(pdf) Entrepreneurship & Small Business Management - Assignment

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in booklet.................................................................................................................3
TASK 2............................................................................................................................................3
Covered in booklet.................................................................................................................3
TASK 3............................................................................................................................................3
P5. Determine the characteristics traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................3
P6. Assess how aspects of the entrepreneurial personality reflects entrepreneurial motivation
and mindset.............................................................................................................................5
TASK 4............................................................................................................................................6
P7. Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.....................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
An entrepreneur is an individual who undertakes a business venture with motive of
gaining profit potential and taking considerable amount of risk factor. As entrepreneurship is an
kind of venture that undertaken by entrepreneur to gain competitive advantage. Entrepreneurship
can be various kinds and degree and categorised into various subcategories starts from small to
multinational industries that originated from the ground level to grab large no. of opportunities.
There are some characteristics of an individual that helps to differ from the manager to remain
always in leading position. This report is based on various kinds of typology by relating with
entrepreneurial ventures and similarity and differences in entrepreneurial ventures. It also
includes importance of micro and small businesses by using relevant data and statistics. With it
includes the characteristic traits and skills to become a successful entrepreneur that helps to
differ from a manager and personality reflection of an entrepreneur. At last it includes
background that foster or hinders to become a successful entrepreneur.

TASK 1
Covered in booklet
TASK 2
Covered in booklet
TASK 3
P5. Determine the characteristics traits and skills of successful entrepreneurs that differentiate
them from other business managers.
Characteristics traits and skills are very much important for an organisation to deal in
positive manner and it helps to become the successful entrepreneur that not only give
employment opportunities but also provide best working style (Akehurst, Simarro and Mas‐Tur,
2012). In that aspect two well known entrepreneurs that are Bill gates and Oprah Winfrey that
have skills and characteristics that help to remain always competent in business world.
Characteristics of Bill gates:
There are some characteristics of Bill gates that are as follows:
Focus:
Bill Gates focus on what he know the best that is about software's and then he gives best
to become best. By giving their best by dominating their industry and execution is one of their
priority and stuck with their skills and capabilities to be considered as best.
Creativity:
Bill gates never remain in their comfort zone and always encouraged to himself to come
with creative ideas and thoughts. He always use leadership style that helps to create new
opportunities by exploring new ideas and concepts. So by these traits he become the successful
entrepreneur.
Skills of Bill gates:
There are some skills and capabilities that helps him to remain always competitive in
marketplace that are as follows:
Big picture and leadership skill:
Bill gates is one of most leading personality and always adopts the best leadership style
as per the market needs and demands (Berglund, Johannisson and Schwartz, 2012.). In order to

he possess keen interest in software's and develop it as an passion. So he always gives their best
in turning their dreams into reality.
Characteristics of Bill gates differ him from the manager as they are comparatively less
risk taking and not responsible for roles and responsibilities an individual work as an employee.
The entrepreneur possess the vision and focuses on achievement and profit on other hand
manager have only interest till profitability. So it can be said that entrepreneur totally different
from the manager.
Characteristics of Oprah Winfrey
There are some characteristics of Oprah Winfrey that are as follows:
Emotional intelligence:
Emotional intelligence that possess self awareness, monitor and evaluate the feelings and
improvement in communication skills (Audretsch, 2012.). By all these traits and characteristic
she become the one of the most successful entrepreneur.
Inspirational:
Oprah builds image by establishing her example. She always focus on become the best in
every aspect as people choose to live their life.
Skills of Oprah Winfrey:
Oprah is one of most leading personality and always focus on her leadership and
communication style by giving best for welfare of people.
In context of Oprah Winfrey she is responsible for each and every aspect related with the
business on other hand manager have limited with some degree of roles and responsibilities in
order to gain potential outcomes. The main motive of an entrepreneur is the achievement but in
context of a manager their motivation come from the power come from within position. In that
regards manager and entrepreneur have different roles and responsibilities that differ from one
another.
P6. Assess how aspects of the entrepreneurial personality reflects entrepreneurial motivation and
mindset.
Entrepreneurial personality reflects in better way their motivation and mindset and it can
be understand by the big five personality model that are as follows:
Openness:

