Report on Entrepreneurship and Small Business Management Skills

This report provides an overview of entrepreneurship and small business management, examining the characteristics, traits, skills, and motivational drivers of entrepreneurs compared to managers. It assesses how entrepreneurial personalities reflect motivation and mindset, using examples like Robert Walpole and Jack Cohen. The report evaluates how background and experience, exemplified by Elizabeth Gooch and Tom Mercer, foster or hinder entrepreneurship, and critically examines the influence of background and experience on entrepreneurs, referencing Alan Sugar and Peter Jones. The conclusion highlights the differences between leaders and managers and the impact of entrepreneurial background on success. Desklib offers similar resources for students.

Entrepreneurship And Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
1) Examine the characteristics traits, skills, and motivational drivers of entrepreneur. ........1
2) Assess aspects of entrepreneurial personality reflect entrepreneurial motivation and
mindset...................................................................................................................................1
3) Evaluating background and experience and how they foster or hinder entrepreneurship. 2
4) Critically examine how background and experience influence entrepreneurs positively and
negatively. .............................................................................................................................3
CONCLUSION ...............................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Entrepreneurship is the activity of designing, launching and running the business at own
risk in the competitive world. They help in growth and development of the economy in terms of
revenue as well as generates huge employment opportunities. This report overs characteristic
traits, skills and motivational drivers of manger and leader so that their concepts can be more
clear. Also, focus on how entrepreneurial personality reflect entrepreneurial motivation and
mindset. Additionally, throw-light on the entrepreneurial background, experience etc. and how
they entrepreneurship (Burns and Dewhurst, 2016).
1) Examine the characteristics traits, skills, and motivational drivers of entrepreneur.
The evaluation of characteristic traits, skills, and motivational drivers are explained as follows:
Basis Entrepreneur Manger
Meaning The person who takes all the
risk and run the business all
lone and is liable for all the
profit and loss incurred by the
organization.
A manger is person who
handles all the activities from
planning, directing,
coordinating and controlling in
an organization.
Skills Entrepreneur adopts the skills
of transformational. So that
workers are influenced to
perform better.
Transactional skills are
adopted by manger in their
administration. so that smooth
functioning of the business can
be carried out easily.
Motivational drivers Entrepreneur follow autocratic
leadership styles in order to
motivate the employees in the
market place.
Here, mangers adopts
democratic leadership styles in
their working premises. So that
set objectives can be achieved
in the given time frame.
Characteristic The characteristics of
Entrepreneur is to promote
change or modifications.
Mangers characteristics react
to change emerging in the
administration.
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Decision making process Entrepreneur facilitates
decision in the enterprise
(Burns, 2016).
Decisions are taken by the
mangers in the administration.
2) Assess aspects of entrepreneurial personality reflect entrepreneurial motivation and mindset.
Robert Walpole is the prime minister of UK who is famous among the public because of
it's leadership style he posses within. Robert posses effective communication skills which reflect
their personality in positive manner in-front of the crowd. This great personality is a active
listener due to which people are able to share their quarries openly. This great leaders influences
million of other people to work effectively and efficiently. Jack Cohen is the owner of Tesco
who has successfully running business across the globe. This great personality motivates other to
open business in their own and become a successful entrepreneur. He posses passion and zeal
towards the business is the core skills which Jack Cohen posses (Julien, 2018).
3) Evaluating background and experience and how they foster or hinder entrepreneurship.
Entrepreneurs are start their business with new idea and their profitability depends upon
the market demand of their products. The experience and background are linked with each other
and help them to work more effectively and efficiently towards the goal. The background and
experience of both Elizabeth gooch and tom mercer which enabled them to become successful.
Elizabeth gooch
Background:- Elizabeth started her first job at the age of 18 at the HSBC bank after one
year she left the job. After some time again she had got the job in consultancy company, again
she left the organisation and collect some amount of money from her family and friends to start
her own company. Through that organization she started giving training and consultancy services
to the financial services company. She has deficiency skills for collecting the needed data for
rising profitability and productivity of the company so she replace the service with the software.
