Entrepreneurship and SME

Businesses

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Table of Contents
Introduction......................................................................................................................................1

Company overview..........................................................................................................................1

Learning outcome 1.........................................................................................................................1

P1 Different types of entrepreneurial ventures and typology of entrepreneurship......................1

P2 Similarities and differences between entrepreneurial ventures..............................................3

M1 Diverse range of entrepreneurial ventures in public and private sector................................4

Learning outcome 2.........................................................................................................................4

P3 Importance of micro and small business with relevant statistics...........................................4

P4 Importance of small business and start-up in UK for social growth......................................5

M2 Significance of small, medium and large businesses in economy with relevant statistics. . .6

Learning outcome 3.........................................................................................................................7

P5 The characteristics and traits of successful entrepreneurs......................................................7

P6 Entrepreneurial aspects of personality that reflect entrepreneurial motivation and mind-

set.................................................................................................................................................8

M3 Different entrepreneurial characteristics and its arguments..................................................9

Learning outcome 4.......................................................................................................................10

P7 Entrepreneur’s background and experience can hinder or foster entrepreneurship.............10

M4 The relationship between entrepreneurial characteristics and personal background &

experience..................................................................................................................................11

Conclusion.....................................................................................................................................12

References......................................................................................................................................13
Introduction
Entrepreneurship is the backbone of every economy of any country. More entrepreneurship
indicates strong contribution in the GDP of the country in terms of income, employment and
standard of living( Aidis and Welter,2011). Entrepreneurship refers establishing, supervision,
controlling and taking the risk to establish a venture for the purpose of generating profits and
serving the society. In this report, we brought the importance of SME in the development of the
UK’s social economy, entrepreneurial characteristics using two successful entrepreneur-Fraser
Doherty and Hamdi Ulukaya as our case study. Fraser is founder of Superjam, delicious
supplement and Hamdi is entrepreneur of Chobani, a social business. We explain the type of
entrepreneurship and entrepreneurial ventures, used relevant statistical data to explain how SME
contributed in economy of UK and showed their growth in past few years. Finally, we explained
the essential characteristics of an entrepreneur and the influence of personality and background
over them with Big Five factors model.

Company overview
Deloitte is one of the most prominent professional service and management consultancy network
in the world. Among one of ‘Big Four’ consulting firms, Deloitte provides its service in field of
audit, tax, consulting and financial advisory in more than 30 countries along with UK with more
than 2 million professional consultant network. It was established first in 1845 by William
Deloitte who was an independent public auditor. He started his first business with service to
Great Western Railway network and became successful. From then to now, it is maintaining a
constant quality in its service and became the one of the most profitable firm in UK with 43.2
billion pound revenue every year. It is successfully running its operation in many developing and
developed countries alike with a vision to create positive impact on society and economy leading
to prosperity.

Learning outcome 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship is life of the business as well as for the economy. It is difficult to define an
entrepreneur and his venture with a single line because it encompasses various typology,
different motives and mission. Entrepreneurship is act of developing, establishing and managing

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own business to gain profit taking enormous risks (Aidis and Welter, 2011). . Those who runs
this entrepreneurial venture with his innovation and skills is Entrepreneur. This entrepreneurial
can be categorized into several different forms-

Growth firm: Growth firms focus on generating revenue and positive cash flow from its
function at a super-fast rate (Bjerke,2015). Its growth rate is faster than any other firm in the
overall economy. For example, Optal is a high-growth firm in UK who provide electronic
payment service.

Lifestyle firm: Lifestyle firms provides a certain level of income to the entrepreneur and is
operated to provide a particular lifestyle for the entrepreneur. For example, Tesla motors was
founded as a lifestyle firm at first when it was established by Nicolas Tesla.

