Report on Entrepreneurship and Small Business Management Tasks 3 & 4

This report explores entrepreneurship and small business management, highlighting the characteristic traits and skills of successful entrepreneurs like Grace Beverley, Richard Branson, and Bill Drayton. It assesses how aspects of personality, using the Blue Ocean Model, reflect on the motivation and mind-set of entrepreneurs, focusing on openness to experience, conscientiousness, extroversion, agreeableness, and neuroticism. The report also examines how background and experience can either hinder or foster entrepreneurship, providing relevant examples from the lives of the featured entrepreneurs. Ultimately, the report concludes that entrepreneurship is crucial for improving living standards and driving innovation, emphasizing the importance of passion, vision, and curiosity in the entrepreneurial journey. Desklib provides past papers and solved assignments for students.

Entrepreneurship
and Small Busines
Management
TASK 3 AND TASK 4

Table of Content
Introduction
Characteristic traits and skills of successful entrepreneurs
Assessing aspects of personality reflects on motivation and mind-set of entrepreneurs
Examining relevant examples about how background and experience hinder or foster entrepreneurship
Conclusion
References

Introduction
Entrepreneur is a person what takes initiation for establishing a new company, bear most of
uncertainties along with enjoy rewards. Entrepreneur is seen as source of new service or products and
uses their skills for forecasting needs together with bringing innovations to market.

Characteristic traits and skills of successful
entrepreneurs
Grace Beverley: Grace Beverley is a local entrepreneur who have established TALA and Shreddy which are direct to consumer fitness brand.
Characteristic traits and skills of Grace Beverley that different them from other managers of company are as follows:
Characteristics:
Passion
Open mindedness
Traits:
Empathy
Creativity
Skills:
Risk taking skill
Communication skill

Continue…
Richard Branson: Richard Branson is global entrepreneur who founded Virgin Group that in present scenario controls around 400 entities in multiple
fields. Characteristic traits along with skills of Richard Branson that differentiate them against business managers are below:
Characteristics:
Motivation
Vision
Traits:
Professionalism:
Planning:
Skills:
Networking skill
Critical thinking skills

Continue…
Bill Drayton: Bill Drayton is a social entrepreneur who have founded an organisation that is Ashoka: Innovators for the Public for fostering social
working worldwide. Characteristic traits along with skills associated to Bill Drayton that differentiate them from business managers are underneath:
Characteristics
Curiosity
Inspiration
Traits:
Pragmatism
Persistence
Skills:
Fighting adversity skill
Problem solving skill

Assessing aspects of personality reflects on
motivation and mind-set of entrepreneurs
Entrepreneurial personality is combination of factors that foster their mind-sets and motivation
for establishing, managing and running an enterprise. The ways in which personality aspects
reflect on mind-sets and motivation of entrepreneurs that are Grace Beverley, Richard Branson
and Bill Drayton are assessed through Blue Ocean Model.

Continue…
The ways in which personality aspects reflect on mind-sets and motivation of entrepreneurs that are Grace
Beverley, Richard Branson and Bill Drayton are assessed below:
Openness to experience: It is intellect or imagination among entrepreneurial personality which represents
willingness for making attempt to try new things.
Conscientiousness: It is desire to be diligent, regulating immediate gratification with self-discipline as well
as intellectual.

Continue…
Extroversion: It is the personality aspect that state how entrepreneur seek connections and draws energy from
others
Agreeableness: The aspect reflects interaction of entrepreneur with others. Traits of agreeableness personality
are kindness, loyalty and tactfulness.
Neuroticism: It is a tendency for emotional stability, self-destructive thinking and so on.

Examining relevant examples about how
background and experience hinder or foster
entrepreneurship
Grace Beverley: Grace Beverley was born in London, England on February 16, 1997. Grace completed
schooling from St Paul’s Girls School and gain choral scholarship at St Peter’ College in which Grace studied
music as an undergraduate. Prior to entering in the field of entrepreneurship, Grace have created content on
social media and achieved huge success is terms of fan following.

Continue…
Richard Branson:
Richard Branson took birth at Blackheath, UK to Eve Branson who was former ballet dancer
as well as air hostess and Edward Bransopn who was barrister by profession. The personality was
educated from Scaitcliffe School and Stowe School. Branson had poor educational performance but
parents provided support at each stage of lives.

Continue…
Bill Drayton:
Bill Drayton is popular social entrepreneur who was born in New York City in the year 1943.
Bill attended educational institutions like Philips Academy, Harvard and Balliol College to complete
academic qualification. Family of Bill was against idea of social service. While completing education,
Bill have created Ashoka Table and bringing prominent government, church leaders and others
authorities towards how things really work in society.

Conclusion
From the presentation, it is concluded that entrepreneurship is essential because it improves living
standards as well as create wealth. They drive changes together with innovation in marketplace. Key
characteristics of entrepreneur are passion, open mindedness, motivation, vision, curiosity and inspiration.

References
Devece, C., Peris-Ortiz, M. and Rueda-Armengot, C., 2016. Entrepreneurship during economic crisis: Success factors
and paths to failure. Journal of Business Research, 69(11), pp.5366-5370.
Martin-Rios, C. and Erhardt, N., 2017. Small business activity and knowledge exchange in informal interfirm
networks. International Small Business Journal, 35(3), pp.285-305.
Muegge, S. M. and Reid, E., 2018, August. Richard Branson and virgin galactic: A case study of entrepreneuring as
emancipation. In 2018 Portland International Conference on Management of Engineering and Technology
(PICMET) (pp. 1-10). IEEE.
Sarkar, S., 2018. Grassroots entrepreneurs and social change at the bottom of the pyramid: the role of
bricolage. Entrepreneurship & Regional Development, 30(3-4), pp.421-449.

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