Entrepreneurship and Small Business Management

This report examines the characteristics, traits, and skills of successful entrepreneurs and differentiates them from business managers. It also explores the impact of background and experience on entrepreneurship.

Entrepreneurship
and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in Brochure....................................................................................................................3
TASK 2............................................................................................................................................3
Open book assessment ................................................................................................................3
TASK 3............................................................................................................................................3
P5: Determination of skills as well as characteristic traits of entrepreneurs that are successful
and differentiating them with business managers:.......................................................................3
P6: Assessment of entrepreneurial personality aspects that reflects motivation and mindset of
entrepreneurs:...............................................................................................................................5
M3: Exploration and examination of different lines for argument in relation to entrepreneurial
characteristics:..............................................................................................................................7
D3: Analysing characteristic traits, motivational drivers as well as skills incorporated with
successful entrepreneurs, with support of specific examples:.....................................................7
TASK 4............................................................................................................................................7
P7: Examination of background and experience that fosters and hinders entrepreneurship:......7
M4: Analysing link among entrepreneurial characteristics along with influence of experience
as well as personal background to successful entrepreneurs:......................................................8
D4: Critical evaluation of background as well as experience that influences entrepreneurs in a
positive and negative manner by comparing as well as contrasting examples:...........................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship can be elaborated as an ability of developing, organizing and running
an enterprise with involvement of high uncertainties with the motive of making profit (Botha and
Bignotti, 2016). Further, small business management indicates procedure of aligning as well as
coordinating every aspects of small business, which involves, management of employees,
financial activities, suppliers etc.
This report covers examination of various types for entrepreneurial ventures and
explanation of typology in context to entrepreneurship. Further, similarities as well as differences
among entrepreneurial ventures are explored. Scope, development as well as growth of diverse
range in relevance to entrepreneurial ventures are critically examined. Characteristics traits as
well as skills that successful entrepreneur pertains are determined and differentiated from
managers of business. Entrepreneurial personality aspects which reflects motivation as well as
mindset of entrepreneur are assessed. Lastly, relevant examples are provided for examining
background as well as experiences that fosters or hinders entrepreneurship.
TASK 1
Covered in Brochure
TASK 2
Open book assessment
TASK 3
P5: Determination of skills as well as characteristic traits of entrepreneurs that are successful and
differentiating them with business managers:
Characteristics and traits define ways in which a person behaves in different aspects of
life. In other words, it can be stated that characteristics and traits indicates valued aspects in
relevance to behaviour of a person (Jeske and Axtell, 2016). Characteristics as well as traits of
successful entrepreneurs are described below:
William Lever:
William Lever is a founder of Unilever which is a British multinational organization of
consumer goods.
Characteristics of William Lever:

 Decisiveness: Entrepreneurs are bound to make critical decisions for success of business
ventures. William Lever pertains this characteristics of making effective decisions
regarding activities of business which proves to be of great help for ensuring success of
Unilever and becoming a market leader. Incorporation of ability related to quick and
effective decision making ensures implementation of adequate managerial decisions. This
characteristic of an entrepreneur is necessary for ensuring sustainability of a firm in this
complex and evolving corporate world where completion is increasing at larger pace.
 Team building: Apart from above mentioned capability, another characteristic of
William Lever is effective team building capability. It helps in encouraging employees to
work hard for attainment of organizational goals which enhances proficiency of an
enterprise (Johnson and Jordan, 2019).
Traits:
 Creativity: While considering personality trait of William Lever it can be noted that,
entrepreneur pertains creativity. It helps in creating new ideas or innovations which
enables a company to align with transforming expectations of customer and provides
competitive edge to an entity. Passion: William Lever is passionate about his work. It is essential for a entrepreneur to
be passionate about success of business venture as it boosts a person to work hard
consistently and take risk for improvising recognition and image of firm in market.
Overall, it motivates an entrepreneur and drives a person to achieve the desired vision.
William Morrisons:
William Morrisons is founder of Morrisons which is a successful firm that operates in
United Kingdom in the sector of retail.
Characteristics:
 Vision: William Morrisons have clear vision, which indicates that goals and purpose of
starting a business venture of an entrepreneur is clear.
 Persuasiveness: It indicates influential ability of a person. William Morrisons
incorporates characteristic of being persuasive. It provides ability to a entrepreneur to
convince its customers for purchasing products or services of an organization. It served as
one of the major reason behind success of Broadswords event house.
Traits:

 Risk Taking: Entrepreneurship is risk associated approach and hence incorporation of
ability for achieving success by bearing risk or loss associated with it proves to be helpful
for William Morrisons in relevance to gaining success. Flexibility: William Morrisons is flexible in context to approaches that is required to be
adopted for achieving set objectives and completing deciding target or task. This trait
helps an entrepreneur to be successful in this dynamic and evolving corporate world.
John James Siansbury
Characteristics:
 Goal mindset: It states that John James Siansbury is oriented towards achievement of
goals set. It enables an entrepreneur to work hard for success and growth of venture.
 Tenacity: This characteristics boosts John James Siansbury to overcome challenges and
hold on objectives or targets for gaining success in this competitive era.
Traits:
 Optimism: John James Siansbury pertains a trait of looking for a positive side that is
associated with a situation. Hence, helps entrepreneur in finding new ideas or solutions
for problems related to business.
 Versatility: It signifies successful expansion of business operations as a versatile
entrepreneur enables engagement of a team which is high performing. It leads to
improvisation in sustainability as well as efficiency of an enterprise.
P6: Assessment of entrepreneurial personality aspects that reflects motivation and mindset of
entrepreneurs:
Personality aspects of an entrepreneur pertains high impact on level of mindset as well as
motivation. These influences or impacts are discussed below along with Ocean model:
Ocean model: This model of personality trait was introduced in the year 1980. It
describes personality aspects or human behaviour which pertains an influence on decision-
making and evaluates differences associated with personality (Marinaș, Igreț and Marinaș, 2018).
There are mainly five factors which are identified in Ocean model. Such factors are analysed
below:
 Openness for experience: It refers to a general appreciation in context to imagination,
curiosity, adventure as well as variety of experience. However, person that pertains high
openness is expected to pursue high degree of self actualization. While on the other hand,

person which is low in relevance to openness is tend to be closed minded or dogmatic.
William Lever can be stated as a person which is high in relevance to openness. As an
entrepreneur pertains high creativity level and desire for gaining or improving knowledge
and expertise. Further, entrepreneur is also focused towards exploring opportunities ans
new potential areas.
 Conscientiousness: It signifies desire for becoming diligent as well as careful fir the
purpose of regulating immediate gratification along with self-confidence. It involves
traits such as discipline, reliability, ambition as well as consistency. On the contrary,
people with low consciousness indicates flexibility or spontaneity but lacks reliability and
appear as sloppiness(Stansbie, Nash and Chang, 2016) . William Morrison can be
considered as a person that showcase high conscientiousness because an entrepreneur
states high reliability which encourages investors to invest in business venture. Apart
from it, person conducts proper and effective planning and formulates strategies for
successful completion of operations or activities of an enterprise.
 Extraversion: It can be marked through pronounced engagement of a person with
external world. People that is highly extraversion indicates personality which prefers
going out and possess high visibility in group. In other words, extraversion person tends
to be dominating in case of social settings.
 Agreeableness: It indicates measurement of interaction of an individual with others and
it is characterised through degree of cooperation or compassion. It involves tactfulness,
kindness as well as loyalty. High agreeableness states that an individual is kind,
trustworthy, generous or considerate. Hence, such type of people pertains an optimistic
view towards nature of a human. While on the other hand, person which is low in
agreeableness comes up as a competitive and challenging person and often seen as
untrustworthy and argumentative (Moghaddam, 2017). In context to John James
Siansbury, it can be noted that entity is incorporates high agreeableness.
 Neuroticism: It represents a tendency towards personality traits that are negative, such
as, emotional instability as well as thinking which is self-destructive. It involves
personality traits such as, pessimism, insecurity, fearfulness as well as anxiety. William
Lever, William Morrisons and John James Siansbury experience low neuroticism as they

are able to adequately and successfully manage an enterprise which is not possible with
low confidence and unstable state of mind.
M3: Exploration and examination of different lines for argument in relation to entrepreneurial
characteristics:
Entrepreneurs are born not taught: In context to John Jack Siansbury, this line proves to
be correct because entrepreneur was not able to continue his school at a early age of 10. still, he
was able to successful run and manage a multinational entity. It indicates that entrepreneurial
traits are incorporated within a person and no one can teach it to another person.
D3: Analysing characteristic traits, motivational drivers as well as skills incorporated with
successful entrepreneurs, with support of specific examples:
From the above mentioned factors it can be considered that team building, decisiveness,
vision, persuasiveness, goal oriented and tenacity are some characteristics of successful venture.
While, optimism, versatility, risk taking, flexibility, creativity and passion are some
entrepreneurial traits associated with successful entrepreneurs.
TASK 4
P7: Examination of background and experience that fosters and hinders entrepreneurship:
William Lever: Entrepreneur was born on 19 September 1851 in England. He is an
industrials, politician as well as philanthropist (Patacsil and Tablatin, 2017). William Lever has
gained eduction from small private school of England till the age of nine and later from church
schools till the age of fifteen. Entrepreneur had started working at the age of 15 with his father in
the business of wholesale grocery. Further, William Lever has established an entity named lever
brother along with his brother. Nowadays, this soap making company is a part of Unilever.
William Morrisons: Person was born in August month of 1956. William Morrisons was
brought up in West Yorkshire. He started his business by initially selling butter as well as eggs
on wholesale in the year 1899. Later, entrepreneur opened a staff in the area named Bradford.
Further first proper store of an entrepreneur was launched in the year 1920 which later turned out
to be a successful multinational organization, named, Morrisons.
John Jack Siansbury: Entrepreneur was born in the year 1844 at Lambeth. Father of
John James Siansbury is John Siansbury which is a picture frame maker and ornament maker.

