Entrepreneurship and Small Business Management: Types and Traits

This report provides an overview of entrepreneurship and small business management, focusing on local, global, and social entrepreneurship. It begins by defining entrepreneurs and differentiating between local (J.K. Rowling), global (David and Simon Reuben), and social (Martin Riddifod and Jim Reeves) examples, highlighting their similarities and differences. The report further explores the traits and characteristics of successful entrepreneurs using the OCEAN model (Openness, Conscientiousness, Extraversion, Agreeableness, Neuroticism), emphasizing passion, confidence, and decision-making abilities. It also touches upon the backgrounds and experiences that shape entrepreneurs. The conclusion emphasizes the contribution of small and medium-sized businesses to the economy at various levels.

Unit 9-
Entrepreneurship and Small Business Management

Table of content
• Introduction
• Explaining Local, Global and Social
Entrepreneur
• Similarities & Difference of Entrepreneur
• Traits and characteristics of an Entrepreneur
• Conclusion
• References

Introduction
 Entrepreneur is a person who start the business on an
idea by their own also takes risk.
 This report will discuss the local, global and social
entrepreneur with an example and typology of it.
 Furthermore, the report will justify importance of small
businesses start-ups to progress of social economy.

Explaining Local, Global and Social
Entrepreneur
 Local Entrepreneur- J.K. Rowling author of Harry Potter.
 Global entrepreneur- David and Simon Reuben are the
richest businessman of UK.
 Social entrepreneur- Martin Riddifod and Jim Reeves who
invented gravity light. David and Simon Reuben
Global Entrepreneur.
Martin Riddifod Social
Entrepreneur J.K. Rowling Local
Entrepreneur

Similarities & Difference of
Entrepreneur
Similarities-
 They may have innovative thinking and always learn something
new which they used to gain more success and be productive.
 They all make efforts a lot to achieve desire outcomes and set aims.
 It can be said that innovative thinking is the key element of
entrepreneurs who may aim to make their ventures ahead of
current position within existing market.

Continue….
Differences-
 Social entrepreneurs and local businessman both are different because they perform
and conduct activities related to different fields in which they are interested and
expert.
 Social businessman may take initiative to support poor and needy people.
 on the other hand local one may contribute to offer quality item to customer in
exchange for money.

Traits and characteristics of
an Entrepreneur
By using OCEAN model, it can be easy to
define key traits of successful businessman.
 Openness
 Conscientiousness
 Extraversion
 Agreeableness
 Neuroticism

Characteristics-
Passionate
• This is the characteristic of entrepreneur that made them capable to get
success and gain competitive advantages. It is different from manager because
they are passionate about their work according to the level of entrepreneurs.
Confidence
• They are much confident towards their work and success of business, that manager
may do not have.
Decision
making
• Businessman is able to take tough decision on the other side manager is not as they take
approval first and then take action.

Background and Experiences for Entrepreneurs
 JK Rowling is a local entrepreneur of UK, who faced many
problems after divorce, being jobless with single parent.
 Experiences may foster towards the writing, and she was poor
when she started writing 'Harry Potter', but now she became the
richest UK author.
 On the other side, David and Simon are a Global Entrepreneur as
Author, Journalist, Producer and Television writer
 Martin Riddifod and Jim Reeves are working as social
entrepreneur, they invented gravity light to replace battery, fuel
and because of the hindrance of the kerosene lamp

CONCLUSION
 On the basis of above, it has been concluded that small and medium size business have
contributed in growth of national, global and local level of economy.
 By offering best services and taking initiatives in different manners.
 Further traits and characteristics of entrepreneur analysis through OCEAN model.

REFERENCES
Ács, Z. J and et.al., 2017. The global entrepreneurship index 2018. Washington, DC:
The Global Entrepreneurship and Development Institute. pp.72-88.
Gurău, C. and Dana, L. P., 2018. Environmentally-driven community entrepreneurship:
Mapping the link between natural environment, local community and entrepreneurship.
Technological Forecasting and Social Change. 129. pp.221-231.
Liang, J., Wang, H. and Lazear, E. P., 2018. Demographics and entrepreneurship.
Journal of Political Economy. 126(S1). pp.S140-S196.
Morozova, I. A., Popkova, E. G. and Litvinova, T. N., 2019. Sustainable development
of global entrepreneurship: infrastructure and perspectives. International
Entrepreneurship and Management Journal. 15(2). pp.589-597.
Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective
of entrepreneurship. Entrepreneurship theory and practice. 41(6). pp.1029-1055.
Zhang, S. X. and Cueto, J., 2017. The study of bias in entrepreneurship.
Entrepreneurship theory and Practice. 41(3). pp.419-454.