Entrepreneurship and Small Business Management (Part 2) Report

This report delves into the realm of entrepreneurship and small business management, focusing on the characteristics and skills essential for entrepreneurial success. It examines traits like risk-taking ability, money management, and flexibility, as well as entrepreneurial personalities and motivations. The report analyzes the roles of successful entrepreneurs such as Mark Zuckerberg and Bill Gates, and explores components that foster or hinder entrepreneurship, including the influence of background and experiences. Furthermore, it discusses the arguments surrounding entrepreneurial characteristics and provides a comprehensive overview of the factors contributing to entrepreneurial success. This report is a valuable resource for students seeking to understand the multifaceted aspects of entrepreneurship and apply them in the real world.

Entrepreneurship and Small
Business Management
(Part 2)

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 3............................................................................................................................................1
P5: Characteristic traits and skills of potential entrepreneurs.....................................................1
P6: Entrepreneurial personality that reflects motivations and respective mind set....................3
M3: Examine various argument relating to entrepreneurial characteristic.................................4
D2: Derivers of successful entrepreneurs...................................................................................4
TASK 4............................................................................................................................................4
P7 Components that foster or hinder the entrepreneurship.........................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
In context to deal with innovative and creative aspects, an individual need to make use of
ideas to transform within an organisation to develop new businesses. Entrepreneurial prospective
is concern with taking risk to get maximum return in coming time. This particular part is
associated with “Just eat”. All the issues related with products and services are discussed under
this report. Scope and primary objective to use their business operations as an innovative
entrepreneur are mentioned under this project. Characteristics traits and skills are discussed to
make successful entrepreneurs more effective. Accessibility about different personality that
reflects motivation and mindsets of entrepreneur are discuss under this report. With the use of
relevant examples to support experience of various entrepreneurial persons are discussing
effectively in this report (Storey, 2016).
TASK 3
P5: Characteristic traits and skills of potential entrepreneurs
It has been seen that, all successful individual are having certain kind of potential and
ability to make innovative ideas into transformation of business more effectively. By their
creative thinking capability they are able to increase moral of people and other employees those
are working with them. This can be great aspects for young people to make use of their valuable
comments and steps in its daily life to increase overall growth and gaining upcoming advantages
to their businesses. It is important to determine skills and traits which will be supportive them to
attain aims and objectives in more effective manner (Goss, 2015).
All those aspects that would be helpful to make strategies regarding future events so that
employees can get motivated toward to perform their job more specifically (Aspects of
Entrepreneurial personality, 2017). There valuable thoughts are more helpful for employees to
guide them and make right direction to make strategies toward innovative thinking. The two
valuable entrepreneurs those are responsible for transforming world with their effective business
decisions and products offered to various customers. The two of the most attractive entrepreneurs
those are said to be an effective examples for young generations to use their ideas in daily
lifestyle. Some of them are Mark Zuckerberg and Bill gates. It has been observed that both of
them are having innovative thinking and ability to make their ideas into delivering latest feature
products and services to the nation. It has been determined that both of them are having extra
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ordinary talent and ability in their respective field that make them different from each other.
They are having specific passion to create something new and innovative that is more effective
for entire nations. The most significant characteristic which are they carries are discussed
underneath:
Risk taking ability: It has been determine that both personalities are having certain
special kind of ability to take risk in order to make business more effective and strong in
comparison to other. This seems to be more crucial aspects to get success in coming time to
manage their overall business operations. It has been observed that if risk taking ability is higher
than the capability of gaining can get enhances at the same time (Fassin, Van Rossem and
Buelens, 2011).
Money measurement: This seems to be more specific characteristic which consists of
ability to manage and operate finance in more effective manner. It can help in evaluating
performance of various operations in more reliable manner.
Flexibility: It is necessary aspects which posses by both concern parties in respect to
make alteration in their necessary policies and planning as per the necessary changes in respect
to market demand.
Hard work: It is an important capability which makes them separate from one another.
This can leads to make good efforts in increase goodwill of the company. This can represent
overall profit and market growth in respect to analyse about their hard working aspects in respect
to other (Neck and Greene, 2011).
Some crucial aspects that are related with traits and skills of two entrepreneurial are
discussed underneath:
Purposeful: It has been seen that both entrepreneurs are having reliable skills to target about their
business aims and objectives. This kind of ability assist to stick on their overall plans that can
follows to attain their overall vision and mission of an organisation.
Communication capability: It is an effective aspect that are being carried by both personalities
that helps to deliver more effective roles and responsibility to their staffs and workers those are
working in an organisation.
Quick learner: As an entrepreneurial are more innovative as they are grab new changes and
modification that are needed to be helpful in their overall growth and profitability. Large number
of opportunities is available to understanding about customers regarding necessary changes.
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P6: Entrepreneurial personality that reflects motivations and respective mind set
The more significance aspects relative with entrepreneurial persons is formulating
business in more effective manner. It is an utmost important activity which is needed to conduct
as per the ideas which are being applied by their owners. They need to have more positive
personality so that they would indicate more reliable and good impacts for the society. In order
to have specific qualities that shows valuable skills and quality of an individual. These traits
would make helpful for the personalities as entrepreneurs to present positive results in coming
time. It is said to be more valuable behaviour of individual to follow towards those personalities
and wants to make modification as per their current lifestyle (Karlan and Valdivia, 2011).
These are having huge impacts on an individual as well as nation. It is primary duty of
