Entrepreneurship and Small Business Management

This presentation provides an overview of entrepreneurship and small business management, focusing on the characteristics, traits, and skills of successful entrepreneurs. It explores the scope of entrepreneurship, the history of successful entrepreneurs, and the factors that contribute to their success. The presentation also discusses the entrepreneurial personality and situational factors that play a role in success. Additionally, it highlights the similarities and differences between successful entrepreneurs and provides recommendations for success.

Entrepreneurship and Small Business
Management

Introduction
 Entrepreneurship can be defined as starting a new business by taking risk for the
purpose of earning profit. Entrepreneurship is the process of setting up a new
business by the person willing to take risk with the objective of earning
profit (Castrogiovanni,2018).
 Elizabeth is CEO of EG solution, She has good experience of working. She has
taken risk and has established own firm that provides IT solutions to clients. She
things that person can learn from failure.
 Tom mercer is successful entrepreneur, he has started his start up business and have
worked hard to gin success. He made effective strategies and have worked hard.
 Study will analyses characteristic, traits and skills of successful entrepreneurs

Scope of entrepreneurship
 Social Entrepreneurs: In this entrepreneurship the aim of the business is to provide solutions of the social,
cultural or environmental issues. It is related to the medium scale enterprise .Drayton is successful social
entrepreneur. He has formed Ashoka . It was established in 1980 in UK. Nature of business is no profit that
works for social welfare.
 Local entrepreneurs: It can be defined as the business that consists of small number of workers working in
the business with less sales volume.. Tom mercer is successful local entrepreneur, he has worked amazing in
order to motivate people to remain fit. Moma food company was established in 2006 and it was private
company. That works to earn profit.
 Global entrepreneurs: This type of business entrepreneurship needs large number of workers and huge
infrastructure. For example Richard branson is successful global entrepreneur, he has established virgin
group in 1970.It is private limited firm.

History of entrepreneurs
 Elizabeth Gooch has become successful female entrepreneur. She has
established EG solution company.
 In 1993 she has launched operational intelligence system, this was
able to collect data in real time.
 In 2006 company was renamd with EG solution Plc, strategic changed
have resulted in 28% increment in turnover.
 In 2007 company has reduced its unnecessary cost in order to control
over loss and till the end of 2007 it has earned profit by cutting
around 1.2 million cost.

characteristics of entrepreneur
Passion: Entrepreneur must be passionate towards their work.
Risk taker: Person must be able to take risk , this ability of entrepreneur makes
them different from others.
Self discipline: This is another skill of entrepreneur, self discipline make them
unique and make them able to achieve their set target.
Self motivated: This is the main characteristics of entrepreneur, as Elizabeth was
self motivated , she knew that she might face issues but her self motivation skill
supported her in gaining success.
Money management: Elizabeth is having good fund management skills, as she
was having good experience of working in bank and working with consultancy
firm. This experience has helped her in improving money management skill. By
this way she become able to utilise company’s fund effectively.

Traits
 Strong working ethics: it is one of the most essential trait that
makes entrepreneur successful. Elizabeth was passionate about her
work and she always work on ethic that helped her in establishing
branch successfully.
 Determination: Most of the time person get failed or meet failures
in such condition entrepreneur be determinate that same trait was
having in Elizabeth. She has left her job and use their experience in
tremendous manner.
 Creativity: Entrepreneur are very creative that is why they start their
unique business and implement business idea. Elizabeth was doing
job but she was having unique idea of establishing IT solution
business. This creative thinking has helped her in gaining success.
 Competitiveness: Tom always behave competitive and he find new
ways through which it can perform well from his competitors.
 Self starter: Tom has trait that he is self starter, he finds opportunities
and implement it without any guidance. He is good leader and
followers follow him.

Skills of entrepreneur
 Communication: Elizabeth was good in communicating with others,
she has convinced her family and friends for credit. Her communication
skill supported her to get funds and run business successfully.
 Problem solving skill: Entrepreneur must have problem solving skill,
many times Elizabeth faced issues but she was motivated and found
solution for each problem.
 Risk taking: this is essential skill of successful entrepreneur, Elizabeth
took risk of losing job and investing amount in new business.
 Sales skill: Elizabeth is having good sales skill, she make agree to
corporate client to but its IT solution services.
 Financial management: it is another skill that is in Elizabeth, this has
made her able to minimize cost and control over expenses.

Entrepreneurial personality
 Elizabeth is successful entrepreneur, she was having good
experience, she always remember her experience and utilize it
properly.
 She was having risk taking ability that has motivated her to take risk
to loose job and start a new firm that offer IT solution to consumers.
 It was having good communication skill that has supported her to get
funds.
 She always looked future opportunities that supported her to raise
revenues of EG solution.

Situational factors
 Family background: Family of Elizabeth was financially sound and
having funds. When she requested to her parents and friends to invest in
new business then they have given their funds to her. In the absence of it
she would not be able to start this business.
 Employment history: Elizabeth was having good experience of working
in Bank and in consultancy firm. This employment experience has helped
him in finding new ideas and she has utilized her experience effectively.
 Technological factor: development of technology is another factor that
some time create issue in gaining success. Elizabeth was dealing in IT
field ,she uses high tech machines that is why she has become able to
offer IT solutions to clients
 Psychological factor: Life style, positiveness are some psychological
factors that help in becoming a successful entrepreneur.

