Entrepreneurship and Small Business Management

This document discusses entrepreneurship and small business management, including the definition of entrepreneurship, the contribution of entrepreneurship to the economy, and the characteristics and skills of successful entrepreneurs. It also explores the aspects of entrepreneurial personality and the impact of background and experience on entrepreneurship. The document provides examples of successful entrepreneurs such as Henry Ford and Louis Vuitton, and discusses the factors that hinder or foster entrepreneurship, such as family background and social networking. Overall, it highlights the importance of entrepreneurship in driving economic growth and innovation.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in PPT............................................................................................................................3
TASK 2............................................................................................................................................3
Covered in PPT............................................................................................................................3
TASK 3............................................................................................................................................3
P5. Characteristic traits and skills of successful entrepreneurs...................................................3
P6. Aspects entrepreneurial personality......................................................................................5
TASK 4............................................................................................................................................5
P7. Background and experience impact upon entrepreneurship..................................................5
CONCLUSION................................................................................................................................6

INTRODUCTION
Entrepreneurship can be referred to as the act of undertaking of dangers with a thought
process to present new items, procedures or administrations with esteem expansion so as to pick
up the fulfilment from clients. In such manner, business visionary is normally alluded to as an
individual that surfaces with another thought, idea or belief system so as to create answers for
social or financial issues being looked by open on the loose. Enterprise and private ventures
together include a gigantic commitment inside the economy of a country (Burns, 2016). They are
respected to be a huge wellspring of income age for a nation because of which the nation gets a
monetary lift. The current report comprises of the conversation about different kinds of
enterprising endeavours alongside their connection to typologies. Other than this, likenesses and
qualifications between innovative endeavours are given. Additionally, it contains effect of
independent ventures on national economy, characteristics and abilities of business visionary and
the way in which their experience shapes or controls enterprise.
TASK 1
Covered in PPT
TASK 2
Covered in PPT
TASK 3
P5. Characteristic traits and skills of successful entrepreneurs
Each business visionary is said to have a lot of aptitudes and characteristics which will in
general recognize them from other faculty. In such manner, two business visionaries have been
considered here, to be specific, Henry Ford and Louis Vuitton. Their abilities and characteristics
are quickly clarified beneath:
HENRY FORD
He was an American business person just as a business head honcho. He was the organizer
of Ford Motor Company and furthermore supported the improvement of mechanical production
system strategies related with mass creation.
Trait:

Passionate: This is viewed as one of the most huge and significant qualities inside a
business visionary as this will in general impart a feeling of drive and consolation inside them for
the accomplishment of authoritative objectives and destinations (Burns and Dewhurst, 2016).
Henry Ford was an energetic business visionary which built up the principal vehicle which was
effectively moderate by even the white collar class segment of society. He ingrained the
equivalent enthusiastic methodology in the representatives working inside the association with
the goal that they remain coordinated towards the achievement of hierarchical objectives and
destinations.
Skill:
Innovative Thinking: This is a basic and basic expertise that is typically seen as present
inside all the business visionaries (Ratten, 2016). Henry Ford likewise has inventive reasoning
and thought of the possibility of improvement of a car which could be effortlessly managed by
all the areas of society. Further, all the items that the Ford Company thought of showed most
extreme imaginative reasoning capacities and innovativeness so as to pick up the consideration
of huge number of clients and increase greatest fulfilment from them. This ability of the separate
business person separates him from administrators.
LOUIS VUITTON
He was a French style originator just as organizations that are well prestigious as the author
of the brand Louis Vuitton managing in cowhide products.
Trait:
Optimistic: This is viewed as a quality of business person which is worried about having an
inspirational viewpoint after everything related with business (Ratten, Dana and Ramadani,
2017). It is seen that Louis Vuitton had an idealistic reasoning in regards to each business action
and viewed disappointments as venturing stones to progress. This helped him in accomplishing
extraordinary achievement and development throughout everyday life.
Skill:
Leadership: This skill is worried about having the capacity and potential to impact the
devotees in a way to such an extent that they consent to the order put by pioneer and views him
as a symbol (Mamabolo, Kerrin and Kele, 2017). In such manner, it has been dissected that the
labourers of Ford Motors viewed him as an icon and took motivation from him to execute the
business exercises in an ideal way for the achievement of objective and target.

