Entrepreneurship: Characteristics, Skills, and Background Influence

This report delves into the realm of entrepreneurship and small business management, examining the essential characteristics, skills, and motivational drivers of successful entrepreneurs. It differentiates entrepreneurs from traditional business managers by highlighting traits like hard work, high confidence, and a competitive spirit. The report analyzes the entrepreneurial mindset, emphasizing risk-taking and innovation, and explores the skills necessary for success, such as strong networking abilities and the capacity for continuous learning. Through case studies of Elizabeth Gooch and Tom Mercer, the report illustrates how personal backgrounds and experiences influence entrepreneurial motivation and mindset. It evaluates the positive impacts of experience on decision-making and strategic choices, concluding that while not every manager is an entrepreneur, every entrepreneur can be a skilled manager. The report provides a comprehensive overview of the topic, supported by references to academic research.

Entrepreneurship and Small Business
Management

INTRODUCTION
• Entrepreneurship and small business management is the process of launching the new
and innovative ideas in the market. Small business management provides the opportunity
to entrepreneur as they use their ideas to launching, running and designing the new
business.
• Thus, this business mange the all activity and entrepreneur have responsibility to mange
all the business operations. Therefore, theses both are depended on to each other when
entrepreneur have ideas so business is established. On the other side, entrepreneur needs
the business for elaborate their new ideas by making innovative products.

P5. characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers
Entrepreneur mindset is described that they have an ability of taking risk. The mindset of employees is
clear that they create new things and develop the new business as they ready to face the challenges.
Thus, the mindset of entrepreneur is clearly defined that the main aim of is success and future growth.
Characteristics
• Hard Work and Commitment — This is the best characteristics of entrepreneur they are hard-
working they constantly research and make innovative products. Thus, Hard work is help to improve
the ability of work.
• High confident is needed to make innovative ideas, developing plan, determination of required
resources. Therefore, Elizabeth Gooch have ability to make innovative products which satisfy the
needs of customer. The high sense of personal responsibility and high level of energy is helps to
enhance the motivation towards the work.

CONTD…
• Self confident — As an entrepreneur they have an ability of self-confidence that it helps to
taking the risk as well make the best decision for business. Thus, This characteristic is
provided the ability in the entrepreneur that they make the best decision regrading the product
launch. This characteristics are essential that will increase the profitability of the company
also self-confidence is help to increase the growth of entrepreneur and provide huge success in
their carrier.
• Skills -
• Strong networking abilities — This is the best skills which describe the strong networking
abilities. Thus, entrepreneur is the extrovert in nature as they have a good networking with
their subordinates, expertise and colleagues.

CONTD…
• Profit potential — This is also the best skills' entrepreneur have. Thus, this skill is enhanced the
profit level in the business. Entrepreneur have ability to create something new which satisfy the
customer as the new ideas and concept is provided the profits. Thus, Tom Mercer have ability to
identify the level of profit by making the innovative products.
• A good learner — Entrepreneur has ability of good learner. For example, that they easily handle
the situation with their knowledge about how to take the risk when they make something
innovative and produce something new and launch the new product in new
market

CONTD…
• Traits -
• Competitive spirit — Entrepreneurs have competitive spirit they easily take a challenge, and they
have ability to sole the problem of the organization. Thus, They make the innovative product and
sale the product in the market to enhance the competition in the market. Therefore, tom mercer
like the challenges as they provide better solutions, It helps to increase the market share through
enhance competitive advantage.
• Serial innovator — Entrepreneurs is the one who are continuously researched and improve their
product by use the different strategies they constantly develop the innovative products use the
different promotional strategy for enhance the demand of product in the market

P6 Reflection of entrepreneurial motivation and mindset through
entrepreneurial personality
• IN CASE OF ELIZABETH GOOCH
 Openness to Experience
 Conscientiousness
 Neuroticism
• IN CASE OF TOM MERCER
 Self Reliance
 Extraversion
 Risk Taker

M3. Examine different lines of argument relating to entrepreneurial characteristics
• There are different characteristics which described the attitudes of entrepreneur. Profit
potential is one of the skill which helps to maximize the profit and minimize the risk. On
the other side, risk potential is one the characteristics which described the ability of
entrepreneur that they easily take challenges and makes suitable strategies to reduce the
problems.

