Entrepreneurship Report: Skills, Traits, Theories, and Economic Impact

This report delves into the multifaceted world of entrepreneurship, examining the core concepts, traits, and skills essential for success in the dynamic business environment. It begins by evaluating the theoretical knowledge of entrepreneurship, emphasizing the role of innovation and risk-takin...Read More

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Evaluate the theoretical knowledge of entrepreneurship.............................................................3
Difference between entrepreneurial traits and skills...................................................................4
Apply entrepreneurial theories for effective understanding of traits and skills to become
successful entrepreneurship.........................................................................................................6
Explain entrepreneurship and enterprise focusing on the importance on economy....................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurs are those individuals who leads to create and develop new business by
considering risk factor and after that enjoy suitable rewards. Entrepreneurs are prominently
considered as the innovator and their source is innovative ideas products and services for their
business. Entrepreneurship plays an important role within the economy by considering their
initiatives and skills which are important in terms of bringing new ideas within the market.
Moreover, entrepreneurship is the extraction of value which is considered as the change that
leads to undertake various values instead of simplifying economic situation (Amato, and et. al.,
2017). Entrepreneurship is considered as an ability in terms of organising developing and
running a business organisation considering the uncertainty is it is helpful in terms of making
profit. Report is based on the growth and success of entrepreneurs within the dynamic business
environment because of the advancement in technology and the impact of covid-19 over it.
Therefore, the report covers the theoretical knowledge about Entrepreneurship and comparison
among the entrepreneurial skills and traits. Along with these two prominent entrepreneurship
theories are discussed considering the skills and traits of entrepreneur which are required in
terms of becoming a successful entrepreneur and also explain and the price and Entrepreneurship
by focusing on the significance towards the economy.
MAIN BODY
Evaluate the theoretical knowledge of entrepreneurship
Entrepreneurs leads to create a theme and an idea that include individuals with innovative
personality characteristics and abilities including locus of control risk taking prevents
commitment creativity vision and many more. Entrepreneurs are those individuals who bear risk
and work within various uncertainties but orientation work developed by economist for
formulating systematic theory of entrepreneurship (Doern, 2016). It is the prominent fact that
entrepreneurship is essential factor for the economic development. In terms of becoming a
successful entrepreneur it is important to have prominent skills which is being able to evaluate
ideas. It is important for an entrepreneur to prominently write down their principles by
considering their ideas in chronological way. Therefore, these ideas reflect and review
entrepreneurs in terms of refining them something in a prominent starting to consider their

suitable value. Entrepreneur depict the ability to evaluate their ideas in terms of classify in their
personal skills aptitude and knowledge considering systematic evaluation and logic.
Besides this the knowledge of an entrepreneur is prominently based on the industry sector
considering the Asset and foundation in terms of developing successful business. Entrepreneurs
does not carry ability to influence gossips and daily news stories. A successful entrepreneur
needs to spend great amount of time in terms of developing their knowledge and plan for the
success of business. By considering the present scenario of the world which is prominently
influenced by covid-19 leads to negatively influenced many entrepreneurs due to fluctuations in
economy and economic crisis. In regard of this various entrepreneurs gets demotivate towards
their business and most of them wind up their venture because they are facing huge loss
(Mazzarol and Reboud, 2017). Meanwhile other entrepreneurs show their ability and courage to
survive within in this situation and make their prominent position and image within the market
with their knowledge and experience that provide effective value to their idea. The motivating
story of entrepreneurs tends to influence other individuals to carry forward and develop their
own business which is beneficial for the growth of nation and economy as well.
Difference between entrepreneurial traits and skills
In terms of achieving prominent success and growth it is important for an entrepreneur to
have impressive and suitable combination of skills and traits by which they can prominently
accomplished their suitable objectives and goals for their venture. Along with this in terms of
understanding their accomplishments there is skills and traits are important and entrepreneurs
need to be hard work and passionate as it makes them different from others in terms of earning
profitability and increasing suitable revenues (Staniewski, 2016). Moreover, in terms of having
effective profitability and accomplishing growth for their business activities on their need to be
hard work because hard work pays off of converting dreams into reality. Hence prominent skills
and traits are discussed below with the help of prominent examples of successful entrepreneurs
considering their reputation in the market.
Traits
 Creative: An entrepreneur needs to be creative and passionate towards their work as
creative factor help in a compressing suitable growth and success within the business
environment. Creativity can be developed in any kind of sector and for this an individual
need to think out of the box and launch innovative idea which is not even exist in the

