Entrepreneurship and Small Business Management Report (LO3 & LO4)

This report delves into the multifaceted world of entrepreneurship and small business management, focusing on key aspects such as the characteristics, skills, and motivational drivers essential for success. It examines the traits of successful entrepreneurs like Martin Lewis and Brent Hoberman, highlighting their passion, flexibility, communication, and risk-taking abilities. The report also explores entrepreneurial personality aspects, utilizing the Ocean Personality Model to analyze extraversion, openness, conscientiousness, agreeableness, and neuroticism. Furthermore, it provides background information and experiences of successful entrepreneurs, evaluating the positive and negative impacts of their experiences. The conclusion summarizes the importance of innovation and effective resource utilization in achieving maximum profitability in entrepreneurial ventures. References from academic sources are included to support the analysis.

Entrepreneurship
and small business
management
(LO3 and LO4)

Table of content
• Introduction
• Characteristics, skills along with motivational drivers
• Entrepreneurial personality aspects
• Background and experience
• Impacts
• Conclusion
• References

Introduction
Entrepreurship is an activity as well as an ability of
an individual to create, visiluasize, develop, and
organize ideas or thoughts into new business venture
with an aim of obtaining maximum level of profit in
an effective and efficient manner. Along with this,
the foremost intent of every entrepreurial venture to
adapt innovative ideas as well as bear all sort of loss
or risk by its own in order to gain competitive
advantage within competing industry

Characteristics, skills along with motivational drivers
In order to obtain success in career, entrepreneur learn or adopt various skills
such as communication, decisiveness, risk taking, passion and many more that
lead them to gain competitive advantage in an efficient manner. For example,
Martin Lewis is highly passionate and flexible which made him a founder of
MoneyExpertSaving.com whereas Brent Hoberman has effective communication
and risk taking ability that lead him to be CEO of Founders Factory.

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Characteristic traits of Martin Lewis along with Brent Hoberman
Characteristic traits: Following are characteristic traits of selected entrepreneurs:
Stubborn persistence: Each individual inherit their entrepreneurial skill by birth
which they just imply into their business activities.
Passionate: Under this, Martin Lewis was very passionate towards goal which empower him to
drive forward even in big challenges which made Martin as a financial journalists in UK.

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Skills: These are the abilities that helps entrepreneurs to implement operations for
achieving beneficiary gains. Key skills of Martin Lewis addition to Brent
Hoberman are as follows:
Competitive: Brent Hoberman was highly competitive as he always see every threat
as a competition which enable Brent to surpass from others in aspect of ideas and
solutions.
Flexibility: In this criteria, Martin Lewis is considered as flexible personality as he always takes an
initiative in adapting changes in processes and products that help him to widen his thinking skill and it
benefit Martin to achieve goal effectively.

Entrepreneurial personality aspects
Every individual has some special personality attributes that differentiate
them from others. Entrepreneurial personality is defined to aggregation of
skills, abilities, characteristics, values addition to cognition that shapes
actions and experiences of entrepreneurs. For understanding personality
aspect, Ocean Personality model is properly analysed.

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Ocean personality Model: Following personality aspects are included in the
model:
Extraversion: In this kind of individuals are those who are extrovert in
nature as they like to share their ideas to others and also to gain views from
others which aid them to expand their connectivity.
Openness: In this phase, it signifies that entrepreur are openness to
experience as they take advantage of every opportunity that enable them to
obtain better outcome.

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Conscientiousness: This aspect signifies that such kind of entrepreur contains
time management skill and constantly think about impact of their behavior
over others.
Agreeableness: In this category, personnel determines existing market trend
and empower them to implement best strategic decisions in order to gain
competitive advantage in a productive style.

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Neuroticism: Under this, individual are able to counter any sort of challenges or
threat in easily manner which lead them to take corrective course of action as
well as to acquire better satisfaction level in an efficient manner.

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Background with experience of successful
entrepreneurs are as analysed:
Martin Lewis
Background: Martin Lewis was born on 9 May
1972 in Manchester, England.
Experience: producer for BBC business unit of
BBC Radio Five Live as well as an editor of BBC
4’s Today.

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Brent Hoberman
Background: Brent Hoberman was
born on British in the year of 25th
November 1968. He acquired his
degree and bachelors from Oxford.
Experience: During his journey, he
achieved several honors like co-
founded of lastminute.com,
mydeco.com,

Impact of background as well as experience on
successful British entrepreneurs
Positive impacts: IN terms of positive, it encourage them to learn and accquire
various skills or abilities in order to obtain accomplish their passion or vision
Negative impacts: IN negative term, if they dont try to tackle over this, then it
lead them to go into deep stress, depression or anxiety which ruins their entire
life.

Conclusion
It has been recapitulated from the above explained report that entrepreurship
is a process and capability of an individual of developing, creating,
controlling and introducing a new venture into market with an aim of
generating maximum level of profit with an optimal utilization of resources.

References
 Carter, S. and Jones-Evans, D., 2012. Enterprise and Small Business:
Principles, Practice and Policy. London: Pearson.
 Griffiths, A. and Wall, S., 2011. Economics for Business and
Management. 3rd Ed. Harlow: Pearson

Thank you