Entrepreneurship and Small Business Management

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.