Entrepreneurship and Small Business Management : Larry Page and Peter Jones

Entrepreneurship and
Small business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
Activity 1.........................................................................................................................................1
Covered in booklet.......................................................................................................................1
Activity 2.........................................................................................................................................1
P5. Characteristic traits together with skills of entrepreneurs.....................................................1
P6. Aspects of entrepreneurial personality..................................................................................3
P7. Background and experience...................................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is pursuit of distinct opportunities that are beyond controlling resources
and managing risks (Allen and Truman, 2016). The spirit of entrepreneurs is generally
characterised through their risk taking capacity and willingness for innovations which is essential
to succeed in changing market. It is important for any nation to support ideas generated by
entrepreneurs to manage their businesses within small or large scale. It involves high risks but
also rewards high by catering services for generating innovation, economic wealth addition to the
growth. The report includes formative discussion about entrepreneurship concept with wide
range of entrepreneurial ventures. In addition, it also includes the impact which small businesses
have on the economy, importances of start-ups and small business for social economic growth.
Activity 1
Covered in booklet
Activity 2
P5. Characteristic traits together with skills of entrepreneurs
Entrepreneurs possess abilities that helps them to recognize invention potentials. These
are the originators who organizes resources to convert normal invention into commercial viable
innovation (Allen and Truman, 2016). They have willingness to search innovative idea,
attracting investors and encourage people to attain efficiency with potential profitability.
Larry Page and Peter Jones are the successful British entrepreneurs who possess various
skills, characteristics and traits which are mentioned below:
Larry Page: The successful entrepreneur who believes to deliver more than the
expectations. Larry page is Computer scientist who Co founded the company named as Google
along with his friend Sergey Brin in 1998. The life of Larry was influenced by some of the
factors such as his education, grandfather's history, administration for visionary inventor as well
as involvement in leadership institute. The characteristic traits of Larry Page are as discussed:
Forward looking: Entrepreneurs who are successful are generally forward looking as they
anticipated uncertain situations and acts accordingly. For instance, Larry page have characteristic
to analyse present circumstances as well as forecast trends, challenges with opportunities for
future duration. Other business managers fails to look forward and analyse situations but Larry
1

Page has the trait to look forward and carefully forecast future situations that differentiate him
from the other business man.
Passionate: Successful entrepreneurs are primarily enthusiastic as well as posses excellent
energy to perform typical operations with full passion (Audretsch, 2012). Larry Page focuses on
their work and accomplish it in set time period that helps them to move forwards towards huge
success. He do not lose patience in any situation and works very hard for attaining visions. Other
businessmen loses patience at burst out their emotions at various situations but Larry Page
patiently keep its emotions controlled so to attain visions that differentiate the personality from
various business managers.
Peter Jones: Peter Jones is reality television personality who had keen interest in
television, property as well as mobile phones. Peter was appointed for CBE (Commander of the
Order of the British Empire) in 2009. The characteristic traits of Peter Jones are the followings:
Ability to delegate: Delegation is said to giving responsibility and authority to others.
Entrepreneur such as Peter Jones has ability to delegate the workings to numerous personnels so
to empower team members for performing jobs. In contrary, business managers only focuses on
completing all the work by their own and does not believe in delegating working but Peter Jones
believes in delegating authority together with responsibility for providing freedom to employees
which distinguishes them from business managers.
Risk taking: Successful entrepreneur like Peter Jones have characteristic to take risks for
expanding business to forward heights. Unlike other business managers, Peter has took various
risks in his life to that the business achieves great heights which distinguishes the entrepreneur
from others.
Skills: The abilities to acquire results with deliberate, sustained as well as systematic
efforts so that complex job functions are executed in smooth manner is characterized to skills
(Blokker and Dallago, 2012). Key skills within successful entrepreneurs are:
Peter Jones: The skills within entrepreneur are as follows:
Communication Skill: With this skill, entrepreneurs facilitates sharing along with
conveying important information among each organizational members. Peter Jones
communicates all type of information with members at different level in effective manner that
helps in acquiring commercial advantages. Other business managers keeps confidential
2

information with them and does not communicate information with other that differentiate Peter
Jones from numerous business managers.
Resiliency Skill: Entrepreneurs can recover from difficult and uncertain circumstances
with resilience skill. Peter Jones has high resiliency skill that enables in recovering back from
outlook experiences. Unlike other business managers, Peter Jones manages operations of
respective business in patiently even in situation involving ups and downs that distinguishes
from other business persons.
Larry page: The skills of Larry Page that made him successful entrepreneur are:
Time management skill: It is very crucial for entrepreneurs to prioritise planning, set
milestones and execute strategies by managing time for all activities. Larry Page allocates the
time in various projects learns opportunities and focuses on success so that operations are
performed without any hurdles. Other businessmen only manages operations but Larry Page
carefully focuses on operations as well as time that differentiate them with distinct business
persons.
Networking skill: Larry Page believes in growing network facilities so to facilitate
opportunities, searching contractor and partnership deals. The entrepreneur has build networks
with various people. Other business man only build networks that benefits them most but Larry
believes in making strong networks with all people that differentiate them from another
managers of business.
Thus, it is essential for successful entrepreneur to have diverse characteristic traits
addition to skills so to have different personality then from business managers.
P6. Aspects of entrepreneurial personality
In this world, there are unlimited people with different personalities and entrepreneurs are
within the unlimited people (Gartner, 2019). Entrepreneurs have their own attitude and
personality which guides them towards building relations and facilitating communications with
interested ones. They influences motivation level along with mindsets. To develop deep
knowledge about personality concept, evaluation of Ocean personality Model is done. Ocean
personality model is characterized as taxonomy for traits. It comprises of various traits which are
the stated as:
3

