Entrepreneurship and Business: Attributes of Successful Entrepreneurs

This report examines the core attributes and abilities of successful entrepreneurs, distinguishing them from general business managers. It explores the characteristics of entrepreneurs like passion, hard work, and decision-making skills, using examples of Henry Ford and Alan Sugar. The report analyzes how these characteristics indicate an enterprising status and mindset, utilizing the OCEAN model to reflect motivation. Furthermore, it discusses how background and experience can influence entrepreneurial success, providing case studies of Henry Ford and Alan Sugar. The conclusion summarizes the key findings, emphasizing the importance of specific attributes and experiences in shaping successful entrepreneurs, and highlighting the differences between entrepreneurs and managers. Finally, the report refers to various sources for further research and insights.

Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
ACTIVITY 1....................................................................................................................................1
Covered in booklet................................................................................................................1
ACTIVITY 2....................................................................................................................................1
P5.Ascertain the characteristics attribute and ability of successful businessperson that
distinguish them from other business manager......................................................................1
P6 .Measure how characteristic of the businessperson attribute indicate enterprising status and
mindset...................................................................................................................................3
P7 .Background and experience can obstruct or surrogate entrepreneurship.........................3
CONCLUSION................................................................................................................................4
REFERENCES:...............................................................................................................................5
.........................................................................................................................................................5

INTRODUCTION
Entrepreneurship involves the survey of how businesses are designed as well as the
process of opening a fresh enterprise. It can also be termed as the activity of designing,
presenting and running a firm business. This reports work will cover about different form of
entrepreneurial ventures and a evidence of how these tie to classification and their discussion of
sameness and variation. It includes creation and assessment of relevant data and statistic for
studding entrepreneur impact on economy. This report also give emphasis on the various
attribute and ability of the businessman and all about their background and experiences. Aspects
about mindset and motivation of entrepreneurs along with factors like background and education
which hinders or fosters the success of entrepreneurs are discussed in this report. A global
business consultancy firm Make it work helps upcoming entrepreneurs by advising them about
how they can start their own enterprise.
ACTIVITY 1
Covered in booklet
ACTIVITY 2
P5.Ascertain the characteristics attribute and ability of successful businessperson that distinguish
them from other business manager.
An entrepreneur is the individual who has the willingness of opening a new undertaking
and the ability to bear all risk which are attached to the business. Every entrepreneur is required
to have various ability and traits which will support them in carrying out business activities
(Hatten, 2015). This efficiency and skills will help the entrepreneur so that they can maintain the
sustainability of the business for a longer period of time. Henry ford and Alan sugar both
operates their business with full efficiency and efforts. They both entered the market with their
innovation ideas creativity of operating a business successfully and are known worldwide. Some
distinctive, attribute and ability that are present among all entrepreneurs are mention as below:
Characteristic :
 Passion : With the implementation of this quality Henry Ford and Alan sugar focused
toward achieving the targeted goals and objectives. This distinctive distinguish them from
1

business decision maker as managers looses their forbearance while running due to which
it hinders their decision making.(McGowan and et. al., 2012).
 Hard work and self belief : This distinctive help both of the businessperson i.e. Henry
Ford and Alan sugar assists both the entrepreneur in taking quality decisions
(Longenecker and et. al., 2013). This will distinguish the businessperson from other
decision maker having difficult running attribute and self belief in their decisions.
Skills :
 Decision-making- Basic leadership This is the aptitudes which is required for
compelling tasks that is to take choice when it is required. Henry Ford have the
information of all the administration hypotheses and has capacity to tackle the issues
that emerges in the method for progress.
 Critical thinking- Both Alan sugar and Henry portage have nature of basic reasoning
which enable them to discover answer for the issues and this made them not the same
as different business visionaries.
Traits:
 Confident- Henry ford was really assured about the thought of doing business concern
through which he have achieved the desired goals and objective within a specific time
and a position in the market place.
 Influencer : Both henry ford and Alan sugar influences other entrepreneur as they both
worked towards achieving goals without getting distracted from their objectives
(Audretsch, 2012).
Differentiation of characteristics of entrepreneur with managers-
Characteristic Entrepreneurship Managers
Status An businessperson is the
individual who is the
proprietor of the enterprise.
Manager works for getting
remuneration and work as a
servant .
Risk An entrepreneur assumes
uncertainty and bear all the
risk.
Manager does not bear the risk
involved.
2

