ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT REPORT DETAILS

This report delves into the multifaceted world of entrepreneurship and small business management, examining various types of entrepreneurial ventures, including small businesses, scalable startups, and lifestyle businesses, and their relation to different typologies. It highlights the similarities and differences between these ventures, analyzes data related to their impact on micro and small businesses, and emphasizes the importance of small businesses and startups in fostering social economic growth. The report also explores the characteristic traits and skills essential for successful entrepreneurs, the significance of personality, reflective motivation, and mindset, and how personal background and experiences can either support or hinder entrepreneurial endeavors. The report provides a comprehensive overview of the key elements for understanding and succeeding in the dynamic landscape of entrepreneurship and small business management.

ENTREPRENEURSHIP
AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Various kind of entrepreneurial ventures and their relation to typology..........................1
P2 Similarities and difference between different types of entrepreneurial ventures.............4
P3 Present, interpret and assess related data with impacts micro and small business............6
P4 Importance that small businesses and business start ups in growth of social economy..11
M1.........................................................................................................................................13
M2.........................................................................................................................................14
D1.........................................................................................................................................14
D2.........................................................................................................................................14
TASK 2..........................................................................................................................................14
P5 Characteristic traits and skills to make successful entrepreneur.....................................14
P6 Aspects of entrepreneurial personality reflective motivation and mindset.....................16
P7 How person's background and past experiences can hinder or foster entrepreneurship. 18
M3.........................................................................................................................................19
M4.........................................................................................................................................19
D3.........................................................................................................................................20
D4.........................................................................................................................................20
CONCLUSION..............................................................................................................................20
REFERENCES..............................................................................................................................20

INTRODUCTION
The term entrepreneurship may described as an innovative and unique strength of
creating something new and start new ventures. It is done through advanced ideas, thoughts and
views by which an effective projects can be done. In this case, growth will be achieved by
professional and personal careers as they both are focussed. An entrepreneur is a person who has
special ability of generating new and creative things to grab fresh opportunities to make better
profits. They have special qualities such as passion, independent thinking, optimism, self
confidence, resourceful, problem solver, tenacity, vision and many more (Alsos, Carter and
Ljunggren, 2011). An entrepreneur has that capability of bearing risk and challenges because
they always try to introduce something new in the market. Basically an entrepreneurship I related
with small business in terms that it is common tract of developing, necessitate creative ideas to
bear a level uncertainty. This report is based in different kind of entrepreneurship relevant with
typology along with similarities and differences. Significance of small businesses and start ups
for improving economic growth. Various unique traits and skills to build a successful
entrepreneur will also explained along with personality and reflective motivational mindset.
TASK 1
P1 Various kind of entrepreneurial ventures and their relation to typology
Entrepreneurship and small business are connected in case when a person have an interest
to start new firm then they need to invest with unique and innovative idea. It will facilitate to
build base for a successful business for achieving desired profits. On the other hand, enterprise
can be considered as whole activity of business depending on the purpose of starting a company
which includes all the departments like operations, marketing, financial and other sections that
may aid in hitting targets right on time.
Small business entrepreneurship:- This can be described as several types of small firms
are established by individuals through an innovative and unique idea to attain profits. These
enterprises are generally contribute into field of entrepreneurship to achieve better productivity
as well as profitability in business industry (Audretsch, Falck and Heblich, 2011). It is beneficial
for country in terms that profitability of companies contribute to annual income which improve
economic position amongst all the nations at global level. In small business, at the time of
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starting point they people appoint their own family members and known persons to carrying out
or run that firm properly.
Scalable start ups entrepreneurship:- The term scalable start ups of entrepreneurship
may refers to that capability by which they copy and enhance free adjective through barriers of
person's skills. Examples for this type of entrepreneurship are Facebook, Twitter, Instagram,
Amazon.in and so on.
Lifestyle entrepreneurship:- This can be explained as simply attaining an individual's
standard of, lifestyle and sustain at the level by running that specific business successfully. It is
just to make survival of owners easy and comfortable through hat business (Awogbenle and
Iwuamadi, 2010).
