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Characteristics to become a successful Entrepreneur

University: University of Cambridge

  • Unit No: 6
  • Level: Undergraduate/College
  • Pages 14 / Words 3500
  • Paper Type: Assignment
  • Course Code: ENTP205
  • Downloads: 0

INTRODUCTION

Entrepreneur has the greater opportunity and capability for taking risk and pain to get over from all challenges and issues while operating their business activities. Simply put, entrepreneur is pillar of institution who holds business function and operating system of institution to make impossible things possible. It is the individual person who decides to run his/her business at own level. Present study will be providing the brief of entrepreneur background and what challenges and issues they have faced. Study will also introduce the best characteristics and traits to become a successful entrepreneur. All along, this present assignment will be cover the entrepreneur background and experience to become more successful and challenging. Entrepreneurship itself is the challenging process which involves many pitfalls and issues to be facing. This makes person more experienced and task oriented process. Students looking for marketing sample papers can easily visit Comparative Marketing Analysis of Pfizer & Wizz Air Company

TASK 1

1. Identifying the different entrepreneurial ventures and the way they relate to types of typology of entrepreneurship

Small business Entrepreneurship: In the current scenario world has having large number of entrepreneurs and their different unique startups. There are 5.7 million small businesses in the US which make up 99.7% of all companies and employee 50% of all non-governmental. Every new startup starts their business from small level and then grow it with high range of new developments (Brown, 2016). This will help to create the new environmental scenario and provides the best quality of services. Small business entrepreneur venture is the most common and large number of businesses operate by the individual persons. This makes the proper and enlarging decision making approach. Small business ventures are generally considered grocery, hairdressers, consultants, travel agents, internet commerce storefronts, carpenters, electricians, etc. these some are the small businesses who does not require large amount

Scalable startup Entrepreneurship: The main aim of this entrepreneurship venture is to change the world by introducing the best and effective challenging and long lasting effects. Overall, it brings the innovative and creative products and services with the aim of making good skills and wants. They hire the best source for its organizations.

Large company entrepreneurship: This is another type of entrepreneur venture that makes the proper and enlarging undertaking making growth and task originated process. The main objectives of this organization is to earn maximum profit and customer satisfaction. Overall, it brings new services and products for the customers (Bullough and et.al., 2015). Besides, they big sensationalist are facing high ranger of risk and uncertainties within the market changing factors that brings changes in the customer demands and tastes.

Social Entrepreneurship: This is another type of entrepreneurial venture which is created for the main purpose is that to protect the social welfare. This also put a positive impact on the society’s development. Overall, it new effective growth and challenging behavior faced by the company at the time of generating funds for the social welfare. Overall, social entrepreneurs are the innovators who focus on creating and services for the development of society.

Typology of entrepreneurial activities enhance opportunities and growth for the organizations. This is the term used which all kinds of typology and growth is measuring the business values into more advance manner. Typologies are the applications that help to guide an entrepreneur to make decisions in a perfect manner. Typology is the kind of guide for an individual for explaining the method and makes the proper changes and long lasting effectiveness and making good challenging nature of fact. This makes the proper and enlarging performance making task. Typologies are set of applications that make proper and long lasting effectiveness (Burrows, ed., 2015). If any students need help with their Java Assignment, then quickly opt for our Java Assignment Help.

2. Similarities and differences between entrepreneurial ventures

Overall, it takes new better task making performance level to make business more successful and enlarging skills and abilities of individual person. Overall, it brings the new major challenging and better effective growth. All entrepreneur ventures have one common similarity that is to explore the things and making good working experience. Besides, they also encourage their employees in order to brand the best effective and sort more challenging behavior. Overall, it brings the new major goals and objectives (Carraher and Paridon, 2015). Another similarities between the all entrepreneur venture is to accomplish the set of objectives within the set task objectives. They explore the new things and majorly develop the fresh opportunities as well. Small, big and social entrepreneur wants to enhance the new services or products for getting better task oriented goals and needs. This also explains the better opportunity to gain the business growth.

