Entrepreneurship and Small Business Management: An Essay Analysis

This essay delves into the multifaceted world of entrepreneurship, examining the key characteristics, traits, and skills that define successful entrepreneurs. It explores the entrepreneurial personality, discussing aspects like openness, extroversion, and conscientiousness through the Big Five model. The essay also analyzes how background and experience can either hinder or foster entrepreneurial ventures, providing insights into the challenges and opportunities faced by entrepreneurs like Bill Gates, Bruce Bratley, Martin Riddiford, and Jim Reeves. The conclusion emphasizes the growing trend of independent business ownership and the diverse types of entrepreneurial endeavors. The essay draws from academic sources to provide a comprehensive overview of entrepreneurship and small business management.

Entrepreneurship
and
Small Business Management

Table of Content
• Introduction
• The characteristic, traits and skills of successful entrepreneurs
• Aspects of the entrepreneurial personality
• How background and experience can hinder or foster
entrepreneurship
• Conclusion
• References

Introduction
Entrepreneurship refers to a procedure in which an individual design,
launch and operate a business venture which can be small or medium.
This is established by a person in order to fulfil need and requirement
of customers so that they able to generate high profitability ratio.
Entrepreneur can be introduced for profit motive or non profit motive,
it is based on aim as well as objective of a person who is opening it.

The characteristic, traits and skills of
successful entrepreneurs
Entrepreneurship is consider as a procedure in which an entrepreneur
who have specific skills and knowledge introduce a business and
design a unique products and services, launch it in a market and run
that venture properly so that they can be successful and earn high
profitability ratio.

Cont...
There are various characteristic, skills and treats of a successful
entrepreneur, some major of them are explain below:-
• Bill Gates
• Martin Riddiford and Jim Reeves

Cont...
Skills:
• They both have very strong leadership skills which help them in
leading their business activities in effective way.
• They also have innovative skill which help them in developing
products and services which help them in attaining customers as
well as market.

Cont...
Characteristic:
• These peoples have flexible characteristic which help them in
adopting changes in effective ways. This is so because every
company go through very diverse situation.
• They are also passionate which encourage them for adopting
new technology and develop strategies accordingly so that they
can gain more and more profitability ratio.

Cont...
Treats:
• They have strong ethical work treat which make him more
focused about it work and make them a successful person.
• They are also open minded which help them in adopting every
thing and come up with new and innovative idea.

Aspects of the entrepreneurial personality
Entrepreneurship is an important aspect and have different mindset and
motivation level to become an successful entrepreneur. They have
different mindset that helps in to get success in proper way. There are
various kinds of entrepreneurs in the whole world that contributes in
economic and social development.

Cont...
There are Big five model that helps in knowing the personality traits of
an individual and it is an productive model that helps in enhancing
characteristics, skills and traits in proper way that are as follows:
• Openness
• Extroversion
• Neuroticism
• Agreeableness
• Conscientiousness

How background and experience can hinder
or foster entrepreneurship
Entrepreneurship are very important for an individual and organisation
and it helps in deal with new ideas and tackle with hardships that
hinders self interest in proper way. Every entrepreneur by handle
various situations makes themselves stronger day by day. In addition to
the situations affect in both positive and negative manner that become a
major threat to accomplish the goals and objectives in proper way.

Cont...
Every person faces various problems and issues in their life time so it
also happen with Bill gates, Bruce Bratley and Martin Riddiford and
Jim Reeves that are important entrepreneurs in the economy and largely
contributes for individual and organisational development.
• Bill Gates
• Bruce Bratley

Conclusion
From above discussed point it can be concluded as well as evaluated
that now a day trend of establishing entrepreneur increased because in
today's time every person want to become a independent business
holders so that start new venture. It can be of any type small, medium,
micro, social, lifestyle and many more and they all have some relation
with topology.

References
 Omorede, A., Thorgren, S. and Wincent, J., 2015. Entrepreneurship
psychology: a review. International Entrepreneurship and
Management Journal. 11(4). pp.743-768.
 Raymond, L. and et.al., 2013. Dimensions of small business
performance from the owner-manager's perspective: a re-
conceptualization and empirical validation. Entrepreneurship &
Regional Development. 25(5-6). pp.468-499.

Thank You