Entrepreneurship and Small Business Management: Characteristics, Traits, and Skills of Bill Gates and Peter Jones

This report explores the characteristics, traits, and skills of successful entrepreneurs Bill Gates and Peter Jones, as well as the impact of small businesses on the economy and the different types of entrepreneurial ventures. It is divided into two parts, covering varied kinds of ventures and the aspects of entrepreneurial mindset and the examination of distinct environments that can hinder or foster entrepreneurship.

Entrepreneurship and
Small business
management

Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................4
PART-2............................................................................................................................................6
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
An entrepreneur is the one who runs and initiates the enterprise with way of limited
resources and an effective plan. It is responsible for the rewards and risk that is earned by the
business enterprise. The main idea of the venture is mainly encompassed of the new product or
service and not of any existing model of the business. The owner of the small business venture
and an entrepreneur are two separate personnel and personality who have distinct characteristics
but their main role is generally common. The business which is on small scale generally deals
with the well-known and established product or service while an entrepreneur is focused on the
creative and innovative offering. This makes it risk taker and the owner of the small scaled
business tends to take the deal with known risk and the entrepreneur takes the unknown risk
(Balmaceda, 2018). This report is divided into two parts of which the first will cover about the
varied kinds of ventures, the impact of small business on an economy. The second part will deal
with the aspects of entrepreneurial mind-set and the examination of distinct environment that can
hinder or foster entrepreneurship.

PART 1

PART-2
Notes: Bill Gates & Peter Jones both are influential entrepreneurs who are motivating people to
become successful entrepreneurs. The explanation about characteristics, traits & skills of both
entrepreneurs are as follows -
Bill Gates

Characteristic
Passionate - This is contained as the most demanding characteristic which is necessary to have
each & every people who want to become an successful entrepreneur. Bill Gates is the best
example of passionate entrepreneur because he is very passionate about their work and maintains
proper discipline in his working environment.
Self motivation - This characteristics is beneficial for the entrepreneurs and helpful in adverse
situation in which entrepreneurs are confused or not able to handle the situation. Bill Gates
manage is managing his all business operations in an effective manner & self motivate himself in
the fluctuating and adverse situations.
Traits
Visionary - It is necessary to visionary about the dream which entrepreneur want to accomplish
in order to establish their business. Bill Gates is a visionary entrepreneur who is working
properly and adopting specific strategies in order to obtain most appropriate results as per his
visualization.
Disciplines- In order to become a a successful business personality, it is necessary for the people
to maintain proper discipline in real life. Bill Gates is considered as the very disciplined person
who is systematically manage their regular operations.
Skills
Communication Skill - This skill is is mandatory for each and every person which can useful in
the journey to become a successful entrepreneur. Bill Gates is a influential communicator and
also maintain a strong relationship with their staff members so that they can work properly &
improve their performance level.
Decision-making - As per to run the business successfully, it is compulsory to have effective
decision making skills. Bill Gates is good decision maker who to analyze all the situation and
take effective decisions for their business and operations.
Peter Jones
Characteristic
Self- confidence - This characteristics is helpful for the people in order to establish a business &
become an influential entrepreneur. Peter Jones is one of them who contained this characteristics
and he is very confident about their decisions & business operations.

Leadership - this characteristics is also necessary for the entrepreneur because it can help full to
lead the team and provide proper directions to each and every team members. Peter Jones is
containing this characteristics and he is effectively support and co-operate with his employees.
Traits
Trustworthy - This trait is aid to gain the trust level of the staff members and the customers so
that they can share their issues and doubts without any hesitation. Peter Jones is very trustworthy
person who is maintaining affective connection with their employees.
Creativity - This trait is providing specific contribution in the overall personality of the
entrepreneur because it is necessary for the entrepreneur to contain specific creativity so that they
can use in their business in order to gain more profitability just like Peter Jones.
Skills
Analytical Skills - This skill is essential for the entrepreneurs so that they can properly analyze
the whole situation and use this skill as FIR to solve specific problem. Peter Jones is utilizing this
skill so that he can properly maintain their business situation.
Innovative thinking - in order to establish a business and make a influential personality as an
entrepreneur, there is a need to have this skill so that entrepreneurs can improve their business
activities and gain more positive outcomes with their innovative thinking. Peter Jones is
containing this skill so that he can properly add some specific value in their organization.

Notes:
Extroversion –This personality trait is all about analyzing the social ability of the entrepreneur
so that they can improve their communication level in order to influence the people. This trait is
beneficial to maintain strong relationship with the group members so that they can improve their
performance level in order to gain long term sustainability rate.

