Entrepreneurship and Small Business Management Report: Task 3 Analysis

This report, focused on Entrepreneurship and Small Business Management (Task 3), delves into the characteristics, traits, and skills that distinguish successful entrepreneurs from traditional managers. It examines the entrepreneurial process, highlighting the importance of identifying opportunities, taking risks, and adapting to challenges. The report analyzes the characteristics of successful entrepreneurs, including self-motivation, flexibility, time management, and communication skills, using Bill Gates and Henry Ford as examples. It explores how entrepreneurial personality traits, such as openness, conscientiousness, and extraversion, influence motivation and mindset. Furthermore, it assesses the impact of background and experience on entrepreneurial success, providing examples of how these factors can either facilitate or hinder business ventures, and concludes by emphasizing the relationship between entrepreneurial ventures and business typologies.

Entrepreneurship and
Small Business
Management (TASK3)

Table of Contents
TASK 3............................................................................................................................................4
P5 Determine the various characteristics along with straits and skills of the successful
entrepreneur which make them differentiate from other managers. ...........................................4
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set 6
P7 Background and experience can hinder or foster entrepreneurship.......................................7
CONCLUSION................................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

TASK 3
P5 Determine the various characteristics along with straits and skills of the successful
entrepreneur which make them differentiate from other managers.
Entrepreneurship is a process of developing a new business with the motive of earning
higher profit by taking a higher risk within. It is an act of identifying production and investment
opportunities, new techniques and products, new resources for the business etc. The person who
willingness to generate a new business and ready to bear challenges and risk in their business
known as entrepreneur. This file will cover about the several types of entrepreneurial ventures
and their relationship with entrepreneurial typologies. The differences and similarities between
all the entrepreneurial ventures and the impact of the micro and small business on the economy
will be understood. Also, the characteristic, traits, and skills of different entrepreneurs and how
the experience and background can hinder and foster the entrepreneurship will be explained.
Nowadays, most of the successful entrepreneur grows business with joint ventures at very
initial stage. In the present report, it is necessary that there should be critical analysis of
relationship between different typology and inter related entrepreneurship. Also, there are some
importance of small and start-up business, and different traits that are necessarily required by
successful entrepreneur for attaining desired objectives of business.
The characteristics, traits and skills of successful entrepreneurs
A successful entrepreneur is the one who have an ability to take high risk every day to
grow their business. Also the basic skills needs to be required for attaining competitive
advantage in any industry. The entrepreneur has an impactful role in managing, organizing and
effectively operating business activities in any organisation or firm. The operational as well as
managerial functions have huge influence in growth or decline of business. There are various
traits and skill that makes an entrepreneur successful. Some of these skills are high risk taking
capabilities, self-discipline, integrations, persistence, clear vision about goals and action oriented
which should be inculcated by entrepreneur. In the present report, the successful entrepreneur
taken are Bill Gates and Henry Ford.
For getting the success in the business activities every entrepreneur must have varied
skills and traits. Existence of skills and traits helps them to assist its employees that how they

should complete business activities and how they can sustain their business in the market for a
longer period of time. The chosen entrepreneur in this report are Henry ford and Bill gates.
Henry Ford is the one who is known world wide for their excellent car services which is Ford
motors. Whereas Bill gates is known across the world for the brand name Microsoft. These both
entrepreneurs were at the success level within a short duration of the time due to their skills,
traits and characteristics.
Characteristics:
Self-motivation- This is the foremost characteristic of Henry ford as it helps them to encourage
themselves towards the organisational goals and objectives by implementing new ideas and
innovations. Whereas the managers are not able to develop any kind of plans and ideas which
loose their self motivation.
Flexibility- Bill gates believe in adopting flexibility in their working process which helps them to
implement every changes easily according to the requirement. While managers have no right to
changes the processes as they have to depend on the top management.
Skills
Time management- It is the essential for any entrepreneur to complete their work on time so that
they will be able to motivate their employees to do their work in given period of time. Whereas
managers made all the strategies and methods but not able to complete it on time.
Communication- This is the most important skills of an entrepreneur which enables them to
interact with their employee in an effective manner. Bill gates always focus on their employees
ideas and conflicts which helps them to keep motivated their employees towards the
organisational goals. Whereas managers are not able to communicate with employees of each
stage.
Traits
Strong work ethics- Henry Ford always focus on the following strong work ethics such as such
as staying motivated, always be punctual etc. for performing their activities effectively. While
managers follow only those ethics which are formulated by its top management.
Creativity- Bill gates have great creativity in their working processes as they are always
implementing something new in their business process which helps them to attain more success

