Entrepreneurship And Small Business Management

This study explains the traits and skills that are essential for successful entrepreneurs, the relation between entrepreneurial mindset and personality, and how experience and backgrounds can hinder or foster entrepreneurship.

Entrepreneurship And Small
Business Management
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Table of Contents
Introduction.....................................................................................................................................3
Traits and skills that are crucial for successful entrepreneur.......................................................3
Relation between entrepreneurial mind set and personality........................................................4
Experience and Backgrounds hindered or fostered entrepreneurship.........................................5
CONCLUSION...............................................................................................................................5
REFERENCES................................................................................................................................6
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INTRODUCTION
Entrepreneurship is the best way to set up a new firm or business by focusing different
risks related to it such as managerial or financial. The current report is based on Bill Gates and
Richard Branson known as successful entrepreneur in the world. This study explains the traits
and skills that is essential for successful entrepreneurs, relation between entrepreneurial mind set
& personality and also define how personality reflects on his or her motivation. Furthermore, this
assessment also justified backgrounds & experiences fostered or hindered entrepreneurship.
Traits and skills that are crucial for successful entrepreneur
Different skills and characteristics traits are very important for entrepreneurs to set up a
successful business and enhance their growth.
Three skills-
Willingness to learn-
To become a successful entrepreneur, person need to develop and improve some specific
skills because it helps in their professional career growth. Willingness to learn something new is
one of the skills that every successful entrepreneur must has, some people think that learning will
stops when individual graduate university, but this is not true. When person always seek to gain
new knowledge and never stop learning, they can be a successful and great businessman.
Individual always stay updated with changes in technology and business environment which
make them to become the best business person.
Ability to listen-
Without having specific skills, a person cannot be able to become successful
entrepreneur. Listening is one of the most essential skill for successful businessmen, when they
have the ability to listen other opinion carefully a person can manage skilled workforce and
encourage as well as motivate them to work hard. It is every important for good entrepreneur to
listen what its team and co-worker are trying to say, because it enhances the motivational level of
employees and create a positive image of person as successful businessmen who are able to led
team and to listen (Marques and et.al., 2019).
Creativity-
It is the another most significance skill for entrepreneurs which make them able to find
some of path breaking innovations. As such, it is important to permit collisions to take place to
transcend limitations set by disciplines. Creativity skills permits successful entrepreneur to
promotes their thinking which help in problem solving.
Traits-
Open Minded-
This characteristic or trait of successful entrepreneur always keep them at top, with the
help of open-minded trait person is able to generate new ideas and implement in context of
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business growth that aid to increase profit margin.
Passion-
Passion is one of the best and essential characteristics that entrepreneur must have, person
become successful because they love what they do. Passion allow person to put extra efforts in
order to achieve set goals and it also beneficial in term of long-term success.
Self-respect-
It is the main characteristic of successful entrepreneur that plays significant role in their
career. When person take care for themselves as well as its business, they can be able to get
higher success.
Furthermore, the skills and traits of business manager is quite different from successful
entrepreneur because they are accountable to manage current workforce and few issues related to
them, but on the other hand a businessman had to deal with major legal problems while operating
business all around the world (Al Mamun, Fazal and Muniady, 2019). Decision making, effective
communication and leadership skills of business manager shows its differentiation from
entrepreneur. Manager take decision regarding business operations, whereas entrepreneur take
decision of overall business activities.
Relation between entrepreneurial mind set and personality
The personality of entrepreneurial is important in set up an organization and be inspired
to deal with varied issues & risk associated with it. The personality of businessmen had strong
relation with its mind set. It includes the traits and skills through which a person can generate
new ideas and embedded into generate revenue rather than before (Obschonka and Stuetzer,
2017). Those ideas need to meet few demands of customers and an entrepreneur need to
constantly develop those concepts for sustainability. When entrepreneur have the ability to take
risk and utilize available resources effectively, they can get long term success and increase the
growth of business. When a successful entrepreneur had personality to motivate themselves and
other people, they can obtain greater success within its personal and professional career.
