Entrepreneurship and Small Business Management: Traits and Skills

This presentation delves into the core concepts of entrepreneurship and small business management, focusing on the traits, skills, and characteristics that distinguish successful entrepreneurs. It analyzes the significance of these attributes, referencing examples such as Richard Branson and J.K. Rowling, to illustrate key concepts like creativity, competitiveness, and independence. The presentation further explores the role of entrepreneurial motivation and mindset, including the application of the Ocean Model of Personality to understand the factors that drive entrepreneurial behavior. It discusses how personal experiences and background influence an individual's entrepreneurial journey and concludes by emphasizing the impact of entrepreneurs on economic development. The presentation aims to provide a comprehensive overview of the entrepreneurial landscape, equipping students with insights into the qualities and motivations that drive successful business ventures.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT
LO 3 and 4

Introduction
• Entrepreneurship is the dynamic process of creating or innovating new things in
order to attract customers. A business concern innovate new products and
services by taking risk within organization.
• The main aim of entrepreneur is to introduce from new product and services for
influencing the people and increase the profitability.
• Entrepreneurs are the backbone of economy who generates more revenue and
contributes for social economy. This PPT reflect about how micro and small
business impact on economy and importance of small and start up business.

Characteristics, traits and skills of successful
entrepreneurs
• In order to analyse the traits, skills as well as characteristics which set apart such
individuals from the class of business managers, the works and contribution of
Richard Branson and J. K. Rowling have been discussed as under:

Characteristics
• Belief: One of the characteristic found among successful entrepreneurs is their
strong belief in the work or project they undertake to complete.
• Ability to undertake risks: Another distinct characteristic found to be common
among successful entrepreneur all around the world is their ability to undertake
risks, business or financial.

Traits
• Creativeness: Both Rowling and Branson have been known for their creativity
and uniqueness.
• Competitiveness: Competitiveness is present at all levels within as well as
outside a business organisation.

Skills
• Independence: A distinctive skill possessed by successful entrepreneurs
worldwide is that of self-sufficiency or independence. This skill helps the
entrepreneurs to believe in themselves in the first place.
• Learning Skills: An entrepreneur never stops learning. They are in an active
contact with their environment, observing and analysing situations that can help
in growing their business as well as themselves in a sustainable manner.

Entrepreneurial Personality Reflect Entrepreneurial
Motivation And Mind-set
• The personality of a successful entrepreneur comprises cognition, mental
attitude, motivation, belief and values among others that they have acquired over
their lifetime.
• These experiences of success, failure and their responses towards them helps
such individuals in moulding their personality in a way which not only increases
creativeness among them but also self-confidence.

Ocean Model Of Personality
• This model helps in reflecting the degree of motivation and mind-set by taking
into account five variables viz. Openness, Conscientiousness, Extraversion,
Agreeableness and Neuroticism. These have been enumerated below:
• Openness: This factor indicates that an entrepreneur has a energetic personality
and a zeal to learn new things. Hence, individuals having a high degree of
openness tend to reflect high levels of motivation and positive mind-set
possessed by them.

Background and experience of entrepreneurs
• In the life of an individual various events and experiences take place, which
affect the overall personality in both positive and in negative manner.
• All these events motivate or encourage a person to do something in their life as
well as sometimes discourage them.

Conclusion
• On the basis of above stated PPT, it has been analysed that there are various
types of entrepreneurs who works for their passion so that their profitably can be
raised.
• Along with this, they can easily influence economic development of nation in
positive manner.

References
• Fayolle, A., Verzat, C. and Wapshott, R., 2016. In quest of legitimacy: The
theoretical and methodological foundations of entrepreneurship education
research. International Small Business Journal. 34(7). pp.895-904.
• Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and
the value of feminist approaches to understanding them. Journal of Small
Business Management. 53(3). pp.683-692.