Large business entrepreneurship:- This can be described as large organisations which
are generally carrying out or owned by some partners in which they all have amount of shares in
company. In case of these enterprises, entrepreneur ship to implement fresh and innovative ideas
or thoughts to launch some new products or services for achieving better productivity as well as
profitably, it is necessary to enhance image of brand to grab more market area along with
increasing number of clients for an organisation.
Medium size business:- These organizations are engaged in offering best services to
their clients by coming with advanced ideas in order to enhance the overall society. If an
association is having employees in between 50- 200 then it is known as a medium size. Along
with this their main objective is to gain maximum benefits by satisfying consumer needs or
requirements.
There are various kind of entrepreneurs who has their own working styles and creating
new aspects and implement that into company's procedures or activities. Different people has
their dissimilar mind set ups and thoughts and according to that they perform their tasks or
activities. Some of them are given below:
Sceptical entrepreneur:- This type entrepreneurs are general first observe others
concepts and create questions on it. And besides of this, they have to make ideas to apply but
predict outcomes in basis of looks of an individual and lucky point. Such people are less
confident and due to this, they take their thought to limited heights.
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Copycat entrepreneur:- As per name, this type of persons are fond of copying other's
concepts work on that to expand profits of business (Bruton, Ahlstrom and Li, 2010). Generally
they make exact replication of products and services from reference of websites, samples etc.
Research entrepreneur:- These entrepreneurs are fond of doing proper research by
collecting appropriate data and study market scenario along with desires or preferences of
customers. It is helpful to make correct goods to attain satisfaction of people and improve
productivity of the company.
Different activities that are link to entrepreneurship:
It is mandatory for entrepreneur to keep up the changes so that many benefits can easily
be gained right on time. Some of specific activities are given beneath:
 It is needed for entrepreneur to be ready and predictable through which changes can
easily be adopted.
 Planning for unique product can also be considered as another activity that should be kept
in mind by entrepreneur while starting up a new business.
 Brian-storming the next business, entrepreneur should kept in mind and should have
capability to pull out ideas and execute them right on time.
 Entrepreneur should keep on studying mind of employees that are going to work with
him/her so that business activities can get successfully done in much effective and
efficient manner.
Relation between entrepreneur ventures and typologies Survival in micro firms: - The survival entrepreneurship is basically applicable ib micro
levelled company as they think about to earns efficient to survive in current scenario. Lifestyle in small firms: - This type of entrepreneurship is applicable tgor amsll sized
firms to fulfil desires of their lifestyles. Managed in medium firms: - The managed one is utilised mainly by medium sized
enterprise to earn profits as well as little bit growth of business.
 Aggressive growth in large organisations: - The high standards of growth is required in
large levelled organisations to compete with its competitors at global market.
Difference between entrepreneur and intrapreneur
Entrepreneur Intrapreneur
 An entrepreneur is a person who set up  This can be described as an employee
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their own business with fresh concept.
 Creates a leading position in market
and independent.
who undertaking innovations.
 Change of modify existing system of
company and dependent.
Some of examples of different ventures undertaken by entrepreneurs are given beneath:
 An entrepreneur in modern world can start online retail consigner where he/she just need
to have a camera and old clothes. Then pictures which has been taken can be uploaded
among different e-commerce sites.
 Entrepreneurs in today's era can start his/her own business with the help of Instagram
where person can become as a consultant. Most of organisations are doing promotional
activities on Instagram rather than on Facebook or other famous social sites.
 Another sort of venturing is famous in UK's business environment which is copywriting
and editing services. Person can start up with few computers and then this sort of
business can get run in a successful manner.
P2 Similarities and difference between different types of entrepreneurial ventures
In current scenario of business industry, it is observed that there are different types of
entrepreneurial ventures bearing certain differences along with several similarities amongst
them. They are as follows:
Survival Lifestyle Managed Aggressive
It is required in micro
sized firms for
surviving properly.
This is utilised by
small sized enterprises
to fulfil desires of
lifestyles.
This method is used in
medium sized firm for
managing little bit
growth to achieve
bui8ness success.
