Entrepreneurship and Small Business Management: Assignment Solution

Entrepreneurship and small
business management 2

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 2............................................................................................................................................1
P5 characteristic traits and skills of successful entrepreneurs:...............................................1
M3 Different lines of argument relating to entrepreneurial characteristics...........................3
M4 Link between entrepreneurial characteristics and the influences of personal background
and experience to specific successful entrepreneurs:............................................................4
P6 Entrepreneurial aspect's personality reflect entrepreneurial motivation and mindset:......4
P7 Relevant example how Background and experience can hinder or foster Entrepreneurship:
................................................................................................................................................6
D3 Characteristic traits, skills and motivational drivers of successful entrepreneurs:...........8
D4 Background and experiences influences entrepreneurs, both positively and negatively: 8
CONCLUSION ...............................................................................................................................9
REFERENCE ................................................................................................................................10

INTRODUCTION
Entrepreneurship is the activity of setting up a business or taking risk in business. In a
small business entrepreneurship is who develop, organize and manage a business venture and
taking risk. Entrepreneurship is in small business to maintained role in the firm like they have
opportunities to maintained kinds of growth in the business (Jenkins and McKelvie, 2016). In
this report entrepreneurship has plays vital roles in organization like they have controlled all over
the operation and process in business which determines main advantages in firm.
The entrepreneurship also defines major how to take risk because entrepreneur have
ability to take risk in business like take cation which impact are going to business but some time
its work positively and some time it works negatively. This report also discuss about how can
entrepreneur give motivation to employees to manage their work and do hard work in business
this will impact gong to business.
The report will include about how the Federation of Small Businesses promote positively local
area and also support to potential entrepreneur to start new business.
The report will discuss about the characteristics, traits and skills of successful
entrepreneurship and it also includes background and experience that can hinder or foster
entrepreneurial personality reflects entrepreneurial motivation and mindset.
PART 2
P5 characteristic traits and skills of successful entrepreneurs:
In today’s contending world of business, it is important for the businesspersons to
strategically operate their business with effective decisions incorporating the undertaken
decisions. Entrepreneurship in the present context does not only refer to the establishment of
several ventures at different locations but is also and fore mostly about the attitude of the
entrepreneurs. Entrepreneurship is referred to be an insight which necessitates the entrepreneur
to possess a right kind of attitude towards the start up. It should be along with a keen
determination of attaining the intended success (Bullough and et.al., 2015). A successful
industrialist is also suggested having a strong internal drive to get successful in the future by
together being enough capable of overcoming the problems.
This is also on considering the fact where a successful entrepreneur is not only
responsible to set high goals but is also required to attain them in a specified manner and within a
1

set period of time. This necessitates them to stay committed towards the goal with a greater sense
of confidence to overcome its setbacks as well. Another vital quality is to always look forward
towards doing something creative and innovative in the business with a self-assured and sturdy
persona. Such a focused and self-confident approach differs the businessperson from ordinary
people where their new propositions assists them to emerge as a champion.
Openness is referred to be yet another significant feature of a successful entrepreneur
who should be always ready for accepting new things and bring relevant set of changes in the
existing procedures of work that are not producing any productive results. This requires a
determined and persistent outlook towards choosing alternative measures to reinvent the business
with better options to operate the business with improvised goods and services (Kyndt and
Baert, 2015). It states the fact of being evolutionary with new set of thoughts and ideas to
propose enhanced products and services to the clients and users. This will not only incorporate
the advanced technical measures that are enough progressive in nature but will also satisfy the
dynamic wants of the consumers. It in turn will also result in increasing the productivity of the
business from all aspects.
Next is a motivated and active outlook of an entrepreneur who can never get scared of an
intensifying state of competition in the market. Studies have revealed monopoly to be the worst
consideration of operating a successful business where an ideal entrepreneur should never accept
the existence of monopoly in the business. It is due to its negligible scope of development onto
the business. A successful businessperson with high level of commitment and confidence should
also be comfortable with the idea of criticism where critics will show the path of relevancy to the
entrepreneur, if taken correctly. Criticism will duly acknowledge the shortcomings of a business
with an ease of identifying the requisite amendments that are needed to be done for overcoming
the same.
Apart from this, there together exists some other pertinent features of an industrialist who
is always required to be passionate, willing and resourcefulness to continue improvising and
paying attention to others opinions (Zaridis and Mousiolis, 2014). This is for instance on
referring to some realistic examples of successful entrepreneurs where Milton Hershey is one
such example who started his own company in the age of 37 years, after dropping out the school
at an age of 13 years. After which, he started apprenticing in the field of candy making and lent
2

