Entrepreneurship and Small Business Management Assignment 2 Report

This report, prepared for an Entrepreneurship and Small Business Management (ESBM) course, delves into the essential traits and skills of successful entrepreneurs. It differentiates entrepreneurs from ordinary managers, highlighting the significance of traits like strong work ethics, creativity, and skills such as time management and networking. The report explores the entrepreneurial personality, including passion, resilience, optimism, creativity, and risk-taking, and connects these aspects to entrepreneurial motivation and mindset. It assesses how background and experiences, as exemplified by Bill Gates and Elon Musk, influence the development of entrepreneurial skills and success. The report concludes by summarizing the key elements that contribute to entrepreneurial success, supported by references to relevant books and journals.

ENTREPRENEURSH
IP AND SMALL
BUSINESS
MANAGEMENT

TABLE OF CONTENTS
 Introduction
 Traits and skills
 Entrepreneurs and managers
 Aspects of entrepreneurial personality
 Background and experiences of entrepreneurs
 Summary
 References

INTRODUCTION
Entrepreneurs are individuals who are creating new
business opportunities and bearing some risk in the
process top generate rewards. The following presentation
consists of various skills and traits required by
entrepreneurs to work successfully. It also explains how
various aspects of entrepreneurial personality are
reflecting upon entrepreneurial motivation and mind-set.

TRAITS AND SKILLS
Traits refers to natural abilities of an
individual. They are a part of individual in
whatever they do and whatever they are. Traits
are for lifetime and skills can be taught or
forgot by individuals. Traits are inborn talents
whereas skills are things which are done well
by an individual and what are their most
performance based upon.

CONT. … Traits
 Strong work ethics
 Creativity.
Skills
 Time management
 Networking

ENTREPRENEURS VS.
MANAGERSEntrepreneurs Managers
Entrepreneurs are visionary people and
are ready to manage all the risks involved
in their business.
Managers are the people working for a
salary and they do not have to bear any
risk attached to business.
Their major focus is on initiating their
business and expanding it successfully.
Major focus of managers is on the smooth
functioning of their business.
The achievements and profits that
entrepreneurs are making are their major
motivators.
The motivation for managers is the
coming from the power that is vested on
their hands by their superiors.

ASPECTS OF
ENTREPRENEURIAL
PERSONALITY
Entrepreneurial personality refers to different characteristics patterns of
thinking, behaving and feeling of entrepreneurs. Entrepreneurial personality
connected to motivation and mind-set.
Passion

CONT. …
Resilience
Optimism

CONT. …
Creativity
Risk-taking

BACKGROUND AND EXPERIENCES
HINDERING AND FOSTERING
ENTREPRENEURSHIP
Bill Gates is an entrepreneur and businessman who founded
the world's largest software business. The experiences and
background of Bill Gates have played important role in
fostering his entrepreneurship skills and make him
successful. His mother influenced him a lot as she was
outgoing, athletic and actively involved in a number of social
works. Gates got the qualities of competitiveness from his
mother.

CONT. …
Elon Musk
Elon Musk is a south African entrepreneur who founded
Tesla Motors, Space X, X.com. Musk developed
interest in computer at an age of 10. he was a quick
learner and created his first software when he was 12
years old. He had to experience bullying in school and
he then developed the quality of resilience as he learned
karate and wrestling to protect himself.

SUMMARY
The presentation concludes that there are a number of traits and skills necessary
for an entrepreneur. An entrepreneur can attain certain skills but the traits are to
be inborn. The personality of an entrepreneur also helps in shaping their mind-
set and keeping them motivated towards their goals. Examples of Bill Gates and
Elon Musk concludes how backgrounds and experiences of entrepreneurs are
necessary in shaping their successful growing business.

REFERENCES
Books and Journals
 Sharma, S.K. and Meyer, K.E., 2019. The New Entrepreneur. In Industrializing Innovation-the
Next Revolution (pp. 75-86). Springer, Cham.
 Barrero Rivera, F., Moreno, E. and Villamizar Fernández, J., 2020. The dominican
entrepreneur: Identification of his personality trays and competences through content analysis.
 Leonelli, S., Masciarelli, F. and Fontana, F., 2019. The impact of personality traits and abilities
on entrepreneurial orientation in SMEs. Journal of Small Business & Entrepreneurship, pp.1-
26.
 Murali, S. and Thomas, K.V., 2019. Agripreneurial traits that determines the success of
agripreneurship in central Kerala. International Journal of Management, IT and
Engineering, 9(3), pp.7-14.