Personality Traits and Decision Making in Successful Entrepreneurs

The report provides a comprehensive analysis of various small business ventures such as sole proprietorships, partnerships, and franchises, highlighting their unique features and benefits. It discusses how these businesses contribute to job creation and economic growth. Furthermore, it explores the influence of personal background and experience on entrepreneurship, emphasizing decision-making and risk-taking. Lastly, the report identifies essential personality traits of successful entrepreneurs, including creativity, self-confidence, and motivation, which are crucial for their success in different business environments.

ENTREPRENEURSHIP

INTRODUCTION
Entrepreneurship can be described as series of activities that include the launching,
development and running of different type of business. Entrepreneurship has become one of the
important pillar that is driving the economy of U.K. (Blackburn, Har and Wainwright, 2013).
Entrepreneur through the help of entrepreneurship is able to provide country with different
services and products. There is no question regarding the role of this activity in enhancing the
economy of country, many other nation such as China has supported the role and importance of
it. In current time economy of UK has been able to earn huge revenue because of this activity.
This report will discuss the important role played by entrepreneurship in UK economy
after the event of Brexit. Other that this it will focus on different type of entrepreneurial venture
and typology entrepreneurship. The report will also present major difference between different
type of entrepreneurship venture and also the skills, characteristics and trait of entrepreneur. The
emphasis will also be lay on two famous entrepreneur and factors that hindered their growth and
success.
TASK 1
P1 Variety of businessperson project and their abstraction to classification of entrepreneurship
Entrepreneurship can be describe as activity that are needed to settle or establish as
business by an individual in order to make profits. There are different type of entrepreneurship
ventures based on the aim and objective of person. These companies are based on small scale
business or on the product and services they provide to their customers (Bridge, and O'Neill,
2012)
Concept to entrepreneurship: This structure has shown its effectiveness in not only
developing countries but also in developed countries. There are many reason why people are
gaining more and more interest in this type of firm some of which are mentioned below.
 Maximize profit.
 Desire to control over the future aspect and important decision of firm.
 Measure taken by government in order to promote this business.
This enterprise not only create great employment opportunities but are also able to earn
maximum profit by selling their products. Different type of entrepreneurship are mentioned
below
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Small business entrepreneurship
This is a standout amongst the most broad method for beginning a business. This venture
may incorporate little basic supplies stores, travel agency of other small business. The aim of this
type of business is to earn enough to meet the basic requirement and hardly are profitable. Small
business entrepreneurship consist of any people who own their own business. The employees in
this business are generally included family member or local people (Carraher,and Pardon, 2015).
They do not aim for expansion or rule over company their only aim is to earn enough so that they
can feed themselves. Small business entrepreneurship contribute a major portion in UK
companies and are responsible for 99.7% and is also responsible to employee more than 50% of
non governmental workers. The basic typology used by these people is to earn profit for family.
Scalable start-up entrepreneurship:
These people start company with a aim and objectives and work toward it. They move
forward with a vision and knows that one day their vision will change the look of world. They
attract financial funds from venture capitalist. They are known to hire only best. Their main job
is to investigating for unquotable and ascend able enterprise model.
Sizeable organisation entrepreneurship
This company are known for their finite lifetime and innovative ideas, and offer of new
products. This new product generally include variation and added feature to core products. This
companies get majorly affected by customer perception, legislature, technology, etc. The
typology in this is to expand large market and increase their market share (Gill and Biger,2012)
There are different kinds of entrepreneur ventures few are mentioned below Survival: This type of entrepreneur work on small land with only few assets, this are very
small in scale. The basic fund on which it operates depend on cash or barter basis. Life style speculation: This organisation change the lifestyle of the people in the area
where they invest. They target particular area and launch their products. They also invest
in that area from time to time so that it can keep growing. Managed growth venture: This ventures are made on the regular basis in firm. This help
in bringing the improvement in the working and condition of entity. They come with new
products and innovative idea on regular basis so that they can survive in market. Serial entrepreneur: This type instead of using traditional idea come up with innovative
idea and see to the day functioning of the new firm in addition to it they also hire
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expertise so that they can give responsibilities to others (Gronum, Verreynne and
Kastelle, 2012) Female entrepreneur: This entrepreneur are started, design and run by a woman. They
start a business at very initial stage and work to convert into large organisation.
