Entrepreneurship and Small Business Management: Case Study Analysis

This report delves into the multifaceted world of entrepreneurship and small business management, providing a comprehensive analysis of the key elements that contribute to entrepreneurial success. It begins by defining entrepreneurship and highlighting the characteristic traits and skills of successful entrepreneurs, using Richard Branson and J.K. Rowling as case studies. The report then explores the OCEAN model of entrepreneurial personality, examining how openness, conscientiousness, extraversion, agreeableness, and neuroticism influence motivation and mindsets. Furthermore, it investigates the impact of an entrepreneur's background and experience, including educational and family influences, on their entrepreneurial journey. The report concludes by summarizing the key findings and emphasizing the importance of entrepreneurial ventures in fostering economic growth, job creation and societal value. The report references several academic sources to support its analysis.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Content
 Introduction
 Characteristic traits and skills of successful entrepreneurs
 Aspects entrepreneurial personality
 Background and experience impact upon entrepreneurship
 Conclusion
 References

Introduction
Entrepreneurship is defined as a business practice which is undertaken by an individual where
he or she set up a business by handling all the related operations and risk associated along with
enjoying all the benefits and earnings of it. An entrepreneurship is operated by an entrepreneur
who is a person develops their business on their own by handling all the risks and
responsibilities along with enjoying all the perks. The PowerPoint of the report includes two
entrepreneurs defining their unique skills, traits and characteristics. Moving forward OCEAN
model of entrepreneurial personality evaluated for understanding its influence over motivation
and mind-sets of entrepreneurs. And at the end the impact of background and experience of an
entrepreneur is highlighted which can be hindering for fostering their business activities and
ideas.

Characteristic traits and skills of successful entrepreneurs
Every business visionary is exceptional in their particular manner. They have their own arrangement of abilities
and skills that make them unmistakable inside the crowd of different business people. In this connection, two of
the best business people of Britain named Richard Branson and JK Rowling are considered to examine what are
the one of a kind features that made them arrive at the level at which they are today. In this way, their range of
abilities is quickly talked about underneath:-
 Characteristics
 Belief: This is viewed as an unmistakable trait of a business visionary whereby they have trust in their aptitude,
fitness and capacity. Richard Branson and JK Rowling, both were business people who had high self conviction,
giving them help in making fast progress.

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 Traits
 Creativity: A business visionary is an individual who expects to seek after their
development and innovativeness so as to concoct special contributions in commercial
center. Richard Branson in the past has regularly connected with ventures in regards to
diversion and philanthropic help. Additionally, "Harry Potter" arrangement of JK
Rowling is still all inclusive perceived by individuals of all age gatherings.

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 Skills
 Learning Skills: Business visionaries are generally known to be anxious to learn new
things by setting organizing with people having more understanding than them. The
equivalent can even be seen on account of both the concerned business people as they
considered their past errors as the learning and cleared approach to future with the goal
that they don't rehash same slip-ups throughout everyday life.

Aspects entrepreneurial personality
An enterprising character consolidates a couple of attributes and capacities, for instance, values,
conviction, cognizance and motivation. With respect to, OCEAN model is utilized for indicating the
course through which parts of enterprising character gather their mindset and motivation. This model
is presented in a spellbinding way underneath considering Richard Branson alongside JK Rowling:-
Openness: This outlines agents to have excitement and essentialness for accomplishing new data.
Business people are consistently anxious to encounter new endeavours that can blow up the existent
degree of learning alongside data base controlled by them. Richard Branson and JK Rowling were
consistently open for utilizing open doors for getting progress.

