Meta-Analytic Review of Entrepreneurship Research

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The assignment provides a detailed analysis of various entrepreneurship-related studies, including works by Carland, Fayolle, Martin, Piperopoulos, and others. It also includes online resources such as articles from Entrepreneur magazine and Small Business Economics journal. The summary highlights the importance of small businesses in the UK economy and provides insights into entrepreneurship education and its impact on entrepreneurial attitudes.

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Entrepreneurship and Small
Business Management

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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
PART 2............................................................................................................................................1
P5. Characteristics and skills of a successful entrepreneur (M3)................................................1
P6. Entrepreneurs personality reflects their mind set and motivation (M3)...............................2
P7. Impact of background and experience (M4).........................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6
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INTRODUCTION
Entrepreneurship can also defined as the new ways of thinking, reasoning and acting to
launch or start any new business. This can be of very small size just like any start up. The
management of small business is the combination of different activities which are running in an
organisation, so that the business will be well managed and the goals or objectives can be
achieved (Bae and et.al., 2014). This report is containing various characteristics a good
entrepreneur must posses. Further, this assignment includes the personality of entrepreneur and
the family background which will be having direct impact on the management of business.
PART 2
P5. Characteristics and skills of a successful entrepreneur (M3)
To understand the quality and skills of a successful entrepreneur, one must look at the
two most independent and qualified entrepreneurs, Bill Gates and Mark Zuckerberg (Dana,
Grandinetti and Mason, 2016). Their hard work, dedication and enthusiasm helps them in turning
their ideas into reality. Some of the characteristics and skills are:
Strong leadership quality: A true leader is born by birth, they can not be made
afterwards. The true leader will posses of good communication skills. He keeps the group
combined so that it will be easy for them to met the expectations of the organisation (Carland,
Carland and Stewart, 2015). Mark Zuckerberg and Bill gates, both are leaders in their respective
fields, because they guide the most skilled teams in the world in such a way that they are now the
biggest revenue generating firms in the world.
Critical thinking ability: It does not matter for these entrepreneurs whether the issue is
small or big, their approach towards these problems are always critical. This was to such an
extent that not a single decision was taken for solving the smallest of problem without putting
hard work (Carland and Carland, 2015). As per Mark Zuckerberg, proper communication is the
basis on which the skill management can be developed. Bill Gates manages the communication
in very effective manner to his clients as well as his employees, this was very helpful in
achieving their goals.
Highly self motivated: Mark Zuckerberg and Bill gates are having quite intense
personality. They are so motivated that they will not wait for anyone else to solve the problem.
They will go there, work hard for finding out the solution to the issue (Martin, McNally and Kay,
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2013). They like to face challenges because of their high motivation which keeps them working
tirelessly to find out the solution of the problem.
Willingness to fail: Both the entrepreneurs are risk takers. They are not afraid of taking
the risks, because they are not afraid from facing failures. They learn from their mistakes and
failures. They are successful because they can take the decisions which is best suited for the
situation. Sometimes, it may be possible that the decisions taken by them will not go according
to the plan and can fail (Piperopoulos and Dimov, 2015). But there is one famous saying
“Nothing ventured nothing gained”. After making wrong decisions only they will get to know
their mistakes, so that they will not repeat those mistakes in future decision making process.
Self motivation is also very essential for successful entrepreneur. If the entrepreneur is
facing the problem in his life, then they must have the capabilities to motivate themselves so that
they can get out of the situation in real quick time. This will help them in motivating their
employees and workers to get the best out of them.
P6. Entrepreneurs personality reflects their mind set and motivation (M3)
Motivation is the emotional aspect, which help Bill Gates and Mark Zuckerberg in the
development of their qualities and skills. Entrepreneurship can also be considered as the part of
the personality of an individual. Any kind of business and its functioning will be based on the
style of entrepreneurship (Sahut and Peris 2014). Mark Zuckerberg is having equanimity as his
working style. This means that the owner of any firm is having very strong bond with his
colleagues and employees. His personality is such that he will always remain cool, calm and
composed even in the most difficult situations, This will be helpful for him in developing
positive attitude and positive working environment.
On the other hand, the aim and working style of Bill Gates is to use the new ways and
methods to take technology to a whole new level (.How Bill Gates Became a Leadership Legend.
2017). According to him, an successful entrepreneur must posses of 5 qualities which are very
essential in developing a successful business. These attributes are accepting criticism, timely
negotiation, fearless, focused and optimistic approach. It can be possible that people are very
optimistic but fails while facing difficult situations. It also means that they are not having enough
confidence in taking strong decisions which are related to the business.
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The personality of the successful entrepreneur should have good qualities of becoming a
