The small business enterprise is fully regulated and operated by private firms, corporations, sole traders and individual organizations in which fewer employees are doing work for achieving desired targets and objectives in a better manner. Private companies are assisting in enhancing the success and growth of the economy of the nation inappropriate way (Bridge and O'Neill, 2012). They are formulating and making innovative and creative goods for their customers ineffectively. Entrepreneurs have high skill and knowledge for managing and maintaining all types of activities and functions within an enterprise. In this project, it can be described that there are various traits and characteristics, the background of entrepreneurs are discussed as under.
P5 Characteristic and traits of successful entrepreneur
Entrepreneurship can be termed as the statement that can help in the creation and development of innovative services and products for the consumer within large competitive marketplace. An individual who will review and operate the certain venture will be termed as the visionary of business. The organization will manufacture the best value quality of services and products that for their service user among the competition in order to sustain. Worker has the experiences and skill that are able to reduce the issues and struggles of business in the efficient manner. For instance, this report will evaluate two major entrepreneurs i.e. Henry Ford and Mark Zuckerberg. They both have the capability and skills that can aid in the formation of new and large business through effective services and products. On the other hand, Henry Ford, owner of Ford Motor enterprise as well as he has the skills and qualification that is distinct from other individual. There are few traits and characteristic which are mentioned as below:
Henry Ford Attribute
There are several traits and characteristic of Henry Ford which should be complied through their experience life as well as this can assist them for rendering more good leaders in the recent time frame.
- Confidence: Henry Ford is one confident individual as well as is certain about their decision making. It will help in give speech in front of large number of audience.
- Disciplined: The major concern is to evolve effective decision making for the enterprise in appropriate way and it can help in the elimination of entire barrier while achieving their objectives and goals (Burns, 2010).
- Determination: This is fundamental for the individual to determine the proper goals and objectives that they need to dedicate for the task and activities completion.
- Open-minded: Both of those entrepreneurs have also skills for making certain decision that aid in rendering benefits of enterprise.
- Hard working: Henry Ford is hard worker and active when it comes to performing any type of functions and activities of an organization. It is one of essential traits which assist in making accurate decision of firm and help in growing the company in competitive working environment.
- Risk taking and decisive: An organization can be able for making accurate decisions in the conflict and dangerous situations and in more stressful condition. They required taking risk for understanding all possible failure and success in the sector. Mark Zuckerberg spending huge amount of capital for evaluating the major risk along with common ideas and thoughts for changing in communication system. In current time period, it is one of the famous and used technologies in the whole social media. There are various types of methods and techniques which entrepreneur used in converting their decision or conclusion in more effective manner.
Traits of Henry Ford
- Risk Taking Capability: Henry Ford has the skills and ability to take entire danger and hazards that can assist in solving distinct problems and issues within the working organization.
- Learning Desire: According to Henry Ford characteristic, learning can be termed as the constant procedure which helped him in rendering knowledge and skills in more efficient manner. They should feel more liberal from their stress and work pressure.
- Passionate: Henry Food is a great leader and passionate in regard of their work as well as try to deploy their abilities and knowledge to build new elements.
Hence, these activities and practices are more effective and efficient within the working organization that not only helps a leader in performing their practices but also aid in achieving their entrepreneurial targets in more significant manner (Carland and Carland, 2015).
P6 Personality of entrepreneur act as a motivational tool
The entire business people are motivated and encourage large number of individual for their life style. Without any inspiration and motivation, no one can work for reaching with potential goals and targets in better manner. Small business can identifying and recognize the different factors which assist in finding out the entrepreneur individual which they appeal for making new ideas or thoughts by which they help in implementing the entrepreneur person in appropriate manner. Along with this, a person has such ability and capability by which they can easily achieving correct results and outcome for dealing with different situations. Also they have creative and pleasant personality for attracting their followers and encourage them for follow their instructions or orders. This will help in reaching with their effective targets and objectives of an organization. On the other hand, motivation method is different from each other.
Simulation and perception is very general term which can assist an entrepreneur in including a successful business organization. According to Mark Zuckerberg FSB main motive is to set impactful example among all small business and another enterprise for achieving their set decision making procedures (Dennis Jr, 2011). Along with this, the mind set person and their management level of motivation which set the decision making function or activity and operate business which directly affect on their work. in addition to this, the mind set of entrepreneur which are different from each other and there are various factors that affect on their results of such activities such as trails, behavior of person, culture, lifestyle, etc. on the other hand, one side is cope up with different issues and problems for sustain in the competitive business environment with managing and handling various situations or condition in the best manner.
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Mark Zuckerberg is an individual who have ability to motivate the large number of people for doing effective job. Another effect of these changes are based on proper situation of country through ability or capability. he is capable for taking any kind of decision which assist in developing and growing their business operations and also assist in smoothly running the whole issues which arise in the firm. They have both quality based management and controlling all external problems and conflicts which occurs during manufacturing and introduction of different goods in the large market place. an entrepreneur personality is directly affect on their followers mind set and they are adaptable for taking risk that directly impact on business success and growth level in effective manner (Down, 2010).