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 Conscientiousness: This part of OCEAN model shows that agents have the goal
similarly as control for achieving the targets prior set by them at the fitting timeframe.
Along these lines, Richard and Rowling had consistently been restless for
encountering the idea of business enterprise with the objective that they think of items
and administrations being able to get the thought of tremendous number of
individuals.
 Extraversion: This point of view depicts that business visionaries are feeling shrewd
responsive and energetic to the earth. They study the natural factors in order to
perceive the opportunity to build up an undertaking around the market hole found by
them. Richard alongside JK Rowling, were confident and with their innovative
standpoint, created imaginative commitments, for instance, Virgin Airlines and Harry

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 Agreeableness: This perspective frameworks the size of cooperation appeared by business
visionaries while completing working. In straightforward terms, it suggests that
appropriateness is an extent of their consent to other people. In this association, the two
business people had been truly pleasant while experiencing enterprise. Likewise, the two
demonstrated empathy to different people in the business.
 Neuroticism: This shows the greatness of control that specialists can practice over their
feelings and emotions. Richard along with JK were recognized to be consistent people, in
this manner didn't let any life obstruction wreck their disposition towards enterprise.

Background and experience impact upon
entrepreneurship
The encounters alongside foundation of individuals critically affect the way wherein they look for after
their master life. In such way, it might be seen that agents are by and large impacted by the foundation
of their people, scholarly alongside their own background. Richard Branson and JK Rowling were
business people whose life had been stacked with acceptable and awful occasions yet both of them of
them didn't ever surrender and were determined to seek after enterprise. This owes to their strong self
control. Subsequently, the two are today seen as completely prominent agents. Consequently, it might
be seen that different factors destroyed or developed the course of big business for the specific 2
business visionaries.

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 Educational background: The scholarly foundation of individual effects basically over the
procedure of business enterprise experienced by them. In setting of JK Rowling, it is resolved that
her scholarly foundation to a great extent upheld her in turning into a business visionary. It has
been seen she encountered a determination test to search for access to an esteemed school.
Regardless, it was seen that she didn't get went in the test and as such couldn't get conceded inside
the college. At that point, JK Rowling did BA with French. From that point forward, she worked as
a specialist which to a great extent helped in making her character good for experiencing
enterprise. Post the event of this occasion she propelled an assortment of books which picked up
her massive affirmation over the world.

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 Family backgrounds as well as experience: It is recognized that family foundation just as close
to home understanding of people additionally has a critical effect over business enterprise.
Regarding Richard Branson, it has been recognized that his family foundation encouraged him to
turn into an effective business person. His folks upheld his excursion as a business person as her
mom was herself a business person. If there should be an occurrence of JK Rowling, it is seen
that she used to discuss dream stories composed by her to her sister. Her life was intense as her
mom was determined to have different sclerosis. Likewise, she didn't have great connection with
her dad which further influenced her life contrarily. However, her will and enthusiasm towards
composing made her the creator of a prestigious arrangement named Harry Potter.

Conclusion
 As per the previously mentioned data, it tends to be said that innovative endeavours and
independent ventures give a lift to the economy of a country. The different ways by which
this happens is by method of utilizing development, arrangement of employments to
household people and so on. Further, it is perceived that innovative qualities can be
resolved based on OCEAN model. In conclusion, it is summed up that the scholarly and
family foundations alongside the encounters shape the character of a person to a huge
degree. In many case, they may encourage enterprise while in others, they may thwart the
procedure.

References
 Burton, M. D. and et. al., 2019. The organizational design of entrepreneurial
ventures. Strategic Entrepreneurship Journal, 13(3), pp.243-255.
 Dover, C., 2017. From Marie de France to JK Rowling: The Weasel. In The Legacy of Courtly
Literature (pp. 91-113). Palgrave Macmillan, Cham.
 Kuratko, D. F., 2016. Different entrepreneurial ventures for greater societal value: A portfolio
approach to assist public policy. The Antitrust Bulletin, 61(4), pp.546-560.
 Neumeyer, X. and Santos, S. C., 2018. Sustainable business models, venture typologies, and
entrepreneurial ecosystems: A social network perspective. Journal of Cleaner
Production, 172, pp.4565-4579.

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