Entrepreneurship and Small Business Management Report: LO3 & LO4

This report delves into the core aspects of entrepreneurship and small business management, focusing on the essential skills, traits, and characteristics of successful entrepreneurs. The report highlights self-motivation, time management, and strong work ethics as crucial elements. It explores how entrepreneurial personality, particularly through the OCEAN model, influences motivation and mindset. Furthermore, the report examines how background and experience, using Henry Ford and Bill Gates as case studies, can either hinder or foster entrepreneurial success. It analyzes the positive and negative impacts of these factors, providing a comprehensive overview of the key determinants of entrepreneurial outcomes. The report concludes by emphasizing the significance of skills, traits, and background in achieving organizational goals, supported by references to relevant academic research.

Entrepreneurship
and Small Business
Management
LO3 &LO4

Table of Content
 Introduction
 The characteristics, traits and skills of successful entrepreneurs
 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set
 Background and experience can hinder or foster entrepreneurship
 Impact of background and experience on entrepreneur
 Conclusion
 References

Introduction
Entrepreneurship is a process of
developing a new business with the
motive of earning higher profit by taking
a higher risk within. It is an act of
identifying production and investment
opportunities, new techniques and
products, new resources for the business
etc.

The characteristics, traits and skills of
successful entrepreneurs
For getting the success in the business activities every entrepreneur must have
varied skills and traits. Existence of skills and traits helps them to assist its
employees that how they should complete business activities and how they
can sustain their business in the market for a longer period of time. The
chosen entrepreneur in this report are Henry ford and Bill gates.

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Characteristics:
Self-motivation- This is the foremost characteristic of Henry ford as it
helps them to encourage themselves towards the organisational goals and
objectives by implementing new ideas and innovations. Whereas the
managers are not able to develop any kind of plans and ideas which loose
their self motivation.

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Skills
Time management- It is the essential for any entrepreneur to complete
their work on time so that they will be able to motivate their employees
to do their work in given period of time. Whereas managers made all the
strategies and methods but not able to complete it on time.

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Traits
Strong work ethics- Henry Ford always focus on the following strong work
ethics such as such as staying motivated, always be punctual etc. for
performing their activities effectively. While managers follow only those
ethics which are formulated by its top management.

Aspects of the entrepreneurial personality
reflect entrepreneurial motivation and
mind-set
As the personality of every entrepreneur is different which have great impact
on their motivation and mind. It is essential for business to adopt ocean
model so that they can easily identify the personality type and trait which
will help them in motivating and accomplishing the organisation goal
within the given span of time.

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Openness: It is the most important
element in the ocean model
which reflects that en
entrepreneur should have open
nature. As because of this they
will take interest in exploring
new things, keen to relish new
experience, and always seeks
to gain higher knowledge.

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Conscientiousness: This element of ocean model present the personality of
the person that how much they are disciplined, careful, motivated, and
deliberated towards their work. As Bill gates have highly
conscientiousness level which enables them to make appropriate plans
and strategies and also evaluate the productivity of an individual.
.

Background and experience can hinder or
foster entrepreneurship
These two factors have great impact on the success of an entrepreneur as
background is related to the family condition and education. Another,
experience reflects about the past experience of a job or business. A
higher experience and well background can provide more succession to
the entrepreneur. Moreover, here are two examples are mentioned
which will tell the detailed impact of these elements on the succession
of the entrepreneur:

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Henry Ford:
Background: He was born in 1863 on a farm in rural Michigan, near
Detroit. His father was a farmer and he belongs to a middle class family. At
very early stage ford left home to fulfil his dream for which he work as a
beginner machinist and then got a practical knowledge by getting employed in
the Westing house. He also catch knowledge from the Goldsmith, Bryant &
Stratton Business college.