Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
Entrepreneurship and Small Business Management........................................................................1
INTRODUCTION...........................................................................................................................3
LO3..................................................................................................................................................3
P5 Characteristic Traits and Skills of Successful Entrepreneurs.................................................3
P6 Aspects of Entrepreneurial personality reflect entrepreneurial mindset and motivation.......4
LO4..................................................................................................................................................5
P7 Fostering Entrepreneurship through Experience and Background.........................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurs are those people who create and operate entrepreneurial ventures. There
are various reasons which make them different from other business managers. This report
includes discussion over various traits which are possessed by entrepreneurs and aspects of their
personality which reflect their entrepreneurial mindset and motivation. Lastly this report includes
discussion various experience and background factors which foster entrepreneurship of
entrepreneurs.
LO3
P5 Characteristic Traits and Skills of Successful Entrepreneurs
There are some of the qualities and characteristic traits which make entrepreneurs
successful and different from other managers. These traits and characteristic traits are as follows-
Passion
This is one of the most important characteristic traits which is possessed by entrepreneurs.
Entrepreneurs are passionate about what they do and what they are willing to achieve. This
passion of entrepreneurs is important factor behind their success. They put extra efforts in their
work so that they can ensure they achieve what they are willing to achieve.
Determination
This is another characteristic trait of entrepreneurs that entrepreneurs are determined about what
they are willing to achieve. Determination of entrepreneurs ensures that they do not change their
vision in case of small and temporary failures. Entrepreneurs ensure that they learn from their
failures and try again to achieve their objectives and vision.
Disciplined
This is another important characteristic trait of entrepreneurs, they focus all their energy on their
work and vision and adhere to activities which can help and contribute in achieving their vision.