Entrepreneurship Report: Background, Experience and Entrepreneurship

This report delves into the core characteristics, skills, and traits of successful entrepreneurs, differentiating them from traditional business administrators. It highlights the importance of passion, innovative thinking, and leadership through case studies of Elizabeth Gooch and Tom Mercer. The report further examines how entrepreneurial personality aspects, such as openness, conscientiousness, and extroversion, reflect entrepreneurial motivation using the 'Sea model'. It also explores how an individual's background and experience can either facilitate or impede their entrepreneurial journey, providing relevant examples to illustrate these points. The conclusion summarizes the key findings, emphasizing the role of entrepreneurs in converting ideas into practical ventures and contributing to economic growth.

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

TABLE OF CONTENTS
PART B
Introduction
Characteristic, traits and skills of effective entrepreneurs
Aspects of the entrepreneurial aspects personality reflect
entrepreneurial motivation
Examine, using relevant examples, how background and experience
can hinder or foster entrepreneurship.
CONCLUSION
REFERENCES

INTRODUCTION
Entrepreneur refers to those individual that invent new and unique ideas to
convert them while satisfying demand of market and customers. The
main motive of an entrepreneur is to earn more profits that leads
organisation to complete their work in proper manner. In the present
scenario, entrepreneur work as economical backbone of the country by
opening small and medium organisation for increasing more economic
opportunities in market. Moreover, this report highlights on Traits, skills
and characteristic of successful entrepreneur along with the effective
entrepreneurs.

Characteristic, traits and skills of effective entrepreneurs
Numerous skill, traits and characteristics exists in productive business people
which separate them from the different business administrators. These trademark,
qualities and aptitudes are helpful for the business visionaries so as to create new
and inventive thoughts that is going to help an organization in improving the
efficiency and productivity of its endeavors. Two business people are picked for
this report which are Elizabeth Gooch of EG Arrangements PLC and Tom Mercer
of MOMA Nourishments whose trademark, abilities and attributes are talked
about underneath:

CONTINUE…
Characteristic
 • Passion: This is an basic quality in business visionaries that
helps them in proceeding with the work with no weariness. Though this
trademark, the two business people for example Elizabeth Gooch and
Tom Mercer needs to concentrate on their work is customary reason to
accomplishing its ideal objective s. Such trademark separate them from
business administrators as chiefs looses their understanding while at the
same time working because of which they couldn't take the best possible
choice.

CONTINUE…
Skills
 Innovative reasoning: These aptitudes are significant for the business
people with the goal that is enhancing new thoughts for settling issues of
work environment. Though these abilities, Elizabeth Gooch and Tom
Mercer got fruitful settled these issues that has emerges in their working
and conquer inn order to gain ideal achievement in a powerful way.
 Leadership: This expertise is likewise basic for the business visionaries
with the goal that they can without much of a stretch lead their
representatives towards the ideal objectives adequately.

CONTINUE…
Traits
Confident: This is an important quality that should be their in business
visionaries so as to make better choices to accomplishment their endeavour.
Elizabeth Gooch and Tom Mercer is sure because of this has helped in
producing of new thoughts to their business that is going to help them in
getting positive yield and great brand picture in their commercial centre.
Such characteristic separate these from chief because of certainty about the
choice because of which they can execute them appropriately.

ASPECTS OF THE ENTREPRENEURIAL
ASPECTS PERSONALITY REFLECT
ENTREPRENEURIAL MOTIVATION
Business visionaries have a few characteristic, quality and aptitudes which
separate them from the others or directors. These variables additionally
speak to the innovative inspiration and outlook too. These variables
straightforwardly sway the inspiration and attitude of business people
because of which they couldn't get effective. Sea model can be utilized for
mirroring the innovative inspiration and attitude. This model has 5
viewpoints as examined underneath:

CONTINUE…
 Openness: In such viewpoint has been related to the feeling, experience
and thoughts. Angle mirror has interest and innovativeness that is useful
to business visionaries for taking better and appropriate choices for
doing business. It is additionally valuable in learning unique things and
taking care of difficulties.
 Conscientiousness: This is related to adapting and unwavering quality. It
had been expressed and business persons has to concentrate upon its
objective other than involving others inefficient exercises so as to achieve
their objectives successfully.

CONTINUE…
 Extroversion: In this it has been expressed that visionary of business
should keep themselves motivated, confident, talkative and should be
socially active in order to impact the workers and different people. Due
to this, business person can maintain strong relationship and maintain
labour is going to be done.
 Agreeableness: Such expressiveness in business persons should be able
to agree and make them dependable in order to arrange with workers.
This is going to lead towards building up of trust among representatives
and given strength to relationship. It can lead towards to wards marking
of enhancement to be done in respect to working.
.

CONTINUE…
Neuroticism: It is regarding the uneasiness, fear, pressure,
disheartened, wish and envy in this the business persons response in
very adverse manner to irregular circumstance. All business persons
required to maintain a strategic distance from these type of
components in order to treat their labourers equivalent. Business
persons should stay away from these type of components which is
going to help them in gaining progress. At workplace and working
environment.

EXAMINE, USING RELEVANT EXAMPLES, HOW
BACKGROUND AND EXPERIENCE CAN HINDER
OR FOSTER ENTREPRENEURSHIP.
Entrepreneur makes profit by catering their targeted market through
bringing new and innovative product into the market place which
stratifies the wants and needs of people. The experience and the
background do shape the personality and does foster a person. The
experience and background of the Elizabeth Gooch and Tom Mercer
helps them in becoming the person what they are today.

CONTINUE…
 Elizabeth Gooch
 Background: At the age of 18 Elizabeth started working in HSBC bank
and just after a year she left her job and joined a consultancy firm. Soon
after she also left that job and gathered the money by borrowing from
friends and relatives. Through borrowing the funds she gathers a total
amount of 1000 euro and started her own company. Her company
business was to provide the consultancy advisory to financial institution
regarding their operations and management. But later on she realized she
lacks the skills and knowledge which is necessary to undertake such
business so she shifted her company to software based.

CONTINUE…
 Tom Mercer
 Background: He did his graduation from Cambridge University. He
had the experience of consulting and advisory as he worked in Bain
and Co., a London based company. From his experience working he
many company he brought up new ideas and ways he has inculcate
into his business. Later on tom Mercer started his own business of
healthy drinks with oats and smoothies. Slowly his business gained
name and fame, and it start growing. Till 2009, the company
employed more than 25employees into his business.

CONCLUSION
In the last, by the above report it is concluded that entrepreneur are those individuals
who are capable to convert their ideas into practical manner. The main motive of an
entrepreneur is to perform and designed all products which satisfy the needs of
customers. Along with this small, medium and large are some effective types of
ventures which lead management to earn huge amount of profits. Along with this new
business organisation also generating various opportunities that leads business to
generates different benefits for workforce and society.

REFERENCES
Kuratko, D. F. and Morris, M. H., 2018. Examining the future trajectory of
entrepreneurship. Journal of Small Business Management, 56(1), pp.11-23.
Welter, F., Baker, T. and Wirsching, K., 2019. Three waves and counting: the
rising tide of contextualization in entrepreneurship research. Small Business
Economics. 52(2). pp.319-330.
Chernopyatov, A. and et. al. 2018. Entrepreneurship development and
business activity in the Russian Federation. Journal of Entrepreneurship
Education. 21(4). pp.1-12.