Entrepreneurship and Small Business Management Report: Skills

This report delves into the realm of entrepreneurship and small business management, analyzing the characteristic traits and skills that distinguish successful entrepreneurs from traditional business managers. It highlights the key attributes, such as delegation, curiosity, passion, innovation, ...Read More

Entrepreneurship and small
business management

Table of Contents
INTRODUCTION......................................................................................................................3
TASK1.......................................................................................................................................3
P5 the characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers................................................................................................3
Philip Green...............................................................................................................................3
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-
set...........................................................................................................................................6
TASK2.......................................................................................................................................7
P7 Background and experience can hinder or foster entrepreneurship..................................7
CONCLUSION..........................................................................................................................7
REFERENCES...........................................................................................................................9
Books and journals.................................................................................................................9

INTRODUCTION
Entrepreneurship can be said as an activity which is related to setting up of new
business by identifying this and other factors related to business for earning profit. This
includes the abilities characteristics and breadth of a person to lead business organisation in a
direction of goals which are earning profit (Kuratko, 2006). Indus report analysis of
characteristics traits and skills of successful entrepreneurs which help in development and
growth in business there is also comparison between entrepreneur and business manager.in
the middle of this report there is discussion on entrepreneurship personality which reflect the
motivation and mind set of entrepreneur. In last, this report includes examination on the
background and experience which have its impact on entrepreneurship with some relevant
examples.
TASK1
P5 the characteristic traits and skills of successful entrepreneurs that differentiate them from
other business managers
Every employee in an organisation have it's different nature attitude and behaviour
which make unique an inbuilt of number of characteristics and traits with some specific skills
this all will help the individual in getting what it want to do and work effectively in
organisation in the direction of achievement of goals and its objectives.
SKILLS Richard Branson
Delegated: He is famous for
his delegated skill as this will
help him in listening the
problems of employees and
work on them which also make
him a great leader in
organisation and a great
entrepreneur.
USP (Uniqueness) -
uniqueness is also kill which is
carried by Richard Branson
this is because they have
Philip Green
· Influencer- Influencing skill
of Philip green is amazing as
they are the person who can
direct and change the
behaviour of other person very
easily influencer in UK market
because of their self-made and
hardworking nature.
· Curiosity- curiosity refers to
the excitement of something to
know more and this is skill of
cement and bobby help them in

innovative ideas and methods
for doing business and these
make them unique from other
entrepreneurs. This can be seen
while practicing the activities
of business which make them
unique.
identifying new opportunities
in business organisation and
explore the organisation to
world level. As curiosity
increase the intentions of
person to work hard and
identify new things with some
innovative ideas.
Characteristics
Money minded- The main
characteristics of Richard
Branson is that they have a
money mind it is good thing as
an entrepreneur this is because
it’s it develop the desire of
earning more which help
businessman in eliminating
wasteful activities and sink
towards the direction of profit.
Passionate- Philip green is a
passionate man who believes
that passion I will help you in
acquiring the desired results
which you want. He always
follows his Passion of
becoming a best entrepreneur
of UK this also directly
towards the organisation and
the goals of this firm.
Traits
· Innovation: The main trait of
sir Richard Branson is that
they are innovative. Richard
always think that be in
innovative is the key of
success. The success of virgin
group over the globe is only
because it always uses
innovative products and now
Branson is billionaire.
·Innovation: Philip green also
believes in innovation as the
used products which are
innovative in nature and can
help organisation in adopting
new approaches as well as
method to boost the business
over the time.

Comparison between entrepreneur and business manger
BASIS Business manager Entrepreneur
Meaning
Business managers are those
who maintain and regular
check the management of the
organisation and employees in
firm.
Entrepreneur in in general can
be said as owner of
organisation who collect all the
resources together and carry
out the business activities in
efficient manner for achieving
organisation goal.
Objective
The main objective of manager
is to finish the task and
projects of the organisation
within a given period of time.
This time period is generally
provided by top level
management for clients of
organisation.
the main objectives of
entrepreneur is to guide the
employees and arrange the
resources for earning more and
more profit as well as growth
of business in the market by
increasing its market share.
Power of authority
Managers have limited
authorities in organisation
where they can take instruction
from top level management
and guide limited number of
employees in organisation.
They have no authority to take
decision on their behalf related
to work force they have to
consult with top level
The powers and duties of
entrepreneurs are relying in
their hands and they have full
power and control over the
organisation where they can
exercise their power on every
individual of organisation as
well as group members of
organisation. Even they can
exercise their right to outsiders