D3. Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs
• Elizabeth Gooch have ability to make innovative products which satisfy the needs of customer.
Thus, this innovative product makes the success and provide high growth. The high knowledge
about the innovative products is makes different form others Thus, high level of energy is helps to
enhance the motivation towards the work. Thus, they also have ability of taking risk and generate
high profit by analysis the probability of loss.
• Tom Mercer is one of the best entrepreneur who highly passionate and motivate towards their work
as this ability is provided the huge success to the entrepreneur

P7 Foster of entrepreneurship through
background
STORY OF ELIZABETH GOOSH
• Elizabeth was working from year 18 and did work for many high profile financial service
companies and HSBC bank was one of them.
• But she was not happy and satisfy with her work.
• She wanted to do something different and better as she thought that she can do better in her
life.
• At the age of 26, after taking experiences from various companies, she started her own
company, name EG Consultancy.
• This company started providing consultation and training to their clients which helps in
improving the efficiency.

Cont….
• This company was started by £1,000 capital amount.
• It was so effectively managed by Elizabeth that in the first year,
company's turnover was £6,00,000.
• After sometime, Elizabeth take risk and provided her own software to the
clients. This lead company's turnover to reach at £1,00,000.
• After sometimes, she changed her business name from EG Consultancy to
EG Solutions.
• And today's this company's turnover is around £6 million. Also, Elizabeth
Goosh is 7th women entrepreneur in UK top 10.

Cont…
STORY OF TOM MERCER
• Tom Mercer has a different personality and passion towards management & business
which lead him to become one of the best entrepreneur in the UK.
• He was a management consultant with a local company in London.
• He always reached late at his office due to preparation of breakfast or lunch.
• Suddenly one day, he realised that his problems is not only his problems.
• This problem are actually faced by many employees in UK which lead him to convert his
problems into business ideas.
• And here the Company name, MOMA incorporated in year 2006.

Cont…
• He was optimistic by nature and his this nature lead his business to become successful in short
span of time.
• He always thought about how to make breakfasts and lunches healthy and tasty so that
employees won't be late and be healthy.

M4 Relationship between entrepreneurial characteristics and the
influence of personal background and experience
IN CASE OF ELIZABETH GOOCH
• Elizabeth Goosh was working from past 8 years which made her realized that she is capble to
doing something new and better.
• This self realization feelings influenced her and made her passionate towards doing out of
box.
• She also never gave up due to a lot of opposition.
IN CASE OF TOM MERCER
• Tom Mercer has been interested in business and management which convert into passion.
• Also, he has the passion for solving the problems.
• This lead him to become successful entrepreneur in the world.
• Also, he did a lot of hard work regarding experiments in making breakfasts healthy and tasty.

D4 Evaluation of the influences of background and experience on
entrepreneurs
POSITIVE INFLUENCES
• Experiences plays an important role in entrepreneur's life. .
• As experiences tells what to do or not, what is good or bad for business and what is right or
wrong.
• This lead entrepreneurs to take correct decisions regarding any aspects of the business.
• Thus, here experiences influence the Entrepreneur positively as he is able to take correct
measure and fast decisions.

CONCLUSION
• From the above study, it has been summarized that Entrepreneurship is an important concept
and is different from managers on the basis of characteristics, traits, personalities and skills.
• Not every manager is an entrepreneur but every entrepreneur can be a good manager due to
high management and leadership skills.
• Personalities plays an important role in entrepreneurs' success. There are various
entrepreneurs who are running new business but not all the entrepreneur are successful.
• This is happened due to different personalities which influence the motivation level and
thinking level of the individuals. For the entrepreneurship,

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