Small, medium and micro enterprise: Small, medium and micro sized organisations are termed
based on the size of investment, number of personnel working and yearly turnover. More than
5.5 million entrepreneurship in UK belong to this category. This category is outgrowing the other
businesses in most economies. Although they are categorized in different ways, generally it is
classified like the way below-

Classification Investment ceiling Number of people

Micro Less than 2.5 million 10-49

Small 2.5 million- 5 million 50-249
Medium 5 million-10 million 1-9
Table 1: Classification of SME in UK

Social enterprise: Social enterprises are established on commercial perspective but its main
objective is maximising social and environmental benefit. It has an exclusive goal from other
firms. Nearly 4 lakh social enterprises, which is 9% of total economy, are working in UK
economy. For example, Cafedirect, small hot drink seller, works for the local community to
improve their livelihood. It can be termed as social enterprise.

An entrepreneur can take out business venture of different types. We can discuss them under the
four following headings-

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Small business entrepreneurship: There exists numerous small scale businesses such as,
grocery, small hairdresser, electricians, travel agency and so on .These small enterprises consists
90% of all companies in an economy and contribute to the employment and regular earning of
huge number of people.

Start-up entrepreneurship: Entrepreneur with their venture capital can start a business of their
very own identity. They can attract investment from many financial investors and use a scalable
business model (Aidis and Welter, 2011). . Their business is market by high growth rate and high
risk but lucrative source for investment. For example, Fraser Hamdi, entrepreneur of Superjam
and Humdi Ulukaya, is an example of start-up entrepreneur.

Joint Venture: Joint venture is a business established with two different entrepreneur pooling
together their resources and expertise to gain greater benefits. The risk and return is also shared
between the investors. For example, Coddan, renowned car manufacturer, is an example of
successful joint venture (Bjerke,2015). .

Franchise: Franchise is an agreemental relationship between two entrepreneurs where one party
uses the resources of another to distribute goods and services of the company in exchange for a
fair return. Franchise has become one of the most common form of business. For example, Spar,
Burger King, KFC are most popular brand franchise business in UK.

Public-Private partnership: Public-Private partnership is a speculator form of business venture

where private firms invests in government projects for long-term and share benefits. After a
certain time, firm get their investment back from the project or not. Many infrastructural
provisions are built within these form of partnership in many countries (Burns,2013).

The base of entrepreneurship is Entrepreneurial ventures. Entrepreneurial ventures classify

different types of entrepreneurs. So the nature of entrepreneurship is defined by entrepreneurial
ventures. For instance, when a new business idea comes up and establish entrepreneurship is
called start-up entrepreneurship which can be classified as a growth firm. On the other hand,
when start-up entrepreneurs runs their business for a social cause, it is named social

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entrepreneurship. So, it can be said various forms of entrepreneurship are described by various
entrepreneurs and various entrepreneurial ventures are described by the entrepreneurship.

P2 Similarities and differences between entrepreneurial ventures

There are many certain differences between growth, lifestyle and small profit ventures, which
are-

High-growth firm Lifestyle firm Small profit venture

The main objective of high- The aim of lifestyle firm is to The small business is to gain
growth firm is earning more provide a certain level of profit to sustain their
profit with growth. earning to lead a particular operation.
life by entrepreneur.
Their growth rate is high It maintains a stable growth Growth rate is very low for
small business
Growth firm is marked by the Lifestyle firms have Small business have little
many innovative features innovative models in product differentiation in products or
but it is not frequent service
Entrepreneurs of growth Lifestyle entrepreneurs uses Small business entrepreneurs
firms drive their business their distinctive creative does not need any creativity
with their skills and creativity power to run the business to run business

There also remains may similarities between entrepreneurial ventures, which are-

Social entrepreneurship Lifestyle entrepreneurship

The primary aim of this entrepreneurship is The primary aim of the entrepreneurship is not
serving society. serving society but the activities of the
entrepreneurship directly support the society.
Social entrepreneurship is engaged many Lifestyle entrepreneurship is also involved many
people. people
Social entrepreneurship contributes to the Lifestyle entrepreneurship is supporting the

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 development of economy and society economy by creating employment
For example, Cafedirect is contributing to the For example, Superjam is contributing to the
society by delivering high quality products society by creating new employment
opportunities.