Openness: The personality trait is related to originality, curiosity, daringness, cleverness,
imagination and varied interests. Entrepreneurs like Larry page and Peter Jones prefers to enjoy
new experiences addition to learn new things by scoring high in context to openness. They
focuses on engaging with others as well as think concerns other willingness which influences the
mindsets of such personalities towards acquiring objectives.
Conscientiousness: Traits related to self discipline, resourcefulness, planning ahead,
reliability, hard work, consistency and ambitious falls under conscientiousness (Henry and De
Bruin, 2011). Peter Jones and Larry Page are reliable and prompt as they posses great degree of
thoughtfulness.
Extraversion: Individuals possessing this trait have exceptional abilities to organise
work. They are energetic, merriness, socially confident and has tendency for affection for
exploring organisational simulations with others. Entrepreneurs like Peter Jones as well as Larry
Page are extroverts as they enjoys to start conversations with others and feels energize with
others.
Agreeableness: It reflects the ways through which people cooperative and get close with
another individuals. Personalities with this trait are generally compassionate, friendly,
sympathetic, kind and cooperative. Same are Peter Jones as well as Larry Page as they are
generous, trustable and helps others which reflects their mindset and motivation towards
influential manner.
Neuroticism: It is a trait that reflects confidence as well as becoming comfortable on
their own's skin. People with low neuroticism traits are more stable addition to emotionally
resilient where as high neuroticism reflects anxiety, sadness, mood swings and irritability.
Selected entrepreneurs experiences low neuroticism in which they feel relaxed, patiently deals
with stress and rarely feels depressed which shows their motivation to keep others calm and
stable.
Thus, the above mentioned personality traits reflects motivation level addition to
mindsets of well known successful entrepreneurs.
Different lines of arguments in relevance to entrepreneurial characteristics
Entrepreneurs are originators who has innovative ideas along with vision for changing
nation (Kolb, 2015). One of the line of argument laid by various authors is that entrepreneurship
4

are born with key characteristics or are learned. In case of Larry Page, the entrepreneur always
had interest in computers (Lines of arguments. 2019.). But in his career stage, he joined various
camps and programmes that build the traits of passion and looking forward. In contrary, Peter
Jones works hard from his childhood age and run ventures that shows that he was born with the
characteristic traits of risk taking as well as networking skill. Thus, it can be said that some
entrepreneurs are born with skills and traits where as some learns the characteristics traits or
skills with time.
P7. Background and experience
Family background together with personal life experiences helps an entrepreneur to learn
new things as well as dealing with critical situations without any hurdles (Long and Chrisman
2014). If entrepreneurs have supportive background together with excellent experience then, they
can grab opportunities to indulge in business with numerous activities that helps in their
development.
Background with experiences of selected well known entrepreneurs are the following:
Larry page
Family background: Larry Page was born on March 26, 1973 at Michigan, United
States. The belongings of Larry were from Jewish family. The entrepreneur was child of Carl
victor Page who earned PhD in the field of computer science and the mother of Larry was Gloria
who was computer programming instructor. Larry completed his schooling from Okemos
Montessori School and later got graduated from University of Michigan.
Experience: Larry Page is popular as Computer scientist and internet entrepreneur. In
his childhood, Larry was fond of computers, science as well as technology that encouraged him
to make his career in such field. He attended various summer camps and achieved numerous
awards. Other then this, Larry was the first student who converted assignment from word
processor. Larry had a dream to start the company and developed business plan for his business
which will use software to construct music synthesizer. Larry also focused on finding solutions
for the problems about the linkage of web pages to given page. Larry also developed search
engine concept and invested his efforts in renewable energy technology. With this passion ,
Larry became CEO of Alphabet Inc. and begin his journey to achieve great success. Larry also
co inverted the concept of PageRank and achieved award with the name of Marconi prize in the
5

