Entrepreneurship and Small Business Management : Steph Croft-Simon

Added on - 21 Feb 2021

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Entrepreneurship andsmall businessmanagement
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Difference between entrepreneur and a manager.........................................................................1Big-5 Model................................................................................................................................2Maslow's Pyramid........................................................................................................................3Factors that foster or hinder entrepreneurial success...................................................................5Influence of background and experience of entrepreneurs..........................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7Books and journals.......................................................................................................................7
INTRODUCTIONAn entrepreneur is a person who sets up a business and bears all financial or other risksin order to achieve profit. The business can be either a start-up or a proper organisation built asper funding ability of the person. This essay revolves around success of an entrepreneur namedSteph Croft-Simon, founder of Nom Foods who has launched an organic brand of popcorn in2015 in UK which was called Nom Popcorn(Henry, Hill and Leitch, 2017). The lady believedthat this market was a simple task as it does not involve any artificial flavours which wasn'tcovered with refined sugar. It was difficult to track down an innovative manufacturer who cansource organic popcorn with specific requirements. In relation to this, the following essay coversdifference between an entrepreneur and a manger, characteristics & skills needed by an businessperson in order to achieve success.Along with this, implementation of various models todetermine personality traits, analysing of different factors that lead to entrepreneurial success etc.are covered under this essay.MAIN BODYDifference between entrepreneur and a managerAn entrepreneur can de defined as a person who creates an enterprise on his own and isthe boss of his own business by taking financial risks in order to achieve profit. A manager is anindividual who supervises his team and takes up responsibility of controlling and monitoring theorganisation and works for the welfare of firm. In case of an entrepreneur, source of motivationcomes from achieving well-defined targetswhereas in case of a director the power assigned tolead tasks by higher authorities will boost motivation(Hoppe, 2016). A business man is the soleowner of own firm so can work in an informal way (Difference between an entrepreneur and amanager,2019).However, a managerconsidered to be an employee so can only work in aformal manner. For a manager, reward will be salarywhereas for a business person incentivewill 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, passionateabout the work allotted. It means that a business-person should have an inherent desire which1
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