Entrepreneurship and Small Business Impact Assessment Report
VerifiedAdded on  2020/10/23
|15
|4917
|85
Report
AI Summary
This report provides a comprehensive analysis of entrepreneurship and small business management. It begins by defining different types of entrepreneurial ventures, including small business, micro, lifestyle, social, and large ventures, and relates them to the typology of entrepreneurship. The report then explores the similarities and differences between these ventures. It assesses the impact of micro and small businesses on the UK economy using relevant data and statistics, highlighting their role in job creation and economic growth. Furthermore, the report examines the contribution of small businesses and start-ups to the growth of the social economy after Brexit. It also identifies the characteristics, traits, and skills of successful entrepreneurs, differentiating them from business managers, and assesses how entrepreneurial personality and background influence motivation and mindset. The report references successful entrepreneurs like Philip Green and Richard Branson and concludes with a discussion on the evolving landscape of entrepreneurship and small business development.

Entrepreneurship And Small Business Management
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1 ................................................................................................................................................1
P1 Explaining different types of entrepreneurial ventures and relate to typology of
entrepreneurship.....................................................................................................................1
P2 Explaining and explore the similarities and difference between entrepreneurial ventures.3
LO 2.................................................................................................................................................4
P3 Assessing and interpret relevant data and statistics to define the micro and small businesses
impact on the economy...........................................................................................................4
P4 Explaining the important small business and business start-ups contribute to the growth of
the social economy after Brexit..............................................................................................6
LO 3 ................................................................................................................................................7
P5 Determining the characteristics, traits and skill of two successful entrepreneurs them from
the business managers............................................................................................................7
P6 Assess how aspects of the entrepreneurial personality reflects entrepreneurial motivation
and mindset.............................................................................................................................9
P7 Examine how background and experience can hinder or foster entrepreneurship..........10
CONCLUSION..............................................................................................................................11
REFERENCES .............................................................................................................................12
INTRODUCTION...........................................................................................................................1
LO 1 ................................................................................................................................................1
P1 Explaining different types of entrepreneurial ventures and relate to typology of
entrepreneurship.....................................................................................................................1
P2 Explaining and explore the similarities and difference between entrepreneurial ventures.3
LO 2.................................................................................................................................................4
P3 Assessing and interpret relevant data and statistics to define the micro and small businesses
impact on the economy...........................................................................................................4
P4 Explaining the important small business and business start-ups contribute to the growth of
the social economy after Brexit..............................................................................................6
LO 3 ................................................................................................................................................7
P5 Determining the characteristics, traits and skill of two successful entrepreneurs them from
the business managers............................................................................................................7
P6 Assess how aspects of the entrepreneurial personality reflects entrepreneurial motivation
and mindset.............................................................................................................................9
P7 Examine how background and experience can hinder or foster entrepreneurship..........10
CONCLUSION..............................................................................................................................11
REFERENCES .............................................................................................................................12

