BTEC Level 4 HND Diploma in Business Unit 9: Entrepreneurship and Small Business Management

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ASSIGNMENT 2 FRONT SHEET
Qualification BTEC Level 4 HND Diploma in Business
Unit number and title Unit 9: Entrepreneurship and Small Business Management
Submission date 5/5/ 2022 Date received (1st submission)
Re-submission date Date received (2nd submission)
Student name Tran Thi Gia Khanh Student ID GBD 201548
Class GBD 0906 Assessor name Vo Cong Nghia
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I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand that
making a false declaration is a form of malpractice.
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TABLE OF CONTENTS
INTRODUCTION................................................................................................. 6
ANALYSIS........................................................................................................... 6
I. KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET ..................................... 6
1. Characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers......................................... 6
2. Aspects of the entrepreneurial personality that reflect entrepreneurial
motivation and mindset ............................................................................... 11
CONCLUSION................................................................................................... 18
REFERENCES.................................................................................................... 19

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INTRODUCTION
The following paper will discuss "entrepreneurial thinking" in various corporate situations to foster
entrepreneurship. It will also be explicit in providing examples of entrepreneurs to demonstrate the
breadth of a start-up, such as a local entrepreneur, a global entrepreneur, and a social enterprise. In
addition, numerous business traits are provided to distinguish between entrepreneurs and company
managers. It will also investigate characteristics of the business personality that respond to business
motivation and thinking and backgrounds or experiences that might inhibit or support entrepreneurship—
using resources based on motivation theory principles to draw lessons and provide suggestions for staff.
ANALYSIS
I. KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET
1. Characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers
a. The characteristic traits of successful entrepreneurs
Personality characteristics, according to (Sahin et al., 2019), are "tendencies to demonstrate distinct types
of behavior across numerous circumstances" (Rauch and Frese, 2007, p. 355) that are highly stable over
time. Baumetal et al. (2014) A table that illustrates some of the attributes and abilities required for a
successful entrepreneur is provided below.
PERSONALITY TRAITS DETAILED EXPLAINATION
PASSION
Entrepreneurs aren't just looking for quick money. That may be a plus, but the main reward
is being able to do what they enjoy. Starting a business takes a lot of time and effort. That
means working longer and doing extra chores. If you don't enjoy what you're doing, you
don't want to make an effort needed to succeed. Entrepreneurs are not afraid to spend a
lot of time because they are so focused on their ambitions and visions. When faced with a
challenge, they do not give up. They do not give up on their dreams and do it.

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MOTIVATION
Entrepreneurs are enthusiastic about their work. They do not rely on their supervisors or
coworkers to reach their objectives or complete their tasks. Their inspiration originates from
the inside, which allows them to inspire others. Entrepreneurs know how to articulate their
ideas and get others interested in pursuing success.
HONESTY
Most individuals find it challenging to understand the notion of honesty. Simply said,
honesty means doing your best in whatever you do. Taking the time to create your mission
statement is the best way to go. Include parts on morals, values, and honesty if possible.
Next, post this sentence wherever it can be easily seen and read, such as on a wall or as a
desktop screensaver. Finally, make it a point to read your mission statement every day.
Constant repetition of a task is the most effective approach to self-teaching. Those who
exhibit integrity achieve extraordinary success because they are trustworthy and
dependable (Jupudi, 2016).
HARD WORKING
What is the distinction between excellent and successful people, you may wonder? From
Steve Jobs, the CEO, to Serena Williams, the athlete, these personalities are recognized for
their consistent work ethic of waking up early and working towards their objectives while
others are still sleeping and remaining late. Compared to the rest of the globe, most young
people believe that employing keyboard shortcuts is a good idea. On the other hand,
innovative work is just hard work done intelligently. Intelligence and hard effort do not have
to be mutually incompatible. Ultimately, the action is rewarded (Jupudi, 2016).

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b. The skills of successful entrepreneurs
Ray (1993) has listed the essential skills that entrepreneurs should have, which are explained in more detail
in the table below.
SKILLS DETAILED EXPLAINATION
ASSESS
OPPORTUNITIES
AND
CRITICAL THINKING
Serious study is necessary to discern between a good opportunity and an illusion of
possibility. Innovative business can be unique since creativity and critical thinking are not
frequent in educational institutions.
COMMUNICATION
SKILLS
Entrepreneurs frequently begin with more than one idea in their heads. They must
persuade people to start new businesses, persuade friends, relatives, and strangers alike
to invest or lend money in the industry, convince suppliers to extend credit, and finally
convince customers to part with their hard-earned cash for a product refresh or a service
from an unproven company to make that idea a reality. Persuasion includes spoken and
written communication and face-to-face and phone interaction.
NEGOTIATION SKILLS
Negotiation skills are equally as vital as persuasive skills for the same reasons. Once
someone has been persuaded to support a new company endeavor, the details must still
be worked out. These distinctions might be complicated or straightforward, but they
always need good bargaining abilities.
PROBLEM-SOLVING
SKILLS
Launching a new firm follows some patterns, yet each new venture has its unique set of
issues, challenges, and crises. Except for franchising, there is no formula for starting a
business. It is complicated to prepare entrepreneurs for all of the problems they will
experience while establishing and growing their firm. It is possible to develop the
problem-solving abilities necessary for excellent programming.