leader. The individual must be having the skills to direct his team in achieving the goals set by
the organization. Further, it can be done on the basis of human management skills (Bosma,
2013). The successful entrepreneur must have the ability and technique to think and act quickly
in the pressure situation. The impact of characteristic traits and their personality is very high in
the malfunctioning of the company. All the employees will look to adapt the attitude of their
leaders, which may vary from person to person. But the personality of the leader should be such
that he must maintain good and positive relationship with his workers.
Mark Zuckerberg and Bill gates have to make sure that their employees are not getting
annoyed and depressed in the difficult situation. The approach should be very calm and
optimistic to find out a solution in the most stressful conditions. It will help them in developing
high level of motivation among their staff. This will also maintains a positive working
environment in the company (Harris, Gibson and Taylor, 2015). If the organization wants to
achieve progress and development, then they have to make sure that all the workers remain
motivated in what they are doing. The communication should be very effective and strong
between the entrepreneurs and the employees.
P7. Impact of background and experience (M4)
In becoming a successful entrepreneur, one have to go through lots of different
experience. This will he assistive for them in making proper decisions in the future.
Entrepreneur's personality is majorly dependent on the background of his family. Some of the
socio-culture activities will also be helpful in developing the personality of an individual
(Carraher and Paridon, 2015). As per the situations, the experience can be either positive or
negative. Mark Zuckerberg, during his early days has faced a lot of criticism, but he makes sure
that all these factors will not put any sort of negative impact on the working environment of his
company.
His approach was very positive and optimistic. His focus was also on the well being of
his employees during the tough situations. The focus was not on the losses that has happened in
the past, but it was more on the approaches that will be carried out in the future, so that those
mistakes will be not happen again. The influence of the background of any entrepreneur on the
running business should be positive. The decisions takes by them should not be based on the
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negative incidents happened in the past. The economical conditions of the country is heavily
impacted by the small businesses, so the entrepreneurs have to apply all kind of positive
approaches and skills to make the organization more successful (The importance of small
businesses in the UK economy. 2015).
To work in more effective manner, all the organizations must require a highly skilled
team. The work which is being done by the entrepreneur will put a great influence on the teams
which are working under him. All the future decisions should not be based on the past
experience. The background must be positive, so that all the demotivating factors will be reduced
(Fayolle and Gailly, 2015). If such kind of factors will increase, then it will directly impact the
motivational level of the employees and will also reduce the optimism level. To become a
successful entrepreneur, one should posses such kind of skills which are useful in reducing the
negative factors and provides the positive approach of solving all kind of problems faced by the
employees. Family of the entrepreneur must be supportive, so that it will motivate the individual
more, he will do his work more effectively and efficiently (Blackburn, Hart and Wainwright,
2013). This will also reduce the mental disturbance, he is getting from the negative working
environment.
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CONCLUSION
It has been concluded from this report that it requires heavy amount of dedication in
becoming a successful entrepreneur. The qualities, skills and characteristic have been discussed
in this report which are very indispensable for becoming an entrepreneur. Small business will
directly influence the growth of the economy. Further, this assignment was showing the
background and experience of the individual which was affecting the business. Bill gates and
Mark Zuckerberg can be seen as the prime examples and considered as the role models for the
new entrepreneurs who wants to become successful like them.
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REFERENCES
Books and Journals
Bae, T.J., and et.al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
practice. 38(2). pp.217-254.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bosma, N., 2013. The Global Entrepreneurship Monitor (GEM) and its impact on
entrepreneurship research. Foundations and Trends® in Entrepreneurship. 9(2). pp.143-
248.
Carland, J. C., Carland, J. W. and Stewart, W. H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 7(1). pp.1-20.
Carland, J. W. and Carland, J. C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Dana, L. P., Grandinetti, R. and Mason, M. C., 2016. International entrepreneurship, export
planning and export performance: evidence from a sample of winemaking SMEs.
International Journal of Entrepreneurship and Small Business. 29(4). pp.602-626.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management. 53(1). pp.75-93.
Harris, M. L., Gibson, S. G. and Taylor, S. R., 2015. Examining the impact of small business
institute participation on entrepreneurial attitudes. Journal of Small Business Strategy.
18(2). pp.57-76.
Martin, B. C., McNally, J. J. and Kay, M. J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing. 28(2). pp.211-224.
Piperopoulos, P. and Dimov, D., 2015. Burst bubbles or build steam? Entrepreneurship
education, entrepreneurial self‐efficacy, and entrepreneurial intentions. Journal of Small
Business Management. 53(4). pp.970-985.
Sahut, J. M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics. 42(4). pp.663-668.
Online
How Bill Gates Became a Leadership Legend. 2017. [Online]. Available Through:<
https://www.entrepreneur.com/article/250607>. [Accessed on 4th July 2017].
The importance of small businesses in the UK economy. 2015. [Online]. Available Through:<
http://smallbusiness.co.uk/the-importance-of-small-businesses-in-the-uk-economy-
2492626/>. [Accessed on 4th July 2017].
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