money for starting a new candy shop that ultimately failed. He thereby started his real journey in
the age of 26 years by initiating his Lancaster Caramel company with a later existence of
Hershey, when he attempted to invent milk chocolate.
Another example of Steve Jobs who was a college dropout and still managed to fly high
because of his determined attitude and a self-disciplined approach towards achieving his set
goals. He thereby aspired to become an entrepreneur and thoroughly succeeded in it. All these
examples prove that an entrepreneur is not always born but is required to attain certain set of
characteristics to become successful. These features involve open mindedness, a creative and
determined attitude with a self-starting approach and strong skills of work ethics, communication
with a passionate attitude. All aforesaid traits are evident to develop in a person aspiring to
become an entrepreneur with no requirement of being a businessperson, right from the birth.
Although, a successful entrepreneur is required to have strong skills of managing money with
adequate knowledge of product and market to plan effectively (Eesley and Miller, 2018). Also,
an adaptable nature is required to be flexible towards inventing something new and in
accordance to the changing demands of the clients and users.
M3 Different lines of argument relating to entrepreneurial characteristics.
Entrepreneurial characteristics are comprised how they perform operation in business like
their style and purpose which makes entrepreneur very successful. The characteristics of the
entrepreneur also defined as the part of generations which reflects to the entrepreneurship
personality and motivation mindset. Entrepreneurial in small business gives their idea's and also
nit afraid to take to risk. The characteristics are argument to the entrepreneurial personality and
their relationship to customers. In the UK economy many businesses has to own individually an
also performed operations in business. Which implement various kinds of business purpose. The
characteristic arguments in entrepreneurial personality because their work is reflected to
entrepreneur personality and traits (Shelton and Minniti, 2018). The entrepreneurship
characteristics has to outline the entrepreneur have ability to maintained the cost in business and
also achieve all kinds of takes in business which reflects to the business ideas.
3

M4 Link between entrepreneurial characteristics and the influences of personal background and
experience to specific successful entrepreneurs:
The link between entrepreneurial characteristics and personal background experience can
specific successful entrepreneurship can defined both are the influence the working in the
organisation. Both give and idea how start business and operate it. The like between the
characteristics and the personal background experience bit can defined the role of
entrepreneurship in business and how they adopt business responsibilities. Entrepreneurship
main work in business to having limited resource and make planing, controlling, managing and
implement innovation in business. This will define the great idea to start business. The link
between entrepreneurial characteristics and background experience can be formed as the
successful entrepreneur capability which is comprised to making business like great business
owner only know the business opportunities and their threats (Parker, 2018). Experience can
only gives knowledge how to rules can applied in business decision making process and
characteristics define the working personality in business.
P6 Entrepreneurial aspect's personality reflect entrepreneurial motivation and mindset:
Entrepreneurship mind set define the positive idea which is not comes to normal person is
only come to the positive people ideas. Th entrepreneur role in organization to gives motivation
to their employees to achieve goals in business like they have duty to encourage their employees
to manage all kinds of work related to business and also relates to organizationals Many ways to
define entrepreneurial personality reflects entrepreneurial motivation and mind which is
discussed below-
 Positive thoughts- The entrepreneurial always motivate their employees to done hard
work and also defined how to make opportunities in business. The great entrepreneur is
always thought positive and work positive. If person can have to done work with positive
mind they definitely achieve goals In their life if they not thing positive and always thing
negative they are unable to having success in their life. Entrepreneurial always have to set
mind to think positive in business which can help to take positive action in business and
also having opportunities witch is determines the factors which influence and gives
motivation in business (Sassmannshausen and Volkmann, 2018). Positive mind always
defined the good idea in business which is also comprised the benefits and also define the
effort in business.
4