INTRODUCTION
Entrepreneurship and small business development are areas that are constantly evolving,
requiring creative minds that are willing to play with considerable levels of risk. Entrepreneurs
are the heart of every business. Entrepreneurial and small business management sequence is
designed to build entrepreneurial skills' step by step. It is the unique experience that individual
experienced from its overall journey and facing all ups and downs. Present study will be based
on the two successful entrepreneurs Philip Green and Richard Branson who is the successful
entrepreneur which set up his businesses. They provide their services who processes online and
credit/Debit card payments from vendors. The main purpose of the report is to make fresh
graduates aware about skills of an entrepreneur. Further, this report will explain active different
types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship.
LO 1
P1 Explaining different types of entrepreneurial ventures and relate to typology of
entrepreneurship.
Entrepreneur is one who organizes, manages and assume the best possible action plan
towards success. Entrepreneur minimizes the risk of a business or provides unique services or
concepts (Asanov and Levitskaia, 2016). Each entrepreneur come up with their unique and
different ideas that helps to develop society growth.
Types of entrepreneurs ventures
Small business entrepreneurs: All small business concern are privately owned and
operated business with small number of staff and low volume of sales. Small enterprises mostly
found either in partnership, sole proprietorships or small owned corporations. Small business
entrepreneurs generally operate business with one main objectives that is long termed business
growth or profits sustainability. For example, restaurant, retail stores, construction firms or
agriculture (Burns and Dewhurst, eds., 2016). Micro entrepreneurs generally arrange their capital
funds from micro loans, revenue, friends and families or from personal funds. They provide
generally small based product or services as well as leisure goods etc.
Lifestyle business or freelancers: Self-employed is the another business venture which
earns money for itself. This is one of the best or essential journey in the entrepreneur’s journey in
1
Entrepreneurship and small business development are areas that are constantly evolving,
requiring creative minds that are willing to play with considerable levels of risk. Entrepreneurs
are the heart of every business. Entrepreneurial and small business management sequence is
designed to build entrepreneurial skills' step by step. It is the unique experience that individual
experienced from its overall journey and facing all ups and downs. Present study will be based
on the two successful entrepreneurs Philip Green and Richard Branson who is the successful
entrepreneur which set up his businesses. They provide their services who processes online and
credit/Debit card payments from vendors. The main purpose of the report is to make fresh
graduates aware about skills of an entrepreneur. Further, this report will explain active different
types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship.
LO 1
P1 Explaining different types of entrepreneurial ventures and relate to typology of
entrepreneurship.
Entrepreneur is one who organizes, manages and assume the best possible action plan
towards success. Entrepreneur minimizes the risk of a business or provides unique services or
concepts (Asanov and Levitskaia, 2016). Each entrepreneur come up with their unique and
different ideas that helps to develop society growth.
Types of entrepreneurs ventures
Small business entrepreneurs: All small business concern are privately owned and
operated business with small number of staff and low volume of sales. Small enterprises mostly
found either in partnership, sole proprietorships or small owned corporations. Small business
entrepreneurs generally operate business with one main objectives that is long termed business
growth or profits sustainability. For example, restaurant, retail stores, construction firms or
agriculture (Burns and Dewhurst, eds., 2016). Micro entrepreneurs generally arrange their capital
funds from micro loans, revenue, friends and families or from personal funds. They provide
generally small based product or services as well as leisure goods etc.
Lifestyle business or freelancers: Self-employed is the another business venture which
earns money for itself. This is one of the best or essential journey in the entrepreneur’s journey in
1
⊘ This is a preview!⊘
Do you want full access?
Subscribe today to unlock all pages.

Trusted by 1+ million students worldwide

which individual person learns many experiences and growth. Freelancers is the most motivated
individual person who really engage and loved their work (Fayolle and Gailly, 2015). Main
objective of freelancers is to earn a long term, self-directed business that engage the founders'
passion and experience. There are different types of independent business man are small
operations, one person firms, self-employed individuals. etc. These companies are not a big
established companies or creators. They believed in quality performances.
Social entrepreneurs : This is the non-profit entrepreneur ventures who always look for
minimizing the social issues and think about social welfare (Gilson and et.al., 2015). This is the
another type of entrepreneur ventures with long lasting goals. The main purpose of this firm is to
maximize the impact in a sustainable way. They solve the issue of global health and also resolves
specific problems that society faced in the current environment.
Large entrepreneur venture : Big enterprises starting business from scratch has become
a big deal (Goss, 2015). In many cases, these volatile big bets create bigger movements and long
term challenging goals. Big entrepreneurs generally have more than 500 employees. Big
entrepreneur has a big profit making company and its shareholders. It is generally based on large
scale.
Typology of entrepreneurship
Entrepreneur typology is the term that helps to define entrepreneurial activities to know
more about the activities and goals of the businesses. This business typology of entrepreneurial
activity can provides empirical researches with a tool to ensure the all activities and ventures
from the classes of entrepreneurial activities they wish to examine about the overall scenario
(Laukkanen and Tornikoski, 2018). Typology of entrepreneurial are totally different from others,
non entrepreneurial managerial activities. Individual life is full off challenging for that they need
to give efforts towards creating the future goals. There are different types of entrepreneurship
who make their own profit revenue such as business enterpriser, trading businessperson,
industrial entrepreneurs, corporate enterpriser, Agricultural Businessperson etc. each and every
typology of entrepreneur defines their own working and goals methods towards earning profit
revenue. All types of different typologies as mentioned above such as small, large, social and
freelancers all are the classification of entrepreneurs market.
2
individual person who really engage and loved their work (Fayolle and Gailly, 2015). Main
objective of freelancers is to earn a long term, self-directed business that engage the founders'
passion and experience. There are different types of independent business man are small
operations, one person firms, self-employed individuals. etc. These companies are not a big
established companies or creators. They believed in quality performances.
Social entrepreneurs : This is the non-profit entrepreneur ventures who always look for
minimizing the social issues and think about social welfare (Gilson and et.al., 2015). This is the
another type of entrepreneur ventures with long lasting goals. The main purpose of this firm is to
maximize the impact in a sustainable way. They solve the issue of global health and also resolves
specific problems that society faced in the current environment.
Large entrepreneur venture : Big enterprises starting business from scratch has become
a big deal (Goss, 2015). In many cases, these volatile big bets create bigger movements and long
term challenging goals. Big entrepreneurs generally have more than 500 employees. Big
entrepreneur has a big profit making company and its shareholders. It is generally based on large
scale.
Typology of entrepreneurship
Entrepreneur typology is the term that helps to define entrepreneurial activities to know
more about the activities and goals of the businesses. This business typology of entrepreneurial
activity can provides empirical researches with a tool to ensure the all activities and ventures
from the classes of entrepreneurial activities they wish to examine about the overall scenario
(Laukkanen and Tornikoski, 2018). Typology of entrepreneurial are totally different from others,
non entrepreneurial managerial activities. Individual life is full off challenging for that they need
to give efforts towards creating the future goals. There are different types of entrepreneurship
who make their own profit revenue such as business enterpriser, trading businessperson,
industrial entrepreneurs, corporate enterpriser, Agricultural Businessperson etc. each and every
typology of entrepreneur defines their own working and goals methods towards earning profit
revenue. All types of different typologies as mentioned above such as small, large, social and
freelancers all are the classification of entrepreneurs market.
2
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

