BTEC HND Unit 9: Entrepreneurship and Small Business Report Analysis

This report delves into the core concepts of entrepreneurship and small business management, exploring the process of creating and managing new businesses for long-term growth. It examines the combination of land, labor, capital, and the entrepreneur in revenue generation, highlighting the drive to transform ideas into reality. The report analyzes the characteristics, skills, and motivational drivers of successful entrepreneurs, using Peter Jones and Alan Sugar as examples. It discusses the importance of traits such as self-motivation, risk-taking, and a focus on high-purpose business operations. The report also explores the Big Five model of personality in relation to entrepreneurship and the impact of background and experience. The conclusion emphasizes the various types of entrepreneurial ventures and their similarities and differences. References from Karlan & Valdivia (2011) and Kelley, Singer & Herrington (2012) support the analysis. The report is designed to assess student understanding of entrepreneurship and small business management, focusing on entrepreneurial skills, traits, and mindset.

Entrepreneurship
and
Small Business Management

Introduction
 Entrepreneurship is a process of creating a new business, managing it and
having a long term growth prospective in running the business.
 Under entrepreneurship a company combines land, labor, capital and
entrepreneur for the production and generation of revenue.
 They have the urge to convert dreams into reality or idea into execution.

Characteristics, skills, motivational drivers
 There are certain motivational factors, traits and characteristics which is
possessed by every single entrepreneur.
 Peter Jones and Alan Sugar are two successful entrepreneurs in UK which
are successfully representing their business within marketplace.
 To achieve organisational success, it is very important for an entrepreneur
to have some certain traits, skills and characteristics.

Peter Jones
 Jones is a successful UK based entrepreneur
and eminent businessman in the field of
television, media, retail, property etc.
 Jones was appointed as Commander of the
order in British empire.
 He is well-known for programmes like
dragon's Den, Tycoon and American
investor.

Characteristics
 Self-motivation: Having capability to motive our self and other is the best
characteristic which an entrepreneur must have.
 Take risks: Peter Jones is a successful entrepreneur and manage to take
different type of business risks.

Traits
 Perform business operations for high purpose: Peter has envisioned to
bring a revolution in mobile industry. This trait allow him to be a
successful business person within UK.
 Believe in product and team: Managing media and organisational work
without an efficient team is not possible. The trait of managing team
desirably differentiates Peter from a organisational manager.

Alan Sugar
 Alan Sugar is a successful business magnate and
entrepreneur.
 In business world, Sugar has gained eminent
success as an actor and producer. After establishing
a computer company named AMSTRAD, Sugar
became a millionaire.

Entrepreneurial personality reflecting
entrepreneurial mind-set
 An entrepreneur needs appreciable qualities to sustain effective relation
with different individuals for implementing business activities properly.
 They require skills to gain competitive advantage over rival companies.

Big five model of personality
 An entrepreneur needs to be efficient enough so that they an motivate their
workforce to deliver their best performance.
 Openness to experience
 Conscientiousness
 Extraversion
 Agreeableness
 Neuroticism

Background And Experience Can Hinder Or
Foster Entrepreneurship
 Skill, traits and capabilities of an entrepreneur depends upon their
knowledge and background.
 Family background of a person considerably impacts their work managing
capabilities.
 If background of family and experience is in favour of a person, no barrier
can stop them form becoming a successful entrepreneur.

Conclusion
 From above mentioned PPT, it has been concluded that there are various
kinds of entrepreneurial ventures which relates to different types of
typology in an appropriate manner.
 There are certain differences and similarities between these entrepreneurial
ventures.

References
 Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of
business training on microfinance clients and institutions. Review of
Economics and statistics. 93(2). pp.510-527.
 Kelley, D. J., Singer, S. and Herrington, M., 2012. Global
entrepreneurship monitor 2011 global report. Global Entrepreneurship
Research Association, London Business School.