M1 Diverse range of entrepreneurial ventures in public and private sector

The significance of Entrepreneurship can be explained by how it is contributing in the economy.
Governments in most countries have taken initiative to boost the growth of entrepreneurial
business, which has been adopted as a strategy for economic growth. Both in public and private
sector entrepreneurship has been growing. Their importance are demonstrated below in the
following headings-

Public sector entrepreneurship: Public service has become more complex and their demand is
getting acute every day. The need of a public entrepreneur come here. With his problem-solving
spirit and innovation, he transform the traditional public service model to improve the quality of
service. He ensures that citizens get more benefit than before at shortest possible time. He
develops collaborations among different public service sector and ensure the efficient use of
resources to make the country better off. In case of UK, public entrepreneurship has also got
importance for many reasons. Some of them are- increasing the innovative capacity of
government, leveraging the use of resource, to face the future challenges collaboratively (Bonnet
et al., 2017).

Private sector entrepreneurship: Private entrepreneurship is necessary for an established

business to increase the profitability or advance the competitive position of the company in
market. To face the market competition and meet the customers demand, entrepreneurs
undertake different renewal strategy, innovate new technology and reorganize the stage of
leadership in continuation of changes (Burns,(2013). . They find opportunities in market and take
risk to make the business resilient and more profitable for the shareholders. Such as, When
Fraser Hamdi launched his new product line of jam, it was an absolutely new idea. It didn’t get
positive response from customer at first. He used new strategy of product mix based on the
customer demand and with innovative features, he re-launched the product in the market and
became successful (Burns,2013).

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Learning outcome 2
P3 Importance of micro and small business with relevant statistics
Small and micro businesses are contributing to the economy of UK creating more employment
opportunities and increasing the income of common people leading to higher GDP and economic
growth. With relevant data, the importance of small and micro businesses are described below-

Small and Medium business: In the economic development, small, medium and micro business
organisations are playing biggest roles it is easy to establish and requires small formalities.
Employing 10-49 people in the business is considered a small business organisation. Employing
50-249 people in the business is considered as a medium business. In 2016, 5.5 million
businesses were formed in the UK where 99% are SME size businesses that created 16.1 million
jobs and it was 60% of the total employment created by the private sector. Business
organisations are the lifeline of any economy. SME is playing the biggest role in the economic
development and employment creation (Bonnet et al., 2017).. In the UK, 5.5 million private
business organisations were registered in 2016 of which 99% were small, medium and micro
business. It indicates the huge contribution of SME for creating new entrepreneurship to make
the economy strong.

Micro business: Business organisations that have 1-9 workers are called micro business
organisation. Microbusiness organisation is the biggest source of entrepreneurship and
employment. 96% private businesses estimated 5.3 million in the UK are micro business and it is
forecasted 11% growth of the micro business will take place between 2017 and 2020.
Microbusiness creates the most of the entrepreneurs for its easy formation and low investment
necessity (Blanchflower et al.,2012). Microbusiness contributes 32% employment opportunity
that estimated 1.8 million in the private sector business .Micro businesses contributed £463
million turnovers in 2016 that was 18% of the total turnover of the private sector businesses. As
a result, the government of the UK eases the establishment of micro business in the country.

So, all economic indicators clearly show that SME is playing very significant roles in the
economic and employment development of the UK. A record number of employment is created
by SME that means a large number of people are enjoying a good standard of living. SME and

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start-ups are easy to formulate that encourage new entrepreneurs to disseminate businesses
across the country.

P4 Importance of small business and start-up in UK for social growth

To growth of the social economy in the UK, start-ups and small business are playing significant
roles those are as follows:

Provide jobs: Small business and start-ups created a record-breaking milestone in the UK when
5.5 million businesses were started their operations. Among which 99% were small and start-ups
businesses in the private sector. It is the sole biggest job providing source in the UK that
contributes a lot in the social economic development of the country.