P2 Explaining and explore the similarities and difference between entrepreneurial ventures.
Similarities
All types of entrepreneur weather social, big or small etc. they all want to start business
with full focus and invest all required efforts to pursuing towards goals.
Opportunistic is the another similarity which exist in each entrepreneur business. All
types of business person see opportunities all around them. They have full sense of how to make
opportunity from situations. Social, small, big entrepreneur are always looking for a big
opportunity to take its business forwards and full fill all set targets (Mariotti and Glackin, 2014).
Risk takers is the another sameness quality that exist among all entrepreneur ventures.
That is risk taking, being an owner of the company each motivation level of working goals
makes me feel good and enlarging. Entrepreneurship is all about taking risks.
Innovative thinker is the another similarity between all entrepreneurs. Every type of
entrepreneur ventures starts from a big innovative idea that helps to connect the best possible
action plan (Mohalajeng and Kroon, 2016). Each entrepreneur thinks out of the box which helps
them to make unique product and services.
Difference between different entrepreneur ventures
Basis Small
Entrepreneur
venture
Large
entrepreneur
venture
Lifestyle
(Freelancers)
entrepreneur
venture
Social
entrepreneur
venture
Definition Small enterprisers
are independent
owned working
enterprise
(Mugler, 2017).
Large
entrepreneur are
established
business with
approx 500
employees.
This is a profit
making enterprise
with motivation
skills, uniqueness.
Business or
organisation that
built innovative
solutions for
social welfare to
make world
healthy and
protective.
Goal Grow into a long Main goal of Freelancers also Maximizing
3
Similarities
All types of entrepreneur weather social, big or small etc. they all want to start business
with full focus and invest all required efforts to pursuing towards goals.
Opportunistic is the another similarity which exist in each entrepreneur business. All
types of business person see opportunities all around them. They have full sense of how to make
opportunity from situations. Social, small, big entrepreneur are always looking for a big
opportunity to take its business forwards and full fill all set targets (Mariotti and Glackin, 2014).
Risk takers is the another sameness quality that exist among all entrepreneur ventures.
That is risk taking, being an owner of the company each motivation level of working goals
makes me feel good and enlarging. Entrepreneurship is all about taking risks.
Innovative thinker is the another similarity between all entrepreneurs. Every type of
entrepreneur ventures starts from a big innovative idea that helps to connect the best possible
action plan (Mohalajeng and Kroon, 2016). Each entrepreneur thinks out of the box which helps
them to make unique product and services.
Difference between different entrepreneur ventures
Basis Small
Entrepreneur
venture
Large
entrepreneur
venture
Lifestyle
(Freelancers)
entrepreneur
venture
Social
entrepreneur
venture
Definition Small enterprisers
are independent
owned working
enterprise
(Mugler, 2017).
Large
entrepreneur are
established
business with
approx 500
employees.
This is a profit
making enterprise
with motivation
skills, uniqueness.
Business or
organisation that
built innovative
solutions for
social welfare to
make world
healthy and
protective.
Goal Grow into a long Main goal of Freelancers also Maximizing
3

