Entrepreneurship Report: Skills, Characteristics, and Mindset

This report delves into the core elements of entrepreneurship, examining the skills, characteristics, and mindset crucial for success. It highlights the differences between business managers and entrepreneurs, emphasizing the innovative nature of the latter. The report explores factors like extraversion, conscientiousness, and openness, as they relate to entrepreneurial motivation. Furthermore, it provides examples of how background and experience can influence entrepreneurial outcomes, with references to successful entrepreneurs like Richard Branson and Philip Green. The report concludes by summarizing the key takeaways, emphasizing the importance of skills and the impact of background on entrepreneurial ventures. The report is a valuable resource for understanding the dynamics of entrepreneurship and its practical applications.

Entrepreneurship and
Small Business
Management

TABLE OF CONTENT
 Skills of successful entrepreneurs
 Characteristics of successful entrepreneurs
 Difference between a business manager and an entrepreneur
 Aspect of the entrepreneurial personality reflect on
entrepreneurial motivation and mindset
 How background and experience can hinder or foster
entrepreneurship

Skills of successful
entrepreneurs
 Communication
 Problem solving skills
 Self motivated
 Resilience
 Passionate
 Finance management
 Time management
 Interpersonal skills

Characteristics of successful
entrepreneurs
 Passionate
 Flexibility according to changes
 Understand what you deliver
 Self motivated

Difference between a business manager
and an entrepreneur
 Entrepreneur and business managers differ in many ways as entrepreneur is a person
who comes up with an innovative idea and convert that idea into a useful resource
that can be used as offering product in market.
 On other side business managers are people who work in a particular firm and
manage different departments.
 They don't focus on innovation rather they just motivate there employees to work
hard for growth of the firm.
 Entrepreneurs are owner of the firm and business managers are just like other
employees who have to manage the business and will get a salary for the same.
 Business managers do not prefer to take risk as they are financially strong but
entrepreneur are risk takers as whole business is dependent on there risk taking only.

The entrepreneurial personality reflect on
entrepreneurial motivation and mindset
 Extraversion
 Conscientiousness
 Agreeableness
 Openness to experience
 Neuroticism

Background and experience can hinder or foster
entrepreneurship.
 Richard Branson:- From young age only his vision was sharp enough. He
was an innovative personality who thought differently and that become his
strength and scope for the organization. It is her positive nature which reflects
back in his organizations work culture. He is having all possible skills needed
to run a successful business as he is having good strategies and control over
his negative emotions.
 Philip Greens:- With right practices and innovative skills he became a
discount retailer. He is a good leader and also motivate every individual
working in the firm to work efficiently so that they can achieve there long term
goals. He is having a positive mindset and have problem solving skills because
of this reason only he has come out from losses he faced

Conclusion
 Skills of entrepreneur help the person in becoming successful entrepreneur.
 Background impact on entrepreneurship to great extent.

References
Jones, P. and et.al., 2018. Entrepreneurship in Africa, part 3: Conclusions on
African entrepreneurship. Journal of Small Business and Enterprise Development,
25(5), pp.706-709.
Julien, P.A., 2018. The state of the art in small business and entrepreneurship.
Routledge.