Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 and TASK 2 Covered in booklet.......................................................................................1
TASK3.............................................................................................................................................1
P5 Examine characteristics, traits and skills of successful entrepreneurs that distinguish them
from business managers.........................................................................................................1
P6 Determine that how entrepreneurial personality shows motivation and mindset of
entrepreneurs..........................................................................................................................4
TASK4.............................................................................................................................................4
P7 Analyse how background and experience can delay or advance entrepreneurship with
examples.................................................................................................................................4
CONCLUSION................................................................................................................................5
REFERNCES...................................................................................................................................6

INTRODUCTION
Entrepreneurship is willingness and scope of developing, organising and managing
enterprise while bearing risks to earn profits. It is basically starting new business combining
land, workforce, investment and natural resources that will generates profits. Individual who
undertakes business is called entrepreneur and is basically characteristics by innovations and
risk-bearing (Volery and Mazzarol, 2015). This assignment will cover various types of
entrepreneurial ventures with its similarities and differences and relation with typology of
entrepreneurship. Impact of micro and small businesses on economy with the help of statistics
and data along with its importance for growth and development of society. How entrepreneurs
are different from managers in terms of skills and traits with different aspects of entrepreneurial
personality that reflects motivation and attitude. At last this report will examine background and
experience that brings or blocks success for entrepreneurs with the help of suitable examples.
TASK 1 and TASK 2 Covered in booklet
TASK3
P5 Examine characteristics, traits and skills of successful entrepreneurs that distinguish them
from business managers
An entrepreneur is individual who has passion to create and ability to execute ideas for
unseen opportunities in market environment. A manager is hired employee by owner of company
to manage workforce and take decisions in organisational structure (Brush and Greene, 2015).
Bill Gates is an American Businessmen and owner of Microsoft Corporation, here are some
skills, traits and characteristics which helps to distinguish them from other organisational
managers.
Skills:
Creative: It provides ability to introduce something new and innovate idea. This skills
helps Bill Gates to come up with new solutions for problems and to think out of box. This is
what other business manager lacks in their skills, they are obliged only to functions according to
processes of company and be in frame decided by management.
1