BTEC HND in Business: Entrepreneurship & Small Business Management

This report provides an overview of entrepreneurship and small business management, focusing on the characteristics, traits, and skills of successful entrepreneurs like Elizabeth Gooch and Tom Mercer. It examines how background and experience can either foster or hinder entrepreneurial ventures, highlighting the importance of strategic thinking, communication, risk-taking, passion, self-motivation, innovation, decision-making, and creativity. The report also touches upon the OCEAN model for understanding entrepreneurial personality and its impact on motivation and mindset. It concludes that entrepreneurship involves innovating new ideas to meet people's needs by providing relevant products and services. The document is available on Desklib, a platform offering study tools and resources for students.

Entrepreneurship and small business
management

Table of Content
• Introduction
• Characteristics trait and skill of entrepreneur
• Background and experience can hinder and foster relationship
• Conclusion
• References

Introduction
Entrepreneurship is consider as act which is taken by an individual for the purpose of
establishing and developing a new enterprises. To run a new business and small
business there is need to skills and innovation which attracts people towards own side
and increase the profits.

Characteristics traits and skills of a successful entrepreneur
The characteristics and skills of any person is not same and not running same business
which helps to establish a business and growing it effectively. The characteristics and
skills of Elizabeth Gooch and Tom Mercer are as defined:

Skills
Skills of Tom Mercer
 Strategic thinking skills –
 Communication skills –

Characteristics and Tom Mercer
Risk Taking – This is also a part of business which is important to take for business
entrepreneurs to complete the task and increase profits.
Passionate – This is another characteristic which helps entrepreneur to think deeply
for its products and services and make right decision.

Characteristics of Eliza beth Gooch
Self motivation – This is one most trait of successful entrepreneurs which helps
to push themselves. Such kind of person are not answerable to other.
Innovation – This traits is widely needed in entrepreneurs which helps to
attracts the customers or people.

Skills of Elizabeth Gooch
Decision making – This is required skills in every state as a person who has
idea and creativity for its business and also having decision making skills.
Creativity skills – This states that a person should have creativity skills which
helps to bring some thing new in their organisation.

Entrepreneurial personality reflects entrepreneurial motivation and
mindset
Entrepreneurial personality refers as quality and abilities to accept the changes
and create a successful development of business. To understand the
personality of entrepreneurs which reflects on motivation and mindset
OCEAN model is used by both entrepreneurs which helps to perform
business activities such as:

Aspects of entrepreneurial personality
• All entrepreneurs have different personality that is defined through Ocean personality
model such as:
• Openness
• Conscientiousness:
• Extraversion
• Agreeableness
• Neuroticism

How background and experience can hinder and foster
entrepreneurship
There are different ways where family ground and experience foster and hinder the
entrepreneurship that is defined as:
Elizabeth Gooch
Background – This is successful business woman who has started business of
developing software. In 2006, she became seventh most female entrepreneur in United
Kingdom.
Experience - She has started work for HSBC bank in their age of 18 and then in a
consultancy firm for 12 months only. Then she has decided to start own business which
is EG consulting in age of 26 years.

Tom Mercer
Background – This is also a successful entrepreneur who graduate of Cambridge
University, that was management consultant with Bain and Co. in London.
Experience – The start up of business is started by such entrepreneur by
providing healthy food to people at station which was first place from where they had
begin. In 2006, business expand by offering at different place.