Entrepreneurship Report: Background, Experience, and Entrepreneurship

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and exploring different venture types, emphasizing their significance in economic growth. The report then analyzes the key characteristics, traits, and skills that distinguish successful entrepreneurs from business managers, using Peter Jones and Henry Ford as case studies. It further assesses how entrepreneurial personality traits, as described by the OCEAN model, reflect motivation and mindset. Finally, the report examines how an entrepreneur's background and experience can either hinder or foster entrepreneurial endeavors, providing valuable insights into the factors that shape business success. The report concludes by summarizing the key findings and reinforcing the importance of these elements in fostering successful entrepreneurial ventures.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Covered in Booklet.....................................................................................................................1
TASK 2............................................................................................................................................1
Covered in Booklet ....................................................................................................................1
TASK 3............................................................................................................................................1
P5 Characteristic, trait and skill of successful entrepreneur that differentiate from business
managers.....................................................................................................................................1
P6 Assess how the aspects of entrepreneurial personality reflect entrepreneurial motivation
and mindset.................................................................................................................................2
TASK 4............................................................................................................................................3
P7 Using example, examine how background and experience hinder or foster the
entrepreneurship..........................................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
Entrepreneurship is defined as the capacity and willingness to develop a business venture
with an aim of profit maximisation. Entrepreneur is an individual who has the ability to convert
opportunities into invention by bearing most of the risk (Henry, C., Foss, L. and Ahl, H., 2016).
They usually start a business which is small in size and they plays a crucial role in an economy
as it creates the employment opportunities for the people which in turn led to the increased living
standard. This report will discuss different type of entrepreneurial ventures and their co-relation
with typology. Moreover the importance of small business in the growth of economy is
discussed. At last this report will cover the aspects of entrepreneurial aspects and focuses on how
background and experience can hinder or foster the entrepreneurship.
TASK 1
Covered in Booklet
TASK 2
Covered in Booklet
TASK 3
P5 Characteristic, trait and skill of successful entrepreneur that differentiate from business
managers
Entrepreneur is defined as a individual who takes initiative in developing a venture with
an aim of making profit. They are the decision maker of their organisation which means they are
only responsible for the failure and success of an organisation. Where as on the other hand
managers are the one who are responsible for managing the activities of an organisation ( Dunne,
T. C., and et. al., 2016). For the study of this report two entrepreneur are taken namely Peter
Jones and Henry Ford.
Peter Jones is a British entrepreneur who invented two television shows on BBC namely
Dragons' Den and American Inventor.
Henry Ford was an American entrepreneur who was the founder of the Ford Motor
Company and the sponsor of assembly line technique of mass production.
Characteristics: It refers to the quality possessed by an individual that differentiate them
from others. Below are some of the characteristics of successful entrepreneur:
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 Hard worker and dedicated: Both Henry Ford and Peter Jones are hard worker and
dedicated towards the work which led them formulate some of the strategies for the
success of an organisation (Doern, R., 2016). On the other side, managers are not
working hard as per their abilities as they are always dependent on other superiors for the
guidelines and strategies.
 Flexible: A successful entrepreneur always make changes according to the needs and
requirement of the society. Moreover flexibility help them to take effective decision on
the behalf of the company. Where as managers are not flexible as they are not able to find
proper solution to issues in the hard times.
Traits: It refers to the distinguish quality that differentiate from other persons. Below are
some of the trait of an entrepreneur:
 Risk taker: In order to get success, it is very important for an entrepreneur to take risk.
Both Henry Ford and Peter Jones have taken risk and frame strategies that help them
towards the success. On the other hand managers are not risk taker as they always avoid
the risky situation
 Self motivated: Self motivation is one of the important trait of successful entrepreneur.
Both Peter Jones and Henry Ford were self motivated which helps them to work in the
most challenging situation. On the other side managers are not motivated as they are
always dependent on other for the help and even they are not able to formulate the
strategies for their own (Burns, P., 2016).
Skills: It refers to the ability of an individual to carry the task with a specified time limit.
Below are some of the skills of an entrepreneur:
 Focused: It is considered as one of the important skill for entrepreneur. Both Peter Jones
and Henry Ford are focused toward their goal as they wanted to achieve something big in
their life. Where as managers are not focused as they even are not clear about the goals
and objectives of an organisation.
P6 Assess how the aspects of entrepreneurial personality reflect entrepreneurial motivation and
mindset
Personality refers to the different way of thinking and behaving that differentiate them
from other individuals. A successful entrepreneur always possess a great personality which
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makes them different from other. The personality factors can easily be explained with the help of
OCEAN model which is stated below:
 Openness: It defines as those factor in which an individual is open to the market so as to
come up with a creative approach. Entrepreneur have the skills to learn something new as
they are always practical. Both Henry Ford and Peter Jones are creative that led them
develop innovative idea which results in success of them.