in the market. While managers follow the traditional approach in their business process which
prevent their success in the marketplace.
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set
As the personality of every entrepreneur is different which have great impact on their
motivation and mind. It is essential for business to adopt ocean model so that they can easily
identify the personality type and trait which will help them in motivating and accomplishing the
organization goal within the given span of time.
Openness: It is the most important element in the ocean model which reflects that en
entrepreneur should have open nature. As because of this they will take interest in exploring new
things, keen to relish new experience, and always seeks to gain higher knowledge.
Henry ford have this trait due to which they were able to attain more success by adopting
continuously changes in their working processes.
Conscientiousness: This element of ocean model present the personality of the person
that how much they are disciplined, careful, motivated, and deliberated towards their work. As
Bill gates have highly conscientiousness level which enables them to make appropriate plans and
strategies and also evaluate the productivity of an individual.
Extraversion: This components includes characteristics like sociability, talkativeness
and high amount of emotional level that are adapted by an individual. These type of people
energetically communicate with other group. They easily got indulge with societies. If it is talked
about Bill gates, he is high in extraversion as he easily got engage in communication. On other
hand Peter David Jones, are less in extraversion due to failure he faced in his career ladder.
Neuroticism- This traits are characterized by different mood swings that are generally
inculcated in each individual. Basically there are two type of neuroticism which are high and low
and these traits vary from person to person working in any organization. When talking about Bill
Gates and Peter David Jones, both are ranked low in neuroticism as they are emotionally stable,
easily manage the work and have less stress about the brand image in industry. They are very
helpful in mentoring to their subordinate in work culture.

P7 Background and experience can hinder or foster entrepreneurship
These two factors have great impact on the success of an entrepreneur as background is
related to the family condition and education. Another, experience reflects about the past
experience of a job or business. Entrepreneurship is defined as the ability and willingness to
develop, operate, manage and monitor the business activities, with the aim to achieve more
revenues in target market. Entrepreneurship is combined with effective resources like land,
labour, equipment’s, raw materials and funds that are required to produce an innovative quality
goods for growing business. There are various traits and skills that help Bill Gates and Peter
David Jones, to make decision that are helpful in operating activities.
A higher experience and well background can provide more succession to the entrepreneur.
Moreover, here are two examples are mentioned which will tell the detailed impact of these
elements on the succession of the entrepreneur:
Henry Ford:
Background: He was born in 1863 on a farm in rural Michigan, near Detroit. His father
was a farmer and he belongs to a middle class family. At very early stage ford left home to fulfil
his dream for which he work as a beginner machinist and then got a practical knowledge by
getting employed in the Westing house. He also catch knowledge from the Goldsmith, Bryant &
Stratton Business college.
Experience: His success starts from when he received a pocket watch from his father at
the age of 15. Firstly he started to work in Edison Illuminating Company. In 1893 he was
become chief engineer and attained the recognition of Thomas Edison. During the work in this
company they were able to work on a petrol drive quadricycle. After this, they were able to
develop Motor T car in 1908. Then, he formed his own company which change the face of auto
mobile manufacture in America.
Bill Gates:
Background: He was born on 28 October, 1955 in Seattle, Washington. He belongs from
a upper middle class family. His father was a senior lawyer and his mother was an executive in a
major bank. His schooling complete from the private Lakeside school and his higher education
has completed from Harvard University. He is the principle founder of Microsoft Corporation.
He is an American business magnate, investor and great humanitarian. In 2014 , William Henry

Gates III, has held the positions of CEO, chairman and chief software architect. Also he was the
largest individual shareholder across the globe. He used to develop software for the IT
companies.
Skills
Focused- The focus of Bill Gates was to hire skilled applicant, who have immense
knowledge of software along with The IQ factor is very high due to updation of knowledge . He
used to grab informations from every platforms
Intelligence- Bill gates left home at the age of 15 to work as a software developers despite his
parents dreams who wanted him to be a successful lawyer. After dropping the Harvard Bill gates
started working with his friend Allen to develop a software called Microsoft. During the year
1975 he successfully launched Microsoft in the market and has become one of the richest person
alive.
Family Background: This aspect has an influential role in lives of Bill Gates and Peter David
Jones, while running their business ventures. The motivation from family members at initial
stage helps in fostering their business.
Educations: The education has given top most priority with other skills in an individual. In
current scenario Bill Gates and Peter David Jones are successfully growing their business.
Sometime education knowledge also them help in taking decision for fostering the business.
Impact of Background and Experience on entrepreneur
Positive impact: As per the above described entrepreneurs background and experience it can be
say that it has great impact on the succession of the entrepreneurs. For instance, as the Henry
Ford was high past job experience which helps them to execute their ideas and plans effectively.
Whereas, Bill gates have great background due to which they did not need to more suffer or
struggle to attain more success.
Negative impact: These both have also negative effect like Henry Ford was belong from a
middle class family because of this they have to do more struggle and take a lot of time to get
more success in their business.

CONCLUSION
As per above detailed report, it has been analysed that there are varied range of entrepreneurial
ventures which are directly connected with business typologies. These business ventures, helps
entrepreneur to accordingly make decisions that are beneficial for growing business. Thereafter,
there are several traits identified for becoming successful entrepreneurs. It helps in creating
image in target marketplace.