Entrepreneur with growth mind set in domain of personality is likely to confidently believe that
it is possible to enhance and improve individual personality by engaging in decision making
activities.
The personality of successful entrepreneur reflects on their motivation, for example Bill
Gates personality traits make them able to become as leader of digital world. He is voracious
reader, believed that reading is the best way through which person can learn new things, it
motivates them to learn and comprehend different areas of knowledge which is quite essential for
his growth, reading helps him to test comprehension. Some people are bravo in nature that
impact on its motivation effectively, they can innovate ideas and ready to take risk such as
expand business within new marketplace. Bill Gates is able to prioritize most important task; he
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knows how to do this as it helps to motivate him to work effectively and complete day to day
functions on time. The failure or success of person is depending on their prioritization and habits
as well which make them able to manage their time that play vital role in making an individual
successful or a failure. There are many things in the world, and a person cannot be a part of
everything thy come across, so entrepreneur must know how and when to say no to something
(Chaudhary, 2017).
Experience and Backgrounds hindered or fostered entrepreneurship
Personal experiences and background can have impact on a business and it can hinder or
foster business entrepreneurship. Personal background consists of help from family and friends,
financial background, motivation and others. When one can obtain appropriate and full support
from their family or friends, they can be inspired as well as motivated to set up a business. Bill
Gates belong to well-educated background, his father encouraged him to engage in sports
activity. With the support of his parents, Bill Gates motivate themselves to learn and gain better
knowledge which make them able to be become a successful entrepreneur as they gave most
essential and valuable gift to the whole world, named Microsoft. His father inspires him to take
participation in different activities, that allow Bill gates to innovate something new. He got his
10,000 hours in lakeside and compute centre enterprise, to get more knowledge about technology
which permits him and his friends to use facilities in return for guys supporting to find bugs in
CCC system, this allowed him to develop their knowledge of code effectively and efficiently.
Personal experience also influences in entrepreneurship, when person had good
experience they can continue with their business for long period of time and become inspired and
self-motivated to set up a business (Thomas and Santha, 2018). on the other hand, when
experience is not good, then individual might be afraid to set up a new firm. Richard Branson is
one of the best examples set with this statement. He learned from his mistakes and bad
experience while operating business, that foster him on some point but he never gives up and
give 100% to achieve great success. He faced hard time to keep his many business on track. His
career has had their share of wrong turns and miscalculations. When his first organization did not
make money, Richard Branson face difficult situation at that time, but it hinders him and he learn
from mistakes which make him stronger as he had.
CONCLUSION
From above analysis it has been summarized that good experience of person always
hinder them, they never give up and always try to work hard to achieve set objectives. The
entrepreneurs need to have above skills and traits to set up and manage business operations by
considering varied risks.
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REFERENCES
Book and Journals
Al Mamun, A., Fazal, S.A. and Muniady, R., 2019. Entrepreneurial knowledge, skills,
competencies and performance. Asia Pacific Journal of Innovation and
Entrepreneurship.
Chaudhary, R., 2017. Demographic factors, personality and entrepreneurial
inclination. Education+ Training.
Marques, C.S and et.al., 2019. Effects of traits, self-motivation and managerial skills on nursing
intrapreneurship. International Entrepreneurship and Management Journal. 15(3).
pp.733-748.
Obschonka, M. and Stuetzer, M., 2017. Integrating psychological approaches to entrepreneurship:
the Entrepreneurial Personality System (EPS). Small Business Economics. 49(1). pp.203-
231.
Thomas, J. and Santha, S., 2018. Entrepreneurship and Entrepreneurial Traits-An Evaluation.
Online
What Richard Branson Learned From His 7 Biggest Failures. 2019. [Online]. Available through:
< https://www.entrepreneur.com/article/295312>
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