Entrepreneurial Success and Personal Characteristics

The provided essay discusses entrepreneurial success, focusing on Steph Croft-Simon's achievement with her organic product launch. It also highlights differences between entrepreneurs and managers, essential skills for entrepreneurship, and the correlation between entrepreneurial success and personal characteristics.

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Difference between entrepreneur and a manager.........................................................................1
Big-5 Model ................................................................................................................................2
Maslow's Pyramid........................................................................................................................3
Factors that foster or hinder entrepreneurial success...................................................................5
Influence of background and experience of entrepreneurs..........................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
Books and journals.......................................................................................................................7

INTRODUCTION
An entrepreneur is a person who sets up a business and bears all financial or other risks
in order to achieve profit. The business can be either a start-up or a proper organisation built as
per funding ability of the person. This essay revolves around success of an entrepreneur named
Steph Croft-Simon, founder of Nom Foods who has launched an organic brand of popcorn in
2015 in UK which was called Nom Popcorn (Henry, Hill and Leitch, 2017). The lady believed
that this market was a simple task as it does not involve any artificial flavours which wasn't
covered with refined sugar. It was difficult to track down an innovative manufacturer who can
source organic popcorn with specific requirements. In relation to this, the following essay covers
difference between an entrepreneur and a manger, characteristics & skills needed by an business
person in order to achieve success. Along with this, implementation of various models to
determine personality traits, analysing of different factors that lead to entrepreneurial success etc.
are covered under this essay.
MAIN BODY
Difference between entrepreneur and a manager
An entrepreneur can de defined as a person who creates an enterprise on his own and is
the boss of his own business by taking financial risks in order to achieve profit. A manager is an
individual who supervises his team and takes up responsibility of controlling and monitoring the
organisation and works for the welfare of firm. In case of an entrepreneur, source of motivation
comes from achieving well-defined targets whereas in case of a director the power assigned to
lead tasks by higher authorities will boost motivation (Hoppe, 2016). A business man is the sole
owner of own firm so can work in an informal way (Difference between an entrepreneur and a
manager, 2019). However, a manager considered to be an employee so can only work in a
formal manner. For a manager, reward will be salary whereas for a business person incentive
will be achievement of profit. The qualities which are found in a manager will be leadership,
time management, reliability whereas in a business person those will be conviction, commitment,
personal efficiency etc.
CHARACTERISTICS AN ENTREPRENEUR NEEDS TO HAVE -
An entrepreneur should always be self-motivated, confident, determined, passionate
about the work allotted. It means that a business-person should have an inherent desire which
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does not let them quit even on the worst days. In order to achieve success Steph Croft-Simon
should be able produce more quantities of organic popcorn. By being self motivated and
passionate about work, an individual can cross any obstacles that come along her way and reach
greater heights by earning large amounts of profit.
An entrepreneur must carry a decisive trait which means that the person should be able
to take hard & accurate decisions timely and also have the ability to tolerate risk under any
uncertain conditions like loss of theft, workers gone on a strike etc. In order to achieve
entrepreneurial success Steph Croft-Simon makes tough choices with a clear mindset by
considering the environmental needs and stand by those even if things seem to tend away. The
entrepreneurer is always ready to deal with risk by patiently handling the situation and set
different plans so if the one that has been applied doesn't work (Karakire Guma, 2015).
SKILLS AN ENTREPRENEUR SHOULD HAVE -
A business person should be creative & must have a strategic thinking process as it will
help an entrepreneur in planning, execution of tasks efficiently. Steph Croft-Simon has an
imaginative mind and intelligent thinking process which helps in designing & implementing
projects in a creative manner. For example, Croft-Simon has a very innovative mind which has
helped in launching a unique type of organic popcorn in the market by which greater success has
been achieved.
An entrepreneur should be able to manage time, communicate as well as network with
different people excellently as time management is one of the greatest skill an enterpriser needs
in order to reach greater heights. Steph Croft-Simon plan and execute targets to attain progress in
popcorn manufacturing business. An entrepreneur should always be willing to learn new
schemes & activities which would help them to resolve different issues that may arise while
performing activities in a company (Kolb, 2015). For example, Steph Croft-Simon has excellent
communication skills due to which it is very easy to interact with different manufactureres in
various cities. This has helped in expansion of organic popcorn in international market.