 Not missing opportunities- Entrepreneurship personality also reflects to entrepreneur
mind set because the entrepreneurship is the only one who never miss opportunities in
business like many investors are trying to invest in business and also having partnership
in business. The entrepreneurship are who take risk in business and some risk can be give
positive results according to the customers requirements, in other hand entrepreneurship
also take advantages in competitors area they take opportunities to present better quality
products according to their competitors. For example- many organisations can face
problems for their competitors into the market and the entrepreneurship are take
opportunities to present better quality products. Entrepreneurial mind is always taken
positive action in firm and they also motivate their employees to work hard and make
growth in firm (Hornsby and et.al., 2018).
 Positive action oriented- Entrepreneurial personality influence to take positive action in
firm. Action oriented is also had personalty of entrepreneurial which define to take
strategic action in firm which is beneficial for firm also beneficial for customers. Action
are comprised like planing, organizing and maintaining all kind of process in firm and
take strategic decisions and all those decision are taken to positive mind also learn form
those decision to take advantages in firm (García-Sánchez and et.al., 2018).
Entrepreneurial personality also reflects to all employees which are work in small
organization because in small company all the employees and leaders can work together
so they are learned form each other skills and they also motivate each other to take
actions.
 Taking responsibilities- In organizations entrepreneurial work in enterprise to take all
kinds or responsibilities. The entrepreneurial in firm who are able to maintained each
kinds of work which relates to organizations and also co-ordinates to employees
entrepreneurial in small business are controlled many process like marketing, production,
sales department. In accordance each department have different kinds responsibilities
which entrepreneur able to take and as well as maintained. Entrepreneurial personality
motivate their employees to take responsibilities towards organisation work. For
example- Thomas Edison is great entrepreneur who are able to take all kinds of
responsibilities in their firm and also make much equipment which is used people in daily
like. The great personality also give motivation to their employees able to take action
5

positive action and also have to set positive mind in working time which help to take
decision in firm (Turner and Gianiodis, 2018). The great entrepreneurial personality also
reflects to motivate mindset because entrepreneurial are able to maintained all process in
firm which is according to the requirements of firm.
 Better growth- Entrepreneurial in firm who are responsible to make growth like they
have established goal for employees and motivate them. Entrepreneur in small business
to define many kinds work which is reflection to its personality. Like they present idea
and discuss about employees and also take suggestion for each employees who are able to
maintained growth in firm and also help to motivate them. He is the only who are taking
many actions which is increased growth of the firm, in other hand many ways to
entrepreneurial increased growth in firm like order to promoting their goods and services
and also maintained all over process in firm and as well as established goals towards
employees. The main aim of firm which take strategic cation in firm like they have
opportunities to make goals and also take strategic decision which is help to improving
firm process.
P7 Relevant example how Background and experience can hinder or foster Entrepreneurship:
The background and experience can hinder or foster entrepreneurship because much
experience and hinder are influence the entrepreneurship characteristics. Some experience are
defined the situation or condition which can help to understand the main requirements in the
organisation and entrepreneur have ability to maintained business responsibilities. Example of
Elizabeth, she is belonged to very poor family and she cannot afford basic thing in life. Her main
motive is to make money and operate small business she has ability to complete to face many
challenges in life. Elizabeth childhood is suffering from many difficulties and she doesn't loss
hope and make practice to achieve goals in their life. She ha aims to operate small medium
enterprise and having success then (Muñoz and et.al., 2018).
After few days she ha work in organizations and make all efforts in business. In
organisation she work faster and also gives motivation to other to achieve goals in business. She
become lady entrepreneur on that time which give inspiration to each employees. After few days
she has to increment in higher position. These working in organization is impress to anyone and
also motivate the each employees in business. All this information are comes with historical data.
6