It is mainly
implemented in large
organisation in
maintain position in
market at high level
and attain better
position.
Basis of differences Small business
entrepreneurship
Large business
entrepreneurship
Ownership  Small firms are  In large organisations,
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generally owned by
single person and in
some cases they are
entrepreneurs in their
firms.
the are are number of
partners in which one
them is an entrepreneur
or they appoint an
employee fr this aspect.
Management  Management in small
firms are easily tackled
and comfortably
implement new
strategies to achieve
better outcomes (Desai,
2013).
 There are several kind
of departments as per
different operational
procedures and
management is quite
complex and applying
new concept is little bit
difficult.
Marketing  Usually, small firms
are spread n local or
regional area only then
they have to put less
capital for promotional
events and easily make
people aware about
their products.
 Large organisations
have to make attractive
procedures for
marketing as they deals
at global, level and
have many competitors
them they need to put
more efforts towards
advertisements and
other promotional
activities.
Similarity:- There are various kind of legal rules as per that country legislation where
operational activities are going on. Different rules and norms are prepared by government
authorities which are necessarily followed by each and every large, small and medium sized
organisations. Several penalties or punishments are implemented by legal people in terms of
money or ban on certain firms for short or long period of time.
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Difference between scalable and sceptical entrepreneurship
Scalable entrepreneurship Research entrepreneurship
 These are relevant to small business
and perform their task to sustain
profitability of them by modifying
ideas and thoughts (Djankov and et. al.,
2010).
 They usually concentrate on profits in
terms to return invested capital return
to owner with some desired income.
 In case of scalable, concepts are copied
and modify it to implement fore
creating better outcomes.
 This type of entrepreneurs are conduct
proper research to determine facts and
work on them to improve brand image
by focus on long term goals.
 They work on actual findings as per
research and increase productivity and
profitability of organisations for long
time.
 They concentrate on future outputs and
work for long time achievements.
Similarities:- Both kind of entrepreneurs has same visions to build innovative strategies or
policies for implementation to attain better productivity as well as profitability of an organisation
for a long time. It is important for them to attract more customers and retain the current ones by
providing advanced quality product or services.
P3 Present, interpret and assess related data with impacts micro and small business
According to report of business population estimation of UK and regions, 2016, it has
been recorded that around 5.5 million private organisations were started. It got raised around
97,000 than 2015. that means it enhanced around 14,000 business. This has impacted positively
on economical conditions of United Kingdom. On the other hand, total employment which was
being was in the amount of 15.7 million which is around 60% over total employment of United
Kingdom.
6

From above mentioned image, it has been found that 5,497,670 businesses are running
successfully. On the other hand, there are around 4,172,185 private organisations are there that
majorly do not have employees. Apart from this, 7,200 organisations are there that majorly
carrying good name in UK and have employees more than 250.
7

According to the above graph, it is being analysed that around 99.3% of private
companies that are small in nature and have given around 48% of employment to citizens of UK.
On the other hand, turnover of this sector is less than large section which is around 53%.
Different types of businesses are described below:
Micro business:- Some of enterprise generated at very small level in business industry
and hey appoint several employees as per their limited requirements. They have micro standards
of firms and work on various projects to achieve fair profits through efforts applied in
appropriate manner (Drucker, 2014).
Small business:- It basically involve sole traders and partnerships and hire staff members
as per there needs to complete several tasks or procedures for generating better outcomes. They
has limited level of missions and targets on that they have to perform in accurate way to gain
better outputs.
Medium sized business:- This kind firms can usually invest in their business and hire
various skilled staff members to fulfil procedures to gain several desirable profits. Such
enterprises may appoint up to 300 employees for completing tasks and activities properly.
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(Source:- Annual report on European SMEs, 2017)
Nature and features of sole, partnerships and private business
Corporation Sole proprietor Private
This ma includes large
organisation and they are
basically run by share holders.
Such businesses are quite
complex and used to create
better productivity as well as
profitability.
This can be described as such
firms are owned by single
natural person and there is no
lawful discrimination amongst
individual and concern entity.
It can involves loans, dents
and many more (Fayolle,
2013).
