UK College Entrepreneurship and Small Business Management Report

This report delves into the core concepts of entrepreneurship and small business management, examining the systematic process of establishing new business entities. It identifies key entrepreneurial traits such as confidence, open-mindedness, self-motivation, competitiveness, creativity, and a strong work ethic, highlighting their significance in achieving business success. The report differentiates between entrepreneurs and managers, contrasting their roles, objectives, and motivations. It provides examples of successful British entrepreneurs and explores how entrepreneurial personality reflects motivation and mindset. Furthermore, the report analyzes how background and experiences can either hinder or foster entrepreneurship, concluding with an emphasis on the growing trend towards entrepreneurial ventures due to the autonomy and creative freedom they offer.

Entrepreneurship and Small
Business Management

Table of content
 Introduction
 Main Body
 Conclusion
 References

Introduction
 Entrepreneurship is the systematic procedure of designing and
setting up of a new business entity.
 The person undertaking the activity of starting up a new business
venture is called Entrepreneurs.

Characteristics traits and skills
of an Entrepreneurs
An entrepreneur must have the following characteristics and traits for
becoming successful in running its business venture.
 Confident : A person must have confidence in itself and its business
venture.
 Open-Minded: The entrepreneur has to be open minded personality
and must be capable of underlying opportunities in the surroundings.

 Self starter and self motivated : A person must be self
motivated and must have the quality of realizing that for doing
something
 Competitive: Competitive: Entrepreneur needs to be competitive
and must believe that it can perform a particular job better than
other.

To be conti…
 Creative : Creativity makes a person stands out from the crowd
 Knowledge and strong work ethic :Possessing new knowledge
about how things can be done differently helps a person to win a
competitive advantage over others.

Motivational drivers
 Personal growth and sense of accomplishment
 passionate
 Control and authority

Difference between an entrepreneur
and a manager
Basis Entrepreneur Manager
Nature Entrepreneur starts up a venture and
forms its own rules of conducting
business by bearing all the business
risks.
Managers works as per the rules and
regulations of an organization for
which it receives remuneration .
Objective Entrepreneur's objective is to makes
its venture successful and it focuses
on expanding its business
operations.
The manager on the other hand,
focuses on getting right things done
by right people within the scope of
its authority.
Motivation Achievements Position and authority.

Examples of famous British
Entrepreneurs
 David and Simon Reuben : the brother duo are one of the to
entrepreneur of UK, that started their business venture of selling
scrap metals.
 James Dyson : introduced highly effective hand dryers out of its
frustration with the existing hoovers in the market

Assessing how the aspects of
entrepreneurial personality reflect
entrepreneurial motivation and mind-set
 Entrepreneurial personality can be described as the personality
traits, attitudes, beliefs, experiences and values that altogether
forms a attribute of an individual.
 Experiences such as going through hard times in childhood has
motivated many entrepreneurs around the world to do something
that have the capability of making difference to its life and to the
world.

To be conti…
 Entrepreneurial mind-sets are usually characterized by creativity,
innovation and opportunities.
 Having a thrust of creating something new and offering the same
to the world is reflected in entrepreneur's mind-set.

Examining how background and
experience can hinder or foster
entrepreneurship
 The entrepreneurship is affected by the experiences and family
background.
 The factors that influence entrepreneurial personality in an
individual are culture, economic conditions while growing up and
the level of education a person posses.
 Example is : Samuel Walton