Entrepreneurship and Small Management Case Study

Added on - Nov 2020

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Entrepreneurship and smallmanagement
Table of ContentsINTRODUCTION...........................................................................................................................11.characteristic traits and skills of entrepreneur....................................................................12. Personality reflects entrepreneurial motivation..................................................................23. Entrepreneurs born or made...............................................................................................34 Background and experience foster entrepreneurship.........................................................45 entrepreneurial characteristics and the influence of personal background.........................4CONCLUSION...............................................................................................................................5REFERENCE..................................................................................................................................6
INTRODUCTIONEntrepreneurs are known for their innovation and creation. Entrepreneurs take hugefinancial risk while implement any new idea. This study describes behavioural trait and skillsthat is required for become a successful entrepreneur. It also describes the factor whichinfluence a person to go extra mile. Study also suggest the process so that a person can becomeentrepreneur who does not have business background. Case study which is used in followingstudy is about Steph croft,founder of Nom Foods , she launches organic Nom popcorn.Personality trait that helps Steph croft 's and the way she manages the stress. She follows astandard process by that she got success in her popcorn product. She used different marketingstart to compete her rivalry.1.characteristic traits and skills of entrepreneurRisk taker vs risk averse-Entrepreneur are open to take risk because they believe in no risk no theory. On the otherhand manager try to avoid risk or they take calculate risk only. Steph croft- simon took risk bymaking organic popcorn because popcorn do not contain harmful colour and ingredients, so ithas risk of acceptance of product by consumer. Apart from this risk popcorn has less sharemarket in comparison of potato crisp, which also increases the risk for steph. Consumer cantake this innovation as useless experiment or false business tactics. A manager avoid riskbecause does not have risk taking personality as well as his nature of work not demand to takerisky decision.(Macpherson, Jones. and Jayawarna, 2015)Innovators vs adopter-Entrepreneur's sight always seek new opportunity in existing system that can bring some hugeprofit to them. “Entrepreneur not play with old toys, they make new toys”. Steph croft also bringinnovation in popcorn, earlier popcorn are consumed only for taste and fun but she offersconsumer to add some health benefit in their engaged life. This nutrition addition effort by stephmake its product different from others and people see her popcorn as healthy snack. Stpech alsotarget children and young people because she knows this age segment has high demand ofpopcorn.Accountability vs responsibilityEntrepreneur has sense of accountability which means he accepts the failure and try to correct itwithout external order and motivation. A manager only take responsibility which means manager1
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