Entrepreneurship & Small Business Management: Skills, Traits LO3/LO4

This presentation provides an overview of the essential skills, traits, and characteristics necessary for successful entrepreneurship and small business management, focusing on LO3 and LO4. It delves into how an entrepreneur's personality impacts employee mindset, using examples like Peter Jones and Allen Sugar to illustrate how background and experience can foster or hinder entrepreneurial endeavors. The presentation explores the significance of traits such as confidence, risk-taking, and passion, along with skills like willingness to learn and leadership qualities. It also examines the differences between managers and entrepreneurs, the role of entrepreneurial motivation and mindset using the OCEAN model, and the impact of personal background and experience on entrepreneurial success. The conclusion emphasizes the importance of these factors and references relevant academic sources.

Entrepreneurship and
Small Business
Management
LO3 &LO4

Introduction
Different skills and traits of successful
entrepreneurs will be discussed and
how their personality impact on the
mind-set of the employees. For better
understanding this, will use examples
how background and experience can
surrogate the entrepreneurship.

The characteristics, traits and skills of
successful entrepreneurs
Entrepreneurs success depends on their skills, characteristic and
traits which helps them to attain more success and growth
in their business. An entrepreneur needs to have some skills
and traits for accomplishing their entrepreneurship goals
and objectives without it they can not succeed in an
appropriate manner.

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Skills:
Willingness to learn: The skill of willingness to learn is essential
for becoming a successful entrepreneur. An entrepreneur
needs to always ready to update new technologies, new
market segments and new process in their business as it will
helps them to get more success and growth in the
marketplace.

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Traits:
 Confident: This the most important trait which must have
entrepreneur as it is related to the belief of own capabilities.
Both of the entrepreneur Peter Jones and Allen Sugar get
huge success as they both have believe on themselves due
to which they are always ready to bear risk, face conflicts,
and problems with great confident and solve them
effectively.

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Characteristics:
Risk-taking: As Peter Jones is ready to take risk as they are always
willing to attempt new task and innovations. Due to which they
are able to get success in the every field of their work.
Passionate: An entrepreneur must be passionate for accomplishing
their goals and objectives like Allen Sugar, he is very passionate
about their work which helps them to do motivate themselves and
their employees as well.

Difference between manager and
entrepreneurs characteristics
Characteristic Entrepreneur Manager
Strategic vision Entrepreneurs always are
clear about their vision due
to which they are able to
make new ideas regarding
develop new products and
services.
While managers always follow
the vision and strategies which is
made by the top management.
Delegation They are required to
identify the weakness of
themselves and improve it
in order to accomplish their
work effectively.
Managers are responsible to their
employees for the organisational
work.

Explore and examine different lines of
argument relating to entrepreneurial
characteristics
For becoming successful in the marketplace an entrepreneur must
have some characteristics in order to achieve the
organisational goals and objectives. Every entrepreneur
foster different characteristics which may be one can be
more passionate or on the other side one can be more risk
taking as the business always comes with the uncertainty
and risk.

Aspects of the entrepreneurial personality
reflect entrepreneurial motivation and
mind-set
Every entrepreneur posses their own personality which helps
them to understand about the mind-set and motivation of
the entrepreneurial. For better understanding that how the
personality reflect the mind-set motivation an entrepreneur
can use OCEAN model.

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Conscientiousness: This
factors helps an
entrepreneur to keep
motivated towards in
achieving a goal and
mission without any kind
of distraction.

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Extroversion: This magnitude evaluate the level of sociability of
any entrepreneur. For getting more success an entrepreneur
should be more talkative, energetic, and assertive. As it will
helps them to motivate and interact with their employees so
they will be able to listen about their issues and problems
and resolve them in an effective manner.

The characteristic traits, skills and
motivational drivers of successful
entrepreneurs
From the above mentioned traits and skills it can be understand
that an entrepreneur must have some skills and traits for
accomplishing its goals and objectives effectively. Because
these skills and traits like confident, willingness to learn,
creativity, leadership qualities etc. helps an entrepreneur to
keep motivated towards their goals and targets.