Entrepreneurship and Small Business Management: Characteristics Report

This report provides a comprehensive analysis of the characteristics, traits, and skills essential for entrepreneurial success, drawing comparisons between entrepreneurs and business managers. It delves into the aspects of entrepreneurial personality, exploring how motivation and mind-set drive success, with examples from prominent figures like Mark Zuckerberg and Steve Jobs. The report examines the arguments surrounding entrepreneurial characteristics, highlighting determination and innovation. Furthermore, it identifies the motivational drivers, including passion and flexibility. Finally, it investigates how personal background and experience can both foster and hinder entrepreneurship, offering insights into financial and educational barriers and the influence of personal experiences on decision-making, supported by UK research findings.

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
Assessment 1....................................................................................................................................3
ASSESSMENT 2.............................................................................................................................3
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Characteristics Traits and skills of successful entrepreneurs and differentiate from business
managers......................................................................................................................................3
1.2 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set 4
1.3 Different lines of arguments relating to entrepreneurial characteristics................................5
1.4 Characteristic traits, skills and motivational drivers of successful entrepreneurs.................5
TASK 2............................................................................................................................................6
1.1 Use of relevant examples and experience for hinder entrepreneurship.................................6
1.2 Link between entrepreneurial characteristic and influence of personal background.............6
1.3 Critically evaluating background and experience influences entrepreneurs..........................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