P6 .Measure how characteristic of the businessperson attribute indicate enterprising status and
mindset.
These are various models that can be use for reflecting motivation and the mindset of the
entrepreneur. In this assignment , the OCEAN model has been considered for reflecting the
mindset and motivation of an entrepreneur-
Openness- This factors calls for being open to new ideas and innovations . Like, henry ford and
Alan sugar adopted this aspects in order to make better and creative decision for their business
(Akehurst, Simarro and Mas‐Tur, 2012). As they both were keen to learn new things so that they
can handle the complex problem in the most simple manner.
Conscientiousness: This element involves continuous working towards the achievement of goals
. Both Henry Ford and Alan sugar work with continuous efforts towards their goal in the most
systematic manner so that they can maintain the stability and nature of doing work.
Extroversion: This element states that an entrepreneur should have an extrovert behavior so as
to interact with the employees. Henry ford and Alan sugar adopts this element so that they can
take continuous feedback from their employees and can work o the differences.
Agreeableness: This states that the entrepreneurs needs to be united and responsible in bidding
to arrange with their worker and other groups (Fayolle, 2013). Through this, Henry ford and
Alan sugar can build the better relations and level of trust with their employees.
Neuroticism : These are associated with the fear, anxiety,worry, frustration and jealousy . The
entrepreneur should avoid such negativity as this can hinder their working and will enable them
to react negatively to every situation. By avoiding this they can maintain healthy and peaceful
working environment.
P7 .Background and experience can obstruct or surrogate entrepreneurship.
In this the prospect and happening of the businessperson has been mentioned which helps
them in effective decision making process :
Henry Ford : Background and experiences
Henry Ford was born on July 30, 1863 in Country Cork. Ford larboard home to perform as
machinist and early engaged by Westing house to render services to their steam engines
(Beckman and et. al., 2012). Ford also snatch the cognition from the Goldsmith, Bryant &
Stratton Business college.
3

Experiences :Ford turn as an technologist in 1891 and further as chief engineer in 1893
and he took his private period of time and dedicated in scientific research of petrol engines.
Alan sugar : Background and experiences
Alan sugar was born on 24th march, 1947 in London . He is one of the successful businessman of
the British and a founder of largest electronic company named Amstrad (Tessema Gerba, 2012).
At the age of 12 he started making wealth by operative part time at greengrocer. And he became
prospering in starting his own business too at the age of 21.
Experiences : After the successful of new business launch he was awarded as the Rank of
Knight Bachelor in 2000 for his employment to enterprise. Alan has also been a component of
flourishing and popular TV show The Apprentice and also stood 84th on 'SUNDAY TIMES
RICH LIST in year 2011.
This above points show that it is complex to become an successful entrepreneur they need
to face different challenges which impact on their performance (Durst and Runar
Edvardsson,2012).But Henry and Alan faces completes their work by putting more efforts so
their hardships result this approach in positive way to complete their work.
CONCLUSION
From the preceding study, it can be understood that there are various type of bourgeois
venture such as small, scalable etc. and they have some similarities and differences. The relevant
statistical data has been interpreted to analyze the outcome of tiny business on cultural economy.
There are some attribute and ability such as decision-maker, critical thinker etc. which is require
to become a booming businessperson and the role of entrepreneur is different from manager and
the background and experience of Henry ford and Alan sugar helped them in their life to become
a successful and influential entrepreneur.
4

REFERENCES:
Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women entrepreneurship in small service
firms: motivations, barriers and performance. The Service Industries Journal.
32(15).pp.2489-2505.
Audretsch, D., 2012. Entrepreneurship research. Management decision. 50(5). pp.755-764.
Beckman, C., and et. al., 2012. Technology entrepreneurship. Strategic entrepreneurship
journal. 6(2). pp.89-93.
Carraher, S. M., 2012. The future of the Journal of Management History. Journal of
Management History. 18(1).
Durst, S. and Runar Edvardsson, I., 2012. Knowledge management in SMEs: a literature review.
Journal of Knowledge Management. 16(6). pp.879-903.
Edvardsson, I. R. and Durst, S., 2013. The benefits of knowledge management in small and
medium-sized enterprises. Procedia-Social and Behavioral Sciences. 81. pp.351-354.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Gill, A. and Biger, N., 2012. Barriers to small business growth in Canada. Journal of Small
Business and Enterprise Development. 19(4). pp.656-668.
Hatten, T. S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Karatas‐Ozkan, M., and et. al., 2014. Understanding entrepreneurship: challenging dominant
perspectives and theorizing entrepreneurship through new postpositivist epistemologies.
Journal of Small Business Management. 52(4). pp.589-593.
Koellinger, P. D. and Roy Thurik, A., 2012. Entrepreneurship and the business cycle. Review of
Economics and Statistics. 94(4). pp.1143-1156.
Longenecker, J. G., and et. al., 2013. Small business management. Nelson Education.
McGowan, P., and et. al., 2012. Female entrepreneurship and the management of business and
domestic roles: Motivations, expectations and realities. Entrepreneurship & Regional
Development. 24(1-2). pp.53-72.
Tessema Gerba, D., 2012. Impact of entrepreneurship education on entrepreneurial intentions of
business and engineering students in Ethiopia. African Journal of Economic and
Management Studies. 3(2). pp.258-277.
Wright, M. and Stigliani, I., 2013. Entrepreneurship and growth. International Small Business
Journal. 31(1). pp.3-22.
Zaridis, A. D. and Mousiolis, D. T., 2014. Entrepreneurship and SME's organizational structure.
Elements of a successful business. Procedia-Social and Behavioral Sciences. 148.
pp.463-467.
Online
SMEs in the UK. 2019. [Online]. Available Through:
<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-
businesses-in-the-uk>.
5