Big-5 Model
It is a model which is applied to analyse personality traits of an entrepreneur by
imnplementing various characteristics listed below. This is also known as five-factor or OCEAN
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model which can be used to analyse Croft-Simon's entrepreneurial attributes. The five traits are
explained below:
Illustration 1: Big Five Forces Model
(Source: Five Forces Model, 2019)
Openness includes people who like to learn new things and enjoy new experiences. The
traits of entrepreneurs here will be insightful, creative thinking etc. Openness analyses Croft-
Simon's entrepreneurial personality by looking how innovatievely a normal snack i.e. popcorn
can be designed and presented as an organic food product in the maket.
Conscientiousness includes people that wishes to perform one's work thoroughly and are
reliable in decision-making. An entrepreneur who is organised, methodic or through with work
falls down under this trait. Conscientiousness helps to analyse Croft-Simon's entrepreneurial
personality by tracking down a disciplined manufacturer who can produce organic popcorn
without any artifical flavours.
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Extraversion consists of those people who are out-going, social and can interact with
others more confidently. The traits of an extrovert person will be the level of energy to perform
tasks, talkative nature. Extraversion has helped to analyse Croft-Simon's entrepreneurial
personality by comfortably communicating with different people on phone or face to face and
explaining them about the benefits of eating organic popcorn (Wang and Liu, 2016).
Agreeableness includes those individuals who are of friendly, cooperative and
compassionate nature. Generally people with high agreeableness are warm, cordial etc. Traits
include being kind, affectionate and sympathetic towards others. Agreeableness helps to analyse
entrepreneurial personality of Croft-Simon by personally checking from where the raw material
for the organic product is coming from. It also confirms agreeableness by keeping an eye on the
workers that they are properly hygiene as the product is organic.
Neuroticism refers to a person's ability to remain stable and balanced in emotional
situations. Traits include being moody, worried or tense. In order to analyse entrepreneurial
personality of Croft-Simon by neuroticism, firstly an analysis of all variations of popcorn or any
other organic product should be throughly checked before launching. If any issue arises that
should be dealt with a sense of calmness.
Maslow's Pyramid
It is a hierarchy which consists of five different needs or behaviours of an individual that
is divided into three parts i.e. self actualization, esteem, belongingness & love, safety, and
physiological needs. Each of the above mentioned behaviour of an entrepreneur is explained
below:
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Illustration 2: Maslow's Pyramid
(Source: Maslow's Pyramid, 2018)
Physiological needs- These are the basic physical needs and requirements needed for
human survival. It includes home, food, water, shelter, sleep etc. At the beginning stage, Croft-
Simon did not have sufficient raw material for making organic popcorn as well as enough places
for workers to stay (Read and et.al., 2016). Physiological needs portray that even with low
resources how an individual can attain profit by starting on a low budget scale and getting
people's response on the taste of product.
Safety needs- These are the needs which are required by an individual for personal,
emotional, financial security, health and well being of a human. Even in situations where
workers are ill and not able to come to work, Croft-Simon achieves success by ensuring that
production for organic popcorn never stops so in the absense of staff the lady personally assists
and helps the other labour. Saftey needs portray how for workers with health issues, certain
safety measures should be taken like building an extra room where labour can rest if they are not
well. Croft-Simon has also hired a doctor who can assist them so that there is no effect on
making of organic popcorn.
Social belonging- These are the interpersonal relationships among human that involves
feeling of love and belongingness (Ratten and Ferreira, 2017). It includes family, friendships etc.
Croft-Simon ensures that every worker must be given some part of production so that it makes
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them feel that they are valuable asset in attaining profit According to Maslow's hierarchy every
individual needs to feel accepted & belonged among peers as it creates a sense of connection.
Self-esteem- These are the internal needs which are inculcated among humans like ego,
status, respect etc. It has been taught to every individual to respect their elders and is a typical
human desire to be accepted in society. Low self-esteem of the workers can lead to inferior
complex so to avoid that Croft-Simon starts a system where every individual needs to greet the
other one with due respect. In order to achieve success, Simon has overcome the fears and
believed in personal decisions.
Self-actualization- This is the last and top-most need of a human which measures
potential of an individual in performing tasks. Maslow defines this as a desire among people to
achieve everything they can with all efficient resources. It includes pursuing of goals, utilizing &
developing talent etc. Croft-Simon attains success by being self confident, motivated to perform
tasks scheduled on the assigned day itself.