year 2004 along with Brin. Other than this, Larry was also honoured with Businessperson of the
Year, honorary citizenship, America's Most Popular Chief Executives and many more.
As Larry page has achieved various awards in his child hood as well as success stage that
motivated him to continue his ideas towards bringing innovations. Other than this, the family
members also supported Larry Page to initiate new ideas and launching new venture that fosters
the entrepreneurship within him.
Peter Jones:
Background: Peter Jones took birth on March 18, 1956 in the city of Berkshire, England.
Peter grew up at Maidenhead and had keen interest in television, leisure as well as media. Father
of peter was engineer and mother was home maker. Peter attended Desborough School.
Experience: Peter Jones in his early childhood, developed personal computer with his
own brand. Peter later opened cocktail bar but failed to manage it properly and further sold it to
IBM. Peter later joined Siemens Nixdorf and launched new venture. Later, online retailing
business was opened by Jones in which wines as well as champagne were sold to corporate
clients. After some time phase, Peter opened an institution to teach entrepreneurial potentialities
to wide people of UK. Jones also worked in distinct television shows including Tycoon,
Celebrity Juice, Dragon's Den, Hustle and American Inventor.
As Peter Jones had supported family background that encouraged him to implement the
new innovations in successful venture. In addition, in the struggling period, various failures were
also faced but the entrepreneur did not lack motivation which fostered his entrepreneurship.
Link between entrepreneurial characteristics as well as influence of experience as well as
background
Entrepreneurial characteristics are closely linked with experience and background that are
attained by them over life (McAdam, 2013). Entrepreneurs build characteristic traits through the
influences that they achieve from the support and critics in their life duration. For instance, Larry
Page had belongings from rich family as well as was pampered child that helped him to
developed the keen interest in networking addition to computers. This allowed him to use his
characteristic trait of looking forward as well as becoming passionate for developing Google that
is renowned as top company in world. Other than this, Peter Jones family was not economically
good but since his childhood he launched various new venture ideas. This further helped Peter to
6

develop traits within him such as taking risks and delegation authorities which made him the
successful entrepreneur.
Critical evaluation of experience and background that influences entrepreneurs in negative
and positive manner.
Background as well as experience both results in various impacts on individual. It is
dependent on entrepreneur that how they applies their background or experience influences on
them (Wood, Davidson and Fielden, 2012). The impacts are as follows:
Positive impacts: During phases of becoming successful personality, numerous hurdles
and struggles are faced that motivates them to develop innovations to lead the life. For instance,
Peter Jones faced hurdles in setting business with own name that and Larry Page was always
pampered to use his skills. Both entrepreneurs with their skills and interest learned new things
from the faced failures that resulted in positive impacts on their life.
Negative impacts: In struggling period, various problems or situations restricted Larry
page as well as Peter Jones to lead success stages that impacted on the motivational level in
negative ways. For instance, Peter Jones faced various failures in managing businesses where as
Larry Page also worked tirelessly to hit the innovations but due to difficult conditions he wanted
to sell the software but no one accepted this impacted on motivational level of the entrepreneur
in negative manner.
CONCLUSION
As per the discussion, it is summarised that entrepreneurs transfers ideas into innovations
that resolves issues addition to improving profit margins. At different phases of life all
entrepreneurs faces some of other situations that influences them towards success path in
competitive world. Entrepreneurs posses certain characteristic traits of forward looking, risk
taking, passionate and ability to delegate. Skills within the entrepreneurs are communication skill
resiliency skill, time management skill as well as networking skill. Motivational aspects within
both entrepreneurs are accomplishments, curiosity, daringness, ambitious, self discipline,
exploring organisational simulations, cooperative, confidence and becoming comfortable with
others to help them. Family background and life experiences of both entrepreneurs are different
than impacts in negative addition to positive manner.
7

REFERENCES
Books and Journals:
Allen, S. and Truman, C., 2016. Women in business: Perspectives on women entrepreneurs.
Routledge.
Audretsch, D., 2012. Entrepreneurship research. Management decision. 50(5). pp.755-764.
Blokker, P. and Dallago, M. B. eds., 2012. Youth entrepreneurship and local development in
Central and Eastern Europe. Ashgate Publishing, Ltd..
Gartner, W. B., 2019. A good man is hard to find: project management, entrepreneurship and
serendipity. International Journal of Managing Projects in Business. 12(1). pp.114-119.
Henry, C. and De Bruin, A. eds., 2011. Entrepreneurship and the creative economy: process,
practice and policy. Edward Elgar Publishing.
Kolb, B. M., 2015. Entrepreneurship for the creative and cultural industries. Routledge.
Long, R. G. and Chrisman, J. J., 2014. Management succession in family business (pp. 371-387).
Sage Publications: London, UK.
McAdam, M., 2013. Female entrepreneurship. Routledge.
Read, S. and ET. Al., 2016. Effectual entrepreneurship. Routledge.
Tornikoski, E. and Maalaoui, A., 2019. Critical reflections–The Theory of Planned Behaviour:
An interview with Icek Ajzen with implications for entrepreneurship
research. International Small Business Journal, p.0266242619829681.
Wood, G. J., Davidson, M. J. and Fielden, S. L., 2012. Minorities in entrepreneurship: An
international review. Edward Elgar Publishing.
Online:
Lines of arguments. 2019. [Online]. Available through:<
https://www.entrepreneur.com/article/228273>
8