Entrepreneurship and Small Business Management Assignment : Microsoft

Entrepreneurship and Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
Activity 1.........................................................................................................................................3
Covered in Booklet.................................................................................................................3
Activity 2.........................................................................................................................................3
Characteristic, traits and skills of successful entrepreneurs...................................................3
Entrepreneurial personality reflect entrepreneurial motivation and mindset.........................5
Background and experience can hinder or foster entrepreneurship.......................................6
CONCLUSION...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurs can also determined as backbone of economy because they establishes
small venture that support to the economic development of nation. In addition to this,
entrepreneurs are those individuals who establish ventures with limited resources through taking
risks so as to survive in marketplace. Presence of Small and medium size business venture
supports effectively in the economy of nation. This report will discuss about different kind of
ventures and typologies along with differences and similarities between them. Relevant
statistical data that will be define impact of micro and small business ventures on economy of
nation. Furthermore, this report will explain importance of small business in the growth of
economy along with significance of skills, traits and characteristics that supports individuals in
becoming successful entrepreneurs. At last, critical evaluation regarding how background and
experience impacts positively and negatively on entrepreneurial idea.
Activity 1
Covered in Booklet
Activity 2
Characteristic, traits and skills of successful entrepreneurs
Several characteristics, traits and skills are present in entrepreneurs that differentiate
them from business managers. These characteristics traits and capabilities are also supports
entrepreneurs in generating new and innovative ideas. Chosen entrepreneurs for this project are
Larry Page of Alphabet Inc. and Bill gates of Microsoft whose characteristics, capabilities and
traits are given as below:
Characteristic
 Passion: This is an important characteristic of entrepreneurs that supports them in
focusing on their desired goals without destructing in any specific areas. Both
entrepreneurs Larry and Bill gates having these skills due to which in modern era, they
are known as successful. This characteristic also differentiate entrepreneurs from
business managers because managers losses their patience in hard situations due to which
proper decisions can't be made by them for betterment of firm.

 Self belief and hard work: It can be considered as the main characteristic that supports
entrepreneurs in performing their functions without losing their hope. This characteristic
have also supported both entrepreneurs like Larry page and Bill gates have executed their
each task by using self-confidence and hard work due to which they have developed their
ventures successfully. It have also differentiated them from managers because managers
take supports from several employees in making decisions but entrepreneurs have to take
decisions on their own level (Stam, Arzlanian and Elfring,2014).
Skills
 Innovative thinking: These skills are essential for entrepreneurs because risk can be
occurred in any activity or function at workplace. Through these skills, both Bill gates
and Larry page became successful because they have resolved their problems which
arises in their working and overcome it for getting desired success.
 Leadership: This skill is also differentiate entrepreneurs from the managers because
entrepreneurs not only focuses towards their goals but also supports other individuals
who are working with them to work hard so that desired goals can be achieved
effectively. Whereas, managers have to assign duties to employees as per their
capabilities for achieving organisational goals.
Traits
 Confident: This is a necessary trait that is exist in entrepreneurs and supports them in
taking better decisions for success of venture. Both entrepreneurs i.e. Bill gates and Larry
page are highly confident for their innovative ideas due to which they have made good
brand image of their ventures in market. This trait also differentiate entrepreneur from
managers because managers are not confident in their decisions as they have to take
permissions before implementing decisions in workplace.
 Disciplined: It is an essential trait for entrepreneurs as it supports them in making
success of their venture in marketplace. This trait is also exist in Bill gates and Larry
page due to which they known as successful entrepreneur throughout the world.
Whereas, due to exert pressure managers can't maintain disciplined in their professional
life which makes negative impacts on the working behaviour of their employees.

Entrepreneurial personality reflect entrepreneurial motivation and mindset
From the above discussed task it has been identified that there are several traits, skill and
characteristics that differentiate them from the managers. Unavailability of these factors can
pose impact on motivation and mindset of entrepreneurs due to which they can't become
successful in their professional life. For increasing motivation and developing mindset
entrepreneurs can use OCEAN model of personality through which they will be able in
reflecting their personality. This model is divided in five parts which are discussed as below:
Openness: This aspect includes emotion, adventure and ideas that automatically assist
entrepreneurs in taking good decisions for the betterment of firm.
Conscientiousness: This phase of model is related with flexibility and reliability that
states that entrepreneurs have to take decision on the basis of flexibility of situations so that
desired goals can be accomplish effectively (Shepherd, 2015).
Extroversion: It defines that entrepreneurs have to make energetic and talkative
themselves so that employees or other important parties will always influenced from their
decisions. Through developing this aspect entrepreneurs can maintain good relations with their
teammates that automatically leads them towards growth and sustainability in future.