There are various small or
medium organisations which
are owned and carrying out by
private individuals or group of
share holders. Non
governmental people has
ownership of such enterprises.
The above mentioned discussion had shown that there are various kind of firms are
running in current scenario and they impacts on economy of country. It helps in improving the
economic condition of nation to become more strong. Impacts are given below:
International and national impact:- It refers to global and national market in which
every organisation have to face different kind of competitors and make strategies and policies to
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Illustration 1: Annual report on European SMEs

build strong brand. This will impacts on economic condition of organisation and improve its
profitability. At global market, it is possible to attract number of clients because that involve
more population of people and clients may be from different places. Attaining better outcomes
facilitate to increase in annual income of country make it strong in front of the whole world.
(Source: National Impact, 2017)
Interpretation: Above graph has showed the data where, GDP rate of UK increases from
1% to 3.9% from year 2010 to 2015.
Regional impacts:- It includes the market of state level in which several small and
medium sized firms are dealing. They have to face several competitive enterprises at regional
stage with some local concern and render chances of employment here (Hlady‐Rispal and
Jouison‐Laffitte, 2014). It is beneficial in terms of people have opportunity of jobs that results in
building capable society.
Interpretation: From above mentioned graph, it is being found that small-business is
consists with regional level. In the year of 2010, CRM software revenue forecast was around
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13,950 and then after that year by year it carried an increasing line which took it to 36,509
dollars in the year of 2017.
Local impacts:- Various small firms are included in this section and they are able to
introduce several changes in market trends easily due to their limited size. Such industries are
beneficial as they contribute a precious amount as tax to annual income of the nations which
makes it economically strong.
(Source: Local impact, 2016)
Interpretation: From above mentioned graph, it is being interpreted that expanding small
business help in reducing unemployment in UK. It gives opportunities to various job seekers as
seen in above graph. From 2009 to 2015, this type of business ride employment trends from
3,000,000 to 6,000,000.
On the other hand, in the year of 2016 and in first three quarters of it showed that
companies with non-employers at private sector majorly stays non registered and do not comes
under the law of government which made VAT or PAYE. In starting of this year it was found
that Officer of National Statistics has recorded that there are around 2.5 million private
companies are registered with VAT or PAYE.
P4 Importance that small businesses and business start ups in growth of social economy
There are different types of organisations which has a contribution to annual income of a
particular country. It has an essential role which is fulfil by government so that organisations
become able to gain growth in professional career to higher standards. This may enhance
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productivity and profitability that results into increasing annual income of country. It is well
known legal authorities had prepared several norms that need to be followed by every enterprise
(KissDanis and Cavusgil, 2012).
In this case, government of United Kingdom have to make various legislations and rules
to implement in companies so that they become able to attain desired targets more properly.
Legal authorities had prepared different training or learning procedures which should be
conducted in organisations on regular basis. Even, in certain nations government provide funds
to enterprise so that they will organise development events in accurate manner to improve skills
or abilities of employees. It is essential to enhance productivity along with benefits of it. Hence,
this will contribute to annual income of the country to build its economic condition strong.
(Source:- Determinants of Micro and Small Enterprises Growth, 2016)
There are several techniques that may accepted by business firms which impacts in improving
growth of economy are as follows:
 Several legislations are made by government by which firms can achieve better outcomes
and results into developing country.
 In case of small enterprises, they have new opportunities to for people to improve their
lives by getting employed (Kuratko, 2016,).
 Certain rules of recycling the resources and re use the waste material should be done by
organisations to make optimum utilisation of them to gain maximum outputs.
 They have to render equal chances to both males and females in fair manner.
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Illustration 2: Determinants of Micro and Small Enterprises Growth

Importance of small business and start-ups on growth of small economy are described as
follows:-
 Come up with innovative and creative ideas in order to offer best choices to entire
society.
 Develop the overall community by providing best opportunities to success.
 Improve the current situations of a nation.
 Develop the economy of a nation.
 Enhance the standardized level of middle class people.
 Provides high quality products with best services.
