ENTREPRENEUR AND SMALL BUSINESS MANAGEMENT: Skills and Characteristics

This report delves into the critical skills and characteristics of successful entrepreneurs, using J.K. Rowling as a case study to illustrate concepts such as creativity, patience, risk-bearing, innovation, and adaptability. It examines the aspects of an entrepreneurial personality that reflect motivation and mindset, including positive behavior and conscientiousness. The report also explores the significant role of background and experience, including education and past life events, in shaping an entrepreneur's journey and fostering their entrepreneurial spirit. Ultimately, the report highlights how these elements contribute to business success.

ENTREPRENEUR AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION
P5 Essential skills and characteristics of successful entrepreneurs.
P6 Aspects of entrepreneurial personality that reflects his motivation and mindset.
P7 Role of background and experience of entrepreneurs in fostering entrepreneurship
CONCLUSION
REFERENCES

INTRODUCTION
 In order to achieve success in a business must, entrepreneur must posses various skills
and characteristics for dealing with various situations and accomplishing the business
operations effectively.
 This presentation is based on the skills and characteristics of a successful business
entrepreneur.
 It will include all the aspects of the entrepreneur that reflects their mindset and
motivation.
 It will also include the role of entrepreneur's background and experience in fostering
the idea of entrepreneurship.

Skills and Characteristics of successful
entrepreneurs
 In order to understand the skills and characteristics of entrepreneurs, J.K. Rowling is chosen for
understanding variety of skills to be a successful entrepreneur. J.K. Rowling is a author of the most
popular story and a book- Harry Potter. The following are the qualities in J.K. Rowling that succeeded
him in his business-
 Creativity and innovation- It is the most important quality and characteristic of an entrepreneur. As the
meaning of entrepreneur itself suggest that a new and creative idea for setting up a new business. The
story of Harry Potter included various fantasies and imaginary situations, that was a unique and creative
during its time of release. All these elements combined and led to the success of the story release.
 Calmness and Patience- This skill in entrepreneur is most beneficial for handling the pressure related
situations in business and other activities related to it. Staying calm and patient in stressful situation and
failures makes and individual stronger and this further lead to successful outcomes without any regrets.
Same in the case of J.K. Rowling where the story had been shown no interest by the publishers initially
but the patience and calmness of J.K. Rowling led her to concentrate more in writing it further with
modifications and changes that droved towards the successful launch of the book.

CONTINUE
 Bearing of risks- Bearing risks and uncertainties is the necessary element for any
entrepreneur as business consists number of risk occurrence that could affect its
working and performance. Entrepreneur must be prepared for such risks and must have
various safety measures for dealing with such situations. The commitment of J.K.
Rowling had made her confident enough to deal with the risk, this made her stringer
enough to figure out more time and efforts her story which had been rejected several
times by the publisher.
 Other skills- There are several other skills that are necessary and important for
successful entrepreneurs. One of them is managing the time of the activities.
Entrepreneur must be able to allocate reasonable time for every business activity and be
able to complete them before the deadline. He must be able to schedule the things and
capable enough to accomplish them on time. Managing time will make the
entrepreneur to think over new aspects and avoid delay in his outcomes as well.

Aspects of entrepreneurial personality that can be
seen in all entrepreneurs
 Innovation- Innovation refers to use of new ideas and methodologies for inventing a
certain product or concept and placing it in the business operations. Entrepreneur must
turn up with various changes and ideologies that helps the business to create a new path
of growth in the market.
 Adaptability- Adaptability refers to resistance or adaption of the changes occurring in the
market with respect consumer demands, preferences or any other changes. Entrepreneur
must go through with the changing trends in order to initiate the business growth.
 Bearing of risks- Risks refers to uncertainty and unexpected outcomes in business that
may affect its activities and operations. Entrepreneur must be prepared with the
preventive measures and strategies for all sort of risk related outcomes in the business as
thin will help them to overcome the risks and promote smooth functioning of business
activities.

CONTINUE
 Positive behavior- This is the most important aspect for any entrepreneur in order to
drive towards the growth and success of business. Optimistic behavior helps the
entrepreneur to deal with the certain negative outcomes and downfalls in the business
and helps to plan out strategies to deal with the issues. Thus, this aspect turns out to be
important in relation to entrepreneur motivation and mindset.
 Quality of Conscientiousness- These skills refers to the better thinking ability and
ability to forecast the outcomes by Entrepreneur. It states that an entrepreneur must be
able to plan out the things in advance by forecasting the changing conditions and
outcomes for the business operations to be performed.

Role of background and Experience of entrepreneur in fostering their
entrepreneurship
 Background refers to all those personal elements, circumstances, education, past activities and motivation
that helps to enhance the ability and shape the personality of an individual. Background and experiences
plays an important role in developing the positive aspects and learning outcomes for entrepreneur which
helps them in successful in commencing business activities. The following activities represent the
background and experiences of J.K. Rowling.
 Education- J.K. Rowling comprises the degree of B.A. in French and Classics at Exter university. She
attended her higher secondary education at Wyedean School where she was identified as a good English
writer with outstanding vocabulary by her English teacher. She was a competitive student and performed
all the activities that were required in her education. However good quality education and understanding
skills as well as better use of vocabulary made her prepare the story of Harry Potter and groomed her
efforts in creating an imaginary concept with mystery.

CONTINUE
 Past Life- Rowling experienced the death of her mother while she had scripted some story
related to Harry Potter. This made her fell in depression and led lack of concentration on
further part. But later she added all the emotional sentiments of her Mother in her Harry
Potter story and diverted her mindset and kept herself motivated by relating the incidents of
her life as a part of Harry Potter that turned out to be the biggest hit at the time of the release.
 Thus it can be observed that the educational background and the past experience has led
to the success for the entrepreneur like J.K. Rowling through creating different motivational
factors and purposes to achieve her goals for business and thus reach the success outcomes
effectively.

CONCLUSION
 From the above presentation learning outcomes arrived are regarding the skills and
characteristics of successful entrepreneurs. The presentation explained the common
aspects of the entrepreneurs that reflected their motivation and mindset. The
presentation concludes by stating the importance and role of entrepreneurial
backgrounds and experiences in fostering their idea of entrepreneurship.

REFERENCES
 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
 Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on
entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of small
business management.53(1). pp.75-93.