Reduce unemployment: Unemployment is the curse of any society of any country. A large
organisation is difficult to form and employment opportunity is restricted to such organisation. In
this context, small and start-ups are playing the significant role to reduce the unemployment
from the society. Small business and start-ups have created 16.7 million employment opportunity
in the UK which is the 60% of total employment. So, the UK society is benefitted by SME to
reduce its unemployment (Bjerke,2015). .

Increase competition: When an economy is having millions of business organisation, it creates

competition among the businesses. As a result, small business organisations are looking forward
to delivering best quality products and services at affordable price to attract the customers’
attention so that the whole society is benefitted in terms of quality and price(Burns,2013).

Standard of living: Small businesses and start-ups create new jobs and reduce unemployment
directly and indirectly. It increases the income security and buying power ability. So, the
standard of living of people of the UK society is increased by small businesses and start-ups.

So, it is very clear in the economic development as well as social development, SME plays the
most significant role. In addition, micro businesses also create new entrepreneurs in the society.
Altogether SME and start-ups contribute a significant portion in the GDP of the UK.

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M2 Significance of small, medium and large businesses in economy with relevant
statistics
The SME sector is significant for its contribution in economic growth as well as industrial
development. Along with creating opportunities of employment for youth, it strengthen the
industrial development and growth in a country (Lloyd-Reason et al.,2017). . Supporting this
sector can boost the growth of domestic economy. Small and micro businesses can quickly
transform a new idea into business and on the other hand, large companies can operate their
business on big margin, invest in research and sustain in the long run. Considering the economic
growth and contribution, the distribution of SME in a country have a crucial impact on a country.
In UK, there exits more 5.7 million SMEs in UK, which is nearly 99% of all business. It created
60% more new employment opportunities and contributed 52% of the total turnover from overall
business sector(David and Hamburg,2011). Small and micro business created 48% employment
in aggregate and medium business contributed 13%. In generating turnover, micro and small
business contributed 36% and the rest 15% came from medium sized businesses. SME sector
was a potential and major source of employment and income for UK business sector. It can be
depicted in the graph below-

Figure 1: Share of businesses in UK by size

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Learning outcome 3
P5 The characteristics and traits of successful entrepreneurs
An entrepreneur is having certain personality traits and managerial characteristics that make
them successful in the entrepreneurship. Using Fraser Doherty and Hamdi Ulukaya as example
of successful entrepreneur, we discuss the traits and characteristics that made them a successful
entrepreneur -

Innovative and creative: It is a personal trait of an individual that is helping the individual to
an entrepreneur. For example, Fraser Doherty was innovative and creative so that he developed
new ideas of natural jam and become a successful entrepreneur.

Passion: Another trait of an entrepreneur is a passion to create something new. Fraser Doherty
has a passion to do something different so that he gave lots of time in researching to make a new
recipe of jam.

Decisive: Decisiveness towards achieving the target is a very important managerial skill for
every entrepreneur(Lloyd-Reason et al.,2017). . Fraser wanted to create a brand and to perfect his
recipes so that he established production facilities and supplied SuperJam to the leading
supermarket such as Waitrose, Tesco, Sainsbury’s etc.

Ethical: A successful entrepreneur must be ethical in his/her business. Fraser Doherty produces
SuperJam from natural fruits and does not add any additional sugar and achieved customer trust.

Confident: The individual must have confident and optimistic about success. When positive
feedback came from the customers, Fraser wanted to expand the business and contact with
Waitrose and gained dealership.

Decision making: An entrepreneur requires taking managerial decision to make the business
successful. Fraser has taken the decision of investing SuperJam Tea Parties and gained success.

Persistent: It refers the ability of an individual to endure adversity and rendering effort to reach
the target. It is an important personal trait of an entrepreneur. Hamdi Ulukaya was persistent
while he reached into America and faced adversity to be an entrepreneur.

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Adaptive: An entrepreneur has to face many difficulties and he/she requires adaptive personal
trait to sustain the entrepreneurship. Hamdi Ulukaya did not know English but quickly he adapts
the language and adjust to the new culture of America.

