Entrepreneurship & Small Business Management: Impact & Traits

This presentation provides an overview of entrepreneurship and small business management, highlighting the impact of micro and small businesses on the economy, particularly in the UK. It assesses relevant data and statistics, explains the importance of start-ups to the social economy, and determines the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers. The presentation also evaluates how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset, emphasizing traits such as passion, flexibility, strong ethics, self-motivation, and leadership. The conclusion underscores the importance of entrepreneurs as leaders responsible for economic growth and social revolution.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

 Slide 3: Introduction
 Slide 4-5: TASK 2 (P3 Interpret and assess relevant data
and statistics to illustrate how micro and small businesses
impact on the economy)
 Slide 6-7: TASK 2 (P4 Explain the importance of small
business and business start-ups to the growth of the
social economy)
 Slide 8-11: TASK 3 (P5Determine the characteristic traits
and skills of successful entrepreneurs that differentiate
them from other business managers)
 Slide11- 13: TASK 3 (P6 Assess how aspects of the
entrepreneurial personality reflect entrepreneurial
motivation and mindset)
 Slide14: Conclusion
 Slide 15: Reference list
Table of contents

 An Entrepreneur is an individual who, actually
require taking the accurate and evident
decision by the side of numerous risks for the
sake of the company to institute an unbeaten
production using self-novelty and expertise.
 Entrepreneurship and Small Business
Management is a coalescent sot up of new
business enterprise where, an entrepreneur
has the extent to deliver the skills of how to
start a new business, which is cost-effective
for the social market.
Introduction

 According to a journal report published in year
2013 in United Kingdom by Baron Young of
Graham, small and medium enterprises dominate
the stock of businesses.
 Nearly 95% of all firms here are micro enterprises
in sparsely as well as populated areas employing
less than 10 people.
 Almost 75% have no workers but despite that,
they grow and around 80% of owner managers
consider it as an aspiration and which proves true
also because less than a quarter of those start-ups
actually grow.
P3 Interpret and assess relevant data and statistics to illustrate how micro and
small businesses impact on the economy.

 Firstly, the contribution of the service sector to
U.K’s GDP has risen from 59 to 72 % in 2015 but
due to Brexit,It has degraded as since 2016 .
 Secondly, specialization in the manufacturing sector
constitutes transference of a business function to
an external service provider and the resulting
concentration on those businesses, has thereby,
resulted in a downsizing of prevailing companies.
 Additionally, the growing use of technology led to
the reduced importance of finance and economy,
which in turn led to an increased number of small
and micro based industries.
P3 continuation...

 Start-ups also play a very important role as
they are as considered to the source of
employment for a half a population.
 Infinite Micro firms with almost 10 to 12
members account for almost 80% of job
creation each year.
 However, start-ups tend to decline during
downfalls but their number remains stable.
P4 Explain the importance of small business and business
start-ups to the growth of the social economy.

 A micro-based business has been
considered the source of Capitalism
because it provides many opportunities to
owners to run their business based on
their strategy and skills.
 In spite of it involving risks, it can turn out
to be prosperous as well. It involves both
possibilities where it can be both
rewarding and disappointing.
P4 continuation...

 There are certain characteristics that
differentiate the entrepreneurs from other
business managers.
 Most important is passion and
motivation. The entrepreneurs have
certain aim, which makes them awake and
they do not get bored of something doing
repeatedly.
P5Determine the characteristic traits and skills of successful
entrepreneurs that differentiate them from other business managers

 The entrepreneurs work hard for it. The
entrepreneurs are flexible for the client and
market needs.
 They are adaptable to the changes
according to time.
 The entrepreneurs have certain plans but
can change if need according to
requirement.
P5 continuation...

 The entrepreneurs have good health habits,
which keeps them, fit for their work. The
entrepreneurs know well that sound mind
lies in sound body.
 The entrepreneurs are optimistic.
 They think for long run, which helps future
generations.
 The entrepreneurs are idol for others. They
have clean character.
P5 continuation...

 A entrepreneur should have a strong
mindset to continue a business
 are the following entrepreneurship traits
Steph Croft-Simon, founder of Nom Foods
must follow to run successful business.
 The entrepreneurs reach their customer
first.
 They take care of their customer and their
needs.
P6 Assess how aspects of the entrepreneurial personality
reflect entrepreneurial motivation and mindset.

 The entrepreneurs are always in the search
of new product.
 The entrepreneurs give the society a major
source of employment, innovation, service
quality and economic flexibility.
P6 continuation...