Entrepreneurship: Characteristics, Motivation, and Background Report

This report delves into the realm of entrepreneurship and small business management, examining the essential traits and skills that define successful entrepreneurs. It explores how entrepreneurial personalities influence motivation and mindset, highlighting the roles of individuals like Peter Jones and Duncan Bannatyne. The report investigates how background and experience can either facilitate or impede entrepreneurial endeavors, touching on factors such as family background, education, and social networks. Furthermore, it discusses the OCEAN model of personality traits, which includes openness, conscientiousness, extraversion, agreeableness, and neuroticism, and how these traits relate to entrepreneurial success. The conclusion emphasizes the importance of entrepreneurship in economic development and the diverse opportunities it presents. This report is a valuable resource for understanding the fundamentals of entrepreneurship and its practical implications.

Entrepreneurship and
Small Business
Management

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

Introduction
Entrepreneurship and small business management is a chain of activities
that helps to enhance entrepreneurial skills set by a process.
Entrepreneurship is core of every business and each organisation started
with small business that is inspired by an entrepreneur. Economy is very
volatile, to remain enough competitive in business environment there is
need of knowledge and skills to differentiate from other businesses.

The characteristic traits and skills of
successful entrepreneurs
Entrepreneurship is an important attribute to give creative things and
attribute to society that grab large attention of consumers.
Entrepreneurs and managers are both important for organisation but
they play different role in accomplishment of goals and objectives.
Entrepreneur is one who operate and owned its business with new and
innovative way and creative vision.

Successful entrepreneurs
Peter Jones:
Peter Jones is an British entrepreneur interested in electronics such as
mobile phones, television and leisure. He is investor on BBC
Television show Dragon den and series of American. It started new
ventures and manufacturing PCs in mid twenties.
Characteristic -
• Capability to initiate
• Critical thinker

Cont..
Peter Jones is an successful entrepreneur that inspire their subordinates
in achieving goals and objectives.
Skills:
 Creativity
 Assertiveness and confidence

Cont...
Duncan Bannatyne :
He is an Scottish well known entrepreneur, philanthropist and author
and they deals in hotels, health clubs and spas, property and spas with
media and TV etc..
Skills -
• Problem solving skills
• Practical skills

Duncan Bannatyne :
There are some characteristics that are possess by Duncan Bannatyne to
become an successful entrepreneur.
Characteristics:
Self motivation
Innovative

How aspects of the entrepreneurial
personality reflect entrepreneurial
motivation and mindset
People in organisation inspire and feel motivated from traits and
behaviour of their superiors and encourage to work in better manner so
that they also get position like their superiors. Traits and behaviour of
entrepreneurs directly affect and positive behaviour of them helps to
work effectively and efficiently. In present scenario corporate
conditions is very worse and employees feel demotivated while
working in organisation.

Cont...
OCEAN model of personality traits:
In ocean model of personality traits reflect about behaviour and
personality of individual that contributes in organisation development.
It is used at time of personality survey data. It has five major aspects
that defines personality of particular person. In that includes openness
to experience, conscientiousness and extraversion, agreeableness and
neuroticism.

Cont...
• Openness
• Conscientiousness
• Extraversion
• Agreeableness
• Neuroticism

How background and experience can hinder
or foster entrepreneurship
There are many factors that help to a person to become an successful
entrepreneur and on other hand factors that hinder to become an
entrepreneur that are as follows:
• Family background
• Education
• Social network

Conclusion
From the above report it has been concluded that small and
entrepreneurship development is major factor that contributes in
economic development and advancement. Entrepreneurial venture and
its different typologies helps to understand that there are vast no. of
opportunities before an individual to enhance employment
opportunities to society.

References
• Storey, D. J., 2016. Understanding the small business sector.
Routledge.
• Unger, J. M. and et. al., 2011. Human capital and
entrepreneurial success: A meta-analytical review. Journal of
business venturing. 26(3). pp.341-358.

Thank You