Unit 9: Entrepreneurship and Small Business Management Assignment Sample

Entrepreneurship Consultancy PD
Unit 9: Entrepreneurship and Small Business Management
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Table of Contents
Introduction......................................................................................................................................1
The key aspects of an entrepreneurial mindset................................................................................2
The characteristic traits and skills of successful entrepreneurs that differentiate them from
other business managers..............................................................................................................2
The assessment of how different aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mindset......................................................................................4
Different lines of argument relating to Entrepreneurial Characteristics......................................5
Analysing the characteristic traits, skills and motivational drivers of successful entrepreneurs.6
Conclusion.......................................................................................................................................7
Reference.........................................................................................................................................8
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Introduction
An entrepreneur is a person who creates a new business, bears a majority of the risks and enjoys
a majority of the rewards. An entrepreneur is usually viewed as a creator and a generator of new
ideas, products, services or business or procedures. A successful entrepreneur has some skills
and characteristics and there have some factors that influence the mindset and motivation of a
successful entrepreneur (Chell, 2017). I am currently worked at Strategy& that is a global
consultancy firm and that was situated in the United States in 1914 by Edwin G. Booz and a
client hired this business organisation to carry out some research and analysis concerning the key
aspects of an entrepreneurial mindset and this report will cover this subject matter broadly.
Figure 1: Logo of Strategy& (Strategy&, 2020)
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The key aspects of an entrepreneurial mindset
The characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers
There have some unique characteristics traits and skills of a successful entrepreneur and with the
help of these, an entrepreneur can formulate an idea and implement it successfully. Again a
manager is a person who works for attaining the goal of a business organisation and for that they
use some strategies and abilities (Qorraj and Prašnikar, 2016) . Every entrepreneur has some own
ways to succeed but there have some common traits and skills that make them different from the
managers and some of them are discussed below-
Characteristic traits:
Figure 2: Characteristic traits of an entrepreneur
The level of confidence of an entrepreneur is very much high and that makes them more
optimistic about a decision. They always believe that their decision is always right. Again
creativity is one of the most important characteristic traits of an entrepreneur because they
always engage in making a new idea and find out the ways to implement this idea (Qorraj and
Prašnikar, 2016) . Without taking any risk, no one can adopt a new business idea that’s why it
becomes a characteristic trait of a successful entrepreneur. An entrepreneur always takes the risk
to invent a new way of business as well as to continue the business operation successfully.
Passion insists a person to do something or not to do something and it is highly needed traits of
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Self-
confidence Creativity Risk-taking
Ability Passionate Highly
Motivated

an entrepreneur because the procedure of an entrepreneur is highly matched with it. Without
motivation, no one can do something properly and an entrepreneur is highly motivated to do
something new (Qorraj and Prašnikar, 2016) .
Different Skills:
Figure 3: Different Skills of an entrepreneur (Smith, 2017)
A successful entrepreneur has the business skill and by using this skill, they can easily formulate
a business, create a new idea, appropriately target customer, manage the business procedure etc.
Decision making skill is very much important skill because the success of a business highly
depends on the appropriate business decision and an entrepreneur bears this skill (Smith, 2017).
Technology is one of the most essential factors to formulate and implement a business idea or
new concept. Appropriate use of technology helps to increase the level of success of a business
organisation and an entrepreneur always conscious about this and use the most possible ways to
adopt the technology in the new idea. The level of communication skills of an entrepreneur is
very much high because to create a new idea and implement it, the necessities of the
communication skill is very much high (Smith, 2017). An entrepreneur always needs to
communicate with many peoples, as a result, it is necessary to become a successful entrepreneur.
Also, there have some other skills of a successful entrepreneur like good leadership skills,
problem-solving skills, negotiation skills etc. The above skills of an entrepreneur make them
different from a manager of an organisation (Smith, 2017).
For example, Jeff Bezos is a successful entrepreneur because of the establishment of Amazon
and that is the world largest online platform to buy something. Jeff Bezos has all the
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Business Skill Decision Making
Skill Technological Skill Communocation
Skill

characteristic traits and skills that have been mentioned above. With the help of these traits and
skills, Jeff Bezos is standing at this position.
The assessment of how different aspects of the entrepreneurial personality
reflect entrepreneurial motivation and mindset
Personality refers to the one's inner desire to control their activity, risk tolerance, a high degree
of patience to perform in hostile situations and that builds up from different factors such as
family, environment, education, age, previous work history etc. There has a huge impact of
personality on the motivation and mindset of an entrepreneur. As an entrepreneur is involved in
creating a new idea and taking the risk to implement this idea, the personality affects it in a
greater way (Chell, 2017). How personality reflect entrepreneurial motivation and mindset that
has been described below-
Figure 4: Different aspects of personality (Chell, 2017)
An entrepreneur always engages in taking responsibility that’s why the personality influences a
lot here because if a person is reluctant to take responsibility then they can’t be an entrepreneur.
Again in the world, there have some people who always think positive and this personality
factor is one of the most important factors for the entrepreneur motivation and mindset (Chell,
2017). An entrepreneur is always engaged in taking positive action to facilitate the new idea and
that comes from the personality of an entrepreneur. The situational factor is one of the most
influential factors and that have a huge impact on the entrepreneurial motivation and mindset
because people always try to handle different situations successfully and the ability to handle
these situation comes from the personality of a person and here the contribution of culture to
make such personality is very much high. Finally, education and family is the core factors that
highly influence one’s personality and determine the response of a person that’s why good
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Taking
Responsibility
Positive
Thinking Positive Action
Situational
factors and
Culture
Education and
family

