Entrepreneurship and Small Business Management: Key Success Factors

This presentation delves into the essential skills, traits, and characteristics that contribute to entrepreneurial success. It highlights the importance of innovative thinking, self-confidence, and the influence of personality aspects, as reflected in the OCEAN model (Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism), on entrepreneurial motivation. The presentation further examines how an individual's background and experience, as exemplified by successful entrepreneurs like Simon Cowell, Alan Sugar, and Peter Jones, can either foster or hinder their entrepreneurial journey. The experiences of these entrepreneurs are discussed in detail to illustrate how their prior experiences shaped their success. The presentation concludes by emphasizing the critical role of these factors in distinguishing successful entrepreneurs and driving business growth. References are provided for further study.

Entrepreneurship
and
Small Business
Management
(Task 3 & Task 4)

Content
• Introduction
• Characteristic, traits and skills of successful entrepreneurs
• Aspects of the entrepreneurial aspects personality reflect
entrepreneurial motivation
• Experience and background can foster or hinder entrepreneurship
• Conclusion
• References

An individual can be become a successful entrepreneur when they
have an adequate skills and knowledge as many rivals are
existing in market which brings challenges towards them. This
presentation discusses the different skills, characteristics and
traits that must be present in an individual to become a successful
entrepreneur. Along with this, different aspects of an entrepreneur
that reflects entrepreneurial motivation has been also discussed
under this presentation.
Introduction

Characteristic, traits and skills of
successful entrepreneurs
In a successful entrepreneurs includes various skills, traits and
characteristics which separate individual from the other one. Such
type of characteristics and skills are very helpful to generate various
fresh and innovative ideas for the growth of business. It is also very
essential for the entrepreneur to increase the overall productivity of
the business.

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Skills
Innovative thinking: These kind of skills are very essential because
all the three entrepreneurs Simon Cowell, Alan sugar and peter
Jones became the successful entrepreneur because they solve
different problems of organisation by using various fresh and
innovative ideas.

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Traits
Confident: Self confidence is a very essential part which need to be
present in the every entrepreneurs for effective decision making. All
three of Simon Cowell, Alan sugar and peter Jones are confident
enough to create fresh and innovative ideas for the organisational
success.

Aspects of the entrepreneurial aspects
personality reflect entrepreneurial
motivation
All entrepreneurs have their different traits, characteristic and skills
which separate them from the other individuals and people. These
such features also represent the mindset and motivation of
entrepreneur. Entrepreneur can not become the successful because
these feature directly affect the mindset and motivation level. So
mindset and motivation level of the entrepreneur is explain with
help of OCEAN model.

OCEAN Model
Openness: The various traits which are including in openness to
experience are such as imagination, cleverness, creativity, curiosity
and so on. An entrepreneur who have high in openness then that
person enjoy the learning , involve in creative work and curious. So
this will helps them to take better decisions for the organization.
This is also very necessary to handle various upcoming challenges
in the organization.

Experience and background can foster
or hinder entrepreneurship
The main motive of entrepreneurs are to earn more revenue by offering
good and services according to the needs of customers. The
background and the level of experience also motivates them towards
their goals and targets. The background and experience of Peter
Jones, Simon Cowell and Alan Sugar are played an essential role in
their overall success

Peter Jones
Background:
Peter Jones starts earning money at the time
of teenage from two passions that are
providing tennis classes and other one is
business. Peter Jones tried various projects
to run their own business like
manufacturing computers and also started
a cocktail bar but in all these projects he
went through a losses in that time.

Simon Cowell
Background:
Simon dropped out from his school at
the age of 16. His mother was ballet
dancer and father was executive at
music industry. He fought various
interviews for the job which is
established by his father. Then he
got a job in his fathers company at
the position of mail room clerk.

Alan Sugar
Background:
Alan sugar earned his pocket money by
employed at greengrocers. He left from his
school at the age of 16 then he worked as
statistician in civil services. Then he
formed Amstrad in 1968 which faced
many problems in 90's after various ups
and down he formed Amscreen which got
succeed in the market.