term market with
possibility of
different
thoughts.
large organisation
is to making long
term profit for the
company and for
shareholders as
well.
have same goal to
earn long term
income
(Piperopoulos and
Dimov, 2015).
Self-directed
business running
with lots of
motivation and
creativity.
social welfare and
keep the
sustainability
among society.
Kind of business Small
entrepreneur is
like small
restaurant, retail
stores,
construction
firms, agriculture.
Corporations, Big
organisations,
general motors
(Sahut and Peris-
Ortiz, 2014).
Self-employed
individuals, one
person firms or
small scale
business
operations.
Working at solve
global health
issues. Company
solving specific
problems.
Outcomes Consumer goods,
limited product
life cycle product
and services.
Deals with
branded products
and services.
Freelancers are
not that much big
companies or
income
generators
(Scarborough,
2016).
Social
entrepreneur
venture creates
significant social
impact and
improve lives.
LO 2
P3 Assessing and interpret relevant data and statistics to define the micro and small businesses
impact on the economy.
Small business enterprises are the backbone of UK economy which drive innovative
product or services, market growth, creating jobs. It is most essential features or essential to
support the economic growth. Small business enterprises mostly come up with new ideas of
4
possibility of
different
thoughts.
large organisation
is to making long
term profit for the
company and for
shareholders as
well.
have same goal to
earn long term
income
(Piperopoulos and
Dimov, 2015).
Self-directed
business running
with lots of
motivation and
creativity.
social welfare and
keep the
sustainability
among society.
Kind of business Small
entrepreneur is
like small
restaurant, retail
stores,
construction
firms, agriculture.
Corporations, Big
organisations,
general motors
(Sahut and Peris-
Ortiz, 2014).
Self-employed
individuals, one
person firms or
small scale
business
operations.
Working at solve
global health
issues. Company
solving specific
problems.
Outcomes Consumer goods,
limited product
life cycle product
and services.
Deals with
branded products
and services.
Freelancers are
not that much big
companies or
income
generators
(Scarborough,
2016).
Social
entrepreneur
venture creates
significant social
impact and
improve lives.
LO 2
P3 Assessing and interpret relevant data and statistics to define the micro and small businesses
impact on the economy.
Small business enterprises are the backbone of UK economy which drive innovative
product or services, market growth, creating jobs. It is most essential features or essential to
support the economic growth. Small business enterprises mostly come up with new ideas of
4
⊘ This is a preview!⊘
Do you want full access?
Subscribe today to unlock all pages.

Trusted by 1+ million students worldwide

innovative services of products (Solomon and Linton, 2016). SME helps in encouraging new
people to own their individual start-ups. This automatically turns income or profit which directly
reflect to the developed economy. It has been seen that, small business is good for UK economy.
Small and micro businesses are those who invest less capital into their businesses that get help
from their family friends. These small firms has to manage their roles and responsibilities into
their own hands.
In 2014, UK has 5.2 million businesses as per the survey which means employment
opportunity is also very positive or effective. Overall, all the small scale business is holding the
responsibility of 15.2 million of jobs (Storey, 2017). This reflects the positive sign towards the
goals and objectives that helps UK to sustain its long term economy stability. This overall
growth also affects the society level and encourage them towards the new start-ups and growth.
The growth of self-employed and technologies motivate people to make their standard of living
more productive and effective. In UK working is become very popular between the crowd of the
long lasting effects. This would help to control the major goal lasting performing goals.
Small business is the most effective and challenging goal making charges to motivate
better goals services. The most benefited and easiest thoughts would help to control the best
target performance. SME also having the opportunity to open or expand the business in new
countries and selling their product or services (Zainol and et.al., 2018). Start-ups are the small
business enterprises which makes the good impact on the matter of fact.
Positive contribution among the most generic level of task and also making the good
impact on the behaviour goals. With the help of small scale businesses, it provides several
opportunities and growth for the development of technology or economy growth (Essential Facts
You Should Know About SMEs in the UK, 2018). New start-ups plays a most important role in
terms of development (Piperopoulos and Dimov, 2015).
5
people to own their individual start-ups. This automatically turns income or profit which directly
reflect to the developed economy. It has been seen that, small business is good for UK economy.
Small and micro businesses are those who invest less capital into their businesses that get help
from their family friends. These small firms has to manage their roles and responsibilities into
their own hands.
In 2014, UK has 5.2 million businesses as per the survey which means employment
opportunity is also very positive or effective. Overall, all the small scale business is holding the
responsibility of 15.2 million of jobs (Storey, 2017). This reflects the positive sign towards the
goals and objectives that helps UK to sustain its long term economy stability. This overall
growth also affects the society level and encourage them towards the new start-ups and growth.
The growth of self-employed and technologies motivate people to make their standard of living
more productive and effective. In UK working is become very popular between the crowd of the
long lasting effects. This would help to control the major goal lasting performing goals.
Small business is the most effective and challenging goal making charges to motivate
better goals services. The most benefited and easiest thoughts would help to control the best
target performance. SME also having the opportunity to open or expand the business in new
countries and selling their product or services (Zainol and et.al., 2018). Start-ups are the small
business enterprises which makes the good impact on the matter of fact.
Positive contribution among the most generic level of task and also making the good
impact on the behaviour goals. With the help of small scale businesses, it provides several
opportunities and growth for the development of technology or economy growth (Essential Facts
You Should Know About SMEs in the UK, 2018). New start-ups plays a most important role in
terms of development (Piperopoulos and Dimov, 2015).
5
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

