Entrepreneurship and Small Business: Traits, Skills, and Types

This report provides a comprehensive overview of entrepreneurship and small business management, examining the essential traits and skills of successful entrepreneurs. It differentiates between local, global, and social entrepreneurship through examples like Duncan Bannatyne, Steve Jobs, and Abianda. The report delves into the aspects of entrepreneurial personality, highlighting key traits such as passion, motivation, optimism, and creativity. Furthermore, it analyzes how an individual's background and experience can either foster or hinder entrepreneurial ventures, with examples like Duncan Bannatyne's journey. The report concludes by emphasizing the growing trends in entrepreneurship and its various typologies, and references academic sources to support its findings.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Content
• Introduction
• The characteristic traits and skills of successful entrepreneurs
• Aspects of the entrepreneurial personality
• How background and experience can hinder or foster
entrepreneurship
• Conclusion
• References

Introduction
Entrepreneurship is considered as a process where people establish and
launch a new enterprise that can be small at starting. Individual who
initiates a small business as well as entrepreneurship are called
entrepreneurs.

The characteristic traits and skills of
successful entrepreneurs
Entrepreneurship is a whole process focusing on different area of a
business while designing, launching and running a new business in an
appropriate manner to get growth in market. It gives growth in
economy by providing different merchandise and services in market.
The people who take initiative in creating these businesses are
entrepreneurs.

Cont...
To find the difference in between local entrepreneur, global
entrepreneur and social enterprise is as follows:-
• Local entrepreneur
• Global Entrepreneur
• Social Entrepreneur

Cont...
Example of Entrepreneurs:
Local entrepreneur: Duncan Bannatyne who is a perfect example in
the field of local entrepreneur as beginning from $730 and reaching in
earning a level of $42 million from local market is much more
inspiring. Bannatyne even purchase an 80% stake of child care
franchise which has covered the market share in an appropriate manner.

Cont...
Global Entrepreneur: Steve Jobs is perfect example of this who is
founder of Apple, which is an American multinational technology
company that sells consumer electronics, computer software and online
services globally. Apple achieved a level of revenue US$265.595
billion. It is different from local entrepreneur as it cross all borders and
cover market globally.

Cont...
Social Entrepreneur : Abianda is a good example of social enterprise,
it works with young women who suffers because of different gangs and
professionals that work within the company to maintain a friendly
environment in country. Company main focus is to provide safety to all
women which suffers gang.

Aspects of the entrepreneurial personality
Personality plays a vital role in making every individual a different
brand person in market. It regulates all work in a way to get a goodwill
in market which form brand. Success doesn't mean how much percent
an individual score in school and colleges. It isn't depend on where an
individual grew up or who are their parents. Entrepreneurs defines as a
smart personality who tend to be more “street smart” than “book
smart”.

Cont...
To understand how an entrepreneur personality reflect, it maintain by
five different traits which is as follows:-
• Passion
• Motivation
• Optimism
• Creativity

How background and experience can hinder
or foster entrepreneurship
Many other factors exist while a personality grew as entrepreneurs are
much more unique with different traits which help in maintaining a
brand value in market. The factors which suit individual personality is
as follows:
• Level of education
• Family Background

Cont...
Same is in case of Duncan Bannatyne who works as a ice-cream seller
and starts from a lower level and day to day by creative thinking
achieve an assets of $42 million from different other business. The
family always support him to conduct work in proper manner and never
loss hope which become a motivational factor for his entire life.