problems he cannot able to start his own
business. This was the hinder for him but he still continue his experiments. In the manner he
considered their hinder as an opportunities so he foster his abilities and skills for becoming a
successful entrepreneur.
CONCLUSION
From the above report it have been concluded that small business and entrepreneurship
play crucial role into country' economy. Large, scalable and many more few entrepreneurial
ventures which aids in distinguishing the business size. Moreover, for the development of social
economy, this is important for people to understand the significance of start up and small
business. There are some entrepreneur's characteristics, traits and skills that differentiate them
from other and help to become successful. Big five traits model aids to reflect the personality of
the entrepreneurial (Julien, 2018) Along with this, experiences , family background and many
more are few factors that may foster or hinder entrepreneur to become successful.
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