 The small firms are responsible for introducing new concepts in markets which are
supportive to boost up profits of overall economy of country.
 Small start ups of business establish themselves with innovative ideas and launch
products in market to gain better profitability and overall number of them facilitates to
contribute a large and precious amount of finds in annual income of nation.
 The sustainability and growth of small businesses is required for healthy economy of the
country.
On the other hand, some of other major factors of small business firms are there that has
helped this economy of UK to grow in effective manner are given beneath: Turnover- In the year of 2014, it has been computed that turnover of both small and
medium sized organisation has made around £1.6 trillion and still it is rising which is
putting positive impact on economic conditions of United Kingdom. Employment- It has been examined that, around 24.3 million people of UK, which is
around 60% and this much of people have given employment.
 Growth- On the other hand, it is being also calculated as per a report that around 37% of
SMEs have adopted innovative ideas. This has helped business organisations in raising
products and services values and qualities. This has also impacted positively on living
standards of citizens of United Kingdom.
M1
There are various kind of entrepreneurial ventures like small and large which has
different requirements to improve benefits. Entrepreneurs has common task of increasing
profitability of the company. Small firms need to just enhance their business to gain some more
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profits but large firms focus on long term profits and try to build strong brand image. Besides of
this, various kind of entrepreneurs has their style of performing in enterprise to enhance
productivity and profitability for long time in an organisation.
M2
It is well known that there are different types of enterprises such as small, medium and
large in which they have their own missions and targets as per limitations of firm size. Small
companies are easily apply changes to introduce new trends in market that facilitates fresh
opportunities to enhance growth. Large organisations have complex system of management then
it is quite difficult to make modifications in it but they contribute a huge amount to annual
income of country to make economic condition strong (Meyer, 2011).
D1
There are different types of entrepreneurs having their own way to work for launching
something fresh and innovative in terms of product or services. In current situations market,
various changing trends are going on in which people has certain, opportunities to establish new
entrepreneurial ventures successfully. Customers do not have same demand every time but they
also modify their preferences per trends of market then to fulfil these fresh desires by
establishing new firm with creative idea.
D2
Small, medium and large scale organisations contribute to government income in
different ways. Small enterprises are beneficial for local economic condition, medium ones are
profitable for regional level situations and large organisation will contribute big amount to
national economic condition by paying taxes to them. Every types of company is important for
country in terms of increasing annual income of it.
TASK 2
P5 Characteristic traits and skills to make successful entrepreneur
There are various kind of abilities and skills are required for a successful entrepreneur.
Soke of traits and skills are given below:
Creativity:- An entrepreneur must have that ability to generate creative ideas and
thoughts by which they become able to make innovative strategies or policies for gaining better
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productivity as well profitability (Neck and Greene, 2011). It is necessary to prepare something
fresh for building strong brand image of organisation to improve benefits.
Confident:- It is well understood that to launch new products or services is risk bearing
procedure because it is all about future response of customers which decide profitability of fresh
concept. An entrepreneur have that capability of bearing risk and uncertainty through introducing
fresh product with confidence that they will get success through it. They reduce negative aspects
relevant to that and enhance positive ones to make better outcomes with fresh concept.
Self starter:- In case to make any kind of change or modifications, it is very essential to
take some appropriate steps in an organisations for attaining desired outcomes. Entrepreneur are
self starter and they initiate anything from themselves only besides of convincing others to
perform. They basically inspire people from their own working style so that sub-ordinates get
motivated to work along for gaining better results.
Competitive:- Every entrepreneur create their own ideas and thought to work in them for
achieving success. They introduce new concepts and that increase competition between various
firms. As several opportunities are created along with certain challenges and organisation have to
take appropriate actions for reducing negative impacts and grab chances at right time to improve
profits (Rasmussen, 2011).
Strong people skills:- They have a strengths that inspire people to work along with them
and perform in correct way for increasing productivity of company. They take accurate steps to
improve skills and abilities of employees so that to generate better outputs.
Thomas Cook: He is very famous and successful entrepreneur in travel and tourism
industry through his innovative skills and abilities. He make various kind of unique strategies or
policies to make products or services more satisfactory for customers. His creative techniques
provide support to attract new clients along with retaining the current ones.
