Entrepreneurship and Small Business Management (LO3 & LO4) Report

This report delves into the core characteristics and skills that define successful entrepreneurs, differentiating them from others in the business world. It explores the key traits such as stubborn persistence and passion, alongside crucial skills like social and resiliency skills, essential for navigating the competitive market. The report further examines the entrepreneurial personality aspects, utilizing the Ocean Personality Model to understand traits like extraversion, openness, conscientiousness, agreeableness, and neuroticism and their impact on entrepreneurial behavior. It provides background and experience analysis of successful entrepreneurs, including James Dyson and Philip Green, highlighting both the positive and negative impacts of their experiences. The conclusion emphasizes the importance of resilience and effective planning in achieving entrepreneurial success. The report also includes references to relevant literature.

Entrepreneurship
and small business
management
(LO3 and LO4)

Table of content
• Introduction
• Characteristics, skills along with motivational drivers
• Entrepreneurial personality aspects
• Background and experience
• Impacts
• Conclusion
• References

Introduction
Entrepreneurs are those individuals who goes
out of their comfortable areas to perform work
for creating something which is not initiated by
any one till the date. The presentation covers
characteristic traits as well as skills of
entrepreneurs that differentiate them from
others.

Characteristics, skills along with motivational drivers
Successful entrepreneurs are generally considered as role model for rest of
business world. They have willingness to launch new enterprise from scratch.
They posses various inbuilt traits and certain skills that differentiate them from
other businessmen. Entrepreneurs are efficient enough to sustain their business as
well as survive in competitive market for long duration.

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Characteristic traits of Philip Green along with James Dyson
Characteristic traits: Following are characteristic traits of selected entrepreneurs:
Stubborn persistence: Entrepreneurs are usually stubborn to execute work that is
decided by them.
Passionate: Successful entrepreneurs execute workings with full passion to learn
new things and are committed towards exemplary workings.

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Skills: These are the abilities that helps entrepreneurs to implement operations for
achieving beneficiary gains. Key skills of Philip Green addition to James Dyson are
as follows:
• Social skills: These skills are related to communication together with interaction of
an individual with other people.
• Resiliency skill: Resilience is said to potentiality to deal with uncertain
circumstances in effective aspects. Not all business men are blessed with such
skills.

Entrepreneurial personality aspects
Every individual has some special personality attributes that differentiate
them from others. Entrepreneurial personality is defined to aggregation of
skills, abilities, characteristics, values addition to cognition that shapes
actions and experiences of entrepreneurs. For understanding personality
aspect, Ocean Personality model is properly analysed.

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Ocean personality Model: Following personality aspects are included in the
model:
Extraversion: Individuals having high extroversion personality seeks
opportunities to interact socially and are gregarious, comfortable addition
to maintain social relations.
Openness: Openness flashes high level of creativity, imagination,
daringness, intellect and insightfulness.

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Conscientiousness: People having high conscientiousness level are generally
reliable and prompt. They have high tendency for controlling impulses,
behaviours as well as acts.
Agreeableness: Entrepreneurs with high agreeableness generally respects
others thoughts and understands needs of others. They are usually trustworthy,
tactful, polite, loyal and sensitive.

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 Neuroticism: Personalities scoring high on neuroticism experiences sadness,
low self esteem and anxiety in own blood. In contrary person scoring low in
neuroticism feels comfortable, brave and adventurous.

Background and experience
Starting own business is one of the rewards that life offers to entrepreneurs. At same
time it is essential to keep the procedure perspectives at certain level. Other then this,
entrepreneurship also offers various rewards such as entrepreneurs gains knowledge
a lot, grabs opportunities for searching genuine growth, decides to expand the legs
further and creates wealth. In contrary, drawbacks of entrepreneurship are that the
entrepreneurs will not have flexible hours all time, requires uncountable efforts to
achieve success, experience more stress, scrutinized by customers, discovers
financial stability and encounter industry backlash through distinct ideas.

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Background with experience of successful
entrepreneurs are as analysed:
James Dyson:
Background: Sir James Dyson came in the world
on May 2, 1947 at Cromer, England.
Experience: James Dyson is industrial designer as
well as academic administrator. In his earlier days,
James helped in designing Sea Truck.