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.

Background and experience can hinder or
foster entrepreneurship
Background and experience is a major part of any entrepreneur as
the success and failure of them depends on it. As if an
entrepreneur have good knowledge and good background
then they can get more successful in the marketplace. For
better understanding this, here are taking two examples
which are defined below:-

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Peter Jones
Background: He was born on 18th march 1966 in Berkshire,
England. His father was an air conditioning engineer and
has a small office at Windsor. At the age of 22 he got
married to Caroline.

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Allen Sugar
Background: He was born on 24th march 1947 in Hackney,
London. He belongs from a poor family so he has to earned
his pocket money from working with a greengrocer.

Impact of Background and Experience on
entrepreneur
Positive impact: Above mentioned both entrepreneurs have to face
various challenges due to their financial condition but they
had considered these problems as motivational tools.
Because of their challenging past they are able to motivate
themselves and create new ideas and innovations which lead
them in a higher positron and achieve great success.

The link between entrepreneurial
characteristics and the influence of
personal background and experience
It has been discussed that background and experience plays an
important role in the success of the entrepreneur. If an
entrepreneur have best characteristic to run a business
effectively then in this case he will be able to do only when
he has strong background and higher experience.
Background helps an entrepreneur to reduce the financial
problems and get higher support.

Background and experience influences
entrepreneurs
The background and experience has huge impact on the
succession of the entrepreneurs as without a good
background and higher experience an entrepreneur have to
face various problems while operating their operational
activities. This have the both positive and negative impact
on the entrepreneurs activities.

Conclusion
From the present PPT, it can be concluded that to become a
successful entrepreneur, they must have specific traits, skills
and characteristics for accomplishing its goals and objectives
effectively. For better understanding this, there are taken two
examples of two famous entrepreneurs such as Peter Jones and
Allen Sugar that tells how their background and experience
influences in their success.

References
Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women
entrepreneurship in small service firms: motivations,
barriers and performance. The Service Industries
Journal. 32(15). pp.2489-2505.
Audretsch, D., 2012. Entrepreneurship research. Management
decision. 50(5). pp.755-764.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small
business performance: business, strategy and owner-
manager characteristics. Journal of small business and
enterprise development. 20(1). pp.8-27.

Thank You