Entrepreneurship and Small Business Management (LO3 and LO4) Report

This report delves into the realm of entrepreneurship and small business management, focusing on key aspects such as characteristics, skills, and motivational drivers. It explores the traits of successful entrepreneurs, including stubborn persistence and passion, while also examining essential skills like social and resiliency skills. The report further analyzes entrepreneurial personality aspects using the OCEAN personality model, covering extroversion, openness, conscientiousness, agreeableness, and neuroticism. Additionally, it provides background information and experiences of successful entrepreneurs, notably James Dyson and Philip Green, and discusses the impact of their backgrounds. The report concludes by emphasizing the crucial role of entrepreneurship in economic development and highlights the contributions of small and medium-sized organizations in the competitive market. The report is well-structured, and includes references from scholarly articles.

Entrepreneurship
and small business
management
(LO3 and LO4)

Table of content
• Introduction
• Characteristics, skills along with motivational drivers
• Entrepreneurial personality aspects
• Background and experience
• Impacts
• Conclusion
• References

Introduction
Entrepreneurship is the term which is refers to as the
willingness of a person to start a new firms by
bearing all the risks associate with the operating of
the association so that the profit can be earned in a
increased manner. This is also coined as the process
which examines how the new ventures are created
and exact procedure to initiate the firm.

Characteristics, skills along with motivational drivers
Entrepreneurs are those who comes willingly to operate their business in
successful manner. There are various inbuilt traits, skills which these successful
entrepreneurs foster in comparison to the rest other business person. Some of the
leading entrepreneurs with their skills and traits are as mentioned beneath:

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Characteristics traits of Philip Green along with James Dyson:
Characteristic traits:
Stubborn persistence: Entrepreneurs foster this characteristics of being stubborn
as in this they feel to do what exactly have been decided by them .
Passionate: Successful entrepreneurs are those who foster this passionate
characteristics as in this they work with full curiosity to perform task with new
ideas and thoughts.

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Skills:
Skills are the tactics which enables the entrepreneurs in operating their business in
such a manner so that their desired goal can be achieved. Some of the skills which
Philip Green and James Dyson fosters are:
Social skills: These refers to the skills which helps an individual in interacting
with the other people.
Resiliency skill: These skills are not present in every entrepreneurs as these
involves handing of the situation which are typical and uncertain in the business.

Entrepreneurial personality aspects
Every entrepreneurs in the competitive market foster different personality
attributes. This process is defined as the combination if diverse skills,
abilities and knowledge which helps them in performing their activities in
effective manner as compared to other entrepreneurs. For knowing
personality aspect, Ocean Personality model will be implemented:

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Ocean personality Model:
Extroversion: The person who are extroversion in nature tends to become
more social and interactive with the people so that they can build strong
relationship socially.
Openness: Openness flashes high level of creativeness, imaginative,
intelligence and insightful

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Conscientiousness: these involves high degree of conscientious where they are
more active and reliable towards controlling the behaviours as well as the
impulsiveness.
Agreeableness: these entrepreneurs are those which share and understand
others point of view in regard to make their employees feel comfortable and
trustworthy.

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Neuroticism: Personalities rating high on neuroticism experiences unhappiness,
reduced self esteem and emotion in own blood. In adverse individual grading low
in neuroticism feels easy, brave and daring.

Background and experience
Initiating business at the personal level is essentially a reward which an entrepreneurs
foster. The term entrepreneurship also add value to the life of entrepreneurs by
offering them certain amount of opportunities such as opportunity regarding gaining
of knowledge,growth etc. along with this some disadvantages which the term
entrepreneurship provides to the entrepreneurs are inflexible working
hours,uncountable efforts to achieve success, more level of stress customers,
discovers financial firmness and encounter industry movement through clear ideas.

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Background with experience of successful
entrepreneurs are as analysed:
James Dyson:
Background: Sir James Dyson came in the world
on May 2, 1947 at Cromer, England.