Entrepreneurship and Small Business Management: Task 2 Report Analysis

This report, Task 2, delves into the characteristics and traits of successful entrepreneurs, examining essential skills like networking and hard work, and personality traits such as self-confidence. It explores the entrepreneurial mindset and motivational factors, including upbringing and personal drive, and highlights the influence of background and past experiences, such as education and economic conditions, on entrepreneurial success. The report critically evaluates how these experiences can both positively and negatively impact entrepreneurs, using examples of successful British entrepreneurs like Richard Branson, Alan Sugar, and Philip Green. The analysis also considers the role of national culture and the importance of innovative ideas, commitment, and networking in achieving entrepreneurial success. The report references multiple academic sources to support its findings.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT
TASK 2

TABLE OF CONTENTS
■ INTRODUCTION
■ TASK 2
■ P5 Characteristic and traits which successful entrepreneur possess
■ P6 Entrepreneurial personality reflecting entrepreneurial mind-set and motivation
■ M3 Entrepreneurial characteristics
■ D3 Characteristic traits, skills and motivational drivers of successful entrepreneurs
■ P7 Background and past experiences can hinder or foster entrepreneurship
■ M4 Entrepreneurial characteristics and the influences of personal background and experience
■ D4 Critically evaluating how background and experiences influences entrepreneurs, both positively and negatively
■ CONCLUSION
■ REFERENCES

INTRODUCTION
■ Entrepreneurship is that activity under which any person willingly set up business by
taking up all financial risk and loss associated with it not only in hope of profits but also
making their business a long run venture.
■ A successful entrepreneur is that who challenges the existing line of order so that they
could be able to succeed in life with their project and available money as well.

TASK 2

P5 Characteristic and traits which successful
entrepreneur possess
■ There are many traits, skills and characteristics which any successful entrepreneur
would be having within themselves which easily distinguish them with other business
managers.
■ There are various successful British entrepreneur who are some personality traits and
characteristic like that of Richard Branson, Alan Sugar and Philip Green.

CONTI…..
Characteristic
■ Establishing new venture
■ Self-confident

CONTI…..
Skills
■ Networking skill
■ Hard working

P6 Entrepreneurial personality reflecting
entrepreneurial mind-set and motivation
■ There are many other factors which make any business person successful but this would reflect in their
personality.
■ Their upbringing, cultural difference and personal motivation would be some of the factors which drive
them to be different and successful.
■ For instance Richard Branson at his very early childhood decided that he would become an entrepreneur
and his 1st business venture was at age of 16 when he launched magazine named Student.

M3 Entrepreneurial characteristics
■ There are different entrepreneurial characteristics which will reflect their motivation and
mind-set like hard working, self-confidence and establishing new venture.
■ These are important in shaping up their personality and driving them as successful
entrepreneur.

D3 Characteristic traits, skills and motivational
drivers of successful entrepreneurs
■ Self-confidence is very much essential for any entrepreneur as this will drive them
towards success and helps them to become a successful entrepreneur and run a
successful business.

P7 Background and past experiences can hinder or
foster entrepreneurship
■ There are still many other factors which can hinder or foster entrepreneurship like their past
experience and background, type of education also matter.
■ National culture
■ Type of education
■ Economic conditions

M4 Entrepreneurial characteristics and the influences
of personal background and experience
■ Personal experience and background of a person works as one of the main and
important factor that works as an influential factor within an individual's life which
motivate them to become an entrepreneur.
■ There are various examples that clearly explains it.

D4 Critically evaluating how background and
experiences influences entrepreneurs, both positively
and negatively
■ This personal background and experience influences an entrepreneur both positively and
negatively.
■ There are many examples which explains this like poor educational background can affect
entrepreneurs in a negative way as they will have to face more difficulties in establishment
but rich family background can help them to establish they business in a positive way.

CONCLUSION
■ It can be concluded from the above presentation that being a successful entrepreneur it takes
so much hardship, innovative ideas, commitment, networking and self-confidence as well.
■ There are personal motivation and mind-set which will reflect their personality as well.
■ Their background and past experience will hinder or foster their entrepreneurship these will
include factors such as national culture, type of education and economic circumstance.

REFERENCES
■ Edwards-Schachter, M., García-Granero, A., Sánchez-Barrioluengo, M., Quesada-Pineda, H. and Amara, N., 2015. Disentangling
competences: Interrelationships on creativity, innovation and entrepreneurship. Thinking Skills and Creativity, 16, pp.27-39.
■ Bird, B., 2019. Toward a theory of entrepreneurial competency. In Seminal Ideas for the Next Twenty-Five Years of Advances (pp.
115-131). Emerald Publishing Limited.
■ Karabulut, A.T., 2016. Personality traits on entrepreneurial intention. Procedia-Social and Behavioral Sciences, 229, pp.12-21.
■ Kozubíková, L., Belás, J., Bilan, Y. and Bartoš, P., 2015. Personal characteristics of entrepreneurs in the context of perception and
management of business risk in the SME segment. Economics and Sociology.