The assignment discusses the Big Five framework in relation to entrepreneurship, highlighting how unique traits and skills can help entrepreneurs manage activities effectively. It also examines how family background, nationality, and experience can either hinder or foster a person's ability to become an entrepreneur.
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Entrepreneurship and Small Business Management (Project 2)
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Table of Contents INTRODUCTION..........................................................................................................................1 PROJECT 2.....................................................................................................................................1 TASK 3...........................................................................................................................................1 P.5 Skills and Traits of entrepreneurs.........................................................................................1 P.6 Entrepreneurial personality reflect entrepreneurial mind set and motivation......................2 TASK 4...........................................................................................................................................3 P.7 Background and experience can hinder or foster entrepreneurs..........................................3 CONCLUSION...............................................................................................................................3 REFERENCES................................................................................................................................4
INTRODUCTION Entrepreneurship is the process in which entrepreneurs can create innovative and creative ideas (Neck and Greene, 2011). This helps the company to operate their function in proper manner. It helps the firm to bring innovation in company and this results in accomplishment of the objectives. It also motivates staff members to perform better and they can give superior results. It also support the organization to earn huge revenues and to enhance market share. Project 2 describes about determining and assessing key aspects of an entrepreneurial mind set. It also explains about traits and skills of successful entrepreneurs. It explains about background and experience can foster or hinder the entrepreneurship. PROJECT 2 TASK 3 P.5 Skills and Traits of entrepreneurs In order to start a new business, entrepreneurs to possess unique skills and traits. This helps the person to manage the activities in proper manner. Thus person can improve their features and traits which help them in giving best performance. Skills and traits of successful entrepreneurs are described below (10 Qualities of a Successful Entrepreneur,2018): ď‚·Ability to manage money:Successful entrepreneurs can manage the money in proper manner. This helps the entrepreneurs to properly utilize the resources and do not perform wastage. So, entrepreneurs can create budget and can focus on profitable tasks. ď‚·Ability to relieve stress: Entrepreneur can release the stress and tension by taking break from their work. They can perform activities in better manner and this results in increasing the productivity of firm. ď‚·Ability to select skilled members:Entrepreneur have ability to select trained and educated employees so that firm can run smoothly. This helps the entrepreneur to enhance their skills and can select competent and talented staff member.ď‚·Ability to train staff members:Successful entrepreneurs have ability to provide training to all workers. Thus staff members can give superior results. Traits to become successful entrepreneur: ď‚·Motivation: Successful entrepreneurs can motivate staff members by promoting them to higher level (Schaper, and et. al., 2014). Rewards are given to employees so that they can give superior results. This results in improving the performance of company. 1
ď‚·Creativity: Entrepreneurs can give creative and distinct ideas to company. This helps in bring innovative ideas in firm and enterprise can perform activities in unique manner. Thus firm can operate in proper manner (Storey, 2016). ď‚·Vision: Successful entrepreneurs have a clear vision and mission. Business person can create strategies and policies to accomplish the objectives and goals. Hence organization can earn huge revenues and enterprise can enhance market share. ď‚·Versatility:Successful entrepreneurs can perform diverse activities and tasks. Thus they are considered as versatile performers. Entrepreneurs can complete every activity and tasks in proper manner . P.6 Entrepreneurial personality reflect entrepreneurial mind set and motivation There are two successful entrepreneurs such as Mark Zuckerberg and Bill gates. Both reflect their unique mindset and motivation. Successful entrepreneurs have unique mindset and qualities which is important for company to operate their activities in proper manner. Their motivation and distinct mindset help entrepreneurs to manage the resources in optimum manner. To evaluate the traits or features, Big five Framework is applied and it is described below: 2 Illustration1: Big five framework
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Source: Big five framework, 2018 It is interpreted from above image that big five framework is used by company which comprises of 5 steps. Openness to experience:It is a first part of the Big Five Force model that can reflect the innovation and creativity. Enterprise have to be successful non aligned so that they can acquire innovative and creative ideas. This helps the business in performing activities in proper manner. Conscientiousness:It is another crucial part of the model. Business person has to create strategies and policies so that firm can accomplish the long term goals. This helps entrepreneurs to complete their activities in time (Unger, and et. al., 2011). Extraversion:It is another crucial factor which helps the entrepreneur to communicate with each other. This is a important characteristic to accomplish the organization objectives. Agreeableness:Itisanimportantfactorthatmanagercanbecomecooperative, trustworthy and this helps the staff members to perform activities in proper manner. It results in improving the performance. Emotional stability: It is last step of big five framework in which business person can accomplishallactivitiesinpropertime.Thismotivatesentrepreneurstoaccomplishthe objectives. TASK 4 P.7 Background and experience can hinder or foster entrepreneurs Due to the entrepreneur background and experience, it directly supports or hinders the person to become entrepreneur (Welter, 2011). There are different factors which hinders or supports the person to become the entrepreneur. It is described below: Family background:Bill Gates is successful entrepreneur. If family members support thepersontobecomeentrepreneur,thenthepersonismotivatedandcanbecomethe entrepreneur.Thisresultsinpositivemotivationoftheperson (Unger, and et. al., 2011). If parents and relatives give proper guidance and support the person, then that individual is motivated to become successful entrepreneur and can give superior results. Marks Zuckerberg faces different risks and uncertainty. Their family members also supported them to become successful entrepreneurs. Nationality: It impacts on entrepreneurial motivation and mindset. It is the important factor which help in evaluating country's culture in systematic manner. If country supports a 3
person then that individual can become entrepreneur and if situation is vice versa then that person cannot become entrepreneur (Wheelen and Hunger, 2011). In case of Bill gates nationality is different and some factor hinder them to become a successful entrepreneur. Experience:Itisacrucialfactorwhichcanhinderorfosterpersontobecome entrepreneurs. If person has studied subject related to entrepreneurship in schools or college , then this facto highly motivates a person to become entrepreneur. This directly motivates person to become entrepreneur . If a person has earlier start a small business then it supports a person to become entrepreneur. This factor also motivates person to become an entrepreneur (Zott, Amitand Massa, 2011). CONCLUSION It has been concluded from the Project 2 that Unique traits and skillsof entrepreneurs helpsinmanagingactivitiesinpropermanner.BigFiveframeworkhelpsinreflecting entrepreneurial personality and motivation. Background and experience of person hinder or foster person to become entrepreneur. 4
REFERENCES Books and Journals Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new frontiers.Journal of Small Business Management. 49(1). pp.55-70. Schaper, M. T. and et. al., 2014.Entrepreneurship and small business. Storey, D. J., 2016.Understanding the small business sector. Routledge. Unger, J. M. and et. al., 2011. Human capital and entrepreneurial success: A meta-analytical review.Journal of business venturing. 26(3). pp.341-358. Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward. Entrepreneurship theory and Practice. 35(1). pp.165-184. Wheelen, T. L. and Hunger, J. D., 2011.Concepts in strategic management and business policy. Pearson Education India. Zott, C., Amit, R. and Massa, L., 2011. The business model: recent developments and future research.Journal of management. 37(4). pp.1019-1042. Online 10 Qualities of a Successful Entrepreneur. 2018.[Online]. Available. Through: </10-qualities- of-a-successful-entrepreneur/> 5