Entrepreneurship: Comparing Business Managers and Entrepreneurs

This report delves into the contrasting roles of business managers and entrepreneurs, exploring their distinct characteristics, skills, and approaches to business. It begins by defining entrepreneurship and emphasizing its significance in economic growth, followed by a comparison of business managers and entrepreneurs, highlighting differences in their definitions, focus, task approaches, decision-making processes, and motivations. The report then examines the entrepreneurial strategies, reflecting entrepreneurial motivation, and the application of the Big Five personality traits (Ocean model) to motivate entrepreneurs. It further analyzes the backgrounds and experiences of successful entrepreneurs like Alan Sugar and Peter Jones, providing insights into their paths to success. The report concludes by summarizing the key differences and similarities between business managers and entrepreneurs, emphasizing the importance of understanding their distinct roles to foster entrepreneurial ventures and drive innovation. The references include various academic sources like journals and books related to small business and entrepreneurship.

Entrepreneurship And Small Business
Management (LO 3 and LO 4)

Content Table
 Introduction
 Difference between business manger and entrepreneur
 Entrepreneurial strategy reflecting entrepreneurs motivation
 Conclusion
 References

INTRODUCTION
Entrepreneurship can be defined as willingness to formulate unique
idea and manages business venture by bearing all kind of risk in
order to generate maximum profit. This plays a vital role in the
upliftment of the economy as it raise creates job opportunities for
the people living in the society

Characteristics, traits and skills
The successful entrepreneur in United Kingdom are Alan Sugar ,
Simon Cowell, J.K Rowling, Peter Jones etc. But for this report
Alan Sugar and Peter Jones are taken and their traits, skills and
characteristics are described as follows:

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Difference between business manger and entrepreneurs
Traits Skills Characteristics
Alagn Sugar adopts traits
like, humility, ability to build
positive working
relationships, being able to
articulate oneself etc. in order
to become successful
entrepreneur in the global
market. Whereas, Peter Jones
trait is to build confidence
and make commitment so
that set objectives can be
achieved and customers can
be made satisfied with the
product.
The skills which made the
entrepreneurs Alagn Sugar so
successful are,
communication, confident
and positive attitude towards
work. Whereas, in case of
Peter Jones zeal and being
passionate are the key skills
to be flourishing in the global
market with innovative idea .
The skills which made the
entrepreneurs Alagn Sugar so
successful are, having a
vision for the destination, aim
for results, effective in
timing, perseverance and
zeal. Timely nourishing this
skills and made them to be
successful in the United
Kingdom market. However,
for Peter Jones being
punctual for timing is the
core characteristics which has
made them build name and
fame across the boundaries of
the nation.

business manger and
entrepreneurs
Basis Business manger Entrepreneurs
Definition Business manger is a
person who takes
obligations of
administering and
controlling an
enterprise.
Here, an entrepreneurs is one who
come up with innovative idea and
willingly bears all the risk and profits
incurred from the business while
making it successful in the cut throat
competitive world.
Focus The focus of the
business manger is
ongoing operations.
The main focus is on business start
-up.
Approach to task Formal approach to
task is widely adopted
by Business manger in
an organization. Alan
Sugar and Peter Jones
Informal approach is used by
entrepreneurs so that free flow of
information can be carried out
easily.

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Decision making process In every administration
business manger take
decision or makes decision
on the basis of calculative
nature.
But, entrepreneurs take
decision on the basis of
intuitive nature.
Motivation Business manger motivation
comes from power which
generates from their post.
Achievements are the core
motivation factor
entrepreneurs.
Focus Business focus on smooth
functioning of the business.
Entrepreneurs keep eye on
the expanding the enterprise
idea at another level
(Scarborough, 2016).

Entrepreneurial strategy reflect entrepreneurial
motivation
The big five personality trait is also well known by the name of five-
factor model or Ocean model. It is a hierarchy for personality
traits in order to motivate entrepreneurs mindset to come up with
creative thoughts . In order to motivate entrepreneurs Ocean
model is used which is explained as follows:

Entrepreneurial strategy reflect entrepreneurial
motivation
The big five personality trait is also well known by the name of five-
factor model or Ocean model. It is a hierarchy for personality
traits in order to motivate entrepreneurs mindset to come up with
creative thoughts . In order to motivate entrepreneurs Ocean
model is used which is explained as follows:

Entrepreneurs background and experience
The two entrepreneurs are Alan Sugar and Peter Jones as well as
their background and expedience are studies in order to better
understand how they foster entrepreneurship in the market.

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About Peter Jones background
Peter David Jones is a British entrepreneur with interest in
mobile phones, leisure, retail, television and property. He
was born in 18th march 1966 in maidenhead, UK. At the
early childhood days he went to his father office and loved
to sit on the big chair.

Conclusion
From the above it can be concluded that various types of
entrepreneurial ventures are interrelated with different typologies
of entrepreneurs so that entrepreneurs can be motivated to come
up with creative idea. Also, similarities and differences are
studies among several ventures so that concept can be more clear.
Moreover, the impact of micro business on social economy is
studied so that strategies can be designed respectively.

REFERENCES
Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship. Routledge.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Doern, R., 2016. Entrepreneurship and crisis management: The experiences of small businesses
during the London 2011 riots. International Small Business Journal. 34(3). pp.276-302.
Hatten, T. S., 2015. Small business management: Entrepreneurship and beyond. Nelson Education.
Julien, P. A., 2018. The state of the art in small business and entrepreneurship. Routledge.

Thank-You