those personalities to do business with dignity and ethically manner. Both of them belong from
middle class family, after completing their educations and passion to make innovative ideas
towards necessary activities. This will motive all persons to formulate all such traits and become
attractive personalities and make modification with their latest and creative thinking ability.
Basically, major personalities are playing a very crucial role in inspiring others because they are
having very unique and distinct outlook from others as they believe in doing something creative
which make them totally distinguish.
In order to determine all necessary traits, it is necessary to make use of Big Five models
which is discussed underneath:
Openness to experience: It is necessary to reflect the high degree of creative, innovative and
skilled thinking individual which is having proper knowledge about day to day operations that
are done in current time.
Conscientiousness: This particular ability and traits provide necessary information to
entrepreneurs that would be helpful in efficient management of their work and must be conscious
regarding attainment of desire aims and objectives. by using this, every mentioned aims can be
attained in more quick time (Unger and et. al., 2011).
Extraversion: According to these particular aspects which are responsible for evaluating
performance of entrepreneurs which is energetic at their work and more socially strong. They are
more specific quality which will be use for the betterment of society.
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Agreeableness: This would depict that entrepreneurs would be more effective in terms of nature
and will be more cooperative and reliable so that their member would remain happy with them
for longer period of time.
Emotional stability: As per this particular traits which indicate that entrepreneurs would be
calmer in taking any kind of effective decision that would be helpful in attainment of future aims
and objectives (Bridge and O'Neill, 2012).
M3: Examine various argument relating to entrepreneurial characteristic
There is one of the most common arguments between researchers about if entrepreneurs
are more optimistic and if optimistic person related to their characteristic of another individual
which is having more innovative ideas as compare to other one. This will be great aspects of
determining ambition and self confidence among people to make their business more effective in
respect to other innovative persons. They are mostly related with taking new outcomes from their
mistakes and develop inner ability to deal with any critical situation arises in front of them.
D2: Derivers of successful entrepreneurs
This can be seen that overall study is providing crucial information about all those
personalities that has made people to think according to their strength. It is mainly associated
with associated with winners. Some specific personality such as Bill gates who is more related
with punctuality and hard working ability. They always ready to deal with any kind of situation
whatever comes in their ways.
TASK 4
P7 Components that foster or hinder the entrepreneurship
An individual whomsoever is becoming successful in their life are going through various
stages of life cycle either positive or negative because attainment of set objectives in not an easy
task due to the changes in various other factors. For example; sometime experience and
background both the elements have a major impact on individual minds. It means, if parents or
family of a person is engaged in a ethical work they their coming generation also get motivated
towards same path. On the other hand, if family are involved in unethical or wrongful conduct
then it automatically affects the minds of their kids. It means background of a person plays a
very vital role in motivating them towards common goals or targets. Along with past experiences
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are also somehow have greater influence on a success path of a person because knowledge are
affecting an individual in distinct manner. For instance; one individual is working under major
leader of particular association and gained maximum knowledge or learning which helps them in
their future development. Additionally sometime they also get motivated to become a leader by
learning the technique of controlling a large group (Chrisman and et. al., 2012).
Hence, these examples shows that background and experiences is very useful which
affects the person minds and act as a manipulation tool because it might manipulate a person to
perform specific task or job role. Beside this, one most relevant example of this case is that ;
children of doctor always get attracted towards this profession only because he/she is surrounded
by this only but at the same time in few cases children’s might hate to follow same profession as
their parents and wanted to do something unique or different from others. In fact successful
leaders are also inspired from their parents; some of them are learner from their worst
circumstances, life cycles. Apart from this, few persons believes in doing something different
and see everything in a totally innovate way. For instance; Nelson Mandela is a great leader who
always believes in working for entire society in order to uplift the whole community instead of
self development. On the other hand, Bill Gates is seen as most appropriate example of
inspiration which plays a very eminent role in encouraging others towards becoming a successful
entrepreneur because he act as great manager. As he has the ability to assist a large group and
become one of greatest billionaire across international level by gaining attention of maximum
clients as well as develop a whole world. Actually his motive is to bring something new for
facilitating society with unique ideas or thoughts in order to generate more or more revenue in a
minimum time period.
Hence, examples of famous leader’s shows that everyone has the ability to introduce
something new or different as compare with others as well as must have potentiality to establish
their image at marketplace. It means, background and experiences act as a major tool for
encouraging a common people towards their objectives by helping in identifying hidden talent in
order to make something new. Meanwhile, examples promotes to become an entrepreneur for
establishing goodwill at market by gaining competitive advantage as well as inspired other also.
CONCLUSION
From the above project report, this has been concluded that every entrepreneur is having
certain kind of ability that they use in making crucial decision in order to increase profitability
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and growth of their business. For this purpose, they need to keep continuous monitoring of
outcomes and use innovative ideas that can provide more quick outcomes in very less period of
time.
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REFERENCES
Books and Journals:
Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐
economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-
293.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
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.
Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
microfinance clients and institutions. Review of Economics and statistics. 93(2). pp.510-527.
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.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’ perceptions
of business ethics and CSR-related concepts. Journal of Business ethics. 98(3). pp.425-
453.
Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Online
Aspects of Entrepreneurial personality. 2017.[Online].Available
through:<http://smallbusiness.chron.com/important-small-businesses-local-economies-
5251.html>.
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