Entrepreneurship & Small Business Management: Skills and Traits

This report delves into the realm of entrepreneurship and small business management, emphasizing the crucial traits and skills that drive successful entrepreneurs. It highlights the significance of communication, strategic thinking, time management, and risk-taking abilities, illustrated through examples of prominent figures like J.K. Rowling and Alan Sugar. The report further reflects on the entrepreneurial personality, underscoring the importance of a positive mental attitude, creative mindset, and intrinsic motivation. By examining the backgrounds and experiences of Rowling and Sugar, the analysis provides valuable insights into their journeys to success, despite facing numerous challenges. The conclusion reinforces the vital role entrepreneurs play in economic growth and job creation, adapting to dynamic business environments and contributing significantly to national revenue. Desklib provides this assignment solution and many more resources for students.

Entrepreneurship and Small
Business Management

Table of Content
• Introduction
• Traits and skills of successful entrepreneurs
• Reflection of entrepreneurial personality
• Background and experience of entrepreneurship
• Conclusion
• References

Introduction
Entrepreneur is the individuals who conduct the
activity of managing a business and the activities
which are operated are done on the basis of doing
any business. Small Business management refers
to managing a small business by any person which
can be a sole proprietor or any other.
Entrepreneurship and small business management
both are the important factors for the economy of
the country.

Traits and skills of successful entrepreneurs
The traits and skills are the important qualities which every entrepreneur has in them.
To become successful every entrepreneur requires some traits and skills so that they
can conduct the business effectively. J.K Rowling and Alan Sugar are the two famous
entrepreneurs who have succeeded in life because of their traits. Some skills and traits
of the entrepreneurs are mentioned below-
Skills of J.K Rowling and Alan Sugar-
Communication and listening skill- The owners of the business has to develop
effective communication skills because they have to communicate with many people.

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Strategic thinking- When any person is starting its own
business they have to build a strategic planning to manage all
the business problems and challenges which they have to face
on a daily basis.
Time management- Every entrepreneur has to plan the
activities in such a manner that it does not result in any
wastage of time.
Risk taker- Many challenges comes Infront of the
entrepreneurs and they have to face it daily.

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Traits of J.K Rowling and Alan Sugar-
Confident- To become a successful it is required to be
a confident in all the decisions which have been taken
for doing the business.
Vision- Business is started because the entrepreneur
has some vision which has to be achieved in terms of
gaining market position or to achieve the goals.
Hard work- Nothing can be achieved without doing
the hard work and same goes with doing the business.

Reflection of entrepreneurial personality
Every entrepreneur is different in the traits and skills and their mindset play the
major role which contributes to their success. The entrepreneur mindset makes
the personality and this reflects their motivation also.
• Positive mental attitude
• Creative mindset
• Intrinsic motivation and drive

Background and experience of entrepreneurship
The background and experience of J.K Rowling and Alan Sugar have been mentioned
below-
Background of J.K. Rowling:
Joanne Rowling was born in 31 July, 1965 in England and her father works as an
aircraft engineer and her mother was a science technician in Chemistry department. She
was interested n the books from the younger age and she says also that she lived in books.
Experience of J.K. Rowling:
J.K Rowling was a well educated women and has experience in writing the books very well
she wrote down the famous books” Harry Potter” which was shown in the movie and
become the blockbuster in the history of movies.

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Background of Alan Sugar:
Alan Sugar was born in 24 March, 1947 in East London, England and
started the business in 1968 in consumer Electronics Company which he
sold at later time. In 1970 he started his own manufacturing business in
electronics and uses new and innovative methods for the production which
helped in reducing the cost.
Experience of Alan Sugar:
Alan Sugar faced lot of difficulties and have faced many times failure in
the business but his determination and focus made him the billionaire and
most famous entrepreneur.

Conclusion
From the above report it can be concluded that entrepreneur play an important
role for the economy as they are the one who carry the business in an effective
manner and provide revenue to the country. With the change in the business
environment entrepreneurs develop new business according to dynamic nature
which also helps in providing job to the unemployed.

References
• Figueroa-Domecq, C., de Jong, A. and Williams, A.M., 2020. Gender, tourism &
entrepreneurship: A critical review. Annals of Tourism Research. 84. p.102980.
• Howard, T.L., Ulferts, G.W. and Hannon, J., 2019. Leadership styles of small
business owners: Linking theory to application. Journal of Leadership,
Accountability and Ethics. 16(2). pp.47-55.
• Rascão, J.P., 2020. Strategic Management and Entrepreneurship. International
Journal of Strategic Decision Sciences (IJSDS). 11(1). pp.35-55.
• Galindo-Martín, M.Á., Castaño-Martínez, M.S. and Méndez-Picazo, M.T., 2019.
Digital transformation, digital dividends and entrepreneurship: A quantitative
analysis. Journal of Business Research. 101. pp.522-527.

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