Steve Jobs: He is known as extremely successful entrepreneur as he owns Apple
company through their creative as well as accurate techniques. He has very unique strategy and
methods by which they become able to render better products or services to clients.
Entrepreneurship skills Creative skills: - This can be described about creative skills of entrepreneur which
involves unique techniques to conduct activities properly to generate desired outcomes.
Steve Jobs was much creative which made him building up a whole new operating
15

system named as IOS. On the other hand, Thomas Cook also tries to be creative and try
to add some packages as per the requirements of tourists. Innovation skills: - It can be defined as innovative ideas, thoughts and concepts which
help to implement appropriate changes to create better productivity as well as
profitability. Steve Jobs cleared his vision in front of employees of Apple. Because of
this, they started thinking with the same measures which has helped them in hitting their
own targets with taking in use of innovation skills. Apart from this, Thomas Cook which
is one of famous travel and tourism company it has been analysed that supervisors of this
organisation as well keeps their strategies much innovative which can help them in
attaining specific goals and objectives. Planning skills: - The term planning is very important so that everything should be
carried out in effective as well as efficient manner to gain desired outcomes. Thomas
Cook majorly tries to develop a plan before making any sort of changes. Because of this,
it can be clearly say that many benefits can easily be gained in much effective and
efficient manner as well. Apart from this, Apple whose owner was Steve Jobs carried
planning skills which was applied in company after that. This made this company to
develop unique segmented electronic gadgets every single year in specific time of period.
 Communication skills: - An entrepreneur must have excellent communication skills to
influence other persons so that they will follow guidelines properly to attain better results.
Steve Jobs had many effective communicational skills this impacted positively on their
employees and influenced them to work with full of enthusiasm. Thomas Cook's meeting
always stay positive in nature because of motivation which majorly be given by superior
of this company to its staff members.
P6 Aspects of entrepreneurial personality reflective motivation and mindset
There are various kind of factors that plays an important to role make an entrepreneurial
personality for reflective motivations and mindset. Several elements impacts on personal
behaviours of an individual which reflects in their style of working. Some of them are described
below:
Family upbringing:- There are several traits and skills which are acquired by family
background of an individual. Some of habits are copied as it is from parents and common
16

techniques which reflects in their own style of working to generate outcomes (Schaltegger and
Wagner, 2011). Many of unique methods are gained from parental guidance.
Lifestyle:- An individual has their own rules and norms by which they spend their life. In
the same way, every person has different technique to perform tasks or procedures for creating
better outcomes. People have to work as per their efficiencies or abilities to gain desired outputs
for personal as well as professional goals.
Cultural differences:- Different people belongs to various types of cultures having their
own values, thoughts, ideas and beliefs. These factors are responsible to make decisions about
for preparing many of strategies. Cultural values plays an essential role to direct a person for
considering norms while doing anything in fair manner.
Personal motivation:- People has heir personal thoughts and ideas by which they get
motivated and try to encourage other individuals. Self morale is very important because it makes
every thing possible by putting appropriate efforts for creating better profits.
Drivers among-st other factors:- Changing trends and desires of working place as per
their rules and norms, an individual have to follow them to perform in proper way. Sometimes,
various external factors also impacts on mind set ups of person like facts of reality, guideline of
elders or experienced person etc.
Personal traits of entrepreneurs Passion and Motivation: Entrepreneurs should be passionate and filled with motivation
as well. It has been examined that if these things will be in them then it is may be
possible that start up may gain competitive advantages in near future. Not Afraid to Take Risks: Modern world is filled with ample number of risks, it is
required for the person to keep up the knowledge and take risks so that major benefits can
be gained. Adaptable and Flexible: As per needs and requirements of customers, entrepreneurs in
modern world should keep themselves flexible and should be adopt new and updated
technology as per the requirements of their own.
 Product and Market Knowledge: Entrepreneurs should have proper knowledge of market
because then only products can easily be managed and manufactured in specific time of
period.