Factors that foster or hinder entrepreneurial success
Education plays a very important role in fostering entrepreneurial success by introducing
various subjects related to business management which help students to learn and understand
better. It is offered to them during primary or secondary schools through graduation university
programs which helps them to understand different cultural and social business environmental
factors. Steph Croft-Simon aims at providing entrepreneurship education to students with
appropriate knowledge, skill, motivation in order to achieve progress. It encourages them to
become leaders which further aids entrepreneurs in a personality trait.
Financial status hinders in achieving entrepreneurial success as to become an
entrepreneur, a business or project has to be set up which requires funding. If financial status of
an individual is not stable then that will act as a difficulty to attain progress. Financial security is
required in every set of business whether it is small or large as it helps in building operations
within a firm (Kuratko and Morris, 2018). If Steph Croft-Simon do not have a proper staff,
location, equipment etc. then it will act as a difficulty in providing salary to workers which will
lower the success rate.
Demographic factors are the socio economic characteristics of a population such as
income level, occupation, religion, age etc. They foster in achieving entrepreneurial success by
providing minor to major skilled jobs to every individual in need basis on level of experience in
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the field. Steph Croft-Simon hires and trains the importance of eating organic products to
individuals and then allocates them as per their effeciency.
Influence of background and experience of entrepreneurs
Entrepreneurs such as Croft-Simon comes from a middle class background so it has
positively impacted by invention of organic popcorn and being a young entrepreneur invention
of organic product has covered all interest of the public. However, it has negatively impacted in
opening less opportunities in order to attain growth and success (Korsgaard, Müller and Tanvig,
2015).
Entrepreneurs like Steph Croft-Simon has developed a software suring college time
which has helped inn creating a bright future in the field. It has negatively impacted in a way that
Simon cannot apply that software in producing organic products.
CONCLUSION
The above essay relates to how an entrepreneur i.e. Steph Croft-Simon has achieved great
success by launching organic product in the market. With coming of the product, it has made
people more aware about the benefits of organic items and they have switched from regular
popcorn to the new version. The essay also states differences between an entrepreneur and a
manager, various skills and characteristics implied in order to achieve entrepreneurial success. It
also considers an analysis of persoinality traits as well as correlation between entrepreneurial
success and characteristics. Simon advises to consider background and experience an individual
caerries before hiring them foir job.
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REFERENCES
Books and journals
Henry, C., Hill, F. and Leitch, C., 2017. Entrepreneurship Education and Training: The Issue of
Effectiveness: The Issue of Effectiveness. Routledge.
Hoppe, M., 2016. Policy and entrepreneurship education. Small Business Economics. 46(1).
pp.13-29.
Karakire Guma, P., 2015. Business in the urban informal economy: Barriers to women’s
entrepreneurship in Uganda. Journal of African Business. 16(3). pp.305-321.
Kolb, B. M., 2015. Entrepreneurship for the creative and cultural industries. Routledge.
Korsgaard, S., Müller, S. and Tanvig, H. W., 2015. Rural entrepreneurship or entrepreneurship
in the rural–between place and space. International Journal of Entrepreneurial
Behavior & Research. 21(1). pp.5-26.
Kuratko, D. F. and Morris, M. H., 2018. Examining the future trajectory of
entrepreneurship. Journal of Small Business Management. 56(1). pp.11-23.
Ratten, V. and Ferreira, J. J., 2017. Future research directions for cultural entrepreneurship and
regional development. International Journal of Entrepreneurship and Innovation
Management. 21(3). pp.163-169.
Read, S., and et.al., 2016. Effectual entrepreneurship. Routledge.
Wang, H. and Liu, Y. eds., 2016. Entrepreneurship and talent management from a global
perspective: Global returnees. Edward Elgar Publishing.
Online
Difference between an entrepreneur and a manager. 2019. [Online]. Available through:
<https://keydifferences.com/difference-between-entrepreneur-and-manager.html>
Five Forces Model. 2019. [Online]. Available Through:
<https://www.slideshare.net/mrBlack5/big-five-factor>
Maslow's Pyramid. 2018. [Online]. Available through: <https://www.coachilla.co/blog/the-new-
hierarchy-of-needs>
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