Entrepreneurship and Small Business Management Report - Make it Work

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Added on 2021/02/20

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This report delves into the multifaceted world of entrepreneurship, focusing on the process of starting new ventures and the characteristics of successful entrepreneurs. It examines different types of entrepreneurial ventures, including small business, scalable startups, large companies, and social enterprises, along with their relationship to entrepreneurial typology. The report assesses the impact of micro and small businesses on the economy, highlighting their role in job creation, infrastructure development, and social economy growth. It also explores the traits of successful entrepreneurs, differentiating them from business managers, and analyzes the background and experiences that can hinder entrepreneurial endeavors. The report uses the 'Make it Work' organization as a case study to illustrate key concepts and provide practical insights into the field of entrepreneurship and small business management.

Entrepreneurship and
Small Business
Management

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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................ 3
Covered in Booklet...................................................................................................................... 3
TASK 2............................................................................................................................................ 3
Covered in booklet.......................................................................................................................3
TASK 3............................................................................................................................................ 3
P5: Determine the trait of successful entrepreneur by differentiating them from business
manager........................................................................................................................................3
P6: Aspect of entrepreneurial personality reflect entrepreneurial motivation and mindset.........5
TASK 4............................................................................................................................................ 6
P7: Examine the background and experiences of an entrepreneur that can hinder the
entrepreneurship...........................................................................................................................6
CONCLUSION................................................................................................................................7
REFRENCES...................................................................................................................................8

INTRODUCTION
Entrepreneurship refer to the process of starting new venture in order to covert the
business idea into reality. Whereas, an entrepreneur is one who bears the risk and develop new
business venture by anticipating the existing as well as future requirement of customers (Bhachu,
2017). They simply have the potential to develop the capacity, organise as well as manage things
willingly to mitigate the risk and earn best possible outcome. To better understand the report
Make it Work organisation has been selected which is a successful venture. It is basically a
consulting firm and provide the services globally. This report cover different types of
entrepreneurial venture and their relation with typology. Along with this, impact of micro and
small business on economy. Impact of small business in economy and determine the key aspect
of entrepreneurship motivation and mindset. Further, different background that hinder the
entrepreneurship are covered in this report.
TASK 1
Covered in Booklet
TASK 2
Covered in booklet
TASK 3
P5: Determine the trait of successful entrepreneur by differentiating them from business manager
Entrepreneurs are one who develops the new business plan with an innovative idea for
which they develop the adequate skill, characteristic and trait. Thus, effective knowledge and
foresight vision helps the business to achieve the objective successfully. There are various
entrepreneur such as Bill Gates who is the CEO of Microsoft became world largest software
company of PC. Similarly, Henry Ford was one of the riches entrepreneur and gained this
position because he introduced Model T auto-mobile where business used the advantage of its
economies of scale and offered high quality vehicle at reasonable prices. Thus, some of the trait,
skill and characteristic of successful entrepreneur are defined below:
Skill
Communication: The effective communication skill helps in building successful
entrepreneur due to which Bill gates and Henry Fort was able to flourish their business by

effectively communicating with their various stakeholders that include customer, employee,
investor and creditor.
Decision making ability: An entrepreneur should have effective decision making ability
that helps in achieving long term success of business. Further, both the entrepreneurs come up
with innovative method that helps them to differentiate their business with the other businesses.
Thus, it widely help their business to flourish and diversify across international boundaries
(Dees, 2017).
Trait
Willingness to take risk: A successful entrepreneur is one who are willing to spend their
time and make an effort to fulfil the objective of business. In context to Bill Gate and Henry Ford
who are revolutionary leader and work to achieve the goal of business. Therefore, these are the
confident leader which make their idea come true.
Vision: Successful entrepreneur have foresight vision that helps in articulating the goal
and position of business. Most of the successful entrepreneur like Alan Sugar, J.K. Rowling and
Bill Gates avoid the distraction and fulfil their objective successfully.
Characteristic
Passionate: Passion helps the entrepreneur to remain motivated and achieve the
objective by remaining dedicated. It basically act as a driving force that pushes an entrepreneur
to take entrepreneurial plunge.
Flexibility: An entrepreneur is flexible by nature due to which they remain willing to
accept the changes and solve the problem successfully with effective solution.
Basis of difference Entrepreneur Business manager
Entrepreneur are one who have
foresight vision to develop
their innovation idea for which
they take the risk and develop
whole function to execute the
plan successfully and within
stipulated time period (Dennis,
2011). Like, Henry Ford who
bough revolution in auto-
Managers basically follows the
footsteps of higher authority
that prepare the plan and
makes the strategy to
significantly makes the
optimum utilisation of
resources to attain the
predetermined vision of