Goal-focused/vision: The entrepreneur must have the managerial skill of focusing goal and
steadfast on it. In the early period of the Chobani, the workers frantically worked. And, Hamdi
Ulukaya did not leave the plant next five years to reach the goal.

Creative: The entrepreneur should have the personal trait of creativity because it helps the
entrepreneur developing new things that attract target audience (Kumar, 2008). Hamdi was
creative and experimented a lot to produce the new flavour of yogurt.

Stress taker: Another personal trait of an entrepreneur is taking stress under any circumstances.
When Hamdi reached to America he had to face many difficulties of culture, language, and
finance.

Risk taking: Entrepreneurship is all about risk-taking and an entrepreneur must have the risk
taking trait. Investing in the Chobani was the huge risk for Hamdi because the success was
unknown but his risk-taking trait proved successful.

P6 Entrepreneurial aspects of personality that reflect entrepreneurial motivation

and mind-set
Motivation is the technique of arousing and sustaining goal-oriented behaviour in order to meet
some expectations. Motivation influences the individual’s attitude, perception and behaviours to
improve their performance towards a certain direction(Butler et al.,2015). An individual can be
motivated by intrinsically and extrinsically. Intrinsic motivation includes intangible rewards such
as praise, success recognition, opportunity to use creativity and ability. Extrinsic motivation
includes tangible rewards such as bonus, increment, promotion etc.

An entrepreneur’s personality and motivation is a reason why he becomes successful. There are
numerous factors that works behind his successful venture. Some of these come from the
environment, situation, and education he received. Using our case study example, we will
describe how entrepreneurial mind-set works for a success in a business-

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Entrepreneurial characteristics: Fraser and Hamdi both possess entrepreneurial personality
such as Innovative, creative, passionate, confident, persistent, and adaptive and risk tanking that
motivates them and encourages a mind-set of being an entrepreneur.

Situational factors: Fraser likes to apply creativity and innovate something new and cooking
motivates him a lot. In addition, he required incurring own pocket money that develops his
entrepreneurial motivation and mind-set.

Family maintenance: One of the main reasons for establishing an entrepreneurship is

upbringing the family (David and Hamburg,2011). Hamdi was faced many adversities while
migrated to America. Hamdi required to upbringing the family in America. It motivated him to
be an entrepreneur and mind-set to establish Chobani yogurt plant.

Culture: the culture of a society is also worked as motivating people to be an entrepreneur. UK

and USA culture is low uncertainty avoidance and people of the society like to work
independently rather working under someone else(Chell,2013). This cultural factor has
influenced the entrepreneurial motivation and mind-set of Fraser and Hamdi.

Lifestyle: Every individual wants to live solvent. So that people are engaging in various
economic activities. Fraser wanted to earn his pocket money and increased his lifestyle and
Hamdi was also wanted to increase his and family lifestyle. It encourages them to an
entrepreneur and expanding the entrepreneurial ventures.

Personal factors: Every individual wants personal identity in the society, income security and
employee satisfaction. These personal factors were worked behind the entrepreneurial motivation
and mindset of Fraser and Hamdi.

M3 Different entrepreneurial characteristics and its arguments

There remains lots of debates about what makes an entrepreneur successful and which factors
works- natural or self-developed mostly to become an entrepreneur. Although debate continues
and confusion arises with the demand to define entrepreneurship in a new way, there is a definite
relationship between entrepreneurial characteristics and the success of a venture (Burns,2013).
Researchers believe in these days, entrepreneurs need to have some other common traits, which
are-

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Passion: Entrepreneurs should have intense passion for his business. It will make him more
pleasant flourishing his business rather than receiving money from business. Fraser and Hamdi
started their business out of passion and love for their work, which made them successful.

Strong communication skill: Strong communication skill makes an entrepreneur exceptionally

well in his work. He can understand the motives of his customers and develop effective strategy
to enter into the market. He can motivate his employees to stick with his business if he is an
effective communicator. Fraser had good communication skill as he could understand the
demand of his product before launching into market.

