BTEC Higher National: Entrepreneurship and Small Business Management

This report delves into the core concepts of entrepreneurship and small business management. It begins with an introduction defining entrepreneurship as a process of introducing new ideas and skills to enhance business profitability. The report then analyzes the characteristics, traits, skills, and motivational drivers of successful entrepreneurs, differentiating between entrepreneurs and managers. It explores how entrepreneurial personalities reflect motivation and mind-set, utilizing the Ocean model to understand personality traits like openness, conscientiousness, extraversion, agreeableness, and neuroticism. Furthermore, the report examines how background and experience can either foster or hinder entrepreneurship, using Andrew Carnegie and Oprah Gail Winfrey as case studies. The report concludes by summarizing key findings and emphasizing the importance of innovation and small businesses in the economy.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................1
ACTIVITY 1 (Covered in PPT)......................................................................................................1
ACTIVITY 2...................................................................................................................................1
Determine and analysis the characteristics traits, skills and motivational drivers.......................1
Difference between characteristics of successful Entrepreneurs and Managers........................2
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.......................................................................................................................................2
How aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set
.....................................................................................................................................................3
How can background or experience Hinder or Foster Entrepreneurship....................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Entrepreneurship means a process in which a person introduces new ideas and skills to
run their existing business and make higher profits. This is the activity which uses by people to
influence customers and sale them their products and services (Adhikari, ed., 2018). To
understand about entrepreneurship this report has been prepared that covers different types of
ventures and their typology, impacts of small business on economy, characteristics and traits of
successful, importance of small business and background, experience of entrepreneurship.
ACTIVITY 1 (Covered in PPT)
ACTIVITY 2
Determine and analysis the characteristics traits, skills and motivational drivers
Entrepreneurs are individual who are capable and experience to establish their business by
using new ideas and formulations which helps to be different from others and maintaining the
profits. All person are not having same characteristics and traits, so this depend on their skills
and traits how they perform and manage their business activities (Bridge and O'Neill, 2012) . For
instance, Andrew Carnegie and Oprah Gail Winfrey are successful entrepreneurs who traits and
skills are as defined:
Characteristics
Creativity: It gives way to new technologies. Every breakthrough can be done without
imagination. Entrepreneur, like Andrew Carnegie, has the imagination inside them that knacks
pin down on big ideas that are applied to working on them. This make different from others
because others do not possess this characteristics (Drucker, 2014).
Competitive spirit: Productive founders like Oprah Gail Winfrey have a creative nature
within them that drives them to formulate business strategies that are different from rivals.
Productive businessmen love working in spite of any difficult situation. In the opposite, company
executives lose the sense of rivalry with others because of their failure to do their jobs in
challenging times (Julien, 2018).
Skills:
Technical skills: This capability is linked to the ability to execute a complex activity.
Successful leaders, such as Oprah Gail Winfrey, have a shared knowledge of various technical
practices, including strategies, methods and procedures (Ramadani, 2013). Many company
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administrators lack computer program as well as technological skills, but effective businessmen
have experience of mechanical machinery, technologies and programming that differ from other
administrators.
Risk taking Skill: Successful person takes a lot of chances because high risks helps to
achieve high profits and discover the unknown. Oprah Gail Winfrey has a distinguished
approach to risk, because the creator is always willing to spend his energies, resources and
energy to find individuality. Many managers start worrying or more about taking chances, but
Oprah Gail Winfrey is still able to take chances and separates them from other business
managers (Drucker, 2014).
Social skills: Andrew Carnegie is possessed of social a skill that uses to facilitates the
coordination and communication between people. With the help of this they build strategy and
relationship that helps to source the talent and establishing business effectively. It is used by
Andrew Carnegie by asking for help and developing healthy relationship and protecting
themselves in society harmoniously (Verreynne and Meyer, 2010).
Difference between characteristics of successful Entrepreneurs and Managers
Andrew Carnegie and Oprah Gail Winfrey are two successful entrepreneurs who have
different characteristics such as creative and competitive sprit which helps to become different
from others. They are different from each other as they are performing different roles and
responsibilities in their organisation. On the other side, managers are those person who manages
and organise business activities that is established by entrepreneurs. They have different skills
such as management, leadership and time management trails which helps to complete the goals
in effective time period.
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.
The motivational drivers of successful entrepreneurs
Making a difference in the world – Andrew Carnegie and Oprah Gail Winfrey are drive
through this motivational factors that creates something new and different in the world. They are
running their business by making difference and bring innovation in their organisations (Julien,
2018).
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Satisfaction of doing something great – Andrew Carnegie and Oprah Gail Winfrey who
used new technology and established their business by satisfying the customer. Its main motive
is to do something great that can make happy to them and others.
How aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set
The entrepreneurial personality and mind set of people can be understand through Ocean model
that is defined below:
Openness: This personality reflects that how a person bring new ideas and experience in
their organisation that helps to faces the problems and get a optimum solution.
Conscientiousness: This make curious a person regarding their goal achievement and
direction and business activities that should be managed in effective manner.
Extraversion: This states that how an entrepreneurs is energized by the outside world
where numerous things happened and creating difference between all.
Agreeableness – This states that how a person show their interest and needs regarding
particular products and services (Ramadani, 2013).
Neuroticism: This is negative element that reflects on entrepreneurs mind negatively
because it creates stress and negative emotional trigger.
Andrew Carnegie and Oprah Gail Winfrey is having openness and extraversion
personality that has reflected on their mind set and creating difference from others. In this,
Andrew Carnegie is having openness which helps to bring new ideas and technology in their
steel business that helps to compete with others. On the other side, Oprah Gail Winfrey look
outside the world and decided to be a actress by giving their efforts (Stephan, Uhlaner and Stride,
2015).
How can background or experience Hinder or Foster Entrepreneurship
Andrew Carnegie
Family background: Andrew Carnegie took birth at Dunfermline, Scotland on
November 25, 1835(Andrew Carnegie biography. 2019). Carnegie's relatives were handloom
weavers and local shoemakers. Once the schooling of the personality had been completed, the
family left Scotland in looking for new jobs.
Experience: Andrew Carnegie is a very well-known Scottish American businessman, a
philanthropist in addition to a corporate magnate. Andrew worked as a telegrapher in one of the
cotton factories during his youth. Andrew earned his father's fortune as a bond dealer and raised
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funds to start a business (Stephan, Uhlaner and Stride, 2015). Personality also involves spending
in train sleeping trains, oil derricks, rail lines and bridges. Afterward, with the passing of time,
Andrew earned money and developed a steel company called Pittsburgh's Carnegie Steel
Company, which was eventually sold for $303,450,000. This made him the richest American
investor in the world.
Oprah Gail Winfrey
Family Background: The person was born on January 29, 1954, in Mississippi, United
States, in an isolated farm. Oprah completed education and schooling from Lincoln Middle
School, Nicolet High School and Tennessee State University. This person was brought up by her
single mother to distinguish her divorced parents. Oprah worked with her grandma at the
Mississippi plantation, inspiring her to enjoy reading throughout her youth.
Experience: Oprah Gail Winfrey is a well-known presenter, author and actress. Oprah
experienced frustration and even got pregnant as a child. Oprah was added to the National
Women's Hall of Fame and later redefined the series with a centred on literature (Ratten, 2016).
Oprah has co-founded numerous talk shows and was part of a variety of programs including AM
Chicago that supports her to become successful and famous. As an actor, Oprah watched Native
Son, Bee Movie, Brewster Palace, Ellen, The Story, Beloved and Crow: Winfrey has endured
numerous babuism’s that have inspired her to enter the forefront of entertainment performances.
CONCLUSION
From this report it has concluded that entrepreneurs is a person who bring new innovation
and ideas to run and start up its business. Different venture such as high growth, Large social,
small social, performance entrepreneurship etc. are relation to different typology which helps to
establish a successful business. Micro and small business are those business which are stares at
small level and now growing by using their talent and focusing on needs of people. They are
impacting on social economy effectively by providing job opportunities and paying taxes. The
Person are having different personality and traits which make different from others and foster the
entrepreneurship.
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REFERENCES
Books and Journals:
Adhikari, A. ed., 2018. Strategic Marketing Issues in Emerging Markets. Springer.
Bosma, N., 2013. The Global Entrepreneurship Monitor (GEM) and its impact on
entrepreneurship research.Foundations and Trends® in Entrepreneurship. 9(2). pp.143-
248.
Shepherd, D. A., 2015. Party On! A call for entrepreneurship research that is more interactive,
activity based, cognitively hot, compassionate, and prosocial.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Macmillan International Higher Education.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Julien, P. A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Ramadani, V., 2013. Entrepreneurship and small business in the republic of Macedonia.Strategic
Change. 22(7‐8). pp.485-501.
Stephan, U., Uhlaner, L.M. and Stride, C., 2015. Institutions and social entrepreneurship: The
role of institutional voids, institutional support, and institutional configurations. Journal
of International Business Studies. 46(3). pp.308-331.
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).
pp.262-272.
Verreynne, M. L. and Meyer, D., 2010. Small business strategy and the industry life cycle. Small
Business Economics. 35(4). pp.399-416.
Welter, F. and Gartner, W. B. eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.
Online:
Entrepreneurial characteristic traits. 2017. [Online]. Available through:
<https://www.jbcnschool.edu.in/blog/characteristics-of-an-entrepreneur/>
Andrew Carnegie biography. 2019. [Online]. Available through:
<https://www.notablebiographies.com/Ca-Ch/Carnegie-Andrew.html>
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