ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT: Report

This report delves into the realm of entrepreneurship and small business management, examining the pivotal role of entrepreneurial mindset in driving business success. It explores the main aspects of an entrepreneurial mindset, emphasizing creativity, communication, and risk-taking. The report analyzes situational factors, such as challenges faced by entrepreneurs, and highlights character traits like self-motivation, passion, and flexibility. Case studies of successful entrepreneurs like Peter Jones and Mark Zuckerberg are presented to illustrate how background and experience influence entrepreneurial journeys, including examples from Laurence Graff and Anya Hindmarch. The report concludes by emphasizing the importance of adapting to changes and the impact of background on fostering or hindering entrepreneurial success. References to academic sources provide further context and support the analysis.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

• TABLE OF CONTENTS
• INTRODUCTION
• Main Aspects of Entrepreneurial Mindset
• Situational Factors
• Character Traits
• Influence of Background on the success of entrepreneurs
• Extent of the influence of Background on Entrepreneurship
• CONCLUSION
• REFERENCES

INTRODUCTION
 Entrepreneurship plays a significant role in any business.
A small business, if led by an entrepreneur results in a big
business. The entrepreneurs contribute positively in the
established business by adapting some entrepreneurship skills.
Every business, whether big or small need entrepreneurship even
to survive.

Main Aspects of Entrepreneurial Mindset
The main things which plays a significant role in the journey to become
Entrepreneur is their mindset. They have to think differently with greater ideas.
Their mindset must be creative, communicative, and highly motivated to attain
success, and must be ready for all the risks and failures.
The positive attitude, their creative mindset, communication ability, self
motivation and the quality of learning from the failure makes the entrepreneurs
unique from others.

Scope of Entrepreneurship
Mainly, the small business provide more opportunities for the activities related to
entrepreneurship. They find more opportunities in providing the services rather than
manufacturing the product. This is the reason the small business gains higher
productivity by more efficient employees and low labour.

Peter Jones
He became a tremendous example to describe that the mindset of an entrepreneur
can take a person to the greater heights of success. Peter's family was not
economically sound. He did his education and realized that he had an interest in
economics and tennis.

Mark Zuckerberg
 He was a normal child in his schooling but with one of his friend who was a
hacker-programmer he started taking interest in AOL and Microsoft. He was
unable to do jobs because of the college.
But he didn't lose his confidence and with his dedication, he completed the site
Facebook which was becoming popular rapidly.

Higher Rhythm Ltd.
It was a small recording started in 2001 with the help of 2 college lecturers who used
their personal donations in setting it. They were supported by the key funds otherwise
they have been finished.
The enterprise is now providing services of music, radio, media industry across the
nearby regions. They are now delivering numerous projects dealing with many partners.
They are trying to make their services and products more easily accessible to the people.

Situational Factors
 After discussing the journey of the entrepreneurship of 3 different cases, it is
clear that entrepreneur is not a God. They are normal people facing the same
problems as other. But the entrepreneurs turn the problems into opportunities
and face them with their dedication and hard work.

Continue…
The well-known entrepreneurs Mark Zuckerberg and Peter Jones have faced many
difficult situations. But, in all the cases they didn't lose hope and didn't give up but
concentrated on their interest. This made them achieve success at a greater heights.

Character Traits
 The entrepreneurs achieve success because of the character traits they implement
in their lives. These are as follows:
Self-Motivation: This means to be able to push our self. The above 2 personalities didn't
have someone to motivate them but they encouraged themselves to follow their path with
dedication.

Passion: It means to feel deeply about the mission and service. The partners running
the above mentioned enterprise were passionate about their goals to expand their studio.
So, they got the contribution and which contributed them significantly.
Flexibility: This means to be able to adapt the changes. Peter Jones was interested in
economics but the need to teach English because of poor financial condition did not made
him demotivated but he carry on playing tennis along with that.
Along with these, there are many character traits which inspire us from these 3 instances
like taking risks, networking, money management skills etc.
CONTINUE…

Influence of Background on the success of entrepreneurs
 The background and the experiences in the journey of life impacts one's
success. So, these factors have played major role in hindering and fostering the
entrepreneurship of numerous entrepreneurs which are as follows:

Laurence Graff
 Graff which is known as the 'King of Diamonds' belongs from a very poor
family. He stopped studying at the age of 15 and started doing job of cleaning
bathrooms at a jewellery shop along with running some.

Anya Hindmarch
 She was born in an entrepreneurial family but was never thought to be an
entrepreneur. She went to Italy for studies. Suddenly, she realized that one leather bag was in
demand of the women in Italy.
But, unfortunately she became a widower of 3 children which hindered her goal of
becoming an entrepreneur. She didn't give hope and started selling bags made by her own.

Extent of the influence of Background on Entrepreneurship
 The background and the experience impacted the entrepreneurs in fostering
and hindering their success. They were supported by their families but their economic
condition became a barrier in their success.
On the other hand, their determination to achieve the goal helped them to become the
entrepreneur. Laurence Graff wanted to earn money but he didn't know that he will
become interested in jewellery polishing.
 Likewise, Hindmarch also used the trend in UK as her opportunity to sell those bags.
So the entrepreneurs thought beyond their limits and dedicated to achieve their goal.

CONCLUSION
 The report concluded the scope of entrepreneurship by using the examples of a local,
global entrepreneur and a social enterprise. It also explores he situational factors of these
entrepreneurs.

REFERENCES
 Brown, R., Rocha, A. and Cowling, M., 2020. <? covid19?> Financing
entrepreneurship in times of crisis: Exploring the impact of COVID-19 on the
market for entrepreneurial finance in the United Kingdom. International Small
Business Journal, p.0266242620937464.
 Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan
Limited.
 Jones, P. and et.al., 2018. Entrepreneurship in Africa, part 1: entrepreneurial
dynamics in Africa. Journal of Small Business and Enterprise Development.
 Mallett, O. and Wapshott, R., 2020. A History of Enterprise Policy: Government,
Small Business and Entrepreneurship. Routledge.
 Muriithi, S., 2017. African small and medium enterprises (SMEs) contributions,
challenges and solutions.