Entrepreneurship and Small Business Management: P5 and P6 Analysis

This assignment delves into the traits and skills essential for entrepreneurs, using Richard Branson and J.K. Rowling as case studies. It examines creativity, vision, risk-taking, and flexibility as key characteristics. The analysis explores the 'Big Five' personality traits – openness, conscientiousness, extraversion, agreeableness, and neuroticism – and how they reflect entrepreneurial mindsets. Furthermore, it provides background information on Branson's and Rowling's experiences, highlighting their achievements and the paths they took to success. The assignment references academic sources to support its findings, providing a comprehensive overview of entrepreneurial concepts and real-world applications. This assignment aims to help students understand the core qualities of successful entrepreneurs and the factors that contribute to their achievements.

ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT

P 5 Traits and skills of entrepreneur
Traits and skills of Richard Branson
Traits-
 Creativity-
Entrepreneurs such as Richard Branson have a creative mind. This
means that he was keen to find out new ways and methods for introducing
something new or completing the task in a different yet efficient manner.
Skills-
 Vision-
Entrepreneurs is the one who sets the vision for the company and
they are the ones who made the strategies in order to work towards it.

Continued..
Traits and Skills of J.K. Rowling
Traits
 Taking risk-
Entrepreneurs takes decision which involves high level of risk but
that does not set them behind into moving forward with it.
Skills-
 Being flexible-
It is in the nature of the entrepreneurs to be flexible so that they can make the
necessary changes as per the needs and wants of the situation.

P 6 Aspects of the entrepreneurial personality that reflects the mindset and motivation
The model of 5 trait helps to assess and understand the thought process of
entrepreneurs.
 Openness-
This aspect is concerned with the qualities that are possessed by the
entrepreneur such as level of insight, power of assumption and imagination.
For example when J.K. Rowling missed her train in London then she got the
idea for her famous book Harry Potter.
 Conscientiousness-
This aspect is concerned with working with discipline that helps to
achieve goals and control the outcomes of things. It was the behavior of
Richard Branson which helped him to be successful as he was serious for the
task and always prepared for the forces that will be required in order to
complete the task.

Continued..
 Extraversion-
This aspect has another term and that is extroversion. Some
entrepreneurs have some qualities such as being a philanthropist which is
present in the case of J.K. Rowling as she donated half of her income to
charity which was a huge amount as she tuned millionaire from billionaire to
that.
 Agreeableness-
This trait states that agreeing with someone else is important and
necessary. For instance J.K. Rowling was not able to finish her book and she
took the help of her subordinates and agreed on their suggestions.

Continued..
 Neuroticism-
This trait is concerned with the mental position of the entrepreneur. It
determines whether the entrepreneur is sad or happy with the outcome of the
situation. Entrepreneurs who are high on this trait goes through a lot from
these issues and those who are low on this trait are stable and can easily deal
with the emotions.

P 7 Experience and background of entrepreneur
Richard Branson-
In 1970 Virgin was introduced and founded by Richard Branson and when he
gained success with time he invested in many different companies and now
currently he has invested in around more than 400 companies. He left his
school at the age of 16 then he started the business of mail order record
business.

Continued..
J.K. Rowling-
She is known for her experience in different line of works as she is an
author, producer, philanthropist. Success of the Harry Potter series written by
her is the reason of her fame. For that she has been acknowledged and
received many awards. Some of the movies which are based on her books are
produced by her. Her past was miserable and nothing was provided to her
which can take the credit of her success. She did it all on her own.

REFERENCES
 Gast, J., and et.al., 2019. Coopetition of small-and medium-sized family
enterprises: insights from an IT business network. International Journal of
Entrepreneurship and Small Business, 38(1-2), pp.78-101.
 Mavi, R.K. and Afshar, Z.A., 2017. The relationships between social capital
and organisational entrepreneurship at small and medium enterprises of
Zanjan province. International Journal of Business Innovation and
Research, 12(4), pp.449-464.
 Vannebo, B.I. and Grande, J., 2018. Social entrepreneurship and embedded
ties-a comparative case study of social entrepreneurship in
Norway. International Journal of Entrepreneurship and Small Business, 33(3),
pp.417-448.