Analysis of Entrepreneurship and Small Business Management at Wilko

This report examines entrepreneurship and small business management within the context of Wilko, a multinational company. It explores the characteristics and situational factors of entrepreneurs, contrasting them with traditional businessmen. The report highlights examples of successful social entrepreneurs like Martin Riddford and Jim Reeves, who developed the Gravity Light to aid impoverished communities. It discusses entrepreneurial traits using the OCEAN model, referencing figures like Jeff Bezos and Peter Jones to illustrate openness and agreeableness. Furthermore, the analysis considers how personal background and experiences can either foster or hinder entrepreneurial endeavors. The report concludes that successful entrepreneurs possess unique skills and a focused approach, with their personality significantly influencing their motivation. Desklib offers a range of study tools, including past papers and solved assignments, to support students in understanding these concepts.

9 – ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT
Wilko

INTRODUCTION
• Entrepreneurship is the new era as individual is attracting towards start ups.
• Wilko is the multinational company which deals in clothing, footwear, accessories etc.

Examples of entrepreneurs and scope of
local, social and global enterprise
• Before discussing about effectiveness of different types of entrepreneurs, it is important to know
about entrepreneur.
• So, in this regard it can be said that they are known as an individual who create a new business.
• They consist of numbers of skills that make them successful and innovation, ability to think
critically are main skills.
• Some examples of successful social, local and global entrepreneurs include:

Cont.…
• Social entrepreneur: Martin Riddford and Jim Reeves are well-known social entrepreneurs.
The reason as why they are considered as social entrepreneurs is because of founding gravity light
only because of making people beneficial.
• They both invented a gravity lamp and the speciality of this lamp is they work without battery and
fuel. The main aim of invention was to help out the poor by reducing their electricity bill and
charges. So, on the basis of their aim it can be said that they are the best and well-known social
entrepreneurs who thought about well-being of poor people.

Situational factors of entrepreneurs and
characteristics that differ them from
businessman
• There are numbers of situations that occur in life stage of entrepreneurs but their skills and characteristics
make them able to work under adverse situations.
• In regard to Peter Jones, it is found that he faced numbers of problems and one time he lost his everything,
his business and his house as he did not take out credit insurance and at the time of recession he realized his
mistake and wrong decision.
• But from his own mistake he learned so many new things and an ability to never lose hope again made him
able to become successful. There are some numbers of skills that make entrepreneurs differ than businessman
such as:

Cont.…
Basis of
differences
Entrepreneur Businessman
Definition Start an enterprise with new ideas. Businessman set up a business with existing ideas
Risk factor As compared to businessman, they bear more
risks.
There is less risk.
Competitions There is low competition. In their case, the competition is very high.
Market share They create new market Operate businesses in existing markets
Focus The main focus on entrepreneur is on improving
relations with customers’ public and employees. Overall focus or aim of businessman is to make
profit.

Shared entrepreneurial traits and
characteristics
• For helping out some characteristics and skills have been discussed in detailed manner that makes entrepreneurs
effectiveness with the help of OCEAN model such as:
• Openness: This trait refers insight and imagination. People who are high in this trait are more likely to have high
interest for learning new things.
• And people with low in this trait are often less likely to enjoy changes, are not imaginative and do not enjoy new
things.
• There are numbers of entrepreneurs such as: Jeff Bezoz who was high in this trait and this was his main
speciality that makes him successful.

Cont.…
• Agreeableness: It includes some characteristics such as kindness, affection, trust and other social skills. Peter Jones
was the one who was high in this trait and as per this he feels empathy with others and enjoyed helping to employees. \
• On the other hand, people who are low in this trait are less likely to take interests and manipulates others in order to
get whatever they want.
• Neuroticism: It is a trait that is characterized by emotional instability and people who are high in this trait are likely to
feel a lot of stress and get upset easily.
• But people who are low in this trait can work with effectiveness and with self-motivation they perform their functions.

Background and experience can hinder and foster
entrepreneurship.
• Personal background or experience can influence business and
can foster or hinder entrepreneurship.
• Background consists of elements like friends, family, spouse,
financial background, motivation etc.
• if an individual can get proper support from their friends and
family emotionally and in terms of financially then it motivated
them to start a business.

Con..
• It can foster entrepreneurship because with the support an individual feel confident and his
or her risk taking capability also gets increased.
• Strong financial background also supports an individual and foster their willingness to start
business.
• If entrepreneur does not get support from their loved ones than that can hinder their
entrepreneurship.

CONCLUSION
• Through this report it can be concluded that successful entrepreneur have skills which is
different from others. They focus on their goals and concentrate what they do.
• Entrepreneurial personality impacts its motivation level.

REFERENCES
• Achakpa, P. and Radović-Marković, M., 2018. Employment women through entrepreneurship
development and education in developing countries. Journal of Women's Entrepreneurship and
Education, (1/2), pp.17-30.
• Hadi, N. and Udin, U., 2021. Testing the Effectiveness of CSR Dimensions for Small Business
Entrepreneurs. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), p.6.
• Yakubu, F., 2017. Gravity Light in Nigeria. Nigerian National Petroleum Corporation, Energy
Planning and Analysis Department Energy Commission of Nigeria, 28.
• Tammili, F.N.M., Mohamed, Z. and Terano, R., 2018. Effectiveness of the microcredit program in
enhancing micro-enterprise entrepreneurs’ income in Selangor. Asian Social Science, 14(1), pp.71-
78.