 Social entrepreneur: This firm focus on the fulfilment of society they produce the
product and services that can fulfil the need of society and solve their problems.
P2 Similarities and difference between the entrepreneurial ventures
There are many similarities and dissimilarities that has been emerged between different
type of entrepreneurial ventures. This ventures play major role in the economy of nation and
proper development. There are various type of ventures such as small-business entrepreneur,
female entrepreneur, male entrepreneur etc., The main similarities between this firm is that they
are established for long term profits etc. (Schaper and et. al., 2014).
The major difference between female and male entrepreneur is that the female enterprise
is manges by female or a woman while in other man is responsible to take all the necessary
action. Other than this there are some major distinction between both the business venture. It
includes many things such as there contribution toward the economy of nation. Below given are
some sameness and dissimilarity in betwixt businessperson.
Basis Female businessperson Male businessperson
Law of similarity Both the enterprise share common objective and aim that is to
earn maximum profit and transfer the firm in to larger
organisation. For this they focus on coming up with innovative
idea that can help them in better developing and designing of
different type of products and services (Storey, 2016).
Dissimilarities Unlike male entrepreneur the
female entrepreneur works on
changing the beliefs and ideal
set by entire society.
Their focus lies on earning
maximum profit. And
innovative idea for their future
oriented activities.
Basis Serial entrepreneur Social entrepreneur
Similarities This both enterprise have their focus settled on development of
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the business. For this special attention is paid on innovative
idea so that proper development can occur.
Dissimilarities The serial business is start by
one person but get handled by
other. In this the real owner
looks after the firm to the
particular point but later on it
get pass to another competent
person (Abreu and Grinevich,
2013)
The focus here is not the
profit. This firms work for the
benefits of society. They
believe in providing those
products and services that help
society in resolving their daily
problems.
Basis Survival Managed
Similarities Both entrepreneurship wants to survive in this ever-changing
market. Both are making efforts and investing in daily
development for long term benefits.
Dissimilarities The main difference is size.
This enterprise work on small
size and serve only small
faction of employees. They
have low financial funds
(Drucker, 2014)
The size of this enterprise is
large comparative to survival,
the also serve large no. of
people earned great revenue.
That are used as financial
funds.
Lifestyle Small business entrepreneurship
They are in the public eye people
not having a modular attribute
Social Entrepreneurship
There life-style also not in modular way
because they rich person to deal with the
society with a lower berth modular
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TASK 2
P3 Impact of little and midget business concern impinging on the economic system
Small business can be defined as business venture working in a particular or define target
market area by selling their products and service. This small enterprise play major role in
strengthening the economic backbone of nation. By investing in this small business country can
have many small and long term benefits (Haeussler and Colyvas, 2011). It also helps in
enhancing the employment opportunities many people get chance of working and earning
because of this organisation. There are various type of organisation some are discussed here:
Micro business: This business are small and work in on limited area and scale. According to UK
government firm with less than 10 worker and yearly turnover rate is under 2 million pounds are
considered micro entity.
Small-business: This is another type of business, it small size business but compare to micro
business, its considered to be large business. Only those enterprises are considered to under small
business who has less than 50 employees in firm and annual turnover of company is under 10
million pound.
Medium enterprise: This enterprise are quite large in both size and scope. The average employee
under this are less than 250 and the turnover that company make should not exceed 10 million
pound.
Apart from above distinguish this venture are also divided on the basis of legal structure
that is decided by law:
Sole proprietorship: These businesses are generally small and have single owner who is
responsible for the different activity of firm. The legal structure of this form are simple and easy
to handle. Its main objective is to utilizer the appropriate firm so that benefits can be earned.