Determination: Success may not come at first attempt and threat will endanger the existence of
his business. Determination is the only thing that motivates an entrepreneur to keep his business
running(Blackburn et al.,2015). Fraser didn’t succeed when it started super jam. His
determination helped him to run his business after big failure.

Open-minded: An entrepreneur should have an open-mind to learn from business. He should be

eager to learn new skills and create new ideas. These ideas turn out as a potential business,
efficiency and ultimate success. Fraser and Hamdi both was open-minded so that they could
understand how to shape their business.

Creativity: Entrepreneurs love to do creative works. They find new ways to solve the problems
and to make the business more beneficial for the stakeholders. An entrepreneur’s creativity is the
most valuable resource for a business. Super jam was new and unique product line that got the
customer’s attention and Fraser made it possible through his creativity (Butler et al.,2015).

Discipline: Entrepreneurs know how to stay focused on a goal and works toward it. The use
their strategy in an effective way that ensures proper allocation of resources and produce the
final outcome. They know through which steps they can reach their goal and how it is possible.
Fraser and Hamdi both was a good disciplined person in operating their business.

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Learning outcome 4
P7 Entrepreneur’s background and experience can hinder or foster
entrepreneurship
Personal background and experience are the biggest factors that foster and hinder
entrepreneurship of individuals. An entrepreneur may come from different background and with
different level of experience, which are one of the most primary factors that makes a venture
successful. Some of the most reasonable factors that absence of which hinder entrepreneurship
and the presence of which sometimes foster a business’s growth are-

Poor ideological concept: The ideological concept is an important factor that is working behind
the hinder of entrepreneurship. Many people think the negative idea about the capitalistic
ideology that hinders them to take entrepreneurial initiatives. For example, Hamdi was an anti-
capitalist individual and lack of knowledge about this ideology. As a result, he was uncertain
primarily about to immigrant into America and establish his own start-ups.

Lack of education: Education is the backbone of an economy and to be an entrepreneur

individual must have the minimum educational background. Poor education hampers individual
to generate creative ideas and creates hinder to make the start-ups sustainable (Morris, 2014).

Low endurance: Entrepreneurship is not an easy journey. Many difficulties and barriers are
required to face by an entrepreneur. If the individual has lack of endurance trait from the
childhood, it is hard for him/her to go ahead with the entrepreneurship venture. And most of the
cases, lack endurance of entrepreneur is working behind the failure of entrepreneurship (Chell,
2013).

Income insecurity: Many individuals are grown up in an uncertainty avoidance family that
means the family members are always trying to seek secured income like a job in an organisation
and impacts on the mind of the individual. The success of the entrepreneurship is always
uncertain ad this uncertainty of income discourages people to establish own start-ups.

Lack of experience: Experience is a significant issue in the entrepreneurship. Most of the cases
it has seen an individual who has working experience in some companies are involved in own
starts-ups. An individual who has lack of experience of doing something is avoiding taking risk
of establishing an entrepreneurship venture.

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Entrepreneurial traits: Entrepreneurial traits and skills such as innovative, creative, passionate,
confident, persistent, and adaptive and risk tanking that motivates them and encourages
individual to be an entrepreneur(Blackburn et al.,2015). . For example, Fraser and Hamdi have
entrepreneurial traits such as creativity, persistent so that they developed a new recipe for jam
and yogurt that and start their own entrepreneurship (Kressel and Lento2012). .

Family background: Family background is very influencing to foster the entrepreneurship. For
example, Fraser used the kitchen of his home for experimenting new recipes of jam and his
family was supportive of his work(Jordan,2011). It helped Fraser to take the decision of
establishing own start-ups. When Hamdi worked hard to grow the business, he passed most of
the time in his production plant. He got support from his family so that he can five years he
worked day and night in the plant to develop new flavour yogurt.

