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Entrepreneurship and Small Business Management Traits and Skills

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Added on  2021-02-21

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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 and TASK 2.......................................................................................................................3Covered in Booklet.....................................................................................................................3TASK 3............................................................................................................................................3P5 Characteristics, traits and skills of successful entrepreneurs that differentiate them fromother business managers..............................................................................................................3P6 Entrepreneurial motivation and mindset................................................................................5TASK 4............................................................................................................................................6P7 Background and experience of entrepreneurs that foster their entrepreneurship..................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................7
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INTRODUCTIONThe ability and willingness to develop, organize and manage a business venture byinvesting some capital and taking all the risks and rewards associated with it so as to earn profitsis known as entrepreneurship and the person starting the business is known as an entrepreneur(Alvarez‐Garrido and Dushnitsky, 2016). All the businesses are initially started with an idea tofulfil the demands of customers in a way that the products or services provided them adds valueto their standard of living. This report discuss various business ventures and the typologies ofentrepreneurship which will help the global consultancy firm 'Make it work' to advise buddingentrepreneurs on how they can be successful in their ventures. Also the importance of small andmedium enterprises towards the economy of a country is discussed. Further the traits, skills andcharacteristics of successful entrepreneurs are explained along with the impact of theirbackground and experiences on being successful.TASK 1 and TASK 2Covered in BookletTASK 3P5 Characteristics, traits and skills of successful entrepreneurs that differentiate them from otherbusiness managersEntrepreneurs are ones who sets up a business in order to satisfy the demands ofcustomers and taking all the financial risks and rewards associated with the business in a hope ofmaking profits. Managers on the other hand are the leaders in an organisation whose main aim isto assign tasks, provide support and guidance to the employees and find appropriate solutions toproblems so that work is done within a set time frame. The characteristics, traits and skills of two successful entrepreneurs in the UK are given below :Duncan Bannatyne (Net Worth: $645 million)BasisDuncan BannatyneCharacteristicsSelf-motivated : He is always self-motivated in working more and in vastareas that made him a successful entrepreneur.Risk taking : He started his business with only $730, and took risk ofinvesting his minimum income efficiently.
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