As per the stated data, it has been analysed that small businesses has contributing
innovative growth to the economy. This situation creates competitive environment within the
business growth (Mariotti and Glackin, 2014). Overall, SME gives positive impact on the
development economy of UK. Small business has contributed national income, job opportunities
and market opportunity that helps to make the better opportunity and growth.
P4 Explaining the important small business and business start-ups contribute to the growth of the
social economy after Brexit.
Small or micro businesses are the businesses who established at medium scale. Whose
number of employees or capital is limited. Micro enterprises is a subset of the small business
community based on the number of employees within the company (Mohalajeng and Kroon,
2016). These businesses are of different types such as sole traders, self-employed, that affect the
business goals. Micro businesses are facing lots of challenges in business activities and also
facing hard time in capitals. On the other hand, In UK Brexit has been given potential impact on
small businesses. As per the statistics Small businesses are the backbone of UK economy. There
are 5.7m SME which account for over 99% of private sector. Besides, 60% is the total of UK
private sector employment. SME sector has created 2m jobs since 2010. After, the impact of
6
Illustration 1: Statistical Data
Source: (Essential Facts You Should Know About SMEs in the UK, 2018)
innovative growth to the economy. This situation creates competitive environment within the
business growth (Mariotti and Glackin, 2014). Overall, SME gives positive impact on the
development economy of UK. Small business has contributed national income, job opportunities
and market opportunity that helps to make the better opportunity and growth.
P4 Explaining the important small business and business start-ups contribute to the growth of the
social economy after Brexit.
Small or micro businesses are the businesses who established at medium scale. Whose
number of employees or capital is limited. Micro enterprises is a subset of the small business
community based on the number of employees within the company (Mohalajeng and Kroon,
2016). These businesses are of different types such as sole traders, self-employed, that affect the
business goals. Micro businesses are facing lots of challenges in business activities and also
facing hard time in capitals. On the other hand, In UK Brexit has been given potential impact on
small businesses. As per the statistics Small businesses are the backbone of UK economy. There
are 5.7m SME which account for over 99% of private sector. Besides, 60% is the total of UK
private sector employment. SME sector has created 2m jobs since 2010. After, the impact of
6
Illustration 1: Statistical Data
Source: (Essential Facts You Should Know About SMEs in the UK, 2018)

Brexit UK government imposing many questions on SMEs regarding Brexit. That they also
affect the future strategic intentions on the business of small industries (Mariotti and Glackin,
2014).
Small scale sector is the most affected sector at that time when UK leaves the EU.
Government of UK conducted a survey with 10, 000 firms (SMEs may be worst affected by
Brexit, research suggests, 2018). It has been found out some negative or institutional instability
consequences after Brexit. How they affect small or medium scale businesses.
Negative consequences
On the basis of analysis, it has been suggested that Brexit related concerns are going
negatively for UK SMEs. Majorly, Brexit was reduced capital investment, which critically
weakens and undermines entrepreneur’s ability to grow and prosper. This is the another reason
due to which investors were little afraid from investing (Mamabolo, Kerrin and Kele, 2017).
From the negative impact of Brexit minds of all the entrepreneur are become critically decrease.
They stopped thinking innovative or creative towards the working process. SME growth was
highly affected by Brexit and stop making innovative product and services. On the other hand,
Brexit also affected uncertainly to affect export oriented organisations and also affects to hi-tech
company services as well (Mohalajeng and Kroon, 2016).
66% of the population of UK were suggested that Brexit has given negative impact on the
SMEs. On the contrary, 13 % were said that it has been given positive impact too (Essential
Facts You Should Know About SMEs in the UK. 2018). It has been observed from survey that
Brexit might be gives lower level of capital investment in future and also reduced the access to
external finance level of growth (Mohalajeng and Kroon, 2016). On the other side, Brexit also
reduced the product innovative development or get reduce the business internationalisation.
LO 3
P5 Determining the characteristics, traits and skill of two successful entrepreneurs them from the
business managers.
Characteristics of successful entrepreneurs
There has been taken two successful entrepreneur Philip Green and Richard Branson.
There are two entrepreneur who makes an wonderful efforts into their businesses it makes the
better growth services.
7
affect the future strategic intentions on the business of small industries (Mariotti and Glackin,
2014).
Small scale sector is the most affected sector at that time when UK leaves the EU.
Government of UK conducted a survey with 10, 000 firms (SMEs may be worst affected by
Brexit, research suggests, 2018). It has been found out some negative or institutional instability
consequences after Brexit. How they affect small or medium scale businesses.
Negative consequences
On the basis of analysis, it has been suggested that Brexit related concerns are going
negatively for UK SMEs. Majorly, Brexit was reduced capital investment, which critically
weakens and undermines entrepreneur’s ability to grow and prosper. This is the another reason
due to which investors were little afraid from investing (Mamabolo, Kerrin and Kele, 2017).
From the negative impact of Brexit minds of all the entrepreneur are become critically decrease.
They stopped thinking innovative or creative towards the working process. SME growth was
highly affected by Brexit and stop making innovative product and services. On the other hand,
Brexit also affected uncertainly to affect export oriented organisations and also affects to hi-tech
company services as well (Mohalajeng and Kroon, 2016).
66% of the population of UK were suggested that Brexit has given negative impact on the
SMEs. On the contrary, 13 % were said that it has been given positive impact too (Essential
Facts You Should Know About SMEs in the UK. 2018). It has been observed from survey that
Brexit might be gives lower level of capital investment in future and also reduced the access to
external finance level of growth (Mohalajeng and Kroon, 2016). On the other side, Brexit also
reduced the product innovative development or get reduce the business internationalisation.
LO 3
P5 Determining the characteristics, traits and skill of two successful entrepreneurs them from the
business managers.
Characteristics of successful entrepreneurs
There has been taken two successful entrepreneur Philip Green and Richard Branson.
There are two entrepreneur who makes an wonderful efforts into their businesses it makes the
better growth services.
7
⊘ This is a preview!⊘
Do you want full access?
Subscribe today to unlock all pages.