Previous experience: Previous experience is very much supportive to foster the

entrepreneurship. It helps entrepreneurs in right decision-making to make the entrepreneurship
successful. For example, when Fraser was successful of selling SuperJam in the farmer’s market,
this experience inspired him to expand the entrepreneurship and he then joined in the supplier's
team of Waitrose, Sainsbury’s, Tesco etc.

Maintenance the family: Upbringing the family and ensure their standard quality of living is
working to foster entrepreneurship. For example, when Hamdi reached to America he has a
scarcity of money. The responsibility of upbringing his family encourages him starting own
entrepreneurship and expand it to achieve his vision.

Education: Education is to foster the entrepreneurship because it helps individual to generate

new ideas and effective applications of the creativity. Fraser and Hamdi both were educated that
helped them to organise the entrepreneurship successfully.

M4 The relationship between entrepreneurial characteristics and personal

background & experience
Different factors-personal, cultural, psychological or possessive- determines the success of an
entrepreneur and his business. It is undeniable that entrepreneur comes from different
background and with distinctive characteristical traits and they have significant impact on the
business (Blackburn et al.,2015). . According to the psychologists, dimensions of Big Five Traits

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explains how these personality traits are related to entrepreneurial characteristics. In our case
study, Fraser and Hamdi held the same traits to a high dimension in them. They are discussed
below-

Openness: Entrepreneurs who are highly open to culture have wide range of interest in works.
They learn from the environment, use their analytical thinking to solve problems. They are
instinctively creative and challenge taker. It is assumed successful entrepreneurs are naturally
high to openness. People who are low in these trait are generally see everything traditionally and
not creative (Jordan,2011).

Conscientious: High-conscientious entrepreneurs are thoughtful, have good control on impulse,

focused on specific goals, organised and mindful of details. They can plan ahead of time, think
how people will respond in a market. Entrepreneurs low in these dimension don’t like to work in
structure, don’t pay attention to important things, and deadlines.

Extroversion: Entrepreneurs who belongs to high dimension of this quality are expressive,
sociable, love to work with people and energetic in different social situation. Those who are low
in this dimension wants to stay in solitude, don’t love more interaction with people and think in
their own way.
Agreeableness: Entrepreneurs with high agreeableness are more cooperative, think about others,
empathise with them and want to contribute with their help to solve problem. Entrepreneurs with
low agreeableness uses others help to achieve something, feel little interested about people and
generally are not interested to help others in their problem(Kressel and Lento2012).

Neuroticism: Neuroticism is a trait constituted with emotion and mood. People with high
neuroticism feels frequent emotional swings, or their mood changes with situation. Low neurotic
people are emotionally stable and can adapt with new environment easily. Successful
entrepreneurs are able to stay adaptive and responsive with changes in their surroundings.

These result can be interpreted in the table below-

Characteristics Influence on the characteristics of entrepreneurs

Openness Entrepreneurs who are highly open to culture, analytical, instinctively

creative and challenge taker

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 Conscientious High-conscientious entrepreneurs are thoughtful, have good control on
impulse, focused on specific goals, organised and mindful of details.
Extroversion Entrepreneurs who belongs to high dimension of this quality are expressive,
sociable, love to work with people and energetic in different social situation
Agreeableness Entrepreneurs with high agreeableness are more cooperative, think about
others, empathise with them and want to contribute with their help to solve
problem
Neuroticism Low neurotic people are emotionally stable and can adapt with new
environment easily. Successful entrepreneurs are able to stay adaptive and
responsive with changes in their surroundings.

Table 2: Big Five Traits model

Conclusion
Without strong entrepreneurship, an economy cannot grow sustainable. Entrepreneurship,
directly and indirectly, increases the employment opportunity, economic transaction and standard
of living. So, the individual that wants to be an entrepreneur should attempt to achieve the
entrepreneurial traits and skills to face any challenge and become successful. As an employee of
Deloitte, a customer approached to our consultancy, who wanted to open a mobile hairdresser
salon. We provided him with sufficient details about the economic sector of UK and presented
current trends, profitability and feasibility of his small business. We made him aware of the
essential entrepreneurial skills that will contribute to the future success of his business.

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