History of Tom Mercer
 Tom Mercer is successful entrepreneur, he has started MOMA food
company in London city company.
 In the year 2006 he has go ahead selling food from waterloo east
station.
 In four month MOMA team has earned huge amount and in 2008 they
have opened nine stalls
 In2009 there were 25 people team and 10 stalls.

characteristics of entrepreneur
 Planner: Tom Mercer was having good planning characteristic, he has
planned every thing in systematic manner and gathered people to
form a good team.
 Risk taker: He always took risk and focused on such areas where
other companies do not focus such as stations, outside the home etc.
 Focused: He was very focused and know what he wanted to achieve.
 Know how to network: Tom’s main characteristics is that he knew how
he can get network. He has started business from station and has
covered all small areas in the location.
 Flexibility: He was having capability to make changes and accept
sudden changes.

Traits
 Determination: He was very focused and always plan to grow and
extent the firm.
 Motivation: Tom Mercer was having positive behavior and he looks
opportunities in every failure. This motivated behavior of him has
helped him to establish business successfully
 Team building trait:. He was able to build a good team and develop
teambuilding sprit among all team members.
 Disciplined: Tom id discipline and finds new way of accomplishing
goal successfully.

Skills of entrepreneur
 An entrepreneur possess many characteristics traits and skills as an entrepreneur should be risk
taking before start a business. It should have open minded towards the people in the business. Tom
Mercer was open minded thus, recognize skills of people and involve them in his
team.
 Communication skill is another skill in Tom.
 It should have an ability to understand another person emotions. Tom Mercer understands
emotions of consumers and accordingly offer them cost effective products.
 A good entrepreneur must know that its customer is everything and know the needs and wants of the
customers.
 Strategy formulation: Tom is able to frame or develop new strategy in order to get success.
 Personal branding: He has skill of personal branding, his views develops trust among consumers and his
presence become a brand sign.

Entrepreneurial personality
 Tom Mercer is another successful entrepreneur, since his childhood he wanted to open
his own business thus, he always thinks about business ideas (Characteristics of
successful entrepreneur, 2017).
 He belongs from educated family thus, family background has helped me to work hard
and take risks.
 He was motivated and having team building skill. This has made him successful
because with the team support he became able to get success.

Situational factors
 Family background impact on the success of entrepreneur, if family is
supportive and educated then individual become able to get right
path and financial support.
 Previous employment experience matters a lot, it helps the person
in knowing risk and making contingency plan to avoid risk.

Cont..
 Team building skill of Tom has helped him in forming accompany and
running it successfully. If this skill was not in the person then it might
get failed to get success as entrepreneur.
 Elizabeth is having focused skill and this has helped the person in
becoming successful entrepreneur.

Cont..
 Tom and Elizabeth have gained success because of their personality,
skills and trait.
 For example: Elizabeth Gooch CEO of EG solutions suffered from
losses in her business but because of its positive attitude toward work
she never thinks of failure always remain motivated. Because of this
trait she become a successful entrepreneur (Eggers and Song, 2015).
Another one is Tom Mercer selling food in his country also pursue the
positive attitude towards business and get successful in his work.
Setting a positive mind-set helps in achieving goals of the business.

Similarities
 There is high similarity between personality, trait and skills. Trait
helps in increasing outgoingness.
 Possessing or determinant is trait that develops skill of person.
Personality reflect skill of person.
 Both have risk taking capabilities, they can analyses problem and can
find solution accordingly.
 Both have good communication skill this make them able to
convenience consumers and making them positive towards the
brand.

differences
 If the person does not have adequate skill then individual will not be
able to become a successful entrepreneur.
 For example Elizabeth was passionate towards her work. She was
having good experience.
 Focused skill and trait have developed her personality and she
become motivated. It started finding opportunities in each condition.
 Tom has empathy skill but Elizabeth has financial management skill.
Tom always look upon the needs of consumers whereas Elizabeth
looks upon the profit earning aspects.
 Tom is able to develop a good team but Elizabeth is able to sale its
products to consumers.

Conclusion
 An entrepreneur posse many skills and characteristics traits to run business.
 Aspects of personality also reflect motivation and mind-set in the entrepreneur.
 From this study it can be observed that entrepreneur is the key to success for every
business.
 Tom and Elizabeth both are successful enterpreneur ,both are having good strategy
formulation skill but their working pattern is different from each other. Tom likes to
work with empathy whereas Elizabeth like to show passion towards work.

Recommendation for Elizabeth
 Elizabeth should develop team building skill. She has to involved
good people those who can sup[port her in expanding business in
other locations.
 Elizabeth should improve forecasting ability so that she can identify
the future risk and can minimize chances of loss in the future.

Recommendations for Tom mercer
 Tom should develop management skill, so that he can
manage his team well. This will help I expanding
business successfully.
 Tom should improve researching skill so that he can
search before entering into new locations. This will help
in minimizing chances of failure.

References
 Castrogiovanni, G.J., 2018. Guest editor’s introduction: so what is entrepreneurship
research?. International Entrepreneurship and Management Journal.14(3).pp.509-511.
 Drago, W.A. and Vanevenhoven, J., 2015. The structure and scope of entrepreneurship
programs in higher education around the world. In Entrepreneurial Learning (pp. 117-
133). Routledge.