Trusted by 1+ million students worldwide

Passion and Motivation
Although, successful entrepreneurs are the most innovative and creative with minds.
Passion and motivation is the first characteristics of a successful leader. Such as Richard Branson
and Philip Green (Gilson and et.al., 2015). They both are the successful entrepreneur in UK.
They focused on their company vision, mission towards making profit and customer satisfaction
approach. Richard Branson is the CEO of the Virgin group, he is known for its exuberant
personality or wealth (Fayolle and Gailly, 2015). On the apart, Philip Green who is the current
CEO of Arcadia Group. He is known as for his creativity or innovative ideas. They both are
passionate and focused towards the company growth which is most important for an
entrepreneur. This makes them different from managers. Managers always followed the structure
given by the company.
Not Afraid to take risks
Entrepreneur has the quality of taking risk and are ready to dive into the deep ocean of
uncertainty (Fayolle and Gailly, 2015). Both Richard and Philip are the risk taker and always
take step to go one step ahead. Overall, it helps to provide different opportunities and growth in
order to make the better chances and performance. Successful entrepreneurs are always willing
to take potential risk in order to reduce that risk. They always keep contingency plan, resources
to deal with that particular uncertainties. This must be afraid by the things which makes the good
impact on the overall behaviour on entrepreneurs. On the other hand, managers of the company
are always away from taking risk and do their regular job. They follow what they are asked to do
and avoid taking decisions on their own. (Sahut and Peris-Ortiz, 2014).
Self-belief, handwork and disciplined
Entrepreneurs believes in themselves and are confident and dedicated to their work and
company growth. This is the most important characteristics that an entrepreneur has. It helps to
make intense focus on faith in their idea may be misconducted as stubbornness. Richard Branson
is the most succesfull entrepreneur towards their work targets (Hatten, 2015). On the contrary,
managers are always a person who never invest their own ideas. They only adopt ideas or
methods which is followed by the company.
Traits and skills
Creative
8
Although, successful entrepreneurs are the most innovative and creative with minds.
Passion and motivation is the first characteristics of a successful leader. Such as Richard Branson
and Philip Green (Gilson and et.al., 2015). They both are the successful entrepreneur in UK.
They focused on their company vision, mission towards making profit and customer satisfaction
approach. Richard Branson is the CEO of the Virgin group, he is known for its exuberant
personality or wealth (Fayolle and Gailly, 2015). On the apart, Philip Green who is the current
CEO of Arcadia Group. He is known as for his creativity or innovative ideas. They both are
passionate and focused towards the company growth which is most important for an
entrepreneur. This makes them different from managers. Managers always followed the structure
given by the company.
Not Afraid to take risks
Entrepreneur has the quality of taking risk and are ready to dive into the deep ocean of
uncertainty (Fayolle and Gailly, 2015). Both Richard and Philip are the risk taker and always
take step to go one step ahead. Overall, it helps to provide different opportunities and growth in
order to make the better chances and performance. Successful entrepreneurs are always willing
to take potential risk in order to reduce that risk. They always keep contingency plan, resources
to deal with that particular uncertainties. This must be afraid by the things which makes the good
impact on the overall behaviour on entrepreneurs. On the other hand, managers of the company
are always away from taking risk and do their regular job. They follow what they are asked to do
and avoid taking decisions on their own. (Sahut and Peris-Ortiz, 2014).
Self-belief, handwork and disciplined
Entrepreneurs believes in themselves and are confident and dedicated to their work and
company growth. This is the most important characteristics that an entrepreneur has. It helps to
make intense focus on faith in their idea may be misconducted as stubbornness. Richard Branson
is the most succesfull entrepreneur towards their work targets (Hatten, 2015). On the contrary,
managers are always a person who never invest their own ideas. They only adopt ideas or
methods which is followed by the company.
Traits and skills
Creative
8
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