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Agreeablenesses of entrepreneurs:
It has been analysed that, entrepreneurs have majorly scored higher because the stay
much conscientious along with openness as well. This helps them in gaining appropriate
knowledge right on time.
Big Five model of personality traits: Openness: It is much required for entrepreneurs to stay connected to different things and
carry experience of various elements like emotion, adventure, unusual ideas, curiosity,
and many more. If an individual will stay open minded than it is may be possible that
creativity along with preference can easily be measured of customers. Conscientiousness: Tendency of self dependability and discipline are some sort of major
issues which helps entrepreneurs in attaining specific goals and objectives right on time. Extraversion: Energy, emotions, sociability and many more can be considered as some of
things which need to be there in an entrepreneur. Agreeableness: Entrepreneur should be cooperative with employees so that they can
share problems which are being faced by them while working at workstation.
 Neuroticism: It can be said that person should not carry stress, if entrepreneur will stay in
stress then it is may be possible that wrong decisions are going to be made.
P7 How person's background and past experiences can hinder or foster entrepreneurship
The person's background and past experiences are definitely impacts on way of
performing of an individual. In case of background that includes family habits and that reflects
into working methods of people. at he other hand, past experiences provide learning about to
reduce mistakes and enhance performing efficiencies to create better outcomes.
Factors that can majorly hinder entrepreneurship are given below:
Lack of adequate overhead facilities: It is much required for entrepreneurs to look into
different aspects and then only make a decision. Through which it can be said that profit margins
of start ups can easily be done right on time. On the other hand, it has also been found that some
of things that stays connected here are: transportation, communication and power supply. It has
been found that if entrepreneur will not look into these aspects then it can lead person's business
to delay the process of business activities which will directly put impact on profit margins.
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Non availability of capital (Economical): Both innovation and inventions carries a
nature where they asks for capital. If entrepreneur do not have adequate money then it is may be
possible that person may get into stress where he/she is going to meet with various losses.
Great risk: Risks stays high in countries which are underdeveloped. It is required for
entrepreneurs do start up business when economic conditions of country in healthy. Else, they it
can hinder the whole situation.
Religious, social and cultural factors: These are some social related elements which can
be considered as phases which can majorly put impact on profit margins and can be stop
company from selling its products and services. Entrepreneurs needs to look into religion, social
and culture of the specific area and see that if anything is not getting hurt because of business
that has been started.
Education: This can also be considered as an element, because if he/she will recruit
employees who are not much literate then it is may be possible that they hinder the situation of
entrepreneurs.
In present context, example of Richard Branson can be taken who is the owner of Virgin
Atlantic and started his own career becoming as a small entrepreneur who was doing business in
limited area. His background says that he belonged to a moderate family and was not much
educated as well. But at current moment because of personal traits he is an owner of around 400
organisations which comes under Virgin Group.
M3
The are various kind of traits and skills which are necessary to bear by an entrepreneur to
become successful. These abilities includes various factors such as creativity, self starter,
confident, competitive and strong people skills. They have that ability to introduce some fresh
and innovative concept along with strong confidence. By these qualities, they can inspire sub
ordinates to perform in correct manner to gain desired outputs.
M4
There is a connective link between special traits or skills of an entrepreneur with their
personal background. This is because habits from family background reflects in working of an
individual. Acquired features through hard work and efforts also reflects actions relevant to
family background.
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D3
Various traits and skills are important to bear for an entrepreneur to gain success in order
to achieve desired outcomes through applying new concepts. Several driver such as education,
culture, superior's guideline plays an essential role to build more innovative capabilities to attain
better outcomes.
D4
Experiences has negative memories but positive things is also associated in terms that
they render learning from previous mistakes and reduce threats in future. Skills and abilities are
necessary to make proper decisions for achieving appropriate outputs.
CONCLUSION
The above report had concluded that there are various kind of entrepreneurial ventures in
order to affect the economy of country. Several small, medium and large organisation at local,
regional, national and international level having their different competitive strengths and
opportunities. Different kind of entrepreneurs are there with their unique and innovative skills or
abilities to make appropriate decisions for achieving desired outcomes.
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