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