Entrepreneur started to work in the age of 14 and had not studied after the age of 10 or 11. First
job of John James Siansbury is in New Cut of Lambeth (Pinto and Pereira, 2019).
M4: Analysing link among entrepreneurial characteristics along with influence of experience as
well as personal background to successful entrepreneurs:
As all the above mentioned entrepreneurs have started working at early age which
fostered experience level of them and provided an opportunity for enhancement of various
entrepreneurial characteristics within them, such as, team building, risk taking, self confidence
etc (Rothman and Sisman, 2016). The innovation trait and problem solving characteristic of
William Morrisons has made him a successful entrepreneur through making him able to analysis
and detect flaws going in the companies he worked in the past and also motivates him to come
up with Bulb company which lead to better and optimum use of energy. On the other hand, John
Jack Siansbury has seen lack of money and resources in his childhood thus, with the help of his
trait and characteristics of leadership and risk taking together with a focused and mindfulness
skills has made him a successful entrepreneur.
D4: Critical evaluation of background as well as experience that influences entrepreneurs in a
positive and negative manner by comparing as well as contrasting examples:
Working at early age enhanced entrepreneurial capabilities of a person I context to
market knowledge, experience, team building etc. but, as some of above mentioned
entrepreneurs, such as John James Siansbury, have restricted him to develop skills and expertise
(Zreen and et. al., 2019). Further, the family background of John Jack Siansbury is more
reflected with art and creativity as his mother was a model which supported him with better
financial help and also leads to enhanced creativity and innovation thinking in William Lever
along with ability of critical thinking which have positive impact in becoming a successful an
entrepreneur. can be evaluated that the background of John Jack Siansbury is basically comes
and belongs to economically weaker part and section of the society which motivates them to
strive and work harder for the success in order earn better profit through an effective and well
managed business therefore, provided direction to buy and start business through buying a petrol
pump which lead to huge success to become a more successful and billionaire business men.

CONCLUSION
From the above report it can be concluded that entrepreneurship can be viewed as
procedure of designing, starting and running a business venture for generation of profit. Hence,
entrepreneur is a person which pertains capacity as well as willingness of entailing risk.
Entrepreneur runs a business with incorporation of an innovative idea and ensures its
implementation with the aim of earning high profit. Along with it, small business management
also concentrates towards planning or formulation of roadmap for performing daily activities of
an entity and gaining success and growth.

REFERENCES
Books and Journals:
Botha, M. and Bignotti, A., 2016. Internships enhancing entrepreneurial intent and self-efficacy:
Investigating tertiary-level entrepreneurship education programmes.
Brown, C. and et. al., 2018. Sport management internships: Recommendations for improving
upon experiential learning. Journal of Hospitality, Leisure, Sport & Tourism
Education.22. pp.75-81.
Chou, C. M. and et. al., 2017. Tertiary students’ entrepreneurial career intentions of
entrepreneurship-embedded internship programs. Studies in Higher Education. 42(11).
pp.2116-2133.
Farmaki, A., 2018. Tourism and hospitality internships: A prologue to career
intentions?. Journal of Hospitality, Leisure, Sport & Tourism Education. 23. pp.50-58.
Goia, S., Marinaș, C. V. and Igret, R. Ș., 2017. A plea for quality in internship programmes–
evidence from the business and administration students’ experience. Management &
Marketing. Challenges for the Knowledge Society.12(1). pp.49-60.
Griffin, M. and Coelhoso, P., 2019. Business students’ perspectives on employability skills post
internship experience. Higher Education, Skills and Work-Based Learning.
Jeske, D. and Axtell, C. M., 2016. Going global in small steps: E-internships in
SMEs. Organizational Dynamics. 45(1). pp.55-63.
Johnson, J. E. and Jordan, M. L., 2019. The Development of Undergraduate International
Business Practicums in Small Business Schools: An Experiential Learning
Framework. Journal of Teaching in International Business.30(1). pp.6-32.
Marinaș, C. V., Igreț, R. Ș. and Marinaș, L. E., 2018. Predictors of Quality Internship Programs
—The Case of Romanian Business and Administration University
Education. Sustainability.10(12). p.4741.
Moghaddam, J. M., 2017. Motives/reasons for taking business internships and students’
personality traits. The International Journal of Organizational Innovation. 9(3). pp.93-
105.
Patacsil, F. F. and Tablatin, C. L. S., 2017. Exploring the importance of soft and hard skills as
perceived by IT internship students and industry: A gap analysis. Journal of Technology
and Science Education. 7(3). pp.347-368.
Pinto, L. H. and Pereira, P. C., 2019. ‘I wish to do an internship (abroad)’: investigating the
perceived employability of domestic and international business internships. Higher
Education.78(3). pp.443-461.
Rothman, M. and Sisman, R., 2016. Internship impact on career consideration among business
students. Education+ Training.
Stansbie, P., Nash, R. and Chang, S., 2016. Linking internships and classroom learning: A case
study examination of hospitality and tourism management students. Journal of
Hospitality, Leisure, Sport & Tourism Education. 19. pp.19-29.
Zreen, A. and et. al., 2019. The role of internship and business incubation programs in forming
entrepreneurial intentions: an empirical analysis from Pakistan. Central European
Management Journal. 27(2). pp.97-113.