This is the most essential quality or skills that both entrepreneur have towards their work.
They always focused on their goals and are task oriented. This makes the better growth services
and growth channel of performance. Creativeness is the essential quality that helps to grow the
business performance and growth (Mohalajeng and Kroon, 2016). Creative Entrepreneurs are
always gives motivation to others besides, managers are always guided to employees rather than
gives motivation level.
Creativity
This is another significant factor or skill that affect the business purposes. Moreover, this
is to inform you that it makes the best possible action plan. Both the successful entrepreneur is
leading creative successful entrepreneur. That affect the business growth channel. Entrepreneurs
are the creative minded person rather than managers who are rigid and always looking for the
same ideas (Schaper, Volery, Weber and Gibson, 2014).
P6 Assess how aspects of the entrepreneurial personality reflects entrepreneurial motivation and
mindset.
Successful entrepreneurs reflect the positive personality level and gives high performing
goals to the business performance. They have ability to motivate different employees within the
business or taking risk for developing business growth. Individual person who always look
forward for the essential goal making charges. Entrepreneur personality plays most important
role in terms of individual motivation (Mamabolo, Kerrin and Kele, 2017). Personality of an
entrepreneur play a most crucial role in motivation process. That quality makes individual
different from others. Entrepreneurs are individuals who has different abilities and qualities to
see market opportunities and for business growth. This quality helps them towards motivation or
innovation. Also, education factor is also more important to be analysed that helps to reflect
entrepreneur personality. Entrepreneur personality traits are considered to be the most important
variable. All the factors that affect the overall personality of entrepreneur are social, political,
technological, economical etc (Mamabolo, Kerrin and Kele, 2017).
However, there are some factors which affect overall system growth channel of
performance through which things get up and down. Generally, successful business person
depends on many factors that affect the individual needs performance. Successful entrepreneur
are always depends upon many features such as capital, knowledge, stability. Etc. such as Philip
Green he is known for its great work or innovation process that affect the long term growth. On
9
They always focused on their goals and are task oriented. This makes the better growth services
and growth channel of performance. Creativeness is the essential quality that helps to grow the
business performance and growth (Mohalajeng and Kroon, 2016). Creative Entrepreneurs are
always gives motivation to others besides, managers are always guided to employees rather than
gives motivation level.
Creativity
This is another significant factor or skill that affect the business purposes. Moreover, this
is to inform you that it makes the best possible action plan. Both the successful entrepreneur is
leading creative successful entrepreneur. That affect the business growth channel. Entrepreneurs
are the creative minded person rather than managers who are rigid and always looking for the
same ideas (Schaper, Volery, Weber and Gibson, 2014).
P6 Assess how aspects of the entrepreneurial personality reflects entrepreneurial motivation and
mindset.
Successful entrepreneurs reflect the positive personality level and gives high performing
goals to the business performance. They have ability to motivate different employees within the
business or taking risk for developing business growth. Individual person who always look
forward for the essential goal making charges. Entrepreneur personality plays most important
role in terms of individual motivation (Mamabolo, Kerrin and Kele, 2017). Personality of an
entrepreneur play a most crucial role in motivation process. That quality makes individual
different from others. Entrepreneurs are individuals who has different abilities and qualities to
see market opportunities and for business growth. This quality helps them towards motivation or
innovation. Also, education factor is also more important to be analysed that helps to reflect
entrepreneur personality. Entrepreneur personality traits are considered to be the most important
variable. All the factors that affect the overall personality of entrepreneur are social, political,
technological, economical etc (Mamabolo, Kerrin and Kele, 2017).
However, there are some factors which affect overall system growth channel of
performance through which things get up and down. Generally, successful business person
depends on many factors that affect the individual needs performance. Successful entrepreneur
are always depends upon many features such as capital, knowledge, stability. Etc. such as Philip
Green he is known for its great work or innovation process that affect the long term growth. On
9

