HND Business Year 1 Entrepreneurship Project: Mindset Exploration

This project explores the entrepreneurial mindset, focusing on the characteristics and skills of successful entrepreneurs, using Bill Gates and Steve Jobs as examples. It examines personality traits such as extroversion, agreeableness, conscientiousness, and openness, and discusses the challenges entrepreneurs face, including securing funding and dealing with competition. The project references various academic sources to support its findings. This project is designed to provide an overview of entrepreneurship and small business management, introducing methods for research and presenting findings relevant to the HND Business Year 1 curriculum. The project emphasizes practical challenges and the evaluation of successful entrepreneurs.

Entrepreneurship and Small
Business Management
Project B
Exploration of the Entrepreneurial Mindset

P5 characteristics and skills of successful
business entrepreneur

Cont.
Bill Gates and Steve Jobs were successful entrepreneurs. Some of the characteristics and skills of
Bill Gates and Steve Jobs are mentioned bellow:
• Characteristics
• Bill gates is very passionate towards the work he was doing.
• Environment keep on changing according to demand of customers, they must be flexible to
adapt changes of environment. Steve jobs was well aware of changing market condition

Cont.
• Microsoft owner bill gate predicted future in advance and made plans to survive those
changes.
• Steve job was very flexible, he lanced every new product keeping need and requirement of
customers.
• Steve jobs and bill gates both have knowledge about the market conditions and products.
• Steve jobs started a business from a very small scale and took years to establish successful
business.

P6: Personality traits of entrepreneur

Cont.
• Extroversion: an entrepreneur should know how to express and control emotions. if they can
not clearly express themselves, it becomes very difficult for employees to understand.
• Agreeableness: they should be very friendly, passionate, cooperative with workers. No
problems should arise if they have to communicate with lower level of worker.
• Neuroticim : it is negative feeling, if someone is high on neuroticsm, they have mood swings.

Cont.
• Conscientiousness: it is desire to complete work effectively in organized
manner. If a company wants to achieve target on time, proper planning
should be done.
• Openness: entrepreneur should have open mind. Workers of the
organization should feel free to communicate without any barriers.

P7 challenges and difficulties faced by
entrepreneur
Entrepreneur experiences lost of difficulties and problems in becoming
successful. To start any business, they require funds and it is one of difficult
task to arrange fund. Investor don't like to invest there funds in new venture.
They struggle a lot to mange funds for the start up. As a company is
establishing, it has to face lot of criticism from existing firms. These
business notice every actions of the new firm and point out problems

REFERENCES
• Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
• Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage
Learning.
• Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
• Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.Schaper, M.T.,
Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small business.