Entrepreneurship and Small Business Management

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: