ENTR 101: Entrepreneurship and Small Business Management Report

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and its crucial role in economic and societal development, followed by an examination of different venture types and their classification. The report then explores the impact of small and micro businesses on the economy, highlighting their significance for social and economic growth. It analyzes the characteristics, traits, and skills that distinguish successful entrepreneurs from traditional business managers, using Oprah Winfrey and Henry Ford as case studies. Furthermore, the report investigates the entrepreneurial personality aspects, including the Big Five personality traits, that reflect entrepreneurial motivation and mindset. Finally, it examines how the experiences and backgrounds of entrepreneurs, including factors like family history, can either hinder or foster their entrepreneurial journeys, providing a comprehensive overview of the factors that contribute to entrepreneurial success.

Entrepreneurship and
Small Business
Management

INTRODUCTION
Entrepreneurship is considered as a capability as well as interested to develop, manage
and organise enterprise along with any of their risk for gaining profitability. This is one of the
primary elements for the development of economy as well as society. In this report, many types
of venture and its relation with typologies are explained. Differences as well as similarities
among many kinds of ventures. Interpretation of statistical data example that shows the impact of
small and micro business on economy. Start-up's and small business significance for the growth
of social economy. Enterpriser's characteristics, attribute as well as ability that differentiate them
from another enterprise manager. Main entrepreneurial personality features which reflects
motive as well as mind-set of entrepreneurial. Apart from this, experiences and background of
entrepreneur which obstruct and foster entrepreneurship are also explained in this assignment.
TASK 1 and TASK 2
Covered in Booklet
TASK 3
P5. Successful entrepreneurs characteristics traits as well as skills that make them different from
business manager.
Characteristics traits are refers as the attitudes of individuals which states its personality,
such as behaviour, good nature etc. Successful entrepreneurs possess its understanding which
assists them for developing their reputation. The 2 successful entrepreneurs are Oprah Winfrey
and Henry ford. Henry ford is the famous hounder of Fords motor. Where as Oprah Winfrey is
considered as the well known woman entrepreneur who host show, actresses and media
executive. Therefore, some of their characteristics, traits and skills are discussed below:
Entrepreneurs Characteristics Traits Skills
Oprah Winfrey Inspirational:
Inspirational
characteristics assists
Oprah Winfrey to
focus on becoming a
successful
Emotionally
intelligent: This traits
is related to the
improvement of
communication skills,
self awareness and
Creative skills: This
skills assists Oprah
Winfrey for providing
creative thoughts and
suggestion to other
people. Moreover,
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entrepreneur and
transform themselves
in another lives. She
facilitates suggestion
as well as advice
towards other
individuals. This
differentiate them
from another business
manager as they are
responsible for
managing others.
many more. While
having this particular
trait respective
entrepreneur are
accomplish their huge
target and becomes
successful. This
distinguish her from
another business
manager.
shed the light of hope
in another people
which are beneficial
for them and make
them different from
business manager.
Henry Ford A man of quality:
Henry ford, he
believes in giving
good products or
services quality to its
clients. Any products
that are launched
within market area are
to be of good quality.
Persistent: Henry
Ford was a person who
had obtained the trait
of being persistent as
well as performed this
without resignation.
This trait aid shim to
become successful and
distinguished them
from business
manager.
Motivation skills:
Henry Ford has this
particular skills that
help them to
encourage employees
to perform well and
work with full
potential. This also,
direct its juniors to
attain the goals of the
firm. This skills
distinguish him from
another business
manager as they only
control and handle all
its work.
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P6. Entrepreneurial personality aspects that reflects entrepreneurial motivation and mind set.
Entrepreneurial mind set is refer to the state of mind that ascertain the behaviours of
people towards the activities of entrepreneurial. There are several entrepreneurial personality
traits aspects which shows its motivation and mind set. It can be explained by using Big five
traits personality model. All these five factors are discussed below:
 Openness: It is the first trait that explains, in this individuals are innovative as well as
creative. They always seeks to grab new things. Moreover, they concentrate upon
managing the situation and always believe about conceptional idea. Both respective
entrepreneurs has this particular traits as they are consider to think about creative
thoughts and focused to grab various things.
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Illustration 1: Big five personality trait
(Source: Big five personality trait. 2019)

 Conscientious: In this trait, people are generally disciplined, well mannered and many
more. Both entrepreneurs are focused towards its effectual working principle. Because
both are disciplined, this reflects its mind set as well as permit them to keep inspired. Extraversion: This traits states that people who interact with many person as well as
having huge friends are extrovert. They acquire the attention of another people towards
them selves and are more active and energetic. Both Henry Ford and Oprah Winfrey,
have this traits which shows its entrepreneurial personality as well as mind set in its
activeness etc. Agreeableness: This traits explains about self behaviour, kindness of people. Person f
this trait are more cared as well as concentrated to assists them in hard time. Both Henry
Ford and Oprah Winfrey are always ready to aids others individuals and develop a
effective reputation on people minds. This reflects the mind set as well as motivation of
both entrepreneurs are helpful, kind, etc.
 Neuroticism: It is the traits that states sadness, moodiness and so on. Individuals with this
traits get frustrated, unable to deal with circumstances and many more. This particular
traits is not effective for both the entrepreneurs Henry Ford and Oprah Winfrey as they
are stable as well as managed any types of circumstances with fearless nature. This
reflects both Henry Ford and Oprah Winfrey nature, feelings etc. that encouraged them
as well as set their minds to perform the works in appropriate manner.
TASK 4
P7. Experiences as well as background of entrepreneurs that hinder and foster entrepreneurship.
All entrepreneurs have few or another family background or experiences in respect of
gender, caste and many another factors.
Oprah Winfrey is the famous media executive, actress, TV producer and philanthropist.
She was from very poor family background as he father was a coal miner into Armed forces. She
was born in Mississippi from an teenage unmarried women. She have to goes through various
tough situations such as she molested at her childhood and as their parents are not so much
capable to support her financially. But never give up skills she got from her mother. Also, at the
age of 19, she became the co anchor into local evening news. Hence, all her family background
hinder her but their experiences foster her to grow day by day without loosing nay hope which
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she got from their mother which is an opportunities for her to become a successful as well as
famous TV actress, media executive and many more.
Henry ford is the founder of ford motors and the mass production sponsors. He have
never satisfying nature as well as always perform to do innovative things. Due to this , they
launch a auto mobile that are named as Model T. His family background was not so good, as his
father was operating a farm. His family was not financially strong this is considered as the hinder
for him. After completing his engineering he joined a company named as Edison Illumination
and thereafter completion of two to three year promoted as the chief engineer. As his interest was
more in business but due to lack of funds he can not able to start that. Then also they never stop
doing inventions or experiments. Hence, he consider their hinder as an opportunities that help
him to become a successful as well as famous enterpriser.
CONCLUSION
As per the above assignment, it has been summarised that entrepreneurship have
significant role into economy of the nation. Small, social and so on are some ventures of the
entrepreneurial that assists to differentiate the size of business. Also, in order to develop the
social economy, individuals have to understand the value of small as well as start-up business.
There are few characteristics, traits and skills which differentiate it from enterprise manager and
aids them to get success. Big five traits personality model are used in order to reflects
entrepreneurial personality. Moreover, family back grounds as well as experiences foster and
obstruct enterpriser for becoming successful.
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REFERENCES
Books and Journals
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performance: A small business perspective. Journal of Applied Business Research
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Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A
strategic management approach. EMAJ: Emerging Markets Journal. 5(1). pp.26-40.
Rey-Martí, A., Porcar, A. T. and Mas-Tur, A., 2015. Linking female entrepreneurs' motivation to
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Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas
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Brexit’s impact on small businesses: the experts may be spot on after all. 2019 [Online].
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