market because it leads to attract maximum number of people towards the business and
helps in accomplishing effective profitability and revenues (Yan and Yan, 2016). By
considering the perspective of Bill Gates he is pretty much creative in his work and
always try to think out of the box at the time of launching suitable services.
 Self-confidence: An entrepreneur needs to be self-confident in terms of running
successful business enterprise within the dynamic business environment. Considering the
decision making of an entrepreneur they must be pretty much confident on their decisions
because entrepreneurs have suitable skills and knowledge in terms of taking then
beneficial decision for their business organization. In relation with Peter Jones he is quite
confident in terms of decision making because he has suitable experience and knowledge
of business environment and also carry affective forecasting skills which is useful in
taking beneficial decisions.
Skills
 Human Resource Management: This skill depicts the effective management of
individuals in terms of making sure the suitable objectives and goals of business
organization and considered there accomplishment as well (Aparicio, Urbano and
Audretsch, 2016). It leads to identify the prominent on terminal skills of an individual in
terms of managing their staff members. Human Resource Management is identified as the
effective and Critical skill within the JK Rowling in her effective leadership style
considering her vision and statement describing that an entrepreneur is not a leader he is a
manager. It makes sure that entrepreneur need to focus on the growth of team members
and their development that leads to add value to the company and employees as well.
 Visionary: An entrepreneur needs to be visionary and always keep their eyes on the big
image that represent the ability in terms of making better employee. Suitable version is
all about the strategic planning and an entrepreneur must have creative and effective
perspective that leads to make their business success. This skill is prominently present in
Richard Branson as he believes that vision is the key to realize the dream and focus on
the success considering the small steps of the victories in terms of having great success.

Apply entrepreneurial theories for effective understanding of traits and skills to become
successful entrepreneurship
Schumpeter’s theory of creative destruction: This theory is considered as the creative
destruction as the prominent process of industrial mutation in terms of having new economic
structure by destroying the old one. This theory leads to treat economy as an organic and
dynamic process and it is helpful in improving the method of production. According to
Schumpeter creative destruction leads to develop towards the innovation within the
manufacturing process by increasing the productivity of company (Curran and Storey, 2016).
Therefore, this theory is important for the entrepreneur in terms of revolutionising their business
structure which is useful for them to accomplish effective growth and success. Moreover, these
are the entrepreneurs who have impulse to fight and also relate with the perseverance trait which
is prominently highlighted by Steve Jobs in terms of keep fighting to launch their new product in
the market with suitable quality and features besides any e new web design and experiencing
gadget.
Kirzner’s theory of alertness: These entrepreneurs are more oriented towards the
economic progress and also explicitly active for every type of situation. These entrepreneurs also
find prominent way in terms of earning profit opportunities and also speak new opportunities to
relocate resources by realizing the prominent and suitable opportunities (Henry, Foss and Ahl,
2016). Being a lot of opportunity within the market is significantly identified within Mark
Zuckerberg bi critically examining his experience and challenges which is faced by him in his
career and journey from Facebook to acquiring other social media applications. Therefore, Mark
Zuckerberg always made his vision in terms of creating and grasping new opportunities for him
that makes him more sustainable and succeed within the market area.
Explain entrepreneurship and enterprise focusing on the importance on economy
Entrepreneurship is considered as a concept it is describe the journey of entrepreneur in terms
of establishing their Enterprise within the dynamic and frequent changing business environment
full stop and applies plays an important role within the economy as it is helpful in developing
several job opportunities for individuals. Along with this with the help this entrepreneur can
prominently bring innovative and financial dependencies within the organisation (López‐
Fernández, Serrano‐Bedia and Pérez‐Pérez, 2016). Economy plays an important role in the
development of business organisation as it is useful in terms of accomplishing expected and

