Entrepreneurship and Small Business Management Task 2 Report Analysis

This report delves into the essential characteristics, skills, and motivational drivers that define successful entrepreneurs. It explores the significance of establishing new ventures, the ability to assume risks, and the importance of hard work and commitment. The report highlights the traits of self-motivation and the potential for profit generation. Furthermore, it examines how the background and experience of entrepreneurs, including factors such as education, job experience, and family influences their entrepreneurial journey, both positively and negatively. The report includes case studies of prominent entrepreneurs like Richard Branson, Alan Sugar, and Peter Jones, illustrating how their individual experiences and backgrounds have shaped their entrepreneurial success. The report concludes by emphasizing how these factors contribute to their ability to build and manage successful businesses.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT
TASK 2

 Entrepreneurship could be defined to as that activity which put on extra
efforts for setting up business and then taking all sort of financial risk in
way of profits and success as well.
 This is also termed to as building up of new ideas for business. They are
those people who have new innovative idea and funds with them which
they further use for setting up their own business so they are known to as
entrepreneurs.
Characteristic traits, skills and motivational
drivers of successful entrepreneurs

Characteristic-
 Establishing new venture-
◦ This is one of the most important task for any businessman which means that they are
satisfying the need of customers by creating or opening new venture.
◦ For this it is essential that they are creating something which is creative and innovative as
well.
◦ Like Alan Sugar, Richard Branson and Peter Jones established their ventures into market
which helped them to grow.
 Risk assumption-
◦ For any entrepreneur like that of Richard Branson who is also regarded to as risk taker in
the airlines' industry also knows how to manage these risk which is identified by them.
◦ It is essential that they are lowering down these risk like that of social, financial and career
risk as well.
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Skills
 Hard working and committed
◦ Each and every entrepreneur should be hard working which will help them to easily tackle
the problems so they should be committed towards their work as well.
◦ Alan Sugar for instance is having very deep and proper sense for working properly and to
be innovative in all terms so that he could be achieving all of their goals.
 Profits potentials-
◦ This will be ability of entrepreneur to make innovative ideas and they easily take up
challenges for creating something new and proper.
◦ Peter Jones will be having ability to build up profits and generating return so that they
could be able to measure expected rate of return as well.
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Traits
 Self-motivated-
◦ Been motivated by inner force which will be helping them to face difficult challenges.
◦ Self motivation is increase the level of challenges which means entrepreneur take the
difficult challenges to expand their business.
◦ The self-confident is the essential traits which help to expand the business it will lead the
organization toward the growth.
◦ Thus, by the help of self-motivation Richard Branson expand their future to attain success.
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 An entrepreneur need to face lots of difficulties within their journey to
start a new business. Their experience and background influences their
entrepreneurship drastically in both positive and negative manner.
 There are various factors that affects entrepreneurs such as their
unemployment, poverty their family background and many others.
 Positive influence of their background and experience is:
◦ Education or job experience helps them to develop skills and traits requited to start a new
business. It also helps them to bring innovation within their business and generate revenue.
 Negative influence of their background and experience is:
◦ Poor education background becomes a hindrance for them and their carrier.
◦ This poor educational background makes it difficult for them to create a positive
organizational culture.
Background and experience successful
entrepreneurs and their influence on entrepreneurs
both positively and negatively

Richard Branson
 Richard Branson is one of the most famous British entrepreneur who
founded Virgin Group.
 He was from a good educated family where his father was a barrister. He is
a school drop out who always wanted to start one's own business.
 Initially he started his own mail order record business and afterwards
opened his own chain of record stores.
 His family background, desire to become and entrepreneur and start ones
own business encouraged him to start ones own business.
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Alan Sugar
 Alan Sugar is also one of the biggest British entrepreneur who started his
own consumer electronic company Amstrad.
 He was born in East London within a Jewish family.
 He belonged to a middle class family where his father used to work as a
tailor in a garment industry.
 He started working at a greengrocer store at the age of 12 and by the time
he passed his high school his earning was higher than this father. Sooner
he started his own company. His constructive mind and dedication to do
something was one of the main factor that influenced him to become of the
most successful business man
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Peter Jones
 Peter Jones is also a British entrepreneur who was always interested in
media, mobiles, television, property, retail etc.
 He was born in a middle class family who had only two passions i.e. tennis
and business and earned money from his two passion, got married and
owned his own house till the age of 21.
 His first business where hi sold computers was a failure and had to suffer
loss.
 His passion toward business and experience that he hot from his first
business helped him to create and run his own business and become a
successful business.
CONTINUE...

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