She recruited Rodney baker-bates as a chairman of the company who was CEO of prudential
financial services. After some time she also float the organization in the marketplace for
investment funds in order to increase more investors (Venkataraman, 2019).
Experience:- she don't have that much money to speed up her business. She faced many
problems such as unavailability of adequate fund, lack of support from family and friends etc.
she managed all the issues and started her business even her father also told her to join better job
instead of business. Later Rodney baker-bates provide her great idea to develop software instead
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of providing that kind of consultancy services. She also faced loss in year 2007 and 2008 when
she tried to attract investors then after she overcome with the loss and start gaining profit again.
Tom mercer
Background:- Tom mercer was a graduate from Cambridge university and working as
management consultant in a London based company Bain and co. while he working with
different companies he always think about new thought by which he can starts-up his new
business (Yan and Yan, 2016). One day he noticed that their are many varieties are available in
lunch and dinner but he was not found that much varieties in breakfast. From this happening he
got a idea about starts-up and he started his business in 2006 by blending of health drinks
including oats and smoothies. After some time his business start gained speed and about more
than 25 people are employed till 2009.
Experience:-
Tom knows that it is hard to find healthy breakfast while going for work like city worker
because sometimes he saw the struggle of people. He also goes to work late because he search
new ideas for his company to increase its products. At the starting point of the business he also
cut down the fruits at night and put them in to bottle for selling. He also sold his products at
railway station to know the demand of customers (.Storey, 2016).
Tom mercer saw the struggle of city worker and also know that it is hard to find healthy
breakfast so this incident generated a idea in his mind and he started his business from this idea
that motivate him to do so. And Elizabeth gooch always learnt different things from her working
life and she always tried to apply that knowledge in her business by her hard work and
determination to achieve that motivated her to start her business.
4) Critically examine how background and experience influence entrepreneurs positively and
negatively.
Back ground of Alan Sugar
Alan Michael Sugar is a British business magnate, politician, political advisor, media
personality. At the age of 12 years he started earning money by working in a part-time
greengrocer. When Alan reached the age of 21 he opened his own business by the name of
Amstrad which initially deals in electronic items. This great personality build a bicycle from the
old photo frame as their family could not afford to buy new one. At the age of 12 years he started
earning money by working in a part-time greengrocer.
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What hinder or foster to become entrepreneur in the market despite of the poor family
background are explained as follows (Ferreira and Gondim, 2017).
What hinder or foster to become entrepreneur in the market despite of the poor family
background are explained as follows.
1. Believe and hard-working is the core ladder to become a successful entrepreneur inn the
cut throat competitive world.
2. Passionate for the work in adverse condition.
About Peter Jones background
Peter David Jones is a British entrepreneur with interest in mobile phones, leisure, retail,
television and property. He choosed his interest field and completed Lawn Tennis Association
exams which aid him to combine two subjects which are, sports and economics.
What hinder or foster to become Peter Jones entrepreneur in the market despite of the
average family background are explained as follows:
1. Work hard with loyalty and be patient to grab the success in the palm (Henry and
Ahl,2016).
2. A vision and positive attitude made him so successful in the global world
CONCLUSION
From the above it can be concluded that leader and manager both are different in their
own aspects. The skills, motivational drivers, characteristic varies from leader to manger and
accordingly roles and responsibilities are assigned to them. By doing so best results are achieved
in the market place and workers work effectively to meet the set objectives. The background and
experience of the entrepreneur assist to hinder entrepreneurship in the cut throat competitive
world. The zeal and passion to to come up creative idea helps the individual to become a
successful entrepreneur.
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REFERENCES
Books and Journals
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Julien, P. A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas
for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Ferreira, A. D. S. M., Loiola, E. and Gondim, S. M. G., 2017. Motivations, business planning,
and risk management: entrepreneurship among university students. RAI Revista de
Administração e Inovação. 14(2). pp.140-150.
Henry, C., Foss, L. and Ahl, H., 2016. Gender and entrepreneurship research: A review of
methodological approaches. International Small Business Journal. 34(3). pp.217-241.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and
innovation in small business: an empirical study. International Entrepreneurship and
Management Journal.12(4). pp.1053-1077.
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