Entrepreneurship and Small Business Management Report - Module X

This report delves into the realm of entrepreneurship and small business management, exploring various aspects such as the identification of market opportunities and the establishment of different types of ventures. It covers the impact of small businesses on the economy, entrepreneurial mindset, and factors influencing business success. The report analyzes the characteristics, traits, and skills of successful entrepreneurs, using examples of Mark Zuckerberg and Bill Gates, and examines the role of background and experience in fostering entrepreneurship. It discusses key concepts like passion, competitiveness, leadership, and ethical behavior, linking these to entrepreneurial traits such as openness, conscientiousness, extraversion, agreeableness, and neuroticism. The report also explores how background and experience influence entrepreneurial success and provides a critical evaluation of the factors driving the success of entrepreneurs. The conclusion summarizes the key takeaways, emphasizing the importance of entrepreneurship in addressing economic challenges and promoting innovation.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
ACTIVITY 1....................................................................................................................................1
P1 & D1 Covered in booklet.......................................................................................................1
P2 Covered in booklet.................................................................................................................1
M1 Covered in booklet ...............................................................................................................1
P3 Covered in booklet ................................................................................................................1
P4 Covered in booklet.................................................................................................................1
M2 Covered in booklet................................................................................................................1
D2 Covered in booklet................................................................................................................1
ACTIVITY 2....................................................................................................................................1
P5 Characteristics, traits, skills of successful entrepreneurs.......................................................1
P6 entrepreneurial aspects which reflects on motivation and mindset......................................2
M3 Explore and examine different lines of arguments relating to entrepreneurial
characteristics..............................................................................................................................3
D3 Analysis of characteristics, traits, skills and motivational drivers of successful
entrepreneurs...............................................................................................................................3
P 7 The way in which background and experience can foster entrepreneur ..............................3
M4 Link between entrepreneurial characteristics that influence personal background and
experience...................................................................................................................................4
D4 Critical evaluation of back ground and experience of entrepreneurs....................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Entrepreneurship can be defined as the process of identifying growth opportunities that
are available in the market. There are various types of ventures such as small, scalable, large and
social that are established by individuals for the purpose of attaining higher profits. Most of the
small entities are operated with the help of limited resources that contributes towards their
development. In this project report various topics are discussed such as illustration of the range
of entrepreneurial ventures, their typologies and impact of small businesses on the economy.
Determination and assessment of the key aspects of entrepreneurial mindset and different
environments that foster and hinder businesses have also been covered under this report.
ACTIVITY 1
P1 & D1 Covered in booklet
P2 Covered in booklet
M1 Covered in booklet
P3 Covered in booklet
P4 Covered in booklet
M2 Covered in booklet
D2 Covered in booklet
ACTIVITY 2
P5 Characteristics, traits, skills of successful entrepreneurs
Entrepreneur is one who innovates and exercises new ideas in market and make
successful business. A person who bear risks and make innovation to introduce a new product or
sets up business deals is known as businessperson. For instance, Mark Zuckerberg and Bill gates
are most prosperous businessman all over the world. They follows some characteristics,
traits,and skills as on-
Characteristics:
Believe in themselves: This is the most important thing for any successful businessman
that they should have believes in their work. This contains overcoming doubt, fear, respect issue
etc. Bill gates and Mark Zuckerberg are co-founders of Microsoft corporation and Facebook. In
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present both are the man of affairs because they believes in own self (Sahut and Peris-Ortiz,
2014).
Make new innovation and technology: Both businessman are prosperous because they
believes in new technology and adapt new challenges in the market. This point makes a different
between them and other businessman. They are open mined and always try to bring some new
changes and technology.
Traits:
Passion: Businessman who are well-heeled make sure that they should have passions,
such as both businessperson have. They works and keep warmth to get results either positive or
negative so this quality creates a difference between them and others.
Competitiveness: Competition is one big thing to be sustain in any market. Instead of
other businessman Mark Zuckerberg and Bill gates understands client's demands and brings
changes in preference of people and crack the competition hence, it makes different from others.
Skills of successful entrepreneurs:
Leadership and motivation: To be a good entrepreneur these skills are needed. It helps
to guidance, work together and delegate work to others. Both businessman have such skills and
also they motivates people to work collectively, whereas other does not work as a team and no
one motivates them.
Ethical behaviour: These are the set of moral principles which includes behaviour of
person. Both man of affairs deals with all in good manner and gives freedom to work. In case of
other they treat as employees and does not allow to work according to them as they want.
P6 entrepreneurial aspects which reflects on motivation and mindset
Mostly businessman believe that they have personality traits and follow trait theory
which affect people mindset and helps to motivate. Trait theory includes-
Openness: This means imagination, insight, and broad range of interests. People get
highly motivated by using this. Such as Mark Zuckerberg and Bill gates are peculiar about world
and people minds and anxious to learn new things and experiences. They struggle with
traditional and abstract thinking as well as open to trying new creativeness.
Conscientiousness: This means attend to be organised, mindful of details and thought
process. Both co-founder plans ahead for new innovation and thinks about how their activity
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reflect on others. They always try to bring some new alteration or technology , fulfil client's
needs, hence it help to sets people mind and motivate them (Schaper and et.al., 2014).
