BTEC HND Entrepreneurship and Small Business Management Task 2 Report

This report, created for the BTEC HND in Business Unit 9 on Entrepreneurship and Small Business Management, delves into the core characteristics and skills that differentiate successful entrepreneurs from other business managers. It explores how entrepreneurial personality traits reflect motivation and mindset, examining various lines of argument related to these characteristics. The report uses examples like Jeff Bezos and Bill Gates to illustrate the traits, skills, and motivational drivers of successful entrepreneurs, and analyzes how background and experience can either hinder or foster entrepreneurial endeavors. Furthermore, it examines the relationship between entrepreneurial characteristics and the influence of personal background and experience, providing a critical analysis of how these factors shape entrepreneurial activities, both positively and negatively. The report is supported by references to academic sources to strengthen its arguments.

Entrepreneurship and
Small Business
Management
TASK 2 (LO3 & LO4)

Table of Contents
P5. Differentiating entrepreneurs from other business managers based on their characteristic
traits and skills
P6. Evaluating the way aspects of entrepreneurial personality reflects motivation and mind-set
of entrepreneur
M3. Different lines of argument relating to entrepreneurial characteristics
D3. Characteristic traits, skills and motivational drivers of successful entrepreneurs
LO 4
P7. The way background and experience can hinder or foster entrepreneurship
M4. Relation between entrepreneurial characteristics and the influence of personal background
and experience to specific successful entrepreneurs
D4. The way background and experience influences entrepreneurs, both positively and
negatively

P5. Differentiating entrepreneurs from other business managers
based on their characteristic traits and skills
For start-up businesses, it is not likely that every entrepreneur will get successful.
There are specific characteristic traits and skills that make them successful. Some
of the characteristic traits and skills of Jeff Bezos are like:
 Creativity and innovation
 Risk tolerance
 Leadership
 Spotting new trends

P6. Evaluating the way aspects of entrepreneurial personality
reflects motivation and mind-set of entrepreneur
There are some factors which affect the entrepreneurial personality and reflect
motivation as well as mind-set of entrepreneurs. These factors are like:
 Upbringing
 Lifestyle and
 Cultural background

M3. Different lines of argument relating to entrepreneurial
characteristics
Every author has his own view regarding a subject which is not similar with the
other one. Likewise, based on characteristics and qualities of successful
entrepreneurs, authors have different lines of arguments. However, these
arguments are related to each other.

D3. Characteristic traits, skills and motivational drivers of
successful entrepreneurs
To understand the traits, skills and motivational drivers of successful
entrepreneurs, example of Bill Gates can be taken with reference to which below
points are discussed.
o Self-motivation
o Persuasiveness
o Communication
o Ability to bring change

P7. The way background and experience can hinder or foster
entrepreneurship
Several factors are there like economic conditions, personal background and national cultural
environment which can hinder or foster entrepreneurship.
• It is personal background of person only which motivates him to make efforts to do something by
own.
• Sometimes, an individual having minimum level of literacy can communicate in a better way and
learn entrepreneurial techniques while other cannot who is more literate.
• It can be said that high literacy sometimes hinder the mind-set of being an entrepreneur as this
motivates a person to seek a job.

M4. Relation between entrepreneurial characteristics and the
influence of personal background and experience to specific
successful entrepreneurs
There is direct link in between characteristics of an entrepreneur and his
experience and personal background to become successful.
It can be justified like Bill Gates had a great upbringing and a rich environment
to learn where he played cards, jigsaw puzzles and board games where is learnt
that by rocking in the sitting position, mind works better and increased
concentration.

D4. The way background and experience influences entrepreneurs,
both positively and negatively
Background and the experience of entrepreneurs highly influence their
entrepreneurial activities in both; positive and negative manner.
It can be critically analysed that upbringing, lifestyle and cultural background
prove to be highly influential in making an entrepreneur successful.

REFERENCES
Zareva, T., 2017. What the Early Life of Bill Gates Can Teach Us about Success.
[Online]. Available through: <https://bigthink.com/design-for-good/what-the-early-life-
of-bill-gates-can-teach-us>.
Torrès, O. and Thurik, R., 2018. Small business owners and health. Small Business
Economics. pp.1-11.
Marom, S. and Lussier, R. N., 2018. Developing a Small Business Management
Concentration within a Business Degree. Small Business Institute Journal. 13(2). pp.15-
30.
Laukkanen, M. and Tornikoski, E. T., 2018. Causal mapping small business advisors’
belief systems: a case of entrepreneurship policy research. International Journal of
Entrepreneurial Behavior & Research. 24(2). pp.499-520.