Entrepreneurship Report: Small Business, Traits, and Case Studies

This report delves into the multifaceted world of entrepreneurship, examining the core traits and skills that distinguish successful entrepreneurs. It explores the crucial role of personality, particularly the Ocean Model, in shaping entrepreneurial motivation and mindset. The report highlights the impact of background and experience, using case studies of Richard Branson and Simon Cowell to illustrate how early life experiences and family influences can shape an individual's entrepreneurial journey. The study also provides insights into the role of small businesses in economic growth and the broader implications for national development. The report concludes by emphasizing the significance of these factors in fostering a thriving entrepreneurial ecosystem. The references include a list of relevant academic sources which can be used to further research the topic.

Entrepreneurship and
Small Business
Management

TABLE OF CONTENT
 Introduction
 Characteristic traits and skills of successful entrepreneur that differentiate from other
business manager
 Aspect of entrepreneurial personality reflects entrepreneurial motivation & mind-set
 Impact of background and experience on entrepreneurship.
 Conclusion
 References

INTRODUCTION
 Entrepreneurship is the process of designing,
launching and running a new business at initial
level.
 And the study also shows how entrepreneurial
personality affects the motivation and mindsets
of the entrepreneur.
 Summary will also shows the historical
background of entrepreneur which hinder or
foster the entrepreneurship.

Characteristic traits and skills of successful entrepreneur that
differentiate from other business manager
 Richard Branson
 Traits-
 Discipline- One of the key traits of the Richard Branson is
that he is the responsible person for their work or action.
 Identify the error and put energy to thinking ahead and
taking the next plan of action.
 Such traits differ the entrepreneur from the other business
manager.

CONTINUE
 Simon Cowell
 Traits-
 Passion - This is the most significant characteristic every
entrepreneur have Simon Cowell are successful entrepreneur
because they love what they do.
 Simon Cowell put all extra hour they have into the business to make
it flourish and successful.
 Such passion traits towards the work of entrepreneur make different
from the business manager as business manager can't show its
passion towards work, manger just follow the above guidelines.

Aspect of entrepreneurial personality reflects
entrepreneurial motivation & mind-set
 Ocean Model Personality
 Ocean Model is a taxonomy for personality trait.
When factor analyses are applied to personality
traits.
 Both the entrepreneurial Richard Branson and
Simon Cowell have the same ocean model
personality

Impact of background and experience on
entrepreneurship
 Richard Branson a business magnate, investor, author and philanthropist is a founder
of Virgin Group in 1970 controlling more than 400 companies in various fields.
 He at a very young age get motivated to focus on academics as his grandfather was a
judge in High Court of Justice and highly educated person.
 On the other hand, her mother was an entrepreneur herself making and selling wooden
tissue box and waste-paper bins.
 Branson was also the eldest amongst the three children of Eve Branson so was always
responsible and protective helped in the development of the personality that made him
responsible and sensible in taking several steps in business.

CONCLUSION
 From the above study it is concluded that the micro and small business play a vital role
in the growth of the economy as they are responsible for generating employment and
growth for the nation.
 The small scale industry also contributes in the overall turnover and bring the nation to
a better state.

REFERENCES
 Amato, C. and et.al., 2017. Regulatory modes and entrepreneurship: the mediational
role of alertness in small business success. Journal of Small Business Management.55.
pp.27-42.
 Bogdanova, S.V. and et.al., 2016. Management of small innovational enterprise under
the conditions of global competition: possibilities and threats. European Research
Studies.19(2). p.268.
 Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.