the other hand, prosperous entrepreneurs are also reflects the best performing goals. Also, some
personal characteristics reflect the entrepreneur personality such as reliable, innovative,
creativity, ambiguity, self reliant etc (Mariotti and Glackin, 2014). entrepreneur level makes the
level of new services personality majority target market performance. Experience and education
level also is the feature that reflect entrepreneur personality that reflect motivation or mindset up
of an entrepreneur.
Motivation has been coming from experiences of an individual how they survive in
critical situations. This is also the feature that reflect entrepreneur mind setup and motivation.
They are more focused on their work and reflect towards the better positioning level. Overall,
successful entrepreneur is always being a good leader also for their employees whom they are
working. This becomes the long lasting goals and better effective performing service level
(Mamabolo, Kerrin and Kele, 2017). The most important personality growth for the company
that affect the long leading source. This source is the leading successful challenge of making
good things.
P7 Examine how background and experience can hinder or foster entrepreneurship.
Entrepreneur is the term that refers to individual learning and efforts they put on the
business success. It also includes, creativity, innovative, and risk taking ability to make
successful plan for the company. Successful entrepreneur always comes from good education
background and with having good experience. That helps them to motivate and leading best
resources' growth. Education is the primary needs through which entrepreneur get profit or
success (Sahut and Peris-Ortiz, 2014). This makes the good impact on the growth and needs of
business process. Overall, channel and long lasting goals will make the good impact on the
education background. Overall, past background or experience is the reason to hinder foster
entrepreneurship. Such as Richard Branson who belongs from England. Richard Branson faced
struggle in his school life where he dropped out at age of 16. Then he took decision to starts
Virgin Records. His entrepreneur start-ups projects started in the music industry and expanded
into other sectors. He gets success from his positive attitude and his motivation level. Motivation
or experienced makes him a successful entrepreneur. Overall, it includes better services and
growth that affect the long term experience of his life. His experience makes him so much strong
and effective towards the better performance (Sahut and Peris-Ortiz, 2014). Apart from that, it
helps me to get the long term level of strength and better effective performance. This affect the
10
personal characteristics reflect the entrepreneur personality such as reliable, innovative,
creativity, ambiguity, self reliant etc (Mariotti and Glackin, 2014). entrepreneur level makes the
level of new services personality majority target market performance. Experience and education
level also is the feature that reflect entrepreneur personality that reflect motivation or mindset up
of an entrepreneur.
Motivation has been coming from experiences of an individual how they survive in
critical situations. This is also the feature that reflect entrepreneur mind setup and motivation.
They are more focused on their work and reflect towards the better positioning level. Overall,
successful entrepreneur is always being a good leader also for their employees whom they are
working. This becomes the long lasting goals and better effective performing service level
(Mamabolo, Kerrin and Kele, 2017). The most important personality growth for the company
that affect the long leading source. This source is the leading successful challenge of making
good things.
P7 Examine how background and experience can hinder or foster entrepreneurship.
Entrepreneur is the term that refers to individual learning and efforts they put on the
business success. It also includes, creativity, innovative, and risk taking ability to make
successful plan for the company. Successful entrepreneur always comes from good education
background and with having good experience. That helps them to motivate and leading best
resources' growth. Education is the primary needs through which entrepreneur get profit or
success (Sahut and Peris-Ortiz, 2014). This makes the good impact on the growth and needs of
business process. Overall, channel and long lasting goals will make the good impact on the
education background. Overall, past background or experience is the reason to hinder foster
entrepreneurship. Such as Richard Branson who belongs from England. Richard Branson faced
struggle in his school life where he dropped out at age of 16. Then he took decision to starts
Virgin Records. His entrepreneur start-ups projects started in the music industry and expanded
into other sectors. He gets success from his positive attitude and his motivation level. Motivation
or experienced makes him a successful entrepreneur. Overall, it includes better services and
growth that affect the long term experience of his life. His experience makes him so much strong
and effective towards the better performance (Sahut and Peris-Ortiz, 2014). Apart from that, it
helps me to get the long term level of strength and better effective performance. This affect the
10
⊘ This is a preview!⊘
Do you want full access?
Subscribe today to unlock all pages.

Trusted by 1+ million students worldwide
1 out of 15
Related Documents

Your All-in-One AI-Powered Toolkit for Academic Success.
 +13062052269
info@desklib.com
Available 24*7 on WhatsApp / Email
Unlock your academic potential
Copyright © 2020–2025 A2Z Services. All Rights Reserved. Developed and managed by ZUCOL.