Entrepreneurship and Small Business Management
In this report, the success history of some famous entrepreneur is going to be focused. In the same way, their contribution to the economic development from the past decades to present era will also be taken account. An organisation that has been set up by a successful entrepreneur becomes an autonomous body and makes some instance before other competitors
As a consultant of the Digiterra Group in the UK, the characteristic of personalities and skills of some successful entrepreneurs should be enlightened. Here some top UK entrepreneurs have been taken account for understanding the key to success in any field
The passion will be necessary for the purpose of running a small business. Before starting any business with full efforts, one must have to optimistic. The entrepreneurs would have to keep up hope all the time.
Any entrepreneurs must have some qualities to sell the final products to its end users. The identification of sources for selling, it is up to the quality of the business manager
Holding the strong perspective is vital for all business owners. The entrepreneurs will have to learn from the failure to survive as a business owner.
Only lump sum investment in the business does not mean that the firm will stay in the market for a good length of time. The continuation of cash flow is mandatory for an entrepreneur
The high growth rate of an organisationis associated with the potential mindset of the entrepreneur. The innovated ideas of an entrepreneur make the positive intention of growth
It is said that the failure is the key path tosuccess while learning from the past failure. Indeed, the failure helps the successful entrepreneur to make a new strategy to achieve success in the upcoming future
The positive attitude of the successful entrepreneur will enhance the financial background of an organisation. The entrepreneur mentioned above followed their heart rather than their mind. If conflicts were raised between mind and heart to make any favourable decision, their strong desire smoothed the difficult way
Before attaining success, every successful entrepreneur passed through many difficulties. Although, they never yield to any external threats, as they often face. Their dream came to reality because of their strong sense of self
The entrepreneur must have the ability to predict future before it happens. For instance, Jeff Bezos entered into the electronic retelling business with a small investment in 1994 but his willpower set up the world’s number one consumer-centric company.
All motivation of the entrepreneur modified their old plan and changed the circumstances. Hyungsoo Kim was one of them
There are various characteristics of the entrepreneurial in the business world. The characteristics of the successful entrepreneur have influenced the entrepreneurship. It also has some argument which was relating to the entrepreneurial characteristics
It is believed that an entrepreneur has some particular personal traits and skills than a corporate manager. Their self-discipline and attitude of innovation make this gap between an entrepreneur and a corporate manager
Starting up a new business has become an ultramarathon now a day. However, to be a successful entrepreneur one should able to live with uncertainty. Taking about Mike Colwell, a successful entrepreneur who got job offers but he wanted to make something large
It is the typical situation of an organisation to go through the losses. The risk-taking mentality would help to control fear. It would have been the most important trait of all successful entrepreneurs. Jill Blashack Strahan, the founder as well as CEO of Tastefully Simple, it is a direct-sales company for gifts, and those products were very easy to make meals
The meaning of passion refers that doing anything without feeling insecurity in mind. On the contrary, it does not agree the concept of money makes money always. Sometimes, the dream can produce money. Duncan Bannatyne may be the perfect example here to become reach. His business started with only $730, but now it reached near about $37 million
The imagination of an entrepreneur can form a new shape of their organisation. For instance, Jeff Bezos entered into the electronic retelling business with asmall investment in 1994 but his willpower set up the world’s number one consumer-centric company
Background and experience can affect the hinder or foster of the entrepreneurship. The success of the entrepreneurship depends on the successful entrepreneurial venture. Successful entrepreneurship is the leader and driver of the entrepreneurship
The main hinders of the business entrepreneurship bankruptcy legislation and the changing taxation. The consultancy encourages the entrepreneurship by advising about the management of risk assessment. The consultancy also motivates the self-confidence. The company helpsthe entrepreneurs in thinking about the strategic planning motivating the entrepreneurs to achieve the aim of the organisation.The company also assists to increase the ability to make the personal network best, ability to take the responsibility to contract with the other requirement and challenges
The experience of the entrepreneur is essential for the survival and the growth of a new business, gathering information as well as for the promotion of existing SMEs. The qualities of a successful entrepreneur are to continuing the learning process and acquire knowledge
2.2. Link between entrepreneurial characteristics and the influenced of personal background and experience
There is a link between characteristics of entrepreneurship and the influenced of personal background and experience to particular successful entrepreneurship. Successful entrepreneurs make the decision and expand the adjustment which was team focused that must achieve the goal or the entrepreneur
The development of the new start-up business as a part of the personal life strategy of the entrepreneurs it is a huge characteristic of the personality characteristics of the entrepreneurs. Personality characteristics of an entrepreneur are the requirement for the achievement and the locus of management and the risk taking tendency. There are some common fundamental factors of characteristics of the entrepreneurs which influenced the entrepreneurs to achieve the ability to gain opportunities and assembling the resources which is the need for the venture creation. There are also have variability among the factors of the entrepreneurs will decide the performance of the entrepreneurs in respect of identifying profitable opportunities. Therefore, it is clear from the observations of the researchers that there may be inefficiency in realising the opportunities with similar ability and knowledge of the entrepreneurs
There are some positive and adverse effects of the background and the experience of the entrepreneurs. The background and experience control their activities; it increases the high level of tolerance in the adverse circumstances to function and tolerance for risk
In this report, the researcher states the role of the consultancy firm for the annual business start-up in the UK. In this report, the researcher describes the mindset of the entrepreneurs and the environment. This report described the characteristic of the entrepreneurs. In the first part of the report, explained about the characteristic traits and skill of the successful entrepreneurs and the other business managers differentiated it. It was explained how entrepreneurial personality reflects on the entrepreneurial motivation and the mindset of the entrepreneurship. It also examined different lines of argument relating to the entrepreneurial characteristic. The researcher analysed the characteristic traits, skill and motivational drivers of the successful entrepreneurs. In the second part of this report, it was examined the factors of the successful entrepreneurs such as the background and experience of the entrepreneurs which can be hinder or foster. It was showed that experience of the entrepreneurs effecting on the entrepreneurship. This report analyses the link between the characteristic of entrepreneurial influenced the personal background and experience of the successful entrepreneurs
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