Unit 9 Report: Entrepreneurship and Small Business Management Analysis

This report delves into the realm of entrepreneurship and small business management, examining the characteristics, skills, and backgrounds of successful entrepreneurs. The report focuses on analyzing the traits of entrepreneurs like James Dyson and Simon Cowell, and their impact on business success. It explores how their experiences and personalities, including aspects of the 'Ocean' personality traits, have influenced their ventures. The report also assesses the link between entrepreneurial characteristics and the influence of personal experiences, providing valuable insights into the factors that contribute to entrepreneurial success and the role of small businesses in the economy. The report covers various aspects of entrepreneurship, from understanding the entrepreneurial personality to analyzing how background and experience can impact business activities. This report is a valuable resource for students studying entrepreneurship and small business management, providing a comprehensive overview of the key concepts and factors that drive success in the business world.

Unit 9 Entrepreneurship
And Small Business
Management
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Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK 1 & 2.....................................................................................................................................3
Covered in Brochure....................................................................................................................3
TASK 3............................................................................................................................................3
P5. Analysing the characteristic or traits and skills of successful entrepreneurs to differentiate
from other business managers.....................................................................................................3
P6. Aspecting the entrepreneurial personality which reflects motivation and mind-set of
entrepreneurs................................................................................................................................5
P7 Examining how background and experience can hinder or Foster the business activities and
entrepreneurship..........................................................................................................................6
M4 Assessing the link between entrepreneurial characteristics and influence of personal
experience and background over successful entrepreneurs.........................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
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INTRODUCTION
Small businesses are started by people by understanding their needs and wants that helps
to grow the business and maintaining good performance that is known as entrepreneurs.
Entrepreneurship is considered as a process in which resources and plans are executed by people
who helps to run a business and increasing profitability. People are having different skills and
traits which can be used in starts ups and growing it continuously. This helps to increase
economical condition and maintaining the high performance. Person has ability and capacity to
undergo business and attain their desired business goals in competitive market (Adhikari, ed.,
2018). This report is based on Aldgate Angles that is investment firm helps start-ups in
community by giving secured loans. This report will help to increase the understanding about
small ventures and entrepreneurs as how they have started their business and their contribution.
Different topics such as types of ventures and their typology, difference and similarities between
entrepreneurial venture. Micro and small business has impacted on economy, importance of
small business and back ground of entrepreneurs.
TASK 1 & 2
Covered in Brochure
TASK 3
P5. Analysing the characteristic or traits and skills of successful entrepreneurs to differentiate
from other business managers
Entrepreneurs are those who are have knowledge, ability to take risk, innovative ideas,
creative skills and technical skills in order to establish and run it continuously and making
profits. The main aim of entrepreneurs is to understand what is going on in market and how
customers can be attracted so products and services are provided according. Customer
satisfaction and increasing product range is the target of entrepreneurs who take risk while
running business and achieving heir success. For example, Steve Jobs is great and successful
entrepreneur who decided to introduce a products according to new trend which help to become
successful (Nir 2018). All person are having different skills and characteristics that help to grow
and develop. The characteristics and skills of James Dyson, Simon Cowell are as defined:
Characteristics and skills of James Dyson:
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Characteristics:
 Active partners:- This is important characteristic that is required in owners that states
that a business concern should be active at the time of performing their task. James
Dyson is active business concern who have decided to invent a vacuum cleaner as he was
engineer having technical traits also(Nikolskaya and et.al, 2017) .
 Passionate:- Passion is more important for doing something and getting success. This
leads to develop interest and capability by performing task with specialisation that helps
to maintain the profits. James Dyson is highly passionate people for building a better
vacuum cleaner to stratospheric heights that create difference from competitors.
Skills
 Time management - Management skills is required at every states that helps to attain the
targeted goals and objectives by finishing work. James Dyson possessed by time
management skills who once have decided to introduce product then started to work with
passion and curiosity resulting accomplishment of goals (Julien, 2018).
 Strategic thinking – This is a process, required in every organisation and person that
uses this to make plans and execute it steps by steps. This helps to improve organisational
productivity. James Dyson is considered as strategic thinker who has evaluated its skills
and introduce a best vacuum cleaner that make him different from others.
Characterises of Simon Cowell
 Future-oriented:- This means entrepreneurs should have special knowledge that can
help to develop new ideas in relation to future oriented that helps to achieve targets only.
Simon Cowell is future oriented people who is famous for his brutal honesty during the
tenure as having future goals.
Creative :- This is another characteristics which used by Simon Cowell by becoming a
creative music executive and television producer. He has started his working in the mail
room of EMI music publishing that gives good results and help to become successful
(Litvinova, 2018).
Skills:
 Leadership qualities – A person should have leadership qualities such as understanding,
tolerable, patience, humble and motivator that can easily lead people and getting work
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complete. Simon Cowell possessing from leadership qualities that help to lead people and
demonstrate the work under division of work that accomplish goals.
 Communication skills – While working and sharing information effective
communication is important that leads to accomplishment of goals. Simon Cowell is
successful entrepreneur who is able to communicate with all people and sharing
knowledge that complete goals effectively (Ratten, 2016).
P6. Aspecting the entrepreneurial personality which reflects motivation and mind-set of
entrepreneurs
Person is having different traits and skills that uses to face the competition and challenges
in their organisation. Personality is the act that reflects a person in front of others and states what
they think regarding problems, how it deals and manage the activities. In other words,
characteristics, abilities, attitudes and values that create positive impacts on organisation. To
defined this Ocean personality is used as:
Openness – This is a process which is used to think openly and get new experience that
give good results. Inn this, entrepreneurs share their views and ideas openly that helps to bring
innovation. James Dyson is having this personality who share and new ideas to produce a
vacuum cleaner and implement plan by facing challenges that make different from others.