Other than this it also focuses on self employment (Malhotra and Temponi, 2010)
Characteristic of sole Proprietorship: The ownership of such business are in the hand of single
owner and all the decision taken by him for the betterment of organisations.
Partnership: In this the ownership are divided between two or more people. In this all
partner is equally responsible for capital investment and risk that come with establishment of
entity. This firm are small size and their organisation structure is also quite simple.
Characteristic of partnership: Limited life is the main characteristics of the partnership in which
the establishment is for certain number of years by the agreement.
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Private company: This are owned by private players this are big firms but are still
considered small in the comparison of public enterprise.
Characteristic of private company: Perpetual successions will be the main characteristics of the
private limited company in which the organisation will be keep on existing in the eye of laws
even in the case of death, insolvency, the bankruptcy of its members.
Illustration 1: Types of company
(Source: Understanding business and its type. 2013.)
Areas where SME help in economic growth of UK.
Employment opportunities: Its one of the major contribution that is made by this firm.
They provide goods and services to people so that their basic need can be met but along with it
generate lot of job opportunities for the local people of nation (Schaper, 2016) Many critics have
also accepted it role in the economy. Some critics even stated that it create larger job
opportunities compare to large organisation. In UK this business generate almost 60% of job
opportunities in nation.
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Illustration 2: Employment opportunities by Small business
(Source: UKTI investment report. 2015)
Sup
Domestic Economy: U.K. Has strong financial destination where many foreign investors
are interested. SME increase the emplacement opportunists which decrease the dependency on
external factors such as export and import. From the research it has come forward that small-
business contribute 50% of total gross value of country.
Improve standard of leaving: This business support all economic aspect of country. It
play major role in the economic development. With increasing economic growth and activities in
nation the income level of people are increasing which promotes high standard of living. It has
been recorded that because of economic growth and SME roles 64% of individuals living
standard has been improved (Storey, 2016).
Flexible and changing situation: With changing of technology and economic crisis
many companies has to suffer from the loss. Even in such time SME are the only one who get
easily adapt to changes and keep earning profit and supporting the economy of country.
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P4 Function of small-business contributory to development of the efficiency later Brexit
Brexit was a movement where UK demand to get separate from European nation and
settled as independent nation of its own. This event has major impact on the U.K. The major
adverse effect it has on the UK was on its business. The major no. of goods produce by UK get
exported to EU. After the separation UK was considered as foreign country and has to follow all
the policies which are necessary to do business in EU such as tax policies custom duty etc.
Because the trade was majorly affected by this separation company start focusing on small-
business so that economy of country could be strengthened (Parker, Congregado and Golpe,
2012) For proper development of this business its necessary to understand the major difference
betwixt small-business and start ups.
Basis Little enterprise Start ups
System growth It protection in the economy of
country through various ways
such as job creation, job
employment etc.
Start up also play major role in
the growth of economy. They
contribute in economy by
promoting innovative and
creative idea.
Economic and social
development
It works at large scale of
society, which help it in
contributing to the economy of
country at large scale.
This firms also work for the
development and growth of
nation but its limited to the
particular region they are
established at.
Increase government revenue This firm pay large amount of
taxes to the government of
countries which help in
generating large amount of
revenue.
This firm focus lies on the self
development. So the revenue
generated by this firms re not
large.
Value of small enterprise and start ups
Economical and societal improvement: The small business play major role in the development
of economic and social aspect of firm. It helps in job creation which help in creating many job
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opportunities throughout the nation. It helps in improving the living standard of people. This
make significant contribution in the development of economy.
Reduction of poverty: It has been recorded that by promoting and developing small business the
poverty of country was reduced by 3 %. This business create job opportunities for people and are
also useful in strong economic crisis. It also helps in increasing the individual learning income
and also enhance purchasing power of people (Wennekers and et.al., 2010)
Generating revenue: The total 35% of tax revenue of nation is generated by this section of
society. It helps in generating good amount of money for UK government. It helps in reducing
the dependability on any particular or one region. It helps in finding alternative methods through
which issue of dependency can be eliminated or reduce.
