Entrepreneurship and Small Business Management: Task 3 & 4 Report

This report delves into the realm of entrepreneurship and small business management, specifically addressing tasks 3 and 4. It begins with an introduction to entrepreneurship, defining it as the process of designing, setting up, and running new businesses with the goal of earning profits while managing risks. The report then examines the characteristics, traits, and skills of successful entrepreneurs, highlighting qualities such as self-motivation, ambition, curiosity, passion, determination, and financial management skills. It differentiates between entrepreneurs and business managers, outlining their distinct roles and responsibilities. The report further explores the reflection on entrepreneurial motivation and mindset, including the OCEAN model of personality (Openness to experience) and how experiences foster entrepreneurship. The report also provides background information on Elizabeth Gooch and Tom Mercer, showcasing their entrepreneurial journeys. The conclusion reiterates the importance of personality traits, skills, and past experiences in shaping an entrepreneur's decision-making process. The report concludes with a list of references.

Entrepreneurship and
Small Business
Management
(Task 3 & 4)

Table of Content
 Introduction
 Characteristics, traits and skills of successful entrepreneurs
 Aspects of Entrepreneurial Personality reflecting the entrepreneurial
motivation and Mindset
 Background and Experiences of Elizabeth Gooch and Tom Mercer
 Conclusion
 References

Introduction
Entrepreneurship is a activity of designing, setting and running new
businesses with the expectation of earning profits along with risks.
The people who creates business is known as entrepreneur and they
seen as an innovator or a source of new idea, products, services,
businesses etc. They convert their ideas and knowledge into
profitable business after analysing the opportunities in the market.

Characteristics, Traits and Skills of
Successful Entrepreneurs
Entrepreneurs are the people who recognize a consumer problem and
work towards finding solution of that problem. They are the people
who sets up a business taking on financial risks so as to convert their
ideas into products and services that can fulfil the needs and
requirements of the consumers with an aim of earning profits.

Characteristics of Elizabeth Gooch
Self motivated : Elizabeth Gooch kept herself self motivated even after
failing lot of times. She also faced a substantial inheritance but due to
her self-motivation only she achieved success and became a english
writer.

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Traits of Eliza beth Gooch
Ambitious : She was always being ambitious towards what she eant to
achieve. She had aim and aspirations in her mind-set. The main
ambition was to transform the nation back to her religion.

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Skills of Elizabeth Gooch
Curiosity : Elizabeth Gooch was able to become a successful
entrepreneur as she was always curious about identifying the consumer
problems and discovering potential solutions to such problems.

Characteristics of Tom Mercer
Passionate : Tom Mercer was passionate about creating a space in the
life and explore all hopes, fears and attitude.

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Traits of Tom Mercer
Determination : He was very much determined towards his aim and
developed a unique ovalising balance system.

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Skills of Tom Mercer
Finance management : Tom Mercer managed the finances efficiently
that helped him in becoming a successful entrepreneur with the
available limited resources.
Communication : Effective communication skills helped him in
influencing the clients to develop certain abilities.

Difference between the manager and
entrepreneurs
Basis Entrepreneur Business manager
Definition A person who sets up a business
by investing some capital and
taking financial risks with the
hope of making profit (Toscher
and Morris Bjørnø, 2019).
A person responsible for
controlling or administering an
organisation or group of staff.
Characteristics They are risk takers, innovators,
motivators and leaders.
They are risk avoiders and are
usually dependent on
entrepreneurs for their decisions.

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Basis Entrepreneur Business manager
Traits They have leadership traits and
have competitive spirit.
They are good leaders and can
lead a team.
Example Laurence Graff and James Dyson
are successful entrepreneurs.
Elon Musk is the CEO of Tesla
and is a successful leader.