management (Bridge and
O'Neill, 2012).
like supplier and other outside
parties who are working with
organisation it depends on their
network.
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.
Entrepreneurs are those persons who have full control over the organisation and their
thinking is completely different from normal manager or a leader. It can be said that they
have qualities of both manager and leaders with some unique and innovative mind which day
use for achieving the objectives of business by comparing their personal as well as other
employee’s objectives in organisation objectives (Hodgetts, Kuratko and Kuratko, 1998).
Entrepreneurial personality: Entrepreneurship personality can be said as a
combination of characteristics and traits of an individual which form and distinctive
characteristics.it includes the human characteristics, motives, attitudes, values and abilities
which help an individual to shape its personality as well as increased personal experience
with its actions. It can also be said as a mental and behavioural process of an individual
which shows his quality of working on some project.
Philip green: Philip green British billionaire businessman and currently chairman of
Arctic group, Retail Company which includes number of business chains in it. This is the
quality and traits of Philip green that he becomes the master in entrepreneurship and now
become a subject to discuss on entrepreneurship. He is born in a middle class family but will
die as a rich billionaire this is because of his entrepreneurship capabilities. As it can be seen
from his abilities traits and characteristics that he works hard for earning this respect which
act as an motivation for numbers of leaders, managers and entrepreneurs his qualities like
innovation, passion, curiosity and influencer will help him in getting the platform and also
help him in changing mind-set of others (Gibb, 1996).
Richard Branson: Richard Branson is known for his entrepreneurship in his own
company which he founded in 1970 and named as virgin company. He is also known for his
work in philanthropy with this as well as entrepreneur who encourage employees of the

organization in performing for organization in better way. Therefore, he helps the employees
in increasing the productivity of their own which help organization increasing profitability
level. His quality and trades guide him towards achievement of organization goals by
compiling his own goals with them he is a great leader as well as a motivator to employees in
an organization it help in increasing the future success and growth of enterprises where
Richard Branson is a good quality of leadership that add him in being successful entrepreneur
in the market where is firm is working. Now he becomes the world's richest entrepreneur of
current time.
TASK2
P7 Background and experience can hinder or foster entrepreneurship
Experience is that thing which always comes across when there is any problem arises
for an entrepreneur. The basic of entrepreneurship as experience help a lot to a person in
increasing the chances of profit as well as decreasing the chances of loss. It is also essential
as it helpful in increasing knowledge as well as building confidence in individual. Experience
also helps in determining and evaluating the chances of success as well as failure of efforts
done by an individual (Zimmerer and Scarboroug, 2005).
Richard Branson- Richard Branson on entrepreneur who is known for his experience
and professionalism in work is started virgin group which have number skill companies under
it. There is the time when he facing losses as well as company is also losing its market share.
Then which is experience and professionalism hi started merging small scale companies into
its organisation which helps organisation in surviving. This is an example of professional
professionalism as well as entrepreneurship where experience helps info staring
entrepreneurship.
Philip green: Philip green is also a British businessman who is the owner of arcadia
group. He is also an experienced and professional entrepreneur but he also faces some
problems but which is experience and professionalism he handled this problem in November
2010 green become the target UK councils for tax avoidance but his entrepreneurship and
leadership skills help him in surviving in these places this is because use professional
techniques while filing tax which help him as an instrument to save itself from these cases.
CONCLUSION
It can be concluded from above mentioned report that entrepreneurship and leadership skills
of an entrepreneur have great impact on organisation as well as other person's behaviour there

are number of characteristics traits and abilities of which make them different from business
managers. They also pose the quality of changing mind set of other people as well as
motivating them towards work.

REFERENCES
Books and journals
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Macmillan International Higher Education.
Gibb, A.A., 1996. Entrepreneurship and small business management: can we afford to
neglect them in the twenty‐first century business school?. British Journal of
management, 7(4), pp.309-321.
Hodgetts, R.M., Kuratko, D.F. and Kuratko, D.F., 1998. Effective small business
management. Fort Worth, TX: Dryden Press.
Kuratko, D.F., 2006. A tribute to 50 years of excellence in entrepreneurship and small
business. Journal of small business management, 44(3), pp.483-492.
Zimmerer, T.W. and Scarboroug, N.M., 2005. Essentials of entrepreneurship and small
business management. Prentice-Hall.