Difference between different entrepreneurial ventures:

Basis Small entrepreneurial venture Scalable entrepreneurial venture Large entrepreneurial venture Social entrepreneurial venture
Objective The main purpose of the small scale entrepreneur business is to get minimum earning to cover complete business or invested cost (Dana, Grandinetti and Mason, 2016). Another main objective is to fulfill the family needs and wants. Scalable entrepreneur main aim is to focus on the innovation and creativity to change the world scenario. They achieve their objectives and goals to invent new services or products for the customer satisfaction. Large entrepreneurs have main objective to get high profit revenue by providing the highest level of customer satisfaction. Social entrepreneurial venture is to create social benefits and challenging behavior as well as create new policies to protect their life.
Capital Small medium entrepreneur does not require a large amount of capital. Scalable entrepreneur venture required large capital requirement to achieve the best productive product goals. In terms of large entrepreneurship, also require large number of employees in order to implement the work and process to be done in systematic manner (Henrekson and Sanandaji, 2014). Overall, it brings new and better opportunities along with the growth. In terms of social entrepreneurs, they require small fund capital to meet the needs of vulnerable people.
Workers Small medium scale entrepreneur business required less number of workers. Mainly, individual person is enough to handle the business acclivities and growth. Scalable entrepreneur ventures required large number of workers or employee to make plans and policies implemented and applied in systematic planned manner. Large entrepreneur requires numerous employees to perform different functions and duties according to company’s wants. Social entrepreneur is generally having union or group members who take up the responsibilities to perform a particular task.
Risk involvement As per the risk factor, small entrepreneur is having low risk as compared to other types of entrepreneurs (Kuratko, 2016). As per the small entrepreneur, Scalable enter consist large percentage of risk factor. In terms of large organization, it also consists of large number of risk possibilities in the business. In terms of making task performing goals and services. Besides, it also brings the new major growth level and long lasting performing and well developing task performance level.
Customer oriented or product oriented. Small entrepreneurs are profit oriented because of small level of investment and low possibilities of making high profit. Scalable entrepreneur ventures customer oriented Large entrepreneurs are profit adjusted as well as customer eastern. Social entrepreneurs are customer oriented as compared to other types of entrepreneur.
Source of funding Small scale venture arranges their funds from family, friends or from their own savings. Scalable entrepreneurs business arrange their funds from loans and other financial institutions (Michael, Inyang and Ojeka, 2016). Large entrepreneur arrange their funds from banks and loans. Overall, it brings new better opportunity to take funds from charity and donations.

3. Diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both public and corporate sector.

Corporate sector is the biggest part in the business environment and for the economy as well. Corporate sector is generally not covered by the government sector and considered as a profit organization sector. It brings the new opportunity of new product and services, employment opportunities and economic growth as well. All over the world and target market goals. On the contrary, public sector businesses are generally covered by the government roles and duties. This makes the better advancing and long lasting performance making task. The main purpose of the public organization is to earn public interest rather than arising profit revenue.

Diverse range of the entrepreneurs have gives high impact on the overall, industry growth and target market factor effective growth (Piperopoulos and Dimov, 2015). In public sector organization are having the low prices of products and making long lasting effective result oriented goals. On the other hand, private entrepreneur are majorly focused on the profit oriented task. The main purpose of the organization is that to make the protective and enlarging task networking which is not making customer oriented. Such as serial entrepreneur Richard Branson are majorly look upon the matter of fact that affect the business organization better environment ion nature of fact. Overall, it brings new and better opportunity and growth oriented goals. He is the challenging person who always attract towards the great opportunity and goals.

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4. Critically examine the scope development and growth of entrepreneurial ventures

“Entrepreneurial ventures”, before knowing this term one must know that what is the basic point of difference between small businesses and entrepreneurial ventures. Small businesses are the one which usually sell products and services they are familiar with or they know about it, while entrepreneurial ventures usually sell the products with innovation or something new. That is the reason that generally entrepreneurial risks are much higher and known once than that of small businesses. Since the risks are low for small bushiness therefore they generally have limited growth but although they have their profitability ratio higher. In the case of entrepreneurial ventures they may have higher profitability, higher returns as well as higher growth (Porcar and Soriano, eds., 2017). They have a major impact on general economies which results in cascading effects like job creation etc., although small businesses also offer jobs but in a confined area and fro a limited persons and especially of long-term basis and they don't have a major impact on economies as well. They don't even contribute to the gross-domestic product or the net-domestic product of the country because they remain confined to their own businesses and their area is more limited, living in their own domain group and the field they are into.

