Entrepreneurship Report: Characteristics of Successful Entrepreneurs

This report delves into the multifaceted world of entrepreneurship, exploring the key characteristics, skills, and motivational drivers that distinguish successful entrepreneurs. It contrasts entrepreneurs with business managers, highlighting differences in risk-taking, innovation, and ownership. The report examines traits like being target-oriented and decision-making, and skills such as creativity and communication. The analysis extends to entrepreneurial personality, utilizing the OCEAN model to assess openness, conscientiousness, extraversion, agreeableness, and neuroticism. Through case studies of Elizabeth Sarah Gooch and Tom Mercer, the report illustrates how family upbringing, personal motivation, and specific skills contribute to entrepreneurial success. It also explores how various environmental factors can either facilitate or hinder the entrepreneurial process, providing a comprehensive overview of what it takes to thrive in the dynamic world of entrepreneurship.

Entrepreneurshi
p and Small
Business

Contents
INTRODUCTION...........................................................................................................................................3
Activity 1......................................................................................................................................................3
Brochure..................................................................................................................................................3
Activity 2......................................................................................................................................................4
TASK 3.......................................................................................................................................................4
P5. Determine the characteristics traits and skills of successful entrepreneurs which differentiate them
from other business managers..................................................................................................................4
P6. Analyse the aspects of entrepreneurial personality which reflect motivation and mind-set...............5
M3. Explore different lines of argument relating with business owners characteristics...........................6
D3. Demonstrate traits, skills and motivational drivers of successful entrepreneurs with example.........7
TASK 4.......................................................................................................................................................7
P7. Examine background and experience of business owners that hinder or foster in achieving success 7
M4. Analyse the link between entrepreneurial characteristics that influence personal background and
experience to specific successful entrepreneurs.......................................................................................8
D4.Critically evaluate background and experience which positively or negatively affects in business...8
CONCLUSION...............................................................................................................................................9
REFERENCES..........................................................................................................................................10

INTRODUCTION
Entrepreneurship refers to setting up of an enterprise by taking a huge amount of risk. An
entrepreneur is referred as a person who takes risk to start up a business (Arvanitis and Stucki,
2015). Entrepreneurship as an activity involves the use of creativity and innovation so that a
business can make more profits. There are various types of enterprises which can be classified
into small, medium and large. It involves taking risk and involves determination on the part of an
entrepreneur to succeed against all the odds. This is what makes it different from other activities.
Thus overall as an activity entrepreneurship is quite effective in generating employment as well
as also provides innovative products and services to the customers. In this report, focus will be
made on exploring the various types of entrepreneurial ventures present, assessment of impact of
small businesses on the economy, determination and assessment of key aspects of
entrepreneurial mindset. Additionally, focus will be made on different types of environments that
hinder or foster the process of entrepreneurship.

Activity 1
Brochure

Activity 2
TASK 3
P5. Determine the characteristics traits and skills of successful entrepreneurs which differentiate
them from other business managers
Characteristics of an entrepreneur-
 Innovator- An entrepreneur is an innovator who is able to bring innovations in the
products and services in the enterprise. It is a top-priority for an entrepreneur and
therefore the focus point of the entrepreneurial needs and requirements.
 Risk-taker- An entrepreneur is a risk-taker who takes high-level of risk to start a
business venture.
Characteristics of a business manager-

 Director- A business manager acts as a director and gives specific instructions to the
staff of the organizations. In this way the business manager ensures that the work is done
in a proper manner in the company.
 Administrator- A business manager is an administrator who is able to administrate in an
effective manner in the organizations. Therefore, a business manager is a person who is
able to do proper administration in the company.
Distinction between Entrepreneur and Business Manager-
Basis Entrepreneur Business Manager
Risk More risk is taken by an
entrepreneur when
compared to a Business
Manager.
Less risk is taken by a
business manager when
compared to an
Entrepreneur.
Innovation An Entrepreneur is able to
innovate effectively and
bring new products and
services.
A business manager does
not focuses much on the
innovation aspect.
Ownership An Entrepreneur is the
owner of the business.
A business manager may
not be the owner of a
business.
The example of two entrepreneurs has been applied in this project which is Elizabeth
Sarah Gooch and Tom Mercer that demonstrate their characteristics and skills as an inspiration
for other business managers to succeed. It is mentioned below as:-
Elizabeth Sarah Gooch:-
Characteristics:- This refers as the personality of behaviour or trait of an entrepreneur
which describes the ability of business owner to perform their actions with the motive to achieve
success in future (Das and Das, 2014). Some of these characteristics are expressed as under:-
 Target-Oriented:- The business owner perform their actions with motive to achieve
their target efficiently that create opportunity for growth and development of business to
remain stable. The Elizabeth Gooch is highly target-oriented as the goal of enterprise has
to be accomplished whether there may be any circumstance.
 Decision-maker:- It is the ability to develop innovative idea for strategic decision-
making procedure in planning to compete with rivalry. The Elizabeth Gooch is able to
forecast strategic marketing plan in order to sustain in perfect competition market with
their consecutive success.
Skills:- A skill is the ability of an entrepreneur to perform its actions in accordance with
the capability to fulfil determined result by giving time, energy, money, etc. Some of the skills
are mentioned below as:-

 Creative:- This skill refers as to generate creative management procedure that encourage
employees to perform action by building relation through engagement and involvement
(Gaddefors and Anderson, 2017). The Elizabeth Gooch is creative nature as it has the
capability to expertise their action which improves efficiency for achieving success.
 Communication skills:- It is the ability of an entrepreneur to communicate with
managers, leaders and employees through soft spoken skills that result in accomplishment
of goals and objectives. The Elizabeth Gooch has good communication skills as she
analyse verbal and non-verbal gestures of employees.
Tom Mercer:-
Characteristics:- The traits of a person are qualities or features that belong to them as
recognisable and as inspiration for other business managers being an ideal by leading them to
complete their task with eagerness. Some of these characteristics are explained as:-
 Self-Motivated:- The entrepreneur is motivated as it aims to achieve goal effectively and
efficiently by developing innovative idea and encouraging workers through tangible and
intangible rewards (Heinonen and Hytti, 2016). The Tom Mercer is self-motivated by
building employee relation through engagement and involvement that result in
achievement of success.
 Enthusiastic:- It is the intense enjoyment, interest or approval that getting pleasure of
good attitude for providing satisfaction to their customers with the ability to meet their
requirements. The Tom Mercer focus on pursuing dreams of fully utilising scarce
resources that leads to sustain in global market.
Skills:- It is described as the ability to do an activity or job well as being practiced again
and again which improve effectiveness and lead to achieve success by competing with rivalries.
This is further categorised into two domain-general and specific skills. Some of these skills are
described below as:-
 Build relations:- The main purpose of entrepreneur is to build relations among
employees by encouraging them to perform their task with co-ordination. The Tom
Mercer has capability to deal their business actions with engagement and involvement to
create opportunity for growth and development of business.
 Determination:- It is the role and responsibility of business person to direct and control
actions performed by their workers for restricting errors through corrective measures. The
Tom Mercer is determined as the ability to accomplish its target by analysing risk and to
manage them efficiently for remaining stable in global market.
P6. Analyse the aspects of entrepreneurial personality which reflect motivation and mind-set
The entrepreneurial personality trait is described on the basis of Ocean Personality Trait
which describes various factors of business owners while dealing with managers and employees
(Islam, 2014). The main purpose of every entrepreneur is to sustain in perfect competition