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mobile sector by developing
assembly line.
company.
Problem solving and out of
box thinking ability
Entrepreneur usually have
creative thinking ability
because of which they design
innovative plan. Their idea is
unique and different from
other business due to which
they gain the huge attention of
customer that finally enhances
the revenue for company. In
context to Bill Gate which is
founder of Microsoft known as
visionary leader because of its
innovative and problem
solving skill.
Manager motivate or
encourage their staff in order
to achieve the target to expand
the profit of business (George
and Bock, 2011). The company
basically keeps the health
environment where repetitive
task or daily regime activity
can be conducted successfully.
Nature Entrepreneur are more prone
to risk due to which they
believe in their new idea or
concept and convert it into
reality without much thinking
about the ultimate
consequences.
Business manager takes less
risk in comparison to
entrepreneur due to which they
carry on the hierarchy business
which is based on the existing
idea of product and services to
deal with the customer.
P6: Aspect of entrepreneurial personality reflect entrepreneurial motivation and mindset
An entrepreneur is one who creates the new business and maintain affirmative relation
with their staff in order to achieve the task successfully. In order to achieve profitability Big Five
Model is applied that helps an entrepreneur to acquire certain trait and skill which are defined
below:

Openness to experience: It is a part of five factor model which involve active
imagination, attentiveness, aesthetic, intellectual curiosity and preference for variety (Sarasvathy
and Venkataraman, 2011). Thus, an entrepreneur should have respective trait to be successful
and must perform all task by categorising it as challenges and again advantage out of it.
Extraversion: It include certain trait of successful entrepreneur such as they need to
actively participate, assertive and interactive. This helps in maintaining the coordination and
retain the employee for long duration. Therefore, it helps in generating goodwill of the company.
Conscientiousness: It is a personality trait that helps in performing the task carefully.
Also an entrepreneur needs to delegate the authority based on the specialisation or working
ability of people.
Agreeableness: An entrepreneur needs to coordinate the activity effectively by being
trustworthy which helps to create synergy in the working environment which finally helps in
preparing desirable decision. Therefore, positive atmosphere helps to support the business by
generating innovative idea.
Neuroticism: An entrepreneur needs to understand the situation of employee and must
treat with them calmly instead of showing them anger or anxiety. As the way an employee is
treated reflects in their performance so they need to be treated effectively to perform the business
function smoothly.
TASK 4
P7: Examine the background and experiences of an entrepreneur that can hinder the
entrepreneurship
It is significant for the business to establish the innovative idea in order to initiate and
successfully handle the new venture. These people who take the initiative to develop the new
business are known as entrepreneur. Their willingness to take the risk helps them to achieve long
term sustainable development by converting the idea successfully. Along with that the
background, experience as well as family act as a hinder in the way of entrepreneurship.
Background of Bills Gates: Bill Gates was born on October 28, 1995 at America. He is
known for founder of Microsoft organisation. The occupation which is hold by respective leaders
are investor, author, entrepreneur (Naudé, 2014). He was from entrepreneur family background
which motivated him for becoming renowned entrepreneur in market. He possess skills of

leadership from very childhood which really him to become entrepreneur. This creates foster
within Bill Gates to earn more money through his leadership and entrepreneur skills.
Experience: Bill gates possess various title and post in different companies. He was co-
chairman of Bill & Melinda Gates Foundation, chairman of Branded Entertainment Network,
Chairman of Terra-power. By getting experience through different background and field
compelled him to become renowned entrepreneur in market (Goss, 2015). After various
experience, he made decision to become entrepreneur and formed famous company named as
Microsoft and became of it. He believe in taking risk and generating huge money. Therefore, due
to these positive attitude he formed large organisation.
Henry ford: Henry ford was an business magnate of America and founder of Ford motor
company and sponsor and development of line technique of mass production.
Family background: when they are very little their parents were died and he adopted by
their neighbours and they have keen interest in tools and techniques that in early teens his father
gave him pocket watch and he reassembled it frequently and get reputation of a watch repairman.
So he has major actions that shows that he become one for most well known entrepreneur in the
whole world.
Education: Henry ford has very good education that create interest to become a
successful entrepreneur. He got engineer degree from the Edison illuminating company of
Detroit. And have personal experiments in gasoline engines and spend lot of time on experiment
in same field to get better products and services in that spheres to get best results in proper way.
CONCLUSION
From the above report it has been determined that an entrepreneur plays an efficient role
in the development of overall economy and cater the demand of consumer successfully. They
helps in generate the employment and maintain the living standard of people. Thus, there are
various venture which differ from one other and each has its own objective that helps in making
decision and mitigate the chances of risk. Thus, there are various successful entrepreneur have
unique trait for which big five model is applied in order to reflect mindset as well as motivation.

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REFRENCES
Books and Journal
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