Entrepreneurship and Small Business Management

Entrepreneurship and Small Business
Management

INTRODUCTION
• Entrepreneurship and small business management is the process of launching the new
and innovative ideas in the market. Small business management provides the opportunity
to entrepreneur as they use their ideas to launching, running and designing the new
business.
• Thus, this business mange the all activity and entrepreneur have responsibility to mange
all the business operations. Therefore, theses both are depended on to each other when
entrepreneur have ideas so business is established. On the other side, entrepreneur needs
the business for elaborate their new ideas by making innovative products.

P5. characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers
Entrepreneur mindset is described that they have an ability of taking risk. The mindset of employees is
clear that they create new things and develop the new business as they ready to face the challenges.
Thus, the mindset of entrepreneur is clearly defined that the main aim of is success and future growth.
Characteristics
• Hard Work and Commitment — This is the best characteristics of entrepreneur they are hard-
working they constantly research and make innovative products. Thus, Hard work is help to improve
the ability of work.
• High confident is needed to make innovative ideas, developing plan, determination of required
resources. Therefore, Elizabeth Gooch have ability to make innovative products which satisfy the
needs of customer. The high sense of personal responsibility and high level of energy is helps to
enhance the motivation towards the work.

CONTD...
• Self confident — As an entrepreneur they have an ability of self-confidence that it helps to
taking the risk as well make the best decision for business. Thus, This characteristic is
provided the ability in the entrepreneur that they make the best decision regrading the product
launch. This characteristics are essential that will increase the profitability of the company
also self-confidence is help to increase the growth of entrepreneur and provide huge success in
their carrier.
• Skills -
• Strong networking abilities — This is the best skills which describe the strong networking
abilities. Thus, entrepreneur is the extrovert in nature as they have a good networking with
their subordinates, expertise and colleagues.