ASSESSMENT 1
Covered in ppt
ASSESSMENT 2
INTRODUCTION
Every entrepreneur has some characteristics, traits and skills which play an important role
in developing their personality. These skills and knowledge help to them in making their
business successful. The present report make analysis on characteristics and skills of successful;
entrepreneurs. (Mariotti and Glackin, 2014). It also makes analysis of different aspects
entrepreneurial personality and their motivation. Furthermore, this report describes motivational
drivers of successful entrepreneurs with specific examples. At last, it makes analysis of
entrepreneurship personal backgrounder and their experiences.
TASK 1
1.1 Characteristics, Traits and skills of successful entrepreneurs
There are various skills, characteristics and traits that differentiate an entrepreneur from
business managers. There are many entrepreneurs who have changed and bring revolution within
industry (Neck and Greene, 2011). The successful entrepreneur includes Mark Zuckerberg and
Steve Jobs; both made significant changes in tech-world. Mark Zuckerberg is founder of
Facebook which is one of the leading social media sites and on the other hand, Steve Jobs is the
founder of Apple Company which is engaged in launching personal computer, smart Phones and
IPod, etc.
Therefore, it is determined that both entrepreneurs possess effective characteristics, skills
and traits that distinct with each other and bring creative and innovative ideas in industry.
Following are the characteristics and skills which are included by successful entrepreneurs:
 The foremost skill of successful business person is that they are highly determined and
have long term vision which mainly includes setting goals for future (Nga and
Shamuganathan, 2010). For example, Steve Jobs has these particular traits that have
resulted in making various types of smart computers.
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 Other traits of entrepreneur are that they always focus on innovation and engaged in
performing various activities which can fulfill the demand of an individual. For example,
Mark Zuckerberg is the one who launched first social media site and connected people
around the world.
 Another skill which is required for the successful entrepreneurs is that they must be open
minded and always ready to accept ideas of their employees.
1.2 Way in which aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set
Entrepreneur is person who set up a business along with this control and monitor business
activities. They have different types of characteristics which make them unique from others.
Mark Zukerberg and Steve Jobs both are the famous entrepreneurs in present era (Sampaio
Thomas and Font, 2012). They have qualities to influence other people. For example: Mark
Zuckerberg who launched his own application named as Facebook. Through this application,
people can easily get connected with each other and also, they are able to share their posts,
videos and photos. Determination and discipline helps to Mark Zunckerberg for becoming a
successful entrepreneur.
Another characteristic of entrepreneur is to focus on innovation and set long term goals.
Like Steve Jobs; who always looked for future and new ideas, he launched Apple co. which is
the Pioneer for making and developing different types of products such as smart computers and
iPhone (Scarborough, 2012). Both the entrepreneurs inspire upcoming businessperson with their
decision making power and determination towards work.
1.3 Different lines of arguments relating to entrepreneurial characteristics
There are many characteristics which are found in entrepreneurs. The very common
characteristic which is found in every entrepreneur is determination. With the help of these
characteristics, they are able to achieve their targets easily but many entrepreneurs argue on this
that only determination is not key success of business venture. Individuals need to adopt many
other strategies for performing their tasks (Scarborough, 2012). Only determination does not help
them for achieving their targets.
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Another characteristic of entrepreneur is adoption of innovation. With the help of
innovation, they can make their develop their products better and advanced. It is also found that
with innovation entrepreneurs learn to use of innovation so they can ensure long term growth.
1.4 Characteristic traits, skills and motivational drivers of successful entrepreneurs
There are different types of traits, skills and characteristics which become motivational
drivers of successful entrepreneurs. Following are the traits which help a person for becoming a
successful entrepreneur:
Passionate
For becoming a successful entrepreneur it is important to remain passionate towards his/ her
work. This trait helps them for remain motivated and assist them for achieving their targets. It
also assists to them for developing innovative products or services for their customers.
(Sampaio Thomas and Font, 2012).
Innovation
Many entrepreneurs become successful because of effective use of innovation. With the
help of innovation, they become able to make their products different from others. For becoming
a successful entrepreneur is it important for them for use of innovation in their products so they
able to produce more quality services to their end users.
Flexible approach
Another trait which is used by entrepreneurs is adoption of flexibility in their working
practices. Successful entrepreneurs always stay flexible and adjust to new information and
changing circumstances (Sampaio Thomas and Font, 2012). This trait keeps motivating them and
for achieving their targets.
TASK 2
1.1 Background and experience can hinder or foster
entrepreneurship with relevant expamles
There are different aspects and facets that can foster the entrepreneurship among
individuals which mainly include their background, presence of different skills and attributes as
well as maximum experience (Mariotti, and Glackin, 2014). Along with this, there are some
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other factors which can hinder the entrepreneurship within individuals that involves financial as
well as social barrier. Therefore, financial barrier is considered as the factor that can hinder the
entrepreneurship among individuals. Lack of financial support makes an individual unable to
perform his/her tasks. In the initial stage, for a start up business, entrepreneur needs huge amount
to be invested so that they can attain the set objectives and goals.
Along with financial, an entrepreneur is also facing educational barriers. There are a
number of skills, competencies and knowledge base that all entrepreneurs must master, but
unfortunately traditional education doesn’t focus on developing these skills.
1.2 Link between entrepreneurial characteristics and influence of personal background and
experience to successful entrepreneurs
There is direct link in between entrepreneurial characteristics and their personal
backgrounds. If an individual's backgrounds, is focuses on developing creativity and innovation
then it helps to entrepreneur for making innovative products.Individual's background plays an
important role to assist them for taking effective decisions. (Schaper and et. al., 2014). For
example, Mark Zuckerberg's family always motivated him for developing computer programs.
So, with the help of supporting background, he has become able to make his own computer
application which is known as Facebook.
On the other hand, from the market research, it has been also assessed that entrepreneur's
background helps them in making impressive decisions regarding business activities that result in
establishing successful ventures (Sampaio Thomas and Font, 2012). By conducting recent
research in UK it had been identified that experience of an individual is helps to them for
becoming a successful entrepreneur. From the research it is found that individual's who faced
many struggles in their life lead to them for taking effective decisions.
1.3 Critically evaluating the way in which background and experience influences entrepreneurs
There are many ways in which an entrepreneur get influences through its background and
experiences. For example if an individual's family is not financially strong then it creates many
problems for him/ her at initial level Another thing which influences an entrepreneur is lack of
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education. Traditional education is not able to provide sufficient skills and knowledge to
entrepreneurs. But on the other hand its also inspired them for build cost effective products. It
also helps to them for building strategic leadership matters.
CONCLUSION
By summing up the above report, it can be concluded that abilities and skills within
individuals affect their mind-set and personality to become a successful entrepreneur. There are
different types of aspects and facts that can foster entrepreneurship. Individual's backgrounds and
use of their skills along with the experiences encourage them for delivering quality in their
services and products. However, these hinders also create negative impacts on their personal life.
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REFERENCES
Books and Journals
Mariotti, S. and Glackin, C., 2014. Entrepreneurship and small business management. Pearson
Higher Ed.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management.49(1). pp.55-70.
Nga, J. K. H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
Sampaio, A. R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement.Journal of Sustainable Tourism.20(2). pp.179-193.
Scarborough, N. M., 2012. Essential of entrepreneurship and small business
management. Instructor.
Schaper, M. T and et. al., 2014. Entrepreneurship and small business.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
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