Conscientiousness: This states as carefulness, curiosity, conscientiousness and active
that helps to perform task and managing activities. This involves methodology, clarification and
information which helps to perform business function. Simon Cowell is curious about their
passion who decided to be most famous director and actor.
Extraversion - This trait analyses energetic, talkative, communicator and coordinator
that increases capability and completing task in certain period of time. James Dyson is a
extrovert who create opportunities and making plans which helps to take corrective measures and
maintain the high performance (Shepherd, 2015).
Agreeableness - This means a process and personality in which a person accept
challenges, ready to take risk, calmly, friendly and cooperative in nature that processes to
accomplishment of goals and objectives. Simon Cowell is having communicating, coordinating
traits which helps to agree all change effectively.
Neuroticism – This is states as negative personality that involves emotional, rudeness traits
that should not have in person and creating problems. This involves tense, anxiety, insecurity and
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fearful personality that reduces organisational productivity. Resulting delay in goal achievement
in competitive market (Nikolskaya and et.al, 2017).
Different lines of argument relating to entrepreneurial characteristics
Simon Cowell and James Dyson is having different characteristics and traits which uses
to establish a business successfully and maintaining high performance. Both entrepreneurs
possess time management, creative, management, passionate and leadership skills that make
different from others and maintain the business performance effectively (Wijesinha, 2015).
P7 Examining how background and experience can hinder or Foster the business activities and
entrepreneurship.
James Dyson
James Dyson was born in 1947 in England UK who is the British investor industrialist
designer and an entrepreneur. James Dyson is an successful entrepreneur who manufactures
innovative household appliances and became a determined to restore engineering and technical
innovation in British society. James Dyson attended art School in London and do not hold any
technical knowledge or specific knowledge in engineering field (Verreynne and Meyer, 2010).
Dyson was frustrated and irritated with the family vacuums and set out to invent a better version
of vacuum and worked for five years testing more than 5000 prototypes before he produced a
satisfactory model that squirrel incoming dirty air around a cylindrical container with us was
separated by the centrifugal force and settle by gravity while the purified air is kept out the top.
Initially no one should interest in dyson's bagless device and then he moved to Japanese markets
where it become a commercial success and won a design prize. Therefore it is true that
experience do have effects and impact on the business of an entrepreneur and it can Foster there
entrepreneurship.
Simon Cowell
Simon Cowell was born on October 7 1959 in London and started his career in the mail
room at EMI music publishing. Simon Cowell world as a record producer consultant with the
music industry and talent scout before producing the hit British TV show pop idol and its us
counterpart American idol. This is the beginning of his career and now at present according to
2019 service Cowell has an estimate network of $ 550 millions. Simon Cowell became popular
for combining his music and television interest and move forward in the television industry by
producing and setting up new TV shows. Simon Cowell became a very known and popular
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celebrity of TV and Hollywood industry. The success of Simon Cowell was gathered and
attained by him with the help of his background and experiences showing that it has huge part in
increasing and fostering the business and business activities of an entrepreneur (Welter and
Gartner eds., 2016).
M4 Assessing the link between entrepreneurial characteristics and influence of personal
experience and background over successful entrepreneurs.
An individual are different and unique from one another they grows up in their respective
environment and through which they develop the respective characteristics and traits. Every
individual have their personal atmosphere which are different everyone some are rich some are
poor but these backgrounds and experiences works as a pillar for them to develop their
personality their traits and characteristics. Therefore it is said that entrepreneurial characteristics
have influence of their personal experiences and background. In case of Simon Cowell and
James Dyson it was proven that both of them and their experiences Foster their success and all
the business activities they are involved into. Both of them developed a characteristic and trait of
becoming a better entrepreneur with the help of their backgrounds and most importantly their
work experiences. It implies that entrepreneurial characteristics and traits are linked with the
personal experiences and their personal backgrounds holding large impact over the success of
their entrepreneurship.
CONCLUSION
It was inferred from the above report that enterprise plays a crucial role in achieving
prosperity and coping with its rivalries. Entrepreneurships have a competitive edge in creating
their creative concepts for strategic expansion, which are related to the typologies of male,
female and controlled production. It also analyses the contribution of small and start-up
businesses to the development of the collective economy. This leads to the identification of the
characteristics or qualities, the entrepreneurial personality and the skills of successful
businessmen, which inspires other business people to develop their minds. In fact, it explores the
history and expertise of entrepreneurs to discourage or promote entrepreneurship.
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REFERENCES
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PERFORMANCE IN WASTE LANDFILLS AND SHIFTING TOWARDS
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Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
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business. Macmillan International Higher Education.
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enterprises. In Ştiinţă, educaţie, cultură. (Vol. 1, pp. 12-14).
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of Social Sciences. 6(3 S4). p.37.
Nir, M., 2018. The Pragmatist's Guide to Corporate Lean Strategy: Incorporating Lean Startup
and Lean Enterprise Practices in Your Business. Apress.
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Litvinova, A., 2018. Innovative processes in the company “Innovative Management
Systems”(Russia). In SHS Web of Conferences. (Vol. 55, p. 01015). EDP Sciences.
Ratten, V., 2016. Female entrepreneurship and the role of customer knowledge development,
innovation outcome expectations and culture on intentions to start informal business
ventures.International Journal of Entrepreneurship and Small Business. 27(2-3).
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Shepherd, D.A., 2015. Party On! A call for entrepreneurship research that is more interactive,
activity based, cognitively hot, compassionate, and prosocial.
Nikolskaya, E. Y. and et.al, 2017. Boosting the competitiveness of hotel business operators in
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Welter, F. and Gartner, W. B. eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.
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