Topics: Richard Branson, Entrepreneurship, Entrepreneur Pages: 10 (3584 words) Published: June 19, 2013
Table of Contents

Executive Summary3
Traits and characteristics of an Entrepreneur4
Importance of Traits and Characteristics in an Entrepreneur5
How entrepreneurs use their traits and characteristics in small business5
How entrepreneurs use their traits and skills in social enterprises6
Use of traits and skills of an Entrepreneur in large-scale business7
Evaluation and Comparison9
List of References10

Executive Summary
This report will mainly focus on the traits, characteristics and skills of entrepreneurs used in three different context i.e. small, social and larger scale business, to manage, develop and sustain the business. It initiates with highlighting the term entrepreneur and entrepreneurship from different authors followed by theories on entrepreneurship to get a better understanding of traits and characteristics in detail. Then is states the benefits of entrepreneurial traits and characteristics. It will then focus on how small business entrepreneurs use their traits and skills to develop and manage the business supporting it with detailed examples of the famous entrepreneurs. Further explains the skills and traits used by social entrepreneurs and large-scale entrepreneurs in business with different examples to get a deep understanding. Evaluating and comparing difference between all three entrepreneurs and traits and skills used by them, intrapreneurship is been explained in large businesses followed by the detailed conclusion in the end.

Entrepreneur and Entrepreneurship
An entrepreneur is a person who manages, systematizes and assumes the risks of conducting a business. An entrepreneur can be described as a agent for change. He is a person who is willing to take risks - usually financial - in the pursuit of new ventures to make profits. (Casson, 2002) According to Schumpeter “entrepreneurs are innovators who use a process of shattering the status quo of the existing products and services, to set up new products, new services”. (Schumacher, 1973) The process of finding unique ways of combining and blending resources is been known as entrepreneurship. If the market value generated by the resources combined together is greater than the market value of these resources individually, the entrepreneur generates a profit. Suppose an entrepreneur who takes all the necessary resources to produce a pair of jeans that can be sold for twenty pounds, instead use the same resources to produce a backpack that can be sold for forty pounds will definitely make a profit by increasing the value those resources generates. (Sobel, 2008) The entrepreneurship starts with an action, the constructing of new business including the antecedents to its foundation, looking for the opportunities in the environment, spotting the opportunity that needs to be practiced and then evaluating the reasonability of the new business enterprise. (Kirby, 2003) Traits and characteristics of an Entrepreneur

It is important to consider and look at some entrepreneurial theories by authors explaining what entrepreneurship is, when we are discussing entrepreneurial characteristics and traits. It is necessary to do so because it has straight connection with recognizing the traits and characteristics of an entrepreneur. Entrepreneurship is been mainly described in two approaches utilized by different authors. The personality traits approach of Entrepreneurship is the first and the second is behavioral approach of Entrepreneurship. In the traits approach the personality type examines the entrepreneur. The entrepreneur is been judged based on their personality, characteristics and their traits to enable the identity of an entrepreneur understandable. These unique characteristics in a person make them stand different among the crowd called as traits of an entrepreneur. As these are the key and influential factors behind the accomplishment of an entrepreneur....

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About Social Enterprise
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Curran,R. & Blackburn,R. (1994) Small firms and local economic networks: the death of the local economy. London: Paul Chapman Publihsers.
Darren Richards Entrepreneur. (2010). Retrieved September 2, 2012, from darrenrichards: http://www.darrenrichards.com/
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Madura, J. (2007). Introduction to Business 4e. Mason, OH: South-Western.
Richard Branson Biography. (2005). Retrieved September 4, 2012, from thebiographychannel: http://www.thebiographychannel.co.uk/biographies/richard-branson.html
Richard Branson Virgin Entrepreneur
Schumacher, E. F. (1973). Small is Beautiful. New York: Harper & Row.
Sobel, R. S. (2008). Entrepreneurship. Retrieved August 24, 2012, from econlib: http://www.econlib.org/library/Enc/Entrepreneurship.html
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