Entrepreneurship and Small Business Management

This presentation explores the characteristic traits and skills of successful entrepreneurs, focusing on Thomas Edison as a prime example. It also discusses the difference between a business manager and an entrepreneur, and how background and experience can impact entrepreneurship. The presentation concludes by emphasizing the importance of motivation, risk-taking, and innovation in becoming a successful entrepreneur.

Entrepreneurship and Small
Business Management

INTRODUCTION
• The study will determine the characteristic traits and skills of successful
entrepreneurs along with the aspect of entrepreneurial personality that
reflects entrepreneurial mindset and motivation.

P5 Traits and skills of Thomas Eddison
• Thomas Eddison was the true innovator and
business leader. Entrepreneurs needs to have
skills and traits so that individual can start a
business and can run it effectively.
• Many business persons have proved that entity
can be started with good skills and knowledge of
person. Richard Branson is the great example of
it.

Skills and traits of Thomas Eddison
Skills and traits of Thomas Eddison are as following:
• Planner
• Innovator
• Risk taking skil
• Motivation skill and positive behavior
• Open minded

Difference between business manager and entrepreneur
Entrepreneur Business manager
•Entrepreneur is having risk taking personality.
Individual takes risk and utilize resources well in
order to establish the business successfully.
•The main objective of entrepreneur is to
successfully establish a new firm and maximize profit.
•Creativity and innovation are major skills of business
person. They implement innovative ideas in the
workplace so that entity can grow well in the market
(Drucker, 2014).
•Business managers take responsibilities of the
operations and do not take any risk. Individual follow
instruction of higher authorities.
•Business manager works to manage activities. Their
main motive is to monitor working of company
properly (Halme and Korpela, 2014).
•Monitoring and management are the skills of
business manager that support them in managing
activities of business well.

P6 Aspects of entrepreneurial personality reflect his
entrepreneurial motivation and mind set
• Entrepreneur is able to motivate people and influence their mind set. Thomas
Eddison is the successful entrepreneur, individual has skill to encourage its workers
so that they feel happy and put their hard efforts in order to accomplish goal of the
business unit.
• Eddision identifies needs of individuals and accordingly he provides them benefits
so that their needs can be fulfilled. This supports him in encouraging people in the
workplace and make them able to perform well in the organization

Cont.....
• Each individual has capability to be successful but due to fear factor
individual fail to utilize their abilities properly. But there are many
personalities those who have taken this challenge and has gained
successes.
• For example: Richard Branson is the great example of this. Individual has
faced failure many times but in spite of doing give-up he motivations own
self to perform well and to gain success

Cont...
• Eddison has face many difficulties in the initial phase and later phases as
well.
• Changing market condition, technological advancement were the major
issues for the person but motivational skill and positive behavior has
supported the person in performing well and sustaining in the market for
longer duration.

P7 Background and experience can hinder or foster
entrepreneurship
• Background and experience of individual impact on their entrepreneurship
to great extent. Positive background and good experience help the person
in identifying the situations well and taking appropriate decision.
• That helps them in becoming a successful entrepreneur. Entrepreneurship
is the difficult task. Some times background is supportive that creates
difficulty for the person in fulfilling their ideas in reality in effective
manner

Cont...
• One of the great example of background and experience is Richard Branson. He is the person
who became very famous become of his innovative ideas and risk taking capabilities. He was
suffering from Dyslexia. This is the disease in which individual fail to read and write things
properly. But as he was having capabilities and he has experienced critical situations in his
life. That experience have supported in converting issues into opportunities.
• On other hand poor financial background difficulty for the person in implementing their ideas
effectively. In such condition they have to compromise from their dreams.

Cont..
• For example Mark Zuckherberg is the same example , he was not having adequate money to run his
application. Apart from this, people were having no knowledge about Facebook and such type of
techniques thus, it was difficult to attract investors for this application (Rainnie, 2016).
• In addition, different cultural aspect was another issue that faced by the person.
• All these issues are related with background. But innovative skills and good communication have
supported him in making his dreams successful. He has experienced huge issues in his childhood thus, he
was self motivated and after so many failures he was feeling confident. This has supported the person in
gaining success and becoming a successful entrepreneur

CONCLUSION
• From the above report it can be concluded that entrepreneur have
motivational, risk taking and innovation skills.
• That make them able to accept challenges and convert issues into
opportunities.

References
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable
entrepreneurship. CRC Press.
Schaper. And et.al., 2014. Entrepreneurship and small business.
Seethamraju, R., 2015. Adoption of software as a service (SaaS) enterprise
resource planning (ERP) systems in small and medium sized enterprises
(SMEs). Information systems frontiers. 17(3. pp.475-492.