After few days Elizabeth can established their own business and become lady entrepreneur. This
success of Elizabeth is the power of all kinds woman who can run business individually. I
In addition, this experience determines how can entrepreneur have ability to shaping the
motivation and encourage other people to having success in business. All those kinds of
experience can help people to having aim inline and also provide being entrepreneur in leading
business. Elizabeth have passion to having success in life and she is inspiration of many people
who are leading small business and earn sufficient success in business. In other hand the
Elizabeth is belonged to poor family but she has motivation to have success in life and ave many
dreams which she wants to fulfil in their life. Elizabeth have main purpose to operate small
business and become a successful entrepreneur.
Apart from that, other example is Thomas Edison he is one of the most famous
entrepreneur which leading large business and also belong to poor family. He complete name is
Thomas Elave Edison. He is great entrepreneur who invented light bulb and also making many
inventions at their times. He is one of the man who can started their business in small platform.
The Edison is always motivated their employees to achieve goals in their life and also having
successes in their life (Singh and Gaur, 2018). Their main motive to have great success in life.
Like they have opportunities to maintained all kinds of growth in business.
The Thomas Edison have to improvements in wide range of products like
telecommunications, electric power, sound recording, motions pictures and mining and storage
batteries etc. this entrepreneur great experience can define that being entrepreneur have many
responsibilities which can they take in their life like they have ability to handle all kids of
requirement in the firm. Much experience can shaping the entrepreneurship in business. The
main power of business is consisted all kinds of ability in firm. The Thomas Edison have power
to maintained all kind of task which is related to organisation and also having ability to confirm
business functions. Thomas Edison always motivate their employees to having advantage which
is beneficial for business and this process is also increased the growth of bushiness.
Apart from that he experience and hinder can give opportunities in organization how to
accept all kinds of operation's in business. The experience is also gives motivation in business to
adopts various of business procedures which is mostly impacts on business like entrepreneur
have ability to manage all kinds of business and also provide details and also giving the reactions
7

in business. The old people experience defined and encourage new generation to how to take
decision in business and ho to start new business with many kinds of ability and habits in
business.
The Thomas Edison and Elizabeth are both belongs to poor background but they ability
and skills to runs business very intelligently and also accepts the functionality in business.
Elizabeth suffers from many difficult but they loss hope and also try to make practice to achieve
goals in life (Fitz-Koch and et.al., 2018). That kinds of personality help to motivate employees
to achieve goal in business. The Thomas Edison have to create many miracles in that time which
benefits having now generations. The Thomas Edison Is great personality people who have idea
to making different kinds of purpose in business like their employees have opportunities to work
under the great entrepreneur which have to maintained numinous data and also having benefits in
business.
D3 Characteristic traits, skills and motivational drivers of successful entrepreneurs:
The characteristic, traits and motivational drivers of successful entrepreneur have to
analysis the entrepreneur behave and their ability which reflects to personality of entrepreneur.
The entrepreneur has request to followed many kinds of task which belong to personality of
entrepreneur and also reflects to the business process like which kind of roles entrepreneur has
been played in organizations. Many purposes in business to defined the roles of entrepreneurship
in business the characteristic is defined the mutual role in business and the skills are how the
entrepreneur perform task in business and motivational derives are defined how they encourage
each employees to achieving goals in business and also perform hard work in business
(Shirokova, Tsukanova and Morris, 2018). The successful entrepreneur have ability to
understand all kinds of process which is relates to business and as well as relation to customers.
D4 Background and experiences influences entrepreneurs, both positively and negatively:
Background and experience can influence both kinds of in business like some
entrepreneur have taken positively old age people experience and some people are take
negatively. Like diffident kinds of entrepreneur have different thinking to background
expedience to old people or the information. They are not able to understand which is how
implement those experience in their life. The some entrepreneur have not satisfied form the
background experience of the old age people and they take negative to it and also have to
implement those experience to the waste. The Elizabeth and Thomas Edison are the grate
8