Through the above paragraph it is clear that there is a large scope of entrepreneurial ventures than there is of any small business. They can much have higher profitability ratio, higher rate of return, higher return on investment, higher economic value added etc., than that of small businesses.

Entrepreneurial ventures can have higher development & growth because of some reasons:-

- People are becoming curious, ambitious and confident.

- They like to lead and control their own future (Porcarm and Soriano, eds., 2017).

- They see higher scope in this field.

- They see their increased economic value added.

- They will be having higher commitment level in their own entrepreneurship.

Generally people are having doubts and myths regarding entrepreneurial ventures like they start out with sufficient capital, they do extensive research before starting their businesses, they require much of experience, they have a revolutionary intention and they take irrelevant risks without any pre-planning etc.

Generally, successful entrepreneurial ventures could be that which one will be having interest in that particular field. It means that the person who is starting that business must have some knowledge regarding either how to do business or either that person must know something about that particular product or service in which they want to start their venture (Porcarm and Soriano, eds., 2017). All those business ventures who want growth in there respective businesses must have a business minded person with them who could operate and function that business easily.

Its growth and development can be seen through the point that the entrepreneur can set its own earning limit and they can work with full flexibility in time i.e. they will not have time obligation. Since, the person will be having full freedom therefore he/she can work with much higher motivation level towards the growth and development of their entrepreneurial venture.

TASK 3

1. Characteristics traits and skills of a successful entrepreneur that differentiates them from business managers.

As per the quality of good entrepreneur characteristic and d traits to become s successful entrepreneur this is the better fast forwarding nature of impact. Such as Step croft Simon is now become the best peppercorn seller in UK. Customer are select to eat popcorn at anytime and anywhere. This popularity and growth will become more enlarging and growth oriented process to take some great opportunity (Rauch and Hulsink, 2015). It gives the more enlarging and better performance level. As per the best effective target goals there are given some best skills and characteristics of a successful entrepreneur.

Characteristics traits and skill of a successful entrepreneur:-

Passion and Motivation: Passion and motivation are the two essential factors that motivates the person in order to make the best performing level of work. Although there are many traits and skills that make person a good successful entrepreneur. Such as, Step croft Simon. This is the most annoying and goal oriented process and makes better performing growth. This motivator factor enhance the opportunity for the person to take new business expansion plan. To become a successful entrepreneur it is more necessary to take the best approachable task making performance. This characteristic makes mangers different from entrepreneur

Open minded: All successful entrepreneur are given know their future objectives and their duties to perform the particular task (Terjesen, Hessels and Li, 2016). Besides, manager are always follows the set company structure without taking their own initiatives. To become a successful entrepreneur person needs to take all risk and task in positive manner. Overall, it brings the new challenging and task oriented performance oriented goals.

Product and market knowledge: Successful entrepreneur have always all knowledge regarding new market trends. This also makes the good knowledge and task making performance.

Effective planning: this required effective planning goals and effective basic knowledge of market trend. This helps to make proper company planning for business expansion growth. Overall, it brings the new better level of task performing goals. This makes the long process and making good impact on the overall performance (Bullough and et.al., 2015).

2. Analysing how entrepreneur personality reflects entrepreneurial motivation and mindset.

As per the analyzing, a successful entrepreneur is the well performed actor who perform all roles and responsibilities to drive the business and taking all risk factors. Overall, it requires the best performing and long lasting methods to take up the new opportunity and goals. A good personality will help to make better decision making approach for the company enlistment. Overall, it brings new better advantage and task making performance level work in order to take the best performing objectives (Dana, Grandinetti and Mason, 2016). Positive personality and good education background will give better opportunity to the person to hold the best performing task making task. In order to meet the needs of the organization goals. Due to the positive behavior of Steph Croft-Simon Nom Food become the best popcorn seller in the UK. Overall, it brings the new challenges to meet the level of competition. Overall, it brings the new opportunity and growth in terms of making task and customer oriented goods and services. Success is the another aspect to enhance the individual strength and mindset to get more new challenges and growth. Overall, it helps to take the new better opportunity to make this popular and challenging.

