Entrepreneurship and Small Business Management Task 3 & 4 Report

This report provides an analysis of entrepreneurship and small business management, focusing on the characteristics, traits, and skills of successful entrepreneurs. It explores aspects of entrepreneurial personality, reflecting entrepreneurial motivation and mindset. The report also examines the backgrounds and experiences of entrepreneurs like Peter Jones and Duncan Walker Bannatyne, highlighting the challenges and successes they faced. It concludes that innovative entrepreneurs are crucial for creating opportunities and that small to medium enterprises play a significant role in economic growth and production capacity. The report references various academic sources to support its analysis.

Entrepreneurship and Small Business
Management
(Task 3 & 4)

Table of Content
Introduction
Characteristics, traits and skills of successful entrepreneurs
Aspects of Entrepreneurial Personality reflecting the entrepreneurial motivation and
Mindset
Background and Experiences of entrepreneurs
Conclusion
References

Introduction
Entrepreneur is an individual who creates own
business i.e. who makes an initiative to
organise, operates as well as assumes the
risk of business venture to produce value
through creation or development of
economic activity by highlighting novel
products, process or markets.

Characteristics, Traits and Skills of
Successful Entrepreneurs
The term entrepreneur is often contrasted with the concept manager as they are
regarded as a key persons in an enterprise that help in an organisation,
management, control and administration of company. However, an entrepreneur is
a person with an idea, skill, courage to take or bear any risk or challenge in order to
transform those thoughts into reality. On the other hand, manager, as the name
suggests, is an individual who manages or handles entire business operation or
function in order to improve overall performance of company in a productive way.

Characteristics of Entrepreneurs
Characteristics
• Risk Taker
• Flexibility
Traits
• Creativity
• Competitiveness
Skills
• Perseverance
• Confidence

Aspects of Entrepreneurial Personality
reflecting the entrepreneurial motivation
and Mindset
Each and every individual is encompasses with
unique set of personality, attitude, abilities which
defined their behaviour and attitude towards an
accomplishment of their vision in a better
manner without any obstacles.
Openness
Conscientiousness
Extroversion
Agreeableness
Neuroticism

Background and Experiences of Peter
Jones and Duncan Walker Bannatyne
In order to being a famous or successful in career, every entrepreneur must undergoes
with various difficulties or struggles which impact positively or negatively over
their accomplishment of their goal in a better way. However, the outcome is wholly
depend upon the attitude of individual towards complex situation. In the same
manner, Richard Branson and Sarah Jane faces many issues or obstacles in their
life but those circumstances played as key aspect to growth and help them to reach
to their vision or purpose.

Sarah Jane Brown
Sarah Jane Brown is the founding
member and president of Piggy
Banks Kids, children's charity
organisation and also Hobsbawm
Macaulay Communication which is a
public relation company. She was
born in the year of October 31st, 1963
in Beaconsfield, UK.

Richard Branson
Richard Branson is one of the topmost and well
known British entrepreneur who was
founder of multinational Virgin Group. He
was born in the year of July 18, 1950 in
Surrey, England from Edwrad James and
Eve Branson. He pursued his education in
England in a reputed institution.

CONCLUSION
It has been stated from the above report that innovative entrepreneurs are considered as
the biggest pioneer in creating great opportunities fro people or community.
Moreover, the highly advanced enterprises whether small or medium contains a
huge role in the growth or enhancement of economy as well as increases the
production capacity in order to meet the requirement of individual in an efficacious
way.

REFERENCES
Donnellon, A., Ollila, S. and Middleton, K. W., 2014. Constructing entrepreneurial
identity in entrepreneurship education. The International Journal of Management
Education. 12(3). pp.490-499.
Dunne, T. C. And et. al., 2016. The impact of leadership on small business
innovativeness. Journal of Business Research. 69(11). pp.4876-4881.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on
entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of small
business management. 53(1). pp.75-93.

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