desired targets and objectives within the stipulated period of time. For the start-ups and small
Enterprises within the economy they both plays an important role for the growth and success of
economy of the nation as these are helpful to overcome several challenges that occur at the time
of financial crisis considering the current situation of covid-19.
As in the situation the economy is getting stable because of small Enterprises as these are the
one who offer job opportunities two unemployed individuals and making them stable regarding
their living standard. The current pandemic leads to occur various difficulties and complexities
within the business environment and also improve the level of competition that influence the
decision-making and productivity of company. Despite from this covid-19 is beneficial for the
small Enterprises as it is useful for them in developing effective job opportunities for the
individuals of United Kingdom with the help of Advanced Technologies and tools. Besides this
small Enterprises are those who tend to government and operated by individuals and also useful
in accomplishing the requirements and terms of formulating the effective process and objective
to achieve suitable success and growth. The prominent benefits for the Enterprises are discussed
below:
 Adopt innovation: It is essential for enterprise to have suitable objective for their
business it is helpful in in gaining and providing suitable path to their vision with the help
of Advanced technology in terms of staying longer in the dynamic business market
(Welter and et. al., 2017). Besides this effective use of Advanced technology is helpful to
gain number of individuals regarding their Enterprise. For instance, large organisations
always have their ways and innovative ideas in terms of giving large amount for their
business that helps in their functionality and operations.
 Opportunities for local residents: Small Enterprises and startups significantly have an
opportunity for the local individuals of the United Kingdom which is useful in offering
effective economic growth considering the large Enterprises as well. In regard of that
Enterprises need to consider their targets goals and objectives at the time of hiring skilled
and talented manpower which is useful in saving their time and cost of training and
development by suggesting several innovative ideas in terms of having effective solution
which is useful in gaining profitability and success for their Enterprise.

CONCLUSION
By considering the above discussion it is identified that entrepreneurs are those individuals
who carry suitable desire and terms of developing and succeeding their start off venture
considering the risk and titled in terms of making suitable profitability. Besides this
entrepreneurship is considered as an entity that has the ability to act on the prominent
opportunities to translate into Technologies into products and services. Moreover, from the
above report prominent concept is understand and effective trades and skills are identified with
suitable comparison. Besides this, two prominent theories are used in terms of justifying the
prominent skills and traits in terms of becoming a successful entrepreneur and also focus on the
significance of economy bike spinning the concept of enterprise and entrepreneurship.

REFERENCES
Books and Journals
Amato, C., and et. al., 2017. Regulatory modes and entrepreneurship: the mediational role of
alertness in small business success. Journal of Small Business Management. 55. pp.27-
42.
Aparicio, S., Urbano, D. and Audretsch, D., 2016. Institutional factors, opportunity
entrepreneurship and economic growth: Panel data evidence. Technological
Forecasting and Social Change. 102, pp.45-61.
Curran, J. and Storey, D.J., 2016. Small firms in urban and rural locations. Routledge.
Doern, R., 2016. Entrepreneurship and crisis management: The experiences of small businesses
during the London 2011 riots. International Small Business Journal. 34(3). pp.276-302.
Henry, C., Foss, L. and Ahl, H., 2016. Gender and entrepreneurship research: A review of
methodological approaches. International Small Business Journal. 34(3). pp.217-241.
López‐Fernández, M.C., Serrano‐Bedia, A.M. and Pérez‐Pérez, M., 2016. Entrepreneurship and
family firm research: A bibliometric analysis of an emerging field. Journal of Small
Business Management. 54(2). pp.622-639.
Mazzarol, T.W. and Reboud, S., 2017. Entrepreneurship and innovation. Tilde Publishing and
Distribution.
Staniewski, M.W., 2016. The contribution of business experience and knowledge to successful
entrepreneurship. Journal of Business Research. 69(11). pp.5147-5152.
Welter, F., and et. al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to
embrace entrepreneurial diversity.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and
innovation in small business: an empirical study. International Entrepreneurship and
Management Journal. 12(4). pp.1053-1077.