 Conscientiousness: It refers to making of a plan before starting any thing new as they are
goal oriented. Both Henry Ford and Peter Jones have made plan before starting of a
project which results in their timely completion.
 Extraversion: This trait always help an individual to move ahead in personal and
professional life. The individual having this trait are enthusiastic, active and a goof
communicator. Both Henry Ford and Peter Jones have this trait which enables them to
communicate their idea with large group of people (Burns, P. and Dewhurst, J. eds.,
2016).
 Agreeableness: It refers to the engagement of a individual with other employees. The
one possess the characteristics of this trait are very helpful toward their team members.
Both Henry Ford and Peter Jones have this quality as they provide proper solution to the
team member whenever required.
 Neuroticism: The one who is having this trait are not able to deal with their employees
properly as they always suffer from the mood swings. Both Henry Ford and Peter Jones
stand low in this trait as they are very calm toward the work which led them complete
their work stress free.
TASK 4
P7 Using example, examine how background and experience hinder or foster the
entrepreneurship
Background and experience are considered as tow important aspect which hinder or
foster the entrepreneurship (Zacca, R., Dayan, M. and Ahrens, T., 2015). In this report tow
successful entrepreneur are taken. The experience and background of both entrepreneur are
mentioned below:
Peter Jones
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Background
Peter David Jones is a British entrepreneur and was born on 18th march 1966 in
maidenhead, UK. He has a interest in televisions, mobile phones, media, retail and property.
From the childhood onwards he has developed the entrepreneurial zeal as he has interest over
tennis. At the early childhood days he went to his father office. Both mother and father worked
hard to fulfil the needs of the family. He has taken the field of his interest and also has given an
examination of Lawn Tennis Association which help him to combine two subjects.
Experience
At the age of 20, he set up his own computer business. Thereafter in 1998 he has set up
phone international group. After his appearance on the BBC shows two dragons' Den and
American Inventor he became a famous celebrity. Despite of the average family background he
has a aim of becoming millionaire and was successful. He fought day and night to achive the
dream which led him become most successful.
Henry Ford
Background:
Henry Ford was an American industrialist who was born on 30th July, 1863 in rural Michigan,
US. He was the eight children of William and Henry Ford. His father was working in the
machine shops. His mother died at the early age and father forces him, to take over the family
farm but he was not interested (Bradley, S. W. and Klein, P., 2016). Henry Ford help his father
in the machine shops which led him to develop some interest in auto mobile and led him build
farm locomotive.
Experience:
At the age of 16, Henry has take apprenticeship as a mechanist in Detroit. There he learn
to handle steam engines. There after he joined Detroit Edison company in the year 1890 as an
engineer. He build his first gasoline buggy in the year 1892. Inspite the family condition was not
sound but he never give up. He has a zeal to design something innovative. He was passionate
toward the work which led him develop Ford Motors.
CONCLUSION
From the above discussion it can be concluded that there are various type of
entrepreneurial ventures and they have different typologies. Impact of small business on
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economy is studied in order to know their importance. Entrepreneur have some of the skills,
characteristics and trait that make them different from managers through which able to formulate
the strategies. Through OCEAN model it become very easy to understand about different type of
personalities. Lastly background and experience of entrepreneur is discussed and focused on how
they foster the entrepreneurship.
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REFERENCES
Books and Journals
Bradley, S. W. and Klein, P., 2016. Institutions, economic freedom, and entrepreneurship: The
contribution of management scholarship. Academy of Management Perspectives. 30(3).
pp.211-221.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Doern, R., 2016. Entrepreneurship and crisis management: The experiences of small businesses
during the London 2011 riots. International Small Business Journal. 34(3). pp.276-302.
Dunne, T. C., and et. al., 2016. The impact of leadership on small business
innovativeness. Journal of Business Research. 69(11). pp.4876-4881.
Henry, C., Foss, L. and Ahl, H., 2016. Gender and entrepreneurship research: A review of
methodological approaches. International Small Business Journal. 34(3). pp.217-241.
Julien, P. A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Scarborough, N. M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Schaper, M. ed., 2016. Making ecopreneurs: Developing sustainable entrepreneurship. CRC
Press.
Siegel, D. S. and Wright, M., 2015. Academic entrepreneurship: time for a rethink?.British
Journal of Management. 26(4). pp.582-595.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas
for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
Zacca, R., Dayan, M. and Ahrens, T., 2015. Impact of network capability on small business
performance. Management Decision. 53(1). pp.2-23
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