3. Different arguments relating to entrepreneurial characteristics, such as are entrepreneur born or made.

This is the most common argument for the entrepreneurs and many of the entrepreneurs, social psychologists and economic theorists have all speculated that entrepreneur are born or made (Kuratko, 2016). Some research has been suggested that moreover things has been concluded better organization goals and better target market approaches. According to them, entrepreneur are made not born. They get experience, good educations and personality background to become a successful entrepreneur such as Steph Croft-Simon which is the founder of the Nom Foods. Due to so many hurdles and uncertainties. They achieve the best approachable target goals. Besides, it also makes the better advancing decision making growth. They originate organic popcorn which is the new concept and method to take up the new generating goals and making new challenging behavior (Michael, Inyang and Ojeka, 2016). On the basis of current judgment and overview of the study. It has been suggested that, entrepreneur along with that. It also helps to take the opportunity into best and possible manner. Overall, it brings new major goals oriented goals. Entrepreneur has been facing so many difficulties and growth to bring the new major changes and proper effective change and long lasting effectiveness. Overall, it makes the process and goals oriented process. This makes the process more challenging and growth full. For example, the best example is Steph Croft-Simon and their ideas that helps her to become a successful business growth. This helps to take the new ideas and goals oriented task. Due to entrepreneur talent and skills they become a successful entrepreneur instead of that they born as an entrepreneur (Piperopoulos and Dimov, 2015). Every successful person had good or bad times that helps to take new experience and challenges getting over from it. This experience will help them to achieve high position. This will be more enraging and target market oriented to get new things and growth.

4. Justifying the thoughts and ideas that how background and experience can hinder or foster entrepreneurship.

Overall, it brings the new better fast forwards result oriented work and target oriented performance level growth. Besides, background and experience is the fast forward. Overall, it brings the new major goals and target goals. Entrepreneur skills and wants make him more experienced and powerful and effective. This also helps to take the more enlarging and long lasting effective. This will also make the proper and effective challenges and making long lasting performance making things. All over, this provides the best approachable and task oriented performance level (Piperopoulos and Dimov, 2015). A successful creative entrepreneur helps him to get the good experience and long lasting effectiveness and making good performance and better goals and objectives. This all become possible after getting good experience background. Overall, it makes the better performing charges and better performance and growth. Overall, it helps to take the best performing and best performance oriented task. Overall, it helps to take the best opportunity and growth. Steph Croft-Simon has been taking and facing challenges and issues in making popcorn lover with the best concept of organic popcorn. This becomes possible after having good education and good experience. This gives the more enlarging and task performance that hinder the best performing task making performance. Overall, it also helps to get the new opportunity and growth in order to make the best effective performance. Experience makes person more confident and independent. This makes the proper and best task making performer in order to handle the business future risk (Kuratko, 2016). It makes the best impression on the nature of developing new skills and needs. Overall, it also helps to introduce new level of performing and also helps to enhance their employee motivation skills and wants. A good entrepreneur always takes his employees together and make them satisfied with the job. Good education source and helpful nature of person will also make him a good entrepreneur.

5. Critically evaluate how the background and experience influences entrepreneurs, both positively and negatively.

Experience will enhance the motivation and overall, it becomes the more enlarging and along with that it will bring new opportunity and growth in order to take the new challenges. Having good education and personal background will help to take new ideas and creativity. On the contrary, due to having negative and bad experiences this will impact negatively on the nature of growth (Michael, Inyang and Ojeka, 2016). Overall, it brings the new major goals and best perforation channel of growth. Along with that, good experience make person confidence up and better. On the other hand, negative experience will get person motivation down and ineffective. Overall, it brings the new challenging and long lasting behavior growth. Overall, it makes the good impression on the overall objectives.

CONCLUSION

From the basis of above section it can be concluded that, it can be concluded that. Entrepreneurship ventures has been created and get successful with the help of talented entrepreneur. The main purpose of the study is to examine the process or skill that helps to define the best approachable entrepreneur method. Study have been explained the different types of organization ventures and their used typology application. Besides, it also explained the most reliable and long lasting behavior challenges making proper changes and become successful venture. Study also described the characteristic and skill of a successful entrepreneur as well. Furthermore, study has been discussed the positive and negative impact of entrepreneur background and experiences. Overall, study has been based on how to make a successful entrepreneur. For that, entrepreneur should having capabilities and motivation power to take the positive and best decision making approach. Along with that it also helps to take the best fast performance to accomplish the set objectives and goals.

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