After the period of Brexit period, United Kingdom has been opposite different change in the commerce surroundings connected with new company and along with small businesses. In order to sustain the employ rate of the nation, administration of UK promoted and helps the small business organization with the help of providing various strategies and policies to motivate their staff members. It is the positive point of view or encouragement which an entrepreneur should have to motivate their other persons and also stimulate their employees. It will assist them in reaching with determine with specific target and goals in better manner. There are some describing methods and tool which can use by entrepreneur that are as under:
Hard Working: It is one of fundamental traits in which entrepreneur help their business operations and functions while doing hard working work wand obtain the whole essence of available resources. It motivate employee for performing in their work.
Full of Loss: In this, an entrepreneur has a high-quality character and improved way of functioning other than other people (George and Bock, 2011).Along with this, he must have face certain problems or issues which totally associated with instance, resources and change along with other scarifies for achieve the consequences. It encourage worker for subsequent and conveying ethics and worth of organization and performing the services in their finest manner.
P7 Background and experiences which can hinder or foster entrepreneurship
The precedent facts of any individual will show their recognize and create image of their behavior. This information help business entrepreneur for prompt workers to found the original organization. There are number of fluctuations which must be established to that group who are coupled with surroundings of firm person. Along with this, Training is original movement of every trade concern which can be provide to staff for improving their aptitude and ability in good way. The person has influence to provide assist in increasing enlargement and productivity for the organization.
Learning assists in improving skills and information for cautiously grip all circumstances of company in efficiently. This can be complete for using different methods and also examine current condition of industry in the market place. An Entrepreneur background helps in recognizes their opinion and thoughts of an individual. It has been predictable that background and past experiences of a capitalist will delay or promote entrepreneurship in better aspect. Therefore, it can be said that entrepreneurship is measured as an necessary feature which is estimate on the capableness and authority of a person (Gorgievski, Ascalon and Stephan, 2011). There are special factors that would influence on the capability and skills of such person which can be enhanced recognize by below mention points are as under:
Education: If an individual receive superior learning in their life concerning precise subject then it will make sure that they would attempt to innovate incredible. Learning creates a emotion of enthusiasm or costiveness in brain of person, hence endorse an entrepreneur to do something exclusive and innovative.
Family background: This is other necessary view of trade that will straightly effect the method of thoughts of an individual in effective manner. If they receive good challenging family background then he would grow to be recognizable about the significance of currency and try to capture the similar. Thus, it could be confirmed that this aspect provides immense entrepreneurs to the nation.
Social network: If a person has excellent communal associates then will experience calm and seek to obtain diverse well-informed things from that grouping. This will help in accomplish exact aim of an industrialist (Hall, Daneke and Lenox, 2010).
Economical Circumstances: A person is being exaggerated by his economic situation. If they are not having any sufficient amount of income, then he will not capable to obtain good learning and thus stay uninformed. This impact harmfully on them. However only some or outstanding public are also accessible in this globe. For them, it does not substance and effort at top level for implementing their goals and targets. For example, the family background of entrepreneur was not so much good. He belongs to a center class family and comprise of excitement connected with his job. So several discover attribute are there in him. By these characteristics, he has easily achieved success and development in his life (Leitch, Hill and Neergaard, 2010). For doing the same, he also use his effective skills and talent. it has been analyzed that he was expending lot of instance in gaining newer things and accepted out several experiment which is presenting that he is of dazzling intelligence. along with this, he had expand famous social media site aristocratic as Face book which is at the present help in utilizing by large number of people.
You may also like to read: Different Sources of Entrepreneurial Ideas
Small business enterprise is fully regulated and operated by private firm, corporation, sole traders and individual organization in which less number of employees who are doing work for achieving desired targets and objectives in better manner. Entrepreneurship can be termed as the statement that can help in the creation and development of innovative services and products for the consumer within large competitive marketplace. Without any inspiration and motivation, no one can work for reaching with potential goals and targets in better manner. In order to sustain the employ rate of the nation, administration of UK promoted and helps the small business organization with the help of providing various strategies and policies to motivate their staff members.
Books and Journals
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business. Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave Macmillan.
Carland, J. W. and Carland, J. C., 2015. A model of potential entrepreneurship: Profiles and educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of Small Business Management, 49(1), pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Gorgievski, M. J., Ascalon, M. E. and Stephan, U., 2011. Small business owners' success criteria, a values approach to personal differences. Journal of Small Business Management. 49(2). pp.207-232.
Hall, J. K., Daneke, G. A. and Lenox, M. J., 2010. Sustainable development and entrepreneurship: Past contributions and future directions. Journal of Business Venturing. 25(5). pp.439-448.
Leitch, C., Hill, F. and Neergaard, H., 2010. Entrepreneurial and business growth and the quest for a “comprehensive theory”: tilting at windmills?. Entrepreneurship Theory and Practice. 34(2). pp.249-260.
(Bridge and O'Neill, 2012) (Burns, 2010) (Carland and Carland, 2015) (Dennis Jr, 2011) (Down, 2010) (George and Bock, 2011) (Gorgievski, Ascalon and Stephan, 2011) (Hall, Daneke and Lenox, 2010) (Leitch, Hill and Neergaard, 2010)