Agreeableness – This trait is all about to demonstrate the supportive & co-operative
understanding of the entrepreneur so that they can enhance the trust level among their
employees. With the help of this trait, entrepreneur can effectively connect with their group
members and also take their opinions & suggestions in the decision making process of the
business.
Neuroticism - The personality trait determine the tendency in context of unstable emotions. This
trait is demonstrating the negative attributes like fear, depression, anxiety, and frustration. It is
necessary for the entrepreneur to avoid this trait so that they can effectively improve their
performance level and take appropriate decisions to become a successful entrepreneur.
Notes:
Background:
Peter Jones faced financial issues at time if teenage and for this Jones go outside and teach others
about tennis in return for money. The passion towards business and to resolve financial issue,
Peter Jones came with new idea and became the entrepreneur who is only focused towards
attaining life objectives and goals. From coming to middle class family and to achieve life

objectives, made Peter Jones responsible and more focused which is one of the vital reason of its
successful businessman.
Experience: Peter Jones is a British entrepreneur and reality television famous personality with
interest in media, property, television and so on. This entrepreneur has tried many ventures that
involve manufacturing of desktop or PCs within the middle of twenties. After this, Peter Jones
has started a computer business that was not gained success and to bear that loss, entrepreneur
sold his house as well. Peter Jones did not give up and again started working as well as
performing in British based computer business that is Siemens Nixdorf. After settling in the
working, Peter Jones has founded first telecom industry in 1998 through which a profit is gained
of around 42 million within a year. At the present time, Jones is one of the successful and
renowned entrepreneur and the reason is mainly the experienced which did not let entrepreneur
to give up for attaining objectives.
Bill gates
Background: Bill gates is one of the most innovative and successful entrepreneur, he
belong to the educated family background of upper middle class, with the support of which Bill
gates encouraged to follow the their entrepreneurial skills and become the successful leader. In
context to the development of entrepreneur family support along with resource's play very
important role. As Bill gates got from their family. At each step of the business ideas
development and selection of the career goal he got supported from family. This type of family
support and encouragement lead to the development of such a entrepreneur who is the leader of
the biggest brand, which is know as the Microsoft. Bill gates interest for computer software
programming and the family influences for development in this filed encourage to chose the
career path of computer and software programming. With the influence of which he took
admission in the Harvard in 1973. but the interest was not in the studies, he always use to play
video games, this interest towards the technology or computer helped him to become at
Microsoft company leading entrepreneur.
Experience: During the childhood and the young age the most important experiences
which was contributed to the development of Bill gates interest on computers, was his exposer
to the computers in the lakeside school of Seattle. In that place a local organisation presented
him the offer of the using their own computers within schools, with the aid of Teletype link, this
entrepreneur entered to the level and filed of such machines, which further worked as grate

influencer. At the age of 15 Bill gates along with his friend Allen started the business together
and they make $20,000 through the lunch of newly developed program, which contributed to the
higher traffic flow in the place or area of Seattle, named Traf-O-Data.

CONCLUSION
It is concluded that there are many types of entrepreneurial ventures which includes
small, local and social and are the part of typology which is categorized as growth and lifestyle
firms. The small businesses contribute in the economy of the nation as they offer job
opportunities, quality goods and services and many others which helps in increasing the
economy and GDP of the nation. Further it is added that the employment opportunities, export
rates, high turnover are some factors which contributes in lifting the economy of the country by
small and medium enterprises.

REFERENCES
Books and Journals
Balmaceda, F., 2018. Entrepreneurship: skills and financing. Small Business Economics, 50(4),
pp.871-886.
González, M.L. and Angulo, N.R., 2020. Challenges and Perspectives of Entrepreneurship in the
Regions of Mexico. In The History of Entrepreneurship in Mexico. Emerald Publishing
Limited.
Hemmatian, I. And et. al., 2021. Exploring the Effects of Discretion, Discrimination, and
Oversight on the Inclusiveness of Small Business Contracting. In Entrepreneurship for
Social Change. Emerald Publishing Limited.
Irawan, N. and Valentina, T.F., 2021. Entrepreneurship Education: A Lifelong Learning
Approach: edited by Sukanlaya Sawang, Switzerland: Springer, 2020. 144 pp.,€ 106, 99
(eBook), ISBN 978-3-030-48802-4;€ 129, 99 (Hardcover), ISBN 978-3-030-48801-7;€
89, 99 (Softcover) ISBN 978-3-030-48804-8.
Kgoroeadira, R., Burke, A. and van Stel, A., 2019. Small business online loan crowdfunding:
who gets funded and what determines the rate of interest?. Small Business
Economics, 52(1), pp.67-87.
Kimuli, S.N.L. And et. al., 2020. Sustainability intention: mediator of sustainability behavioral
control and sustainable entrepreneurship. World Journal of Entrepreneurship,
Management and Sustainable Development.
Mukuvhi, A.C., 2021. The role of informal sector towards entrepreneurship development in
Makhado Local Municipality (Doctoral dissertation).
Ncanywa, T., 2019. Entrepreneurship and development agenda: A case of higher education in
South Africa. Journal of Entrepreneurship Education, 22(1), pp.1-11.
Ogunjemilusi, K.D., Johnston, K. and Boyd, B., 2021, June. An Exploration and Critique of the
Entrepreneurship Financial Ecosystem Facing Female Entrepreneurs in Northern
Ireland. In ICGR 2021 4th International Conference on Gender Research (p. 365).
Academic Conferences Inter Ltd.
Pastran, A., Colli, E. and Poclaba, C., 2021. Sustainable entrepreneurship: A new way of doing
business. Journal of the International Council for Small Business, 2(2), pp.147-158.
Piñeiro-Chousa, J. and et. al., 2020. Innovation, entrepreneurship and knowledge in the business
scientific field: Mapping the research front. Journal of Business Research, 115, pp.475-
485.
Zhu, L., Kara, O. and Zhu, X., 2019. A comparative study of women entrepreneurship in
transitional economies: The case of China and Vietnam. Journal of Entrepreneurship in
Emerging Economies.