Entrepreneurship and Small Business Management

This presentation explores the characteristics, skills, and motivational drivers of successful entrepreneurs. It also discusses the impact of background and experience on British entrepreneurs and emphasizes the importance of entrepreneurship for economic development.

Entrepreneurship
and small business
management
(LO3 and LO4)

Table of content
• Introduction
• Characteristics, skills along with motivational drivers
• Entrepreneurial personality aspects
• Background and experience
• Impacts
• Conclusion
• References

Introduction
Entrepreneurship is the term which is refers to as the
willingness of a person to start a new firms by
bearing all the risks associate with the operating of
the association so that the profit can be earned in a
increased manner. This is also coined as the process
which examines how the new ventures are created
and exact procedure to initiate the firm.

Characteristics, skills along with motivational drivers
Entrepreneurs are those who comes willingly to operate their business in
successful manner. There are various inbuilt traits, skills which these successful
entrepreneurs foster in comparison to the rest other business person. Some of the
leading entrepreneurs with their skills and traits are as mentioned beneath:

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Characteristics traits of Philip Green along with James Dyson:
Characteristic traits:
Stubborn persistence: Entrepreneurs foster this characteristics of being stubborn
as in this they feel to do what exactly have been decided by them .
Passionate: Successful entrepreneurs are those who foster this passionate
characteristics as in this they work with full curiosity to perform task with new
ideas and thoughts.

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Skills:
Skills are the tactics which enables the entrepreneurs in operating their business in
such a manner so that their desired goal can be achieved. Some of the skills which
Philip Green and James Dyson fosters are:
Social skills: These refers to the skills which helps an individual in interacting
with the other people.
Resiliency skill: These skills are not present in every entrepreneurs as these
involves handing of the situation which are typical and uncertain in the business.

Entrepreneurial personality aspects
Every entrepreneurs in the competitive market foster different personality
attributes. This process is defined as the combination if diverse skills,
abilities and knowledge which helps them in performing their activities in
effective manner as compared to other entrepreneurs. For knowing
personality aspect, Ocean Personality model will be implemented:

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Ocean personality Model:
Extroversion: The person who are extroversion in nature tends to become
more social and interactive with the people so that they can build strong
relationship socially.
Openness: Openness flashes high level of creativeness, imaginative,
intelligence and insightful

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Conscientiousness: these involves high degree of conscientious where they are
more active and reliable towards controlling the behaviours as well as the
impulsiveness.
Agreeableness: these entrepreneurs are those which share and understand
others point of view in regard to make their employees feel comfortable and
trustworthy.

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Neuroticism: Personalities rating high on neuroticism experiences unhappiness,
reduced self esteem and emotion in own blood. In adverse individual grading low
in neuroticism feels easy, brave and daring.

Background and experience
Initiating business at the personal level is essentially a reward which an entrepreneurs
foster. The term entrepreneurship also add value to the life of entrepreneurs by
offering them certain amount of opportunities such as opportunity regarding gaining
of knowledge,growth etc. along with this some disadvantages which the term
entrepreneurship provides to the entrepreneurs are inflexible working
hours,uncountable efforts to achieve success, more level of stress customers,
discovers financial firmness and encounter industry movement through clear ideas.

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Background with experience of successful
entrepreneurs are as analysed:
James Dyson:
Background: Sir James Dyson came in the world
on May 2, 1947 at Cromer, England.

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Philip Green
Background: Philip Green was born
on March 15, 1952 in the city of
Surrey, England. The nationality of
Philip was British.

Impact of background as well as experience on
successful British entrepreneurs
Positive impacts: Both of these entrepreneurs have undergo a difficulty in their
life as the as the James have to face face the problem in extracting investors for
their new vacuum cleaner whereas the Philip has to undergo a problem in
importing of their manufactured jeans from one country to another. After facing
these difficulties also they did not give up on the situation which shows their
positive impact.

Conclusion
From the above mentioned report it can be concluded that entrepreneurship
with the creative mindset are very must essential for the development of the
economy at all the levels weather it be a national or a international level.
There are various form of entrepreneurs which leads the economy to the
stage of a sustainable growth. These analytical data of the small and medium
sized organization also operates the business which directly contribute to the
overall development of the economy in the competitive market.

References
Thomason, S. J., Simendinger, E. and Kiernan, D., 2013. Several
determinants of successful coopetition in small business. Journal of
Small Business & Entrepreneurship. 26(1). pp.15-28.
Vanevenhoven, J. and Liguori, E., 2013. The Impact of Entrepreneurship
Education: Introducing the E ntrepreneurship E ducation P roject.
Journal of small business management. 51(3). pp.315-328.

Thank you