TASK 3
P5 Characteristic trait and skill of two successful entrepreneurs
To be a successful entrepreneur it requires few sets of skills, traits and characteristics.
These same skills are reason which make an entrepreneur quite different from that of business
manager. A business manager help in running the firm but a great entrepreneur change the vision
of world from its innovative ideas. In here Mark Zuckerberg and Bill Gates are taken as one of
the most successful entrepreneur. Zuckerberg has invented Face book which is one of the leading
social networking site in world. Whereas Bill has invested windows which is most known
software in entire world.
Great set of skills and characteristics makes a change some of these are mentioned below
 The first skill a good business man need is determination. Its primary need to reach
success. Great determination help in setting an objective and reach a desired goal without
getting distract. This characteristic help them in achieving their vision and long term
goals.
 Innovation creativity, great idea is what lead a man to height of success. An entrepreneur
who can focus on its product and can bring innovative idea and creativity to make its
product more attractive can only achieve their goal. This creativity make them different
from other and help them in attracting more customers to them.
 Another skill or characteristic which a great entrepreneur require is ability to listen to
other and an open mind to accept different idea and walk on different road from others.
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Having an open mind help in coming up with different idea and also help in maximize the
benefits of employee (Cerrato and Piva, 2012)
 Bill gates habit of excessive readings: excess examining of new things which can be
executed on their life and help in affiliation planing and authentic headway can be do. As
the bill gates have propensity for perusing and examines in excess of 40 books each year.
 Bill gates doest not keep rules and regulation: it is the most basic trademark in the bill
gates does not revolve around the precepts and control(Ekpe, 2015). He require just
faultlessness in their work and expected will same with agents.
 Mark Zuckerberg work together for the higher reason: This can be the most basic
typical for the Facebook kindred advocate as he will base on the business for the high
reason which is to related a regularly expanding number of people to construct their
business.
 Mark Zuckerberg is a forceful yet promising pioneer: It is the fed up situation for him
when the Mark Zuckerberg did not hint at change comes about for their business makes
more strong molecule nature yet he by and large desire to their gathering as clear
specialist.
The above mention skills make an entrepreneur quite different from business manager
few differences are mentioned below:
Entrepreneur Business manager
 The main aim of proprietor is to start a
venture and establish an enterprise
which can benefit him.
 The main characteristics of owner is
that they are able to take risk over the
new idea and give space to innovation
and creativity.
 Entrepreneur is that person who take
the risk for the development of its
 The main activity of manger is
management, they are required
managing different activities. They are
also provided their services to other
entity.
 They are responsible to mange daily
activities in organisation and are not
required to take any action which may
cause risk
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running operation and make sure that
full utilization of resources are done so
that long term benefits and growth of
firm can be achieved.
 Manger is that person who is
accountable for the coordination of
different activity in entity.
P6 Prospect of businessperson attribute reflect businessperson condition and mind-set
Businessperson is that organism who have susceptibility, skills and characteristics to
arrangement start their own business and operate it for long time. These people are known for
their capabilities to influence people with the help of their creative ideas and innovations. A
entrepreneur require may skills to be successful. Taking risk is one of such factor, its necessary
to take risk in order to be successful and run many operation in firm. This entrepreneur are
treated as an ideal for next generation and help in motivating them through their skills, ethics,
idea and innovation. Mark Zuckerberg and Bill Gates is one of the most important entrepreneur
of current time. They have many quality which move people and influence them. For e.g. Mark
Zuckerberg is the biggest idol for the youth of current world. He launches an application called
Face book which has become one of the leading application in present era. This application help
in reducing the distance between people its a social media app where people can converse to
each other disregard of time and distance. In addition to it they can also share photos, videos and
many posts (Haeussler and Colyvas, 2011) This provide people a chance to stay connected and
share their views on different topic. Determination, discipline, and innovation skills are major
characteristics which lead Zuckerberg to such a height. It helps him in becoming successful and
change the vision of whole world. At very young age he become one of the richest people in
world. On other hand we have Bill Gates who launched its own company and name it Microsoft
which become one of the leading company in the world of technology. Passion, determination
drive to reach something new etc. help him in reaching to the heights he is standing now. They
motivate people with their passion and determination To develop their own skills and take
chances, taking risks. They are the Big Five, that make up the OCEAN (an acronym). This Five
Factor Model is FFM, in short. The consensus of psychologists have gradually come to support
the Big Five.It allows for renaming the factors, as will be shown below. The first letters of the
five factors - Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism - give
the acronyms of OCEAN and CANOE if rearranged.Passion and positive attitude toward work
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help to be a successful entrepreneur. With their positive attitude they lead their employees and
motivate their stake holders. Proper discipline help them in focusing on their aim so that they can
achieve their targets and objectives. Effective communication also play major role having great
interpersonal skill and managing skill help them in achieving their long term objectives.
