HNC Business Unit 9: Entrepreneurship Consultancy Report Analysis

This report provides an analysis of entrepreneurship and small business management, focusing on the key aspects of an entrepreneurial mindset. It examines the characteristic traits and skills of successful entrepreneurs, differentiating them from business managers, and discusses how aspects of entrepreneurial personality reflect motivation and mindset. The report utilizes the OCEAN model to assess personality traits like openness, conscientiousness, extraversion, agreeableness, and neuroticism, and applies these concepts to real-world examples, including Elon Musk and Sir Richard Branson. The report explores how these traits influence an entrepreneur's approach to decision-making, innovation, and overall business strategy. The findings highlight the importance of understanding entrepreneurial personality for effective business development and management. The report concludes by summarizing the key takeaways and emphasizing the broad implications for understanding entrepreneurship.

Entrepreneurship and
small business

Table of Contents
INTRODUCTION................................................................................................................................3
MAIN BODY ......................................................................................................................................3
P5 Examine characteristic traits & skills of successful entrepreneurs that differentiate them from
other business managers..................................................................................................................3
P6 Discuss how aspects of entrepreneurial personality reflect entrepreneurial motivation and
mindset.............................................................................................................................................4
CONCLUSION....................................................................................................................................6

INTRODUCTION
Small business management is defined as process of coordinating and aligning all activities
of small business such as vendors, finances, subordinates etc. Entrepreneurship is defined as
developing something new in market (Sebikari, 2019). Main purpose of this report is to analyse
entrepreneurs & their skill, personality affecting mindset or motivation. So, two entrepreneur has
been taken which are Elon Musk & Sir Richard Branson. In this report,it comprises of
characteristics, traits, skills of successful entrepreneur & difference from managers and aspects of
entrepreneurial personality reflecting mindset and motivation.
MAIN BODY
Mindset of entrepreneur
P5 Examine characteristic traits & skills of successful entrepreneurs that differentiate them from
other business managers.
Entrepreneurs and managers both are essential and integral part of business which increase
the productivity of firm. They both are responsible for achieving goals as well as objectives at all
aspects. Such as entrepreneurs has different types of skills & characteristics according to which
they perform their role & make decisions. So, heterogeneous skills, characteristics & traits is
discussed below-
BASIS Elon Musk Sir Richard Branson
Characteristics
Positive energy- Musk is
optimistic person as he is positive
towards future goals & objectives.
(Choi, 2017).
Different thinking- Sir
Branson has different thinking
who thinks outside the box.
Traits
Enthusiasm- Elon is enthusiastic
person as he is excited towards his
work and concept of change.
Motivation- Sir Richard
Branson is motivated person
who influence others decision
with aim of achieving goals.
Skills
Interpersonal skills- Elon Musk
has interpersonal skills as he listen
to his employees, audience and then
take decisions carefully.
Make effective decisions- Sir
Branson has skill of making
appropriate decision by
accessing detailed information.

Basis Entrepreneurs Business managers
Meaning These are one who develop and
introduce a new change in society or
community.
These are one who allocate and
manages every task of
management and business.
Objective Main objective is to enhance the
profitability of firm at higher scale.
(Burns, 2019).
Business managers main
purpose is to increase
productivity of management as
well as business.
Focus
There main focus is on enlarging the
business activities at global level.
Managers main focus is on
achieving assigned task
objective on given deadline.
P6 Discuss how aspects of entrepreneurial personality reflect entrepreneurial motivation and
mindset.
Personality play important role in entrepreneur life as it reflects their behaviour, mindset,
and motivation. Entrepreneurial personality is essential to be known so that decisions and work is
carried out accordingly. So, to examine personality aspects OCEAN model has been discussed
further-
Openness- In this personality, individual is open to any situations and has curiosity,
innovativeness etc. This depicts that such type of people are adaptable with changeable environment
and accept new change properly. Elon Musk fit into this personality as he is open & accepts new
change (Gibbs, 2017).
Mindset-
 Musk has growth mindset as this personality reflects his mindset because he is open &
curious of developing new ideas.
Motivation-
 It also reflects the motivation because he is encouraged towards goals development.
Conscientiousness- This is type of personality in which individual is tend to be perfectionist
who want everything to be appropriate. They access detailed information & then take decisions. In
this, Musk can be viewed as conscientiousness one (Kang, 2018).
Mindset-

 This reflects his mindset as he carry out his work & business activity in systematic way.
Motivation-
 It also shows his level of motivation because he is able to achieve his goals because of his
positive encouragement.
Extraversion
They are those who talk with strangers & to others in confident manner. They have well
communication skills which they use for their achieving their objectives. In this, Sir Richard
Branson fit because he deal with umber of people and is able to influence their decisions.
Mindset-
 It depicts his mindset because he has innovate mindset which helps him to deal with other
people (Nambisan, 2018).
Motivation-
 This also shows the encourage behaviour because it shows his hard work he has done
towards his goals.
Agreeableness-
It is kind of personality in which person shows kindness to others and empathy with aim of
helping people. In this, Elon Musk comes under this category because of his helping nature of
people as is concerned about people lives.
Mindset-
 Musk has developed hybrid cars so that environment does not get affected.
Motivation-
 He has dream of starting new lives of people in other planet (Mars) (Li, 2017). s
Neuroticism-
It is personality in which individual is moody & distract others by telling their own
problems. In this, both entrepreneurs do not comes under category because they do not impact
distract others.

CONCLUSION
After a brief analysis of above report, it is seen that entrepreneurship & small business
management are wider concept which requires deep level of understanding. So, discussions have
been made about characteristics, traits of entrepreneurs and personality reflecting their mindset as
well as motivation.

REFERENCES
Books & Journal:
Sebikari, 2019. Entrepreneurial performance and small business enterprises in Uganda.International
Journal of Social Sciences Management and Entrepreneurship (IJSSME),3(1).
Choi, 2017. A study on the effects of small business management result by the Korean government:
Focus on SEMAS. The Journal of Business Economics and Environmental Studies,7(3),
pp.33-43.
Burns, 2019. Entrepreneurship innovation model for telecommunications enterprises.Journal of
Entrepreneurship Education,22(2), pp.1-6.nd Dewhurst, J. eds., 2016.Small business and
entrepreneurship. Macmillan International Higher Education.
Gibbs, 2017. Elon Musk leads 116 experts calling for outright ban of killer robots.The Guardian,20.
Kang, 2018. Educational Needs Assessment of Green Care Business Managers.Journal of
Agricultural Education and Human Resource Development.
Nambisan, 2018. On open innovation, platforms, and entrepreneurship.Strategic Entrepreneurship
Journal,12(3), pp.354-368.
Li, 2017. Assessing the quality of bottom water temperatures from the Finite-Volume Community
Ocean Model (FVCOM) in the Northwest Atlantic Shelf region.Journal of Marine
Systems,173, pp.21-30.