Entrepreneurship and Small Business Management Project 2 Analysis

This project, focusing on entrepreneurship and small business management, analyzes key aspects of the entrepreneurial mindset, skills, and traits essential for success. It explores the ability to manage money, relieve stress, select skilled members, and train staff, while also highlighting traits like motivation, creativity, vision, and versatility. The project examines the entrepreneurial personality through the Big Five framework (openness, conscientiousness, extraversion, agreeableness, and emotional stability) using case studies of Mark Zuckerberg and Bill Gates. Furthermore, it investigates how family background, nationality, and prior experience can either support or hinder an individual's entrepreneurial journey, offering a comprehensive overview of factors influencing entrepreneurial success.

Entrepreneurship and
Small Business
Management (Project 2)

Table of Contents
INTRODUCTION ..........................................................................................................................1
PROJECT 2 .....................................................................................................................................1
TASK 3 ...........................................................................................................................................1
P.5 Skills and Traits of entrepreneurs.........................................................................................1
P.6 Entrepreneurial personality reflect entrepreneurial mind set and motivation ......................2
TASK 4 ...........................................................................................................................................3
P.7 Background and experience can hinder or foster entrepreneurs ..........................................3
CONCLUSION ...............................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Entrepreneurship is the process in which entrepreneurs can create innovative and creative
ideas (Neck and Greene, 2011). This helps the company to operate their function in proper
manner. It helps the firm to bring innovation in company and this results in accomplishment of
the objectives. It also motivates staff members to perform better and they can give superior
results. It also support the organization to earn huge revenues and to enhance market share.
Project 2 describes about determining and assessing key aspects of an entrepreneurial mind set.
It also explains about traits and skills of successful entrepreneurs. It explains about background
and experience can foster or hinder the entrepreneurship.
PROJECT 2
TASK 3
P.5 Skills and Traits of entrepreneurs
In order to start a new business, entrepreneurs to possess unique skills and traits. This
helps the person to manage the activities in proper manner. Thus person can improve their
features and traits which help them in giving best performance. Skills and traits of successful
entrepreneurs are described below (10 Qualities of a Successful Entrepreneur, 2018):
 Ability to manage money: Successful entrepreneurs can manage the money in proper
manner. This helps the entrepreneurs to properly utilize the resources and do not perform
wastage. So, entrepreneurs can create budget and can focus on profitable tasks.
 Ability to relieve stress: Entrepreneur can release the stress and tension by taking break
from their work. They can perform activities in better manner and this results in
increasing the productivity of firm.
 Ability to select skilled members: Entrepreneur have ability to select trained and
educated employees so that firm can run smoothly. This helps the entrepreneur to
enhance their skills and can select competent and talented staff member. Ability to train staff members: Successful entrepreneurs have ability to provide training
to all workers. Thus staff members can give superior results.
Traits to become successful entrepreneur:
 Motivation: Successful entrepreneurs can motivate staff members by promoting them to
higher level (Schaper, and et. al., 2014). Rewards are given to employees so that they
can give superior results. This results in improving the performance of company.
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 Creativity: Entrepreneurs can give creative and distinct ideas to company. This helps in
bring innovative ideas in firm and enterprise can perform activities in unique manner.
Thus firm can operate in proper manner (Storey, 2016).
 Vision: Successful entrepreneurs have a clear vision and mission. Business person can
create strategies and policies to accomplish the objectives and goals. Hence organization
can earn huge revenues and enterprise can enhance market share.
 Versatility: Successful entrepreneurs can perform diverse activities and tasks. Thus they
are considered as versatile performers. Entrepreneurs can complete every activity and
tasks in proper manner .
P.6 Entrepreneurial personality reflect entrepreneurial mind set and motivation
There are two successful entrepreneurs such as Mark Zuckerberg and Bill gates. Both
reflect their unique mindset and motivation. Successful entrepreneurs have unique mindset and
qualities which is important for company to operate their activities in proper manner. Their
motivation and distinct mindset help entrepreneurs to manage the resources in optimum manner.
To evaluate the traits or features, Big five Framework is applied and it is described below:
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Illustration 1: Big five framework

Source: Big five framework, 2018
It is interpreted from above image that big five framework is used by company which
comprises of 5 steps.
Openness to experience: It is a first part of the Big Five Force model that can reflect the
innovation and creativity. Enterprise have to be successful non aligned so that they can acquire
innovative and creative ideas. This helps the business in performing activities in proper manner.
Conscientiousness: It is another crucial part of the model. Business person has to create
strategies and policies so that firm can accomplish the long term goals. This helps entrepreneurs
to complete their activities in time (Unger, and et. al., 2011).
Extraversion: It is another crucial factor which helps the entrepreneur to communicate
with each other. This is a important characteristic to accomplish the organization objectives.
Agreeableness: It is an important factor that manager can become cooperative,
trustworthy and this helps the staff members to perform activities in proper manner. It results in
improving the performance.
Emotional stability: It is last step of big five framework in which business person can
accomplish all activities in proper time. This motivates entrepreneurs to accomplish the
objectives.
TASK 4
P.7 Background and experience can hinder or foster entrepreneurs
Due to the entrepreneur background and experience, it directly supports or hinders the
person to become entrepreneur (Welter, 2011). There are different factors which hinders or
supports the person to become the entrepreneur. It is described below:
Family background: Bill Gates is successful entrepreneur. If family members support
the person to become entrepreneur, then the person is motivated and can become the
entrepreneur. This results in positive motivation of the person
(Unger, and et. al., 2011). If parents and relatives give proper guidance and support the person,
then that individual is motivated to become successful entrepreneur and can give superior results.
Marks Zuckerberg faces different risks and uncertainty. Their family members also
supported them to become successful entrepreneurs.
Nationality: It impacts on entrepreneurial motivation and mindset. It is the important
factor which help in evaluating country's culture in systematic manner. If country supports a
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person then that individual can become entrepreneur and if situation is vice versa then that
person cannot become entrepreneur (Wheelen and Hunger, 2011).
In case of Bill gates nationality is different and some factor hinder them to become a successful
entrepreneur.
Experience: It is a crucial factor which can hinder or foster person to become
entrepreneurs. If person has studied subject related to entrepreneurship in schools or college ,
then this facto highly motivates a person to become entrepreneur. This directly motivates person
to become entrepreneur .
If a person has earlier start a small business then it supports a person to become
entrepreneur. This factor also motivates person to become an entrepreneur (Zott, Amit and
Massa, 2011).
CONCLUSION
It has been concluded from the Project 2 that Unique traits and skills of entrepreneurs
helps in managing activities in proper manner. Big Five framework helps in reflecting
entrepreneurial personality and motivation. Background and experience of person hinder or
foster person to become entrepreneur.
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REFERENCES
Books and Journals
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Schaper, M. T. and et. al., 2014.Entrepreneurship and small business.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Unger, J. M. and et. al., 2011. Human capital and entrepreneurial success: A meta-analytical
review. Journal of business venturing. 26(3). pp.341-358.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and Practice. 35(1). pp.165-184.
Wheelen, T. L. and Hunger, J. D., 2011. Concepts in strategic management and business policy.
Pearson Education India.
Zott, C., Amit, R. and Massa, L., 2011. The business model: recent developments and future
research. Journal of management. 37(4). pp.1019-1042.
Online
10 Qualities of a Successful Entrepreneur. 2018. [Online]. Available. Through: </10-qualities-
of-a-successful-entrepreneur/>
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