educational and family background helps a person to create a new idea and also take the risk to
implement this idea (Chell, 2017).
For example, Bill Gates is the co-founder of Microsoft and is one of the richest persons around
the world and he was fascinated by technology from when he was young and which shows his
inner desire. He dropped his studies and went on the way to become an entrepreneur and he
showed his risk-taking attitude. Both of his father and mother were well educated and well
established in their professions, they both gave him motivation for pursuing what he liked. He
started to fulfil his dream at a young age that helped him to work hard for long hours and keep
him enthusiastic and optimistic and finally makes him successful (Broich, 2019).
So, it can be easily said that the entrepreneurial personality reflects entrepreneur motivation and
mindset in a greater way.
Different lines of argument relating to Entrepreneurial Characteristics
An entrepreneur is a person who takes responsibility to open a new business as well as new
business procedure and takes the risk to implement the idea of whether it will be successful or
not. There some unique characteristics of a successful entrepreneur and that make them different
from others. In reality, all the characteristics of a successful entrepreneur don’t exist in all the
successful entrepreneur because different entrepreneurs have a different opinion regarding a
specific matter that’s why they can invent a new way and that is distinct from others (Smith,
2017). Self-motivation is an essential characteristic of an entrepreneur but the response in
different situation of the different entrepreneur isn’t the same. There has some reason for the
distinction such as age, background, different skills, motivational factors etc. Again some
researchers argue that the good educational background is foremost to become a successful
entrepreneur but in the world, there many successful entrepreneurs who hadn’t enough
educational background and again some others characteristics are also very much essential
(Miner, 2017). There have so many people in the world who have enough educational
background but they are not a successful entrepreneur. To become a successful entrepreneur,
experience and risk-taking ability is very much essential. An entrepreneur can predict the future
result of the decision easily. Though the personal characteristics of an entrepreneur are different
from others but the characteristics of a successful entrepreneur may not vary highly (Miner,
2017).
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Analysing the characteristic traits, skills and motivational drivers of
successful entrepreneurs
There have some characteristic traits, skills and motivational driver that help an entrepreneur to
become successful. The characteristics traits of an entrepreneur help to generate a new idea and
take necessary steps to implement this idea successfully. The skills of an entrepreneur help to
enhance the level of success by formulating and handling the overall procedure (Miner, 2017).
There has some motivational driver that facilitates an entrepreneur to become successful. The
strong educational and family background is one of the most essential drivers of the motivation
because it enhances the level of confidence of an entrepreneur. Again there some other factors
that work as a driver of the motivation like unemployment, culture, needs, desire, etc.
(Georgescu and Herman, 2018). With the help of bearing the characteristic traits and using
various skills and driving by the motivational factors, an entrepreneur can become successful.
Andrew Carnegie, Steve Jobs, Bill Gates, Jeff Bezos, Dr Muhammad Yunus, Sergey
Mikhaylovich Bri etc. can be the best examples of the successful entrepreneur and all of them
has been driven by the various motivational factors and used their traits and skills to become a
successful entrepreneur (Broich, 2019). Every person who wants to be a successful entrepreneur
should know about the history of the different successful entrepreneur.
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Conclusion
In conclusion, it can be easily said that there have some unique characteristic traits and skills of
an entrepreneur that helps to become successful. The essential of these traits and skills are very
much high. Again entrepreneurial personality highly reflects in the entrepreneurial motivation
and mindset. As an entrepreneur is involved in creating a new idea and taking the risk to
implement this idea, the personality affects it in a greater way. There have some drivers of the
entrepreneurial motivation and with the help of these drivers, an entrepreneur has been motivated
to do something new. A person should know about the history of a different successful
entrepreneur to become a successful entrepreneur.
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Reference
I. Chell, E., 2017. The Entrepreneurial Personality. London: Routledge.
II. Georgescu, M. and Herman, E., 2018. The Impact of the Family Background on Students’
Entrepreneurial Intentions: An Empirical Analysis. Sustainability, 12(11), p.4775.
III. PwC. 2020. Strategy&. [online] Available at: <https://www.strategyand.pwc.com>
[Accessed 27 June 2020].
IV. Broich, S., 2019. A journal of: Top 10 famous entrepreneurs list.
V. Qorraj, G. and Prašnikar, J., 2016. Characteristics of entrepreneurs and self-employees.
Ljubljana: [G. Qorraj].
VI. Smith, J., 2017. Characteristics of minority businesses and entrepreneurs. [Washington,
DC]: U.S. Dept. of Commerce, Minority Business Development Agency.
VII. Miner, J., 2017. The 4 routes to entrepreneurial success. San Francisco: Berrett-Koehler
Publishers.
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