Entrepreneurship Report: Situational Factors and Characteristics

This report provides an overview of entrepreneurship, examining situational factors and entrepreneurial traits. It explores how these factors contribute to the success of entrepreneurs. The report delves into the characteristics and traits that define successful entrepreneurs, as well as how background and experiences can either hinder or foster entrepreneurial endeavors. The report also discusses specific examples of entrepreneurs and their situational factors. The report concludes by summarizing the key findings and providing references to support the analysis. The report highlights the importance of entrepreneurial skills and how the background of an entrepreneur plays a crucial role in their success.

Table of Content
• Introduction
• Specific examples of entrepreneurs
• Exploration of their situational factors
• Entrepreneurial traits and characteristics
• How background and experiences can either hinder or foster
entrepreneurship
• Conclusion based on comparison and Contrasting
• Conclusion
• References

Introduction
Entrepreneurship is the business that studies about the how businesses
created and the actual process should be started for a new business. An
entrepreneur is an individual who has new idea and focus on create a
new product or service that helps in satisfy emerging needs and wants
of people to support their sales. This report is based on scope of
entrepreneurship, situational factors with their similarities and
differences and how entrepreneurial background hinders or foster
entrepreneurship.

Specific examples of entrepreneurs
Entrepreneurship Has an broad scope to stimulate the economy and
enables to bring great societal change. It beyond fulfilling needs and
build revenue, provides employment for society and develops
communities. An entrepreneur have vast opportunity to selling services
instead of manufacturing products.

Cont...
There are various kinds of entrepreneurs that contributes in economic
development by creating employment opportunities and also raise
standard of people by finding out hidden needs and wants of society.
• Local entrepreneurs
• Global entrepreneur
• Social enterprise

Exploration of their situational factors
Situational factors that also known as external factors that not occur
from within individual but elsewhere such as environmental. There are
many factors that differentiate and apply similarities that are creativity
and accumulation of ideas, risk factor and taking advantage of
opportunity, responsiveness to the opportunity and Leadership and trait
to inspire others are major factor that creates different situations.

Entrepreneurial traits and characteristics
There are some shared traits and characteristics that helps in achieve
organisational goals and objectives in better way. All these traits are very
much crucial for an entrepreneur to lead in market by finding out hidden
needs of society. Some entrepreneurial traits are as follows:
 Motivated
 Integrity
 Creative

How background and experiences can either
hinder or foster entrepreneurship
Background and experiences are very much important for an
entrepreneur to become successful in their career. In case of Peter Jones
who are poor in their earlier days but always passionate to do
something good for people and for own. His father has an office and he
always feel pleasant to sit on it and always pretend to charge of a big
company.

Conclusion based on comparison and
Contrasting
Backgrounds and experience are very much important for an individual
to lead in market and every individual vary in that case. In case of co
founder of Here Zoe Nicholson who are very much educated and a
professional teacher and opened the magic speller book store so there
background inspire them to become an successful entrepreneur and also
distinguish from others also. All entrepreneurs come from different
backgrounds and some skills also require to become a successful
entrepreneur.

Conclusion
From the above report it has been summarised that entrepreneurship is
one of the most important attribute for individual as well as
organizational development. It helps in raising standard of people by
anticipating their emerging needs in marketplace. There are various
traits and skills that differ an individual from other and distinguish
from others in positive way.

References
• Fayolle, A., Liñán, F. and Moriano, J.A., 2014. Beyond
entrepreneurial intentions: values and motivations in
entrepreneurship. International Entrepreneurship and
Management Journal. 10(4). pp.679-689.
• Karadag, H., 2015. Financial management challenges in small
and medium-sized enterprises: A strategic management
approach. EMAJ: Emerging Markets Journal. 5(1). pp.26-40.