P6. Aspects entrepreneurial personality
Each individual has certain exceptional aptitudes, characteristics and qualities which
makes him not the same as others, consequently helping them to achieve the objectives in an
ideal way. The character of a business visionary is discovered with the assistance of OCEAN
model, as follows:
 Openness: Business people are consistently quick to pick up information about new and
exceptional things and idea so as to improve their current information base consistently.
Furthermore, this quality exhibits that they are creative, shrewd and have a variety of
interests which help them to achieve objectives in an opportune way (Loarne-Lemaire,
Maalaoui and Dana, 2017).
 Conscientiousness: To complete all the professional interactions easily, it is significant
for the business person to be caution of their conscious mind as this will help in
successfully utilizing the inventive thoughts.
 Extraversion: As indicated by this quality, people have friendliness, chattiness,
assertiveness and volatility. People having a high level of extraversion will in general be
cordial and the other way around (Yan and Yan, 2016).
 Agreeableness: It is significant for people to be pleasing in nature to complete business
activities and impact others with their thoughts. For this they should have positive
affecting force with powerful relational abilities.
 Neuroticism: Business visionaries have high level of enthusiastic insecurity which assists
with diminishing their degree of negative feelings. This guides them to assume a
responsibility for their sentiments and to get over the feeling of disappointment, outrage
or appal.
TASK 4
P7. Background and experience impact upon entrepreneurship
Enterprise can be refers to as the system of instinct, advancement, association and the
board of an undertaking or start up. It is very much respected that the capacities and capability of
business person to make and think of new, novel and creative thoughts is basic for the smooth
and successful running of a business substance. Business visionary can subsequently be
supposed to be a pioneer as they are seen as being able to think of thoughts that can disturb the

business. The two business people that have been talked about inside the specified report are
Henry Ford and Louis Vuitton. There are different components that thwart and cultivate business
enterprise. The elements confining or encouraging them to complete enterprise are clarified as
follows:
Family background: This is viewed as a critical factor that has a gigantic effect upon the
capacity of a person to experience enterprise. In such manner, it is regularly observed that
whereby the relatives or associates of an individual have been a piece of an enterprising
endeavour that was fruitful, this will in general impart a feeling of assistance and inspiration
among the individual likewise to seek after business. The inverse likewise remains constant on
account of business. In such manner, it was seen that the family foundation of Louis Vuitton
encouraged him to embrace business enterprise. Actually, the family foundation of Henry Ford
limited him as his dad needed him to go along with him on the homestead and help him in
completing the exercises related with ranch. Further, his mom passed on and his dad constrained
him much more. This made Ford leave the home and tackle all the family limitations to at long
last concoct Ford Motors, along these lines turning into an effective business visionary for deep
rooted.
Social Networking: Informal organization helps in the advancement of encounters and
aptitudes b by aggregate sharing of thoughts, perspectives, feelings and belief systems with work
force having same or distinctive expert foundation and encounters. Interpersonal organization
assumes a critical job in the life of a business person. Aptitudes are expanded by people by
communicating with others and picking up information about their encounters by watching the
method of execution of thoughts. In such manner, both the business people, Henry Ford and
Louis Vuitton had compelling long range informal communication which encouraged them in
picking up progress and taking them dares to incredible statures.
CONCLUSION
Therefore, it is summarised that all the prominent factors are utilized in the business to
direct exercises in an alluring way and accomplish quick development in commercial centre.
Also, it very well may be additionally said that the enterprising character is learned to be a
composite of abilities, attributes and qualities distinguished based on OCEAN model as being
Openness, Conscientiousness, Extraversion, Agreeableness and Neuroticism.

REFERENCES
Books and Journals
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.
Loarne-Lemaire, S.L., Maalaoui, A. and Dana, L.P., 2017. Social entrepreneurship, age and
gender: toward a model of social involvement in entrepreneurship. International Journal
of Entrepreneurship and Small Business. 31(3). pp.363-381.
Mamabolo, M.A., Kerrin, M. and Kele, T., 2017. Entrepreneurship management skills
requirements in an emerging economy: A South African outlook. The Southern African
Journal of Entrepreneurship and Small Business Management. 9(1). pp.1-10.
Ratten, V., 2016. Female entrepreneurship and the role of customer knowledge development,
innovation outcome expectations and culture on intentions to start informal business
ventures. International Journal of Entrepreneurship and Small Business. 27(2-3). pp.262-
272.
Ratten, V., Dana, L.P. and Ramadani, V., 2017. Internationalisation of family business groups in
transition economies. International Journal of Entrepreneurship and Small
Business. 30(4). pp.509-525.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and
innovation in small business: an empirical study. International Entrepreneurship and
Management Journal. 12(4). pp.1053-1077.