examples of successful entrepreneur and their life experience motivate many people. Most of the
people are inspired of this grate entrepreneur. The Elizabeth roles in enterprise to give
motivation also give opportunities for those woman's who trying to start new business in firm.
CONCLUSION
In the above report, this is concluded about the entrepreneurship played numinous roles
in small business and also support to maintained business process. To established small business
which ideas comes with one person and many people can concern them in business.
Entrepreneurship in small business to provide limited resources and research about to making
planing and organising and established business (Lumpkin, Bacq and Pidduck, 2018). The report
also concluded about entrepreneurship has many characteristics and traits which reflects to their
personality and also make impacts on the business ability the main purpose of business is to
order completing all kinds of task and also have to growth in business.
The report also concluded about the expedience and background also impact on
entrepreneur personality because the entrepreneurship are motivated by the many famous
personality and their background experience can help make success in business. The report
mainly concluded about the characteristics, traits and skills of successful entrepreneurship and
entrepreneurship personality reflects to the motivational mind set and background and
experience n hider can foster to the successful entrepreneurship in business. This report min aim
to defined roles of entrepreneurship in small business organizations. And the best part of this
report this concluded about the famous personality their experience can foster the
entrepreneurship personality.
9

REFERENCE
Books and Journals
Jenkins, A. and McKelvie, A., 2016. What is entrepreneurial failure? Implications for future
research. International Small Business Journal.34(2). pp.176-188.
Bullough, A.,and et.al., 2015. Developing women leaders through entrepreneurship education
and training. The Academy of Management Perspectives.29(2).pp.250-270.
Kyndt, E. and Baert, H., 2015. Entrepreneurial competencies: Assessment and predictive value
for entrepreneurship. Journal of Vocational Behavior. 90. pp.13-25.
Zaridis, A.D. and Mousiolis, D.T., 2014. Entrepreneurship and SME's organizational structure.
Elements of a successful business. Procedia-Social and Behavioral Sciences. 148. pp.463-467.
Eesley, C.E. and Miller, W.F., 2018. Impact: Stanford University’s economic impact via
innovation and entrepreneurship. Foundations and Trends® in Entrepreneurship. 14(2). pp.130-
278.
Shelton, L.M. and Minniti, M., 2018. Enhancing product market access: Minority
entrepreneurship, status leveraging, and preferential procurement programs. Small Business
Economics. 50(3). pp.481-498.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Sassmannshausen, S.P. and Volkmann, C., 2018. The scientometrics of social entrepreneurship
and its establishment as an academic field. Journal of Small Business Management. 56(2).
pp.251-273.
Hornsby, J.S.,and et.al., 2018. Entrepreneurship Everywhere: Across Campus, Across
Communities, and Across Borders. Journal of Small Business Management. 56(1). pp.4-10.
García-Sánchez, E., and et.al ., 2018. Analysis of the influence of the environment, stakeholder
integration capability, absorptive capacity, and technological skills on organizational
performance through corporate entrepreneurship. International Entrepreneurship and
Management Journal. 14(2). pp.345-377.
Turner, T. and Gianiodis, P., 2018. Entrepreneurship Unleashed: Understanding Entrepreneurial
Education outside of the Business School. Journal of Small Business Management. 56(1).
pp.131-149.
Muñoz, P. and et.al., 2018. Advancing sustainable entrepreneurship through substantive
research. International Journal of Entrepreneurial Behavior & Research. 24(2). pp.322-332.
10

Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging
economies. Management Decision. 56(1). pp.2-5.
Fitz-Koch, S., Nordqvist, M., Carter, S. and Hunter, E., 2018. Entrepreneurship in the
agricultural sector: A literature review and future research opportunities. Entrepreneurship
Theory and Practice. 42(1). pp.129-166.
Shirokova, G., Tsukanova, T. and Morris, M.H., 2018. The Moderating Role of National Culture
in the Relationship Between University Entrepreneurship Offerings and Student Start‐Up
Activity: An Embeddedness Perspective. Journal of Small Business Management. 56(1).pp.103-
130.
Lumpkin, G.T., Bacq, S. and Pidduck, R.J., 2018. Where Change Happens: Community‐Level
Phenomena in Social Entrepreneurship Research. Journal of Small Business Management. 56(1).
pp.24-50.
11