ENTREPRENEUR AND SMALL BUSINESS MANAGEMENT: Experience Report

This report delves into the realm of entrepreneurship and small business management, examining the crucial role of experience in shaping business outcomes. It begins with an introduction to entrepreneurship and its significance for small businesses, emphasizing the importance of innovation, risk-taking, and adapting to market trends. The report then explores how individual experiences, both successes and failures, can influence an entrepreneur's decision-making, leadership styles, and overall business strategies. It highlights the challenges faced by entrepreneurs, such as the impact of external factors like Brexit, and underscores the need for effective management and adaptation. The report concludes by summarizing key skills, traits, and the importance of understanding one's strengths and weaknesses, drawing on the OCEAN model for self-assessment. References to academic sources are also included.

ENTREPRENEUR AND SMALL
BUSINESS MANAGEMENT

TABLE OF CONTENT
 INTRODUCTION
 BACKGROUND AND EXPERIENCE CAN HINDER OR FOSTER
ENTREPRENEURSHIP
 CONCLUSION
 REFERENCES

INTRODUCTION
 Every person has desire to have their own business and people who have the innovative
business ideas and convert them into high profits economic activity according to market
trends are known as entrepreneurs. They have the ability to take risk in order to increase
their profitability and business growth buy satisfying needs and wants of its customers
effectively.
 Entrepreneurship is very essential for small business enterprises as it helps to increase
thee efficiency by analyzing all the internal and external environment factors to
determine strengths and weaknesses of business to compete in market effectively and
achieve core competency.
 To be more effective in making decision entrepreneurs also need to have potential skills
and knowledge to determine all the factors which is available in the market. In this
report there is a brief explanation about entrepreneurs and small businesses.

BACKGROUND AND EXPERIENCE CAN HINDER
OR FOSTER ENTREPRENEURSHIP
 There are many benefits of attaining entrepreneurship activities
and also helps individual to develop effective personality which
help in gain higher profit margins in the future effectively.
 As becoming an entrepreneur increase the power to innovate and
take decision of own self effectively. This also helps to increase
the potential to formulate effective schedules to manage time
effectively. However, entrepreneurs are uncertain after putting so
many efforts in their objectives.
 That kind of responsibility on his made him behave professional and
perform in all the activities with responsibility and care.

CONTINUE…
 He always had his parents to support and encourage him to do his
best in whatever he does. This is the biggest reason why he never
stopped trying to become a famous person and a good businessman
because he had support which he needed.
 His first job which was selling Christmas tree was a fail but he learnt
a lot from this mistake. After this failure he started a record shop
which was supported by his entire family financially but again it did
not turn out to be a success.
 All these learning made him a successful person because he had
experienced which he had gained from it all.

CONTINUE…
 There are high rate of failure which increases the
mental pressure and impact the quality of decision-
making. Due to impact of Brexit entrepreneurship has
reduced it potential in the UK market it is also very
essential for entrepreneurs to adopt effective
leadership styles and increase the efficiency of their
business to survive in market and gain higher
productivity.

CONTINUE…
 He has worked as a chairperson in Amber day but that
company was facing a huge loss and therefore he resigned
from his post. There was a learning which he received from
this company which was why there is a loss the company face
which is added him to start his own business and become so
successful. This is the reason why Philip Green is such a
successful person in the area of business.

CONCLUSION
 This presentation concludes that there are different types of entrepreneurs which are
suitable for some ventures. It is very essential for them to understand their skills and
traits to increase their potential to achieve their objectives effectively.
 Presentation also discussed the importance of skills and traits which made
entrepreneurs successful and how it differs from managers. With the help of OCEAN
model it helped entrepreneur to understand their skills and traits to become more
success.

REFERENCES
 Biraglia, A. and Kadile, V., 2017. The role of entrepreneurial passion and creativity in
developing entrepreneurial intentions: Insights from American homebrewers. Journal of
Small Business Management. 55(1). pp.170-188.
 Ribeiro-Soriano, D., 2017. Small business and entrepreneurship: their role in economic and
social development.
 Kurpayanidi, K.I., 2018. Questions of classification of institutional conditions, determining
the structure of business management in Uzbekistan. ISJ Theoretical & Applied
Science. 9(65). pp.1-8.
 Trehan, K., Higgins, D. and Jones, O., 2018. Engaged scholarship: Questioning relevance
and impact in contemporary entrepreneurship/small and medium-sized enterprise
research. International Small Business Journal. 36(4). pp.363-367.
 Shabbir, M.S., Ghazi, M.S. and Mehmood, A.R., 2017. Impact of social media applications
on small business entrepreneurs. Manag Econ Res J, 2(2016), p.605.
 Woodfield, P., Woods, C. and Shepherd, D., 2017. Sustainable entrepreneurship: another
avenue for family business scholarship?. Journal of Family Business Management.