Person with that trait always focus on learn new things and avails the new experiences
and usually high in openness. In context of Bill gates who are higher in that trait. He always
focus on learn new things and attributes that helps in enhance their personality in better way.
Conscientiousness:
People who are high in that trait are reliable in nature and prompt also. They are remain
always organised, methodic and through in their understanding (Blackburn, Hart and
Wainwright, 2013.). In context of Oprah who is high in that trait as she always trust on their
work force and work for their welfare.
Extraversion:
Extravert's are individuals who get their energy by sharing and interacting with others
and majorly introverts in their nature. They are often talkative, energetic and assertive. In context
of Bill gates and Oprah they both are high in that particular kind of personality trait.
Agreeableness:
People of that trait are friendly in nature and cooperate with others by giving their best in
organisational development and enhancement (Bridge and O'Neill, 2012.). People who are low
in that particular trait are distant. In traits includes kind, passionate and sympathetic. In context
of Bill gates and Oprah Winfrey both are high in that trait.
So it can be understand that these kinds of big five personality traits are very much important for
an individual to behave in proper manner.
Neuroticism:
Neuroticism also known as emotional stability that dimension concerned with emotional
stability of an individual and degree of negative emotions. People who are high in that score that
faces emotional instability. So in context of Bill gates that not high in that particular trait.
TASK 4
P7. Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
For an individual to become a successful entrepreneur some experience and background
helps then and hinders also that are as follows in context of both Bill gates and Oprah Winfrey:
Bill gates:

Bill gates belongs from the upper middle class family and actively participate in student
affairs and leadership activities that helps to raise their confidence level (Burns and Dewhurst,
2016.). He always remain encouraged and it can be assumed after that he coordinated family
athletic games on puget sound. Bill from earlier was a voracious student and spend lot of hours
in reading books in his graduation level when he enrolled at Harvard university spends most of
his time in the computer labs then in class rooms. His parents always encourage to him to pursue
their dreams by giving their best. By observing all these it can be said that his background and
experience helps him to become a successful entrepreneur by leading in market.
Oprah Winfrey:
Oprah Winfrey is an well known American entrepreneur and philanthropist. She has
interest in public speaking programs and in age of 13 she left her home and she considers
flourishing the public speaking and oratory skills as one of prominent for an individual. She
always interested in various kinds of beauty pea gent programs that are proved beneficial for
them to become a successful entrepreneur by giving their best to lead in business environment to
remain always competitive in marketplace (Burns, 2016.).
So it can be said that background and experience are very much important for an individual to
remain always competitive in marketplace that hinders and foster the entrepreneurship to remain
always relevant. In order to organisation have to prepare and plan in well manner so that fruitful
results should be accomplished in better way.
CONCLUSION
From the above report it has been concluded that entrepreneurship and small business is
very much important for an organisation to deal in effective manner. Small businesses helps in
achieving organisational goals and objectives with giving best employment opportunities that are
the biggest contribution in economic development. There are some traits and characteristics of an
individual that helps to become a successful entrepreneur. These traits can be developed by
giving best efforts and work as per the interest of an individual. In order to small business and
start-ups proved helpful for an individual to give best attributes to the ultimate consumer base to
get right kind of output by finding out opportunities in better way.

REFERENCES
Books and Journals:
Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women entrepreneurship in small service
firms: motivations, barriers and performance. The Service Industries Journal. 32(15).
pp.2489-2505.
Audretsch, D., 2012. Entrepreneurship research. Management decision. 50(5). pp.755-764.
Berglund, K., Johannisson, B. and Schwartz, B. eds., 2012. Societal entrepreneurship:
positioning, penetrating, promoting. Edward Elgar Publishing.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Macmillan International Higher Education.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Julien, P.A., 2018. The state of the art in small business and entrepreneurship. Routledge.
McGowan and et.al ., 2012. Female entrepreneurship and the management of business and
domestic roles: Motivations, expectations and realities. Entrepreneurship & Regional
Development. 24(1-2). pp.53-72.
Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics. 42(4). pp.663-668.