Agreeableness: This aspect defines that entrepreneurs should be make themselves
cooperative and trustworthy so that through making coordination between employees and other
interested parties effective supports can be taken for making further decisions and
improvements.
Neuroticism: It includes anxiety, fear, frustration, jealousy etc. that can restrict the
entrepreneurs in taking growth and sustainability. For becoming successful, Entrepreneurs
should avoid these elements so that healthy relation can be formed at workplace which
automatically supports organisation in taking growth and sustainability in market.
Mindset & situational factors shaping mindset of entrepreneur
Mindset can be defined as the way in which our brain thinks. This thinking skills or
capabilities should be improved by entrepreneurs over a time period so that better decisions can
be made for betterment of organisation. These improved decisions assist entrepreneurs in
gaining growth and sustainability in market. Through learning new things they develops new
ideas that supports them in finding better solutions in complex situations. Apart from that,
situational factors are those that can hinder of foster the working performance of entrepreneurs,
it can also posses impact on their decision-making as high influences of these factors can restrict
them in making better decisions. However, if these factors identified by entrepreneurs before
making decisions then it will be beneficial for organisation in taking desired growth and
sustainability.
Background and experience can hinder or foster entrepreneurship
Background and experience of entrepreneurs assist them in making more engaging
themselves in the functioning of each activity which are essential for growth and sustainability.
Background and Experience of Bill gates and Larry page are mentioned beneath that supports
them in becoming successful (Reuber and et. al., 2018).
Bill Gates
Background: Bill gates was born in 1955 at Seattle, Washington. His father was a lawyer
and mother was working in interstate macrosystem. Gates was younger from his sister Kristi and
elder from Libby. Their house was situated in sand point area of Seattle that was damaged by
tornado when the age of Gates was 7. In his younger age, gates have observed that his family
members wanted from him to make a career in law. In age of 13, Gates have wrote his first
software programme that was the first time when idea becomes hit in his mind to make a

software company and this dream was completed in age of 17 when he formed a venture with his
close friend Allan.
Experience: He have founded Microsoft in 1976 when he was signed a contract with
MITS for developing operating systems for new microcomputer systems. He have also faced
several financial problems during launching of micro systems but due to focusing on goals he
had overcome these problems effectively. Another difficulty which is faced by Bill gates was
that his parents have not granted permissions for establishing his own venture. He took approx
one year to convince his parents for starting the company.
Larry Page
Background: Larry page was born in Michigan in year 1973. Both of the parents of the
Larry Page were computer experts due to which Larry also started his career in computer field.
He studied computer engineering at Stanford University when he become friend with Sergey
Brin. Later both started the firm, Google which has become one of the world's most popular
search engine. Larry is taking one dollar as salary from the parent company of Google which is
Alphabet. Larry is currently working as CEO at Alphabet (Davidsson, 2015).
Experience: Larry was attracted to the computers from early age of childhood. His
parents were computer experts due to which the whole family of Larry was expert in Computers.
After graduation, Larry started Google with his university friend i.e. Sergey Brin. He collected
the funds for start-up from friends, family and faculty members and started the company from
Scrap which is now no one search engine in the world.
Impact of background and experience on entrepreneurs, both positively and negatively:
Positive impact: Both introducers have faced several difficulties in starting of their new
venture but due to their hard working and high confidence they have achieved their goals in their
young age. For example- Bill gates tries best at his own level for convincing parents that have
motivated him in successfully establishing his venture in market (Read, Sarasvathy, Dew and
Wiltbank, 2016).
Negative impact: Both entrepreneurs have faced financial problems in starting of their
ventures because of which their friends and relatives have started criticising them but after some
time they have managed all things and not losses hopes due to which they have successfully
established their ventures.

CONCLUSION
From the above discussed report, it has been concluded that entrepreneurs are those who
modifies their ideas into real so as to becoming successful in a shorter span of time. There are
several kind of ventures like small large and social are situated in marketplace that are also
interlinked with typologies of entrepreneurship and providing support in nation's economy in
terms of providing job, tax duties etc. A large number of skills, traits and characteristic are
importantly required for entrepreneurs because it helps them in becoming successful.

REFERENCES
Books and Journals
Barringer, B. R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
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Boh, W. F., De-Haan, U. and Strom, R., 2016. University technology transfer through
entrepreneurship: faculty and students in spinoffs. The Journal of Technology Transfer.
41(4). pp.661-669.
Braunerhjelm, P., Ding, D. and Thulin, P., 2018. The knowledge spillover theory of
intrapreneurship. Small business economics. 51(1). pp.1-30.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing. 30(5). pp.674-695.
Decker, R., Haltiwanger, J., and et. al., 2014. The role of entrepreneurship in US job creation and
economic dynamism. Journal of Economic Perspectives. 28(3). pp.3-24.
Dees, J. G., 2017. The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledgeve Macmillan Limited.
Glaeser, E. L., Kerr, S. P. and Kerr, W. R., 2015. Entrepreneurship and urban growth: An
empirical assessment with historical mines. Review of Economics and Statistics. 97(2).
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Gupta, V.K., Chiles, T.H. and McMullen, J.S., 2016. A process perspective on evaluating and
conducting effectual entrepreneurship research. Academy of Management Review.
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Jaskiewicz, P., Combs, J. G. and Rau, S. B., 2015. Entrepreneurial legacy: Toward a theory of
how some family firms nurture transgenerational entrepreneurship. Journal of Business
Venturing. 30(1). pp.29-49.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016. Effectual entrepreneurship.
Routledge.
Reuber, A.R., and et. al., 2018. International entrepreneurship: The pursuit of entrepreneurial
opportunities across national borders.
Shepherd, D.A., 2015. Party On! A call for entrepreneurship research that is more interactive,
activity based, cognitively hot, compassionate, and prosocial.
Stam, W., Arzlanian, S. and Elfring, T., 2014. Social capital of entrepreneurs and small firm
performance: A meta-analysis of contextual and methodological moderators. Journal of
Business Venturing. 29(1). pp.152-173.
Online
The Role of Start-ups and Small Businesses in Today’s Economy. 2018. [Online]. Available
through:<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-
businesses-in-the-uk>.