Entrepreneurship and Small Business Management: Task 2 Report

This report evaluates the characteristics, skills, traits, and motivation drivers of successful entrepreneurs, using examples of Richard Branson, Peter Jones, and Philip Green. It examines the importance of risk-taking, self-motivation, passion, strong work ethics, flexibility, creativity, and competitiveness. The report also discusses how background and experience influence entrepreneurial success, highlighting the impact of education, experience, and cultural factors. It emphasizes the role of entrepreneurial motivation and the influence of passion on achieving business goals. The analysis provides insights into the qualities and drivers that contribute to entrepreneurial success, offering valuable information for those studying entrepreneurship and small business management. This document is available on Desklib, which provides a range of AI-based study tools for students.

Entrepreneurship and Small Business Management

TASK 2
Evaluate the characteristics of skills, traits and other motivation driver in the
successful entrepreneurs.
Richard Branson
 He was the successful entrepreneur of British business and founded the virgin group in
1970, he also controls more than 500 companies in different fields and areas. His
motivation come from the other inspiration such as repulsion in the failure and desire to
win.

Characteristics
 Task Risk- Richard Branson become successful entrepreneurs and take risks, it playing
the safe to lead the successful business. It always understands the risk that are likely to
pay off which is crucial part of entrepreneur.
 Self-Motivation- It is one of the most common characteristics that always motivate
towards the goals and achievement. Branson always self-motivated towards their work.

Traits
 Passion- It is the important part of entrepreneur that has a passion towards the business
and make successful environment. Branson always put their efforts on their business to
generate positive results.
 Strong Work Ethics- Richard Branson who become successful entrepreneur that become
maintain strong work ethics in proper manner. They always follow the proper time during
their off days.

Characteristics
 Flexibility- At certain level, the entrepreneur must flexible in the business that willing
to change their policies according to the requirement. Ha always adopt the changing
process for solving problem related business.
 Understand the offers- Peter Jones understand the offer and identify that how it can fit
into the global marketplace. When they knowing whether that he was high ended and
also able to maintain their position in marketplace.

Traits
 Creativity- It is the most important trait of Peter Jones because they always find the
relationship with their employee in different situations. It come up with the solution
of problem which are based on the combinations.
 Competitiveness- There are large number of companies established their business
across the world. In this way, every entrepreneur must feel that they can do better in
their works which help for increasing the demand of business in global marketplace.

Cont.
Philip Green
 Philip Green become the successful entrepreneur and establish the Arcadia group
which based on the retail company. He is supporting the fashion retail company that can
handle the business operations and functions.

Characteristics
 Determination- A successful entrepreneur always looks out the defeats as an
opportunity for the success of business. it is the important characteristics that help
to focus towards their goals and achievements.

Traits
 Open Minded- Philip Green was the open minded person that can follow the other
successful entrepreneur and also understand the situation and event of business. It has
an ability to implement new innovative idea in the organization.
 Confidence- Being successful entrepreneur, Philip green always build strong
confidence level which is important part of the success.

Determine the background and experience of entrepreneurs that
influence in both negative and positive ways.
 Positive – Having a high educational background allows entrepreneur to use skills and
knowledge in business. It enables in bringing innovation and generating high revenue.
Another influence is having an experience allows entrepreneur to develop strategies for
success of business

Cont.
 Negative – the negative influence is a poor educational background restricts
entrepreneur to successfully run business. In addition to all this different culture issues
are faced by him because every country and every religion has a different culture. But
good communication and patience with things have helped him in making his dream
successful.

Cont.
 The traits include the human quality like his ability, motivation, mind-set and attitudes or
value which any entrepreneur have. Entrepreneurial motivation is the force into
entrepreneur which is affecting directions intensity and persistence of behaviour. In Peter
Jones, he was passionate about their work which gives the motivation towards the work
this will hinder the mind-set of entrepreneur.