Extraversion: This contains emotional expressiveness, self-assertiveness, sociality and
talkativeness which may reflect on people mindset. Both businessman used this traits in their
business and make successful business through meeting new people, start conversation and
handle situations.
Agreeableness: It involves attributes like as trust, fondness, kindness, and social
behaviours. Mark Zuckerberg and Bill gates are high in Temperament so they are more
cooperative, feels sympathy, helping and contributing to the happiness of other people. This
theory helps to cope up with critical problems, mindset and motivate people.
Neuroticism: This means moodiness, emotional instability and mood swings and
anxiety. There should be passions during work, deals well with stress and emotionally stable.
Bill gates and Mark Zuckerberg both follow this and accept the challenges . They feels very
relaxed and emotionally stable in every situations weather positive or negative, hence this theory
reflects entrepreneurial mindset and motivation.
M3 Explore and examine different lines of arguments relating to entrepreneurial characteristics
Mark Zuckerberg and Bill Gates are the most successful entrepreneurs of current era both
of them have different characteristics that has helped them to establish their business
appropriately. Passion, competitiveness, leadership, motivation, ethics etc. traits and skills
provide them proper guidance so that they can achieve massive success.
D3 Analysis of characteristics, traits, skills and motivational drivers of successful entrepreneurs
There are various types of motivational drivers, traits, skills and characteristics such as
openness, extraversion, agreeableness, neuroticism, conscientiousness, motivation, good
leadership etc. that helps Mark Zuckerberg and Bill Gates to appropriately operate business.
Both of them has overcome all the critical situations of their life with the help of these elements.
P 7 The way in which background and experience can foster entrepreneur
Experience and background helps in growth of any organisation, economic and
technological development, business education as well as research methodology. There is no
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need to more struggle if you have good background and work experience. We have considered
two successful businessman's background-
Mark Zuckerberg:
Background: He was born on May 14, 1984 in White Plains, New york. His parents are
Karen, a medical specialist, and Edward Zuckerberg, a dentist. He has completed his graduation
from Mercy college near by his home and started his business in 2004 as a technology
entrepreneur (Zaridis and Mousiolis, 2014).
Experience: He established his own business by using his knowledge and education and
made many effort to cope up with problems.
Bill Gates:
Background: He was born on October 28, 1955 in Washington. He is the co-founder of
Microsoft corporation. His parents are William H. gates Sr. and Mary Maxwell gates. In 1975,
Gates and Paul Allen launched Microsoft, which became largest PC software company.
Experience: He faced lots of problems during running his business but he never gave up.
Bill gates brought new invention and applications as according to people demands.
Positive impact: After facing problems and new challenges he made new innovations.
He always brings new changes,never give up, and learn new things. He sacrifices his all needs to
get success.
Negative impact: To be a successful businessman there is first need to be arrange funds
and should have proper knowledge of market. Although its a big issue for any entrepreneur to
arrange this , believe in themselves and sacrifices.
M4 Link between entrepreneurial characteristics that influence personal background and
experience
Mark Zuckerberg and Bill Gates have developed different characteristic from their
background. It has helped them to response all the problems in appropriate manner. For example
Mark Zuckerberg have faced various issues regarding less funding but all the problems are dealt
appropriately by this businessman and in result a large business of Facebook is being established.
Currently each and every person is addicted to it. All the characteristics such as self believe as
has provided guidance to the businessman through out the way of success.
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D4 Critical evaluation of back ground and experience of entrepreneurs
Both the entrepreneurs have faced critical situation in their life but they never loose hope
and always tried to deal with effectively. It has resulted in their huge success. As Bill Gates was
from a poor family which has affected the education life of the businessman but the entrepreneur
has responded to all the problems in appropriate manner and achieve success in life.
CONCLUSION
From the above project report it has been concluded that entrepreneurship is a tool that
helps to find solutions for the economic challenges such as continuous decrement in the
economy, unemployment, reduction in national income etc. Different types of entrepreneurial
ventures are operated by individuals and a group of them. These are small, large, scalable and
social. Some of them are related to corporate sector and rest of them relates to public. Both have
their own objectives such as profit maximisation and they work for the attainment of these goals.
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REFERENCES
Books and Journals:
Bennett, R. J., 2014. Entrepreneurship, small business and public policy: Evolution and
revolution. Routledge.
Brush, C. G. and Greene, P. G., 2015. Women's entrepreneurship. Wiley Encyclopedia of
Management, pp.1-5.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
Julien, P. A., 2018. The state of the art in small business and entrepreneurship. Routledge.
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.
Mariotti, S. and Glackin, C., 2015. Entrepreneurship & small business management. Pearson.
Mugler, J., 2017. The climate for entrepreneurship in European countries in transition. The
blackwell handbook of entrepreneurship, pp.150-175.
Rey-Martí, A., Porcar, A. T. and Mas-Tur, A., 2015. Linking female entrepreneurs' motivation to
business survival. Journal of business research, 68(4), pp.810-814.
Sahut, J. M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics. 42(4). pp.663-668.
Schaper, M. T. and et.al., 2014. Entrepreneurship and small business.
Zaridis, A. D. and Mousiolis, D. T., 2014. Entrepreneurship and SME's organizational structure.
Elements of a successful business. Procedia-Social and Behavioral Sciences, 148,
pp.463-467.
Online
Impact of micro and small business on economy. 2018. [Online]. Available through:
<https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/
economicreview>
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