 Imaginative and advancement: This can be another personalities set and inspiration of the
Mark Identity reflect as a part of his identity as a business person which is inventive and
development in their business. This is imperative for every single individual to be more
imaginative and inventive reasoning which is required to end up a business visionary.
The new thought will has and effect on the firm. From the Facebook creation the most
essential viewpoint is the viably and advancement firm is structure due to the Mark
Zuckerberg.
 Adaptability and Adaptability: This can be the another imperative inspiration and outlook
is thinking about the identity of the business visionary which is adaptability and
versatility. Stamp Zuckerberg have faith in the adaptability and adjustment of the
different purpose of perspectives which are given by their subordinate is considered to
rolled out improvements in the firm(Bae, 2014). For new business visionary who needs to
begin their own business they must be set such outlook which is vital for create
associations.
 Basic Thinking and critical thinking: This is an another brain and inspiration consider the
check Zuckerberg identity which is basic reasoning and issues fathoming. In any case, it
is additionally mirror that stamp Zuckerberg will more disappoint when he can't show
signs of improvement results in their work. Be that as it may, in the troublesome
circumstance effortlessly issue will be illuminated. For the individuals wants identity
progressed toward becoming business person will be more pivotal to be a basic reasoning
and issues comprehending.
TASK 4
P7 Role of background and experience in hindering or fostering entrepreneurship
Background play major role in the development of the personality of an entrepreneur.
The work ethics and attitude toward the work is determined by the background such as their
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family, education, training standard of leaving etc. These background play major role in building
the personality of entrepreneur which also affect the way the business activity are run.
Background determine the perception of person regarding different things. Background or
personality development is also responsible for making the status of mind in determining things
whether they are positive or negative (Storey, 2016). So its important of proprietor to think
beyond its background and face challenges according the need. There are many problems that
hinder the development of firm such as financial crisis, economic consideration etc. Therefore its
required of owner to have positive outlook toward their business and its future growth.
Experience of person is as important as its background. It plays important role in decision
of establishing a enterprise. For e.g. if a person has good experience and success in past the
chances of taking the risk and starting a business become high. In case a person have bad
experience he become hesitant in taking the risk of starting a new business. The other factor
which can influence a person is government policies. It plays important role in the success rate of
enterprise in economy. Cultural diversity is another hurdle that an entrepreneur has to cross
there are many people who are uncomfortable to talk people of another culture and judge them
on the basis of there culture (Wennekers and et.al., 2010) This can create problem for owner if he
judges people on the basis of culture he will not able to recruit people of different culture which
will affect the efficiency of person. Thus, it can be said that this both play major role in the
building of the perspective and attitude of person toward its work. It can help in motivating them
and tacking right steps in right direction. It also encourages the person to learn from the fail and
move in right direction.
CONCLUSION
From above report it can be concluded that small-business play major role in
strengthening of economic of nation. There are different type of entrepreneurship and ventures
which are discussed in detail there differences and similarities are also mentioned in this. The
major similarities this venture share is that their same aim of earning profit other than that there
are many differences in each venture. Small business help in generating job creation and
employment which support the economy of country. Personality trait of great entrepreneur are
also discussed in file.
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REFERENCES
Books and Journals
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