ENTREPRENEUR AND SMALL BUSINESS MANAGEMENT Report Analysis

This report delves into the realm of entrepreneurship and small business management, focusing on the traits and characteristics of successful entrepreneurs. It highlights essential qualities such as innovation, patience, and risk-bearing, using J.K. Rowling as a case study. The report explores aspects of entrepreneurial personality, including openness and optimism, and assesses how an entrepreneur's background and experience influence their mindset and motivation. It examines the impact of education, circumstances, and personal experiences on shaping entrepreneurial ideas. The analysis provides insights into the key factors contributing to entrepreneurial success, offering valuable lessons for aspiring entrepreneurs and business students. The report concludes by summarizing the crucial elements that define successful entrepreneurs and the role of their background in fostering entrepreneurial ventures.

ENTREPRENEUR AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION
MAIN BODY
P5 Traits and characteristics of successful entrepreneurs.
P6 Assessment of how the aspects of entrepreneurial personality reflects their motivation
and mindset.
P7 Assessing the impact of background and experience in fostering the entrepreneurship.
CONCLUSION
REFERENCES

INTRODUCTION
 This presentation is based on the topic of Entrepreneurship and Small business
management.
 It will highlight the traits and characteristics of successful entrepreneurs. The
presentation will include the aspects of entrepreneurial personality that reflects their
motivation and mindset.
 This presentation will also include the impact of background and experience of
entrepreneurs in fostering their entrepreneurship

Explain the essential traits and skills of successful entrepreneur with and
example
 The entrepreneur being chosen for the study is J.K. Rowling, who is a writer of the fantasy
novel and series Harry Potter as one of the most successful stories among the years. However,
J.K. Rowling consists of different traits and skills which are discussed below-
 Innovation- This is the most vital trait that must be included in all the entrepreneurs.
Innovation refers to bringing up something new in the market that could attract the customers
and brings up change. The novel of Harry Potter contained various mysterious stories and
adventures in it that tuned out to be innovative thing during that time of its release. This in turn
led to the success of the novel and story.
 Patience- This trait is most important for any entrepreneur or individual who aims at achieving
something bigger. However, in real life the success doesn't step at your door step easily or just
with efforts, one must have good patience to tolerate the bad times as well. The story of Harry
potter was not developing the interest of publisher initially but this did not make Rowling to
lose her hope, and she continued to write up the stories and try out publishing it which finally
got a break and rest is the history.

CONTINUE
 Risk Bearer: It is the trait which is required in the entrepreneur as entrepreneur always
comes with the new idea to start the business which eventually means that the other
side of the new idea is the risk and the entrepreneur required to have a knowledge about
how to manage the risk. J. K. Rowling has also managed the risk at the starting stage of
his project as it was a totally new short of the writing which was not having any trend
in the market at that time.
 Other than that the entrepreneur also require the other trait also such as Time
management which looks at improving the efficiency of the entrepreneur by reducing
the wastage of the time in the project. Good communicator is the another trait which
will help them in passing on their point of view very easily.

Common aspects of entrepreneurial personality that are been common in all the
entrepreneurs
 Innovation- It is one of the most common trait in any entrepreneur as it is the only base
of any entrepreneur to start his business and perform its operations. An Entrepreneur
must always come up with new ideas and thoughts and convert them into reality as
well.
 Openness- Openness refers to the adaptability in relation to the changes and market
trends and how well the entrepreneur does this activity and react towards these
changes. Entrepreneur must be open-minded and be able to resist and go through with
the changing market conditions.
 Risk Bearing- This trait is most similar and common in all the entrepreneurs. They are
ready to bear the risk and hence due to this they think to start a new business their
unique ideas and thoughts. Risks and uncertainty in businesses cannot be avoided but
preventive measures and backups can be initiated to deal them.

CONTINUE
 Optimism Trait- This trait states the optimistic or positive behaviour
of the entrepreneur in all sort of circumstances. There are various ups
and downs, risks and uncertainties in the business and hence the
entrepreneur must deal with them positively and establish optimistic
mindset for framing strategies against various issues and changes in
the market.
 Conscientiousness trait- This trait states that an entrepreneur
must have a good thinking and forecasting ability. Entrepreneur must
be able to prepare a plan for all the related activities of the
organization as well as forecast the outcomes of the activities
performed. Entrepreneur must posses good assumption power.

Impact of background and experience of entrepreneur in fostering his
entrepreneurship.
 Background of entrepreneur plays an important role in shaping the mindset of
entrepreneur. Background determines the culture and nature of entrepreneur and creates
major impact on entrepreneur's personality and experience. As this because an individual
always learn from his or her mistakes and downfalls in the past and so is that with the
entrepreneurs as well, as they are able to make decisions for business related activities
from the past problems and outcomes.
 Education- Rowling attended St Michael's primary school in her childhood. Later she
attended her secondary education at Wyedean School and College where she had been
identified as girl with good English and vocabulary skills by her English teacher. Later she
gained a degree of B.A. In French and Classics at university of Exeter. She was quite good
competent student in her college and would perform all the necessary tasks to be decent
student. This shows that the education had played an important role in shaping her idea of
writing story related to Harry Potter with good vocabulary and creative writing techniques.

CONTINUE
 Circumstances and Downfall situations in life- Rowling's mother was a patient
suffering from multiple sclerosis and later had a death after few years that created many
issues for Rowling's Life. She had been writing The story of Harry Potter after hiding it
from her mother and later after death all these things affected her thoughts but later she
was able to transform all these emotions and thoughts into her story of Harry Potter as
been described in her own book. She has also mentioned her primary school
headmaster role in her book. It can be observed that Rowling has one common thing is
to relate all the situations happened in her life into a meaning full story and this is how
she was able to add up new things in her Harry Potter story.
 Thus it can be observed that the background experience plays a major role in
shaping the entrepreneurship idea of an individual and helps in building new thoughts
and ideas for success as can be related with the Rowling's Example.

CONCLUSION
 From the above presentation it is identified regarding the learnings related to
entrepreneurial traits and characteristics that makes them successful in their business.
The presentation included all the common aspects that reflects the entrepreneurs
personality and are necessary for an entrepreneur. The presentation concluded by
explaining the role of entrepreneurial background and past experience in shaping their
idea of entrepreneurship.

REFERENCES
 Albort-Morant, G. and Ribeiro-Soriano, D., 2016. A bibliometric analysis of
international impact of business incubators. Journal of Business Research.
69(5). pp.1775-1779.
 Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship.
Routledge.
 Gielnik and et.al., 2017. How small business managers’ age and focus
on opportunities affect business growth: a mediated moderation
growth model. Journal of Small Business