ENTREPRENEURSHIP AND SMALL BUSINESS: A Report on Key Aspects

This report provides a comprehensive overview of entrepreneurship and small businesses, focusing on the characteristics, skills, and traits of successful entrepreneurs. It explores the entrepreneurial personality, highlighting motivation and mindset, and examines how background and experience foster entrepreneurship. The report analyzes the strategies, flexibility and passion of entrepreneurs, using Mark Zuckerberg and Bill Gates as examples. It also delves into the importance of determination and risk-taking in the business world. The report includes an introduction, detailed analysis, and conclusion with references. The report provides valuable insights into the world of entrepreneurship.

ENTREPRENEURSHIP AND
SMALL BUSINESS

Table of Content
 Introduction
 Characteristics, Skills and Traits of successful entrepreneurs
 Entrepreneurial personality reflect motivation and mindset
 Background and experience foster entrepreneurship
 Conclusion
 References

Introduction
An Entrepreneur is a person who establish and start their organisation with motive of earning profits and
also entrepreneur perform the role of moderniser who come up with new thoughts, innovation, creativity
and business idea. Entrepreneur is an individual who is capable to take risk for introducing a new
business or organisation in an intense competitive market. There are specifically four type of enterprise
that include small, large, scable and social exists which is introduced or launched by an entrepreneur.
Small business perform an important role in the economic growth of an organisation.

Skills and Characteristics of Successful Entrepreneurs
With understand of all successful entrepreneur characteristic, skills and traits this is easy for an individual
to learn and adopt essential factor to perform their roles in an organised manner. Long and short term
characteristic provide different advantages to organisation and it aids an entrepreneur to perform
business in an organised manner. Mark Zuckerberg and Bill gates encourage are two entrepreneur which
is selected to analyse market.

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Characteristic
High Determination- This is important for an individual to complete their work with high potential
because it aids them to complete all task in an organised and successful manner. Bill Gates and Mark
Zuckerberg are focused and include high determination to perform their work through minimising all
challenges related with business.
To take calculate risk- It is one of the unique skill that is implemented by an entrepreneur for achieving
high success. Each individual as well as organisation face risk to perform their work but in context of
entrepreneur and their start-up. They are focused for calculating risk with analyse of exisitng and past
situations. So it aids them to predict situation that support to make appropriate decisions in future.

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Traits
Passion- This simply define about the
entrepreneurs that they must perform work
according to analyse of positive environment.
It also define about all formulation of task that
helps in complete of work through generating
appropriate results to gain high success. It also
aids to manage all task that demonstrate their
skills and capabilities for managing work in
proper manner.

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Skills:
Formulation of strategy- The strategy is explained as an effective plan of action that is followed by an
entrepreneur for achieving their goals and objectives. Both selected entrepreneur generate and
implement effective strategy that aids them to manage all project in an organised manner.
Flexibility- It define an entrepreneur must have ability to perform and manage their business according
to current trends. This also aids both entrepreneur to complete their task with analyse of existing
market conditions. It ensure more number of customers are retain through adoption of task as per
current scenario.

Entrepreneurial personality reflect motivation and mindset
For accomplish high success this is important for an entrepreneur to manage and complete their work with
high motivation and appropriate mindset. In the present scenario, their are specifically two entrepreneurs
Mark Zuckerberg and Bill Gates is selected. Further, most important factor such as motivation,
management, mindset and risk ability is enhanced that aids individuals to become an entrepreneur and
also it aids to perform all work in an organised manner. Like, through generating positive mindset
entrepreneur enhance and boost morale of engaged workforce to perform their work in an organised
manner. This also define that alls task is completed with more efficiency so it helps to gain positive
results.

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Passion is one of the most important trait of an
entrepreneur and this aids persons to perform
their task with more efficiency. Further, the
surrounding of a person perform an important
role to boost their morale for completing all
task in an organised manner. It also aids
entrepreneurs and their organisation to
accomplish different advantage through
performing their task in an appropriate manner
specifically to achieve long term goals in
market.

Background and experience foster entrepreneurship
Background of Mark Zuckerberg- Mark Elliot
Zuckerberg was born on May 14, 1984 and in
the present scenario, this is recognised as
American entrepreneur. Mark Zuckerberg was
born in New York. Schooling of Mark was
completed from Ardsley High School and after
he take admission in a private school where
Mark demonstrate his academic skills and won
various prize related with study.

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Background of Bill Gates- William Henry Gates was born on October 28, 1955 and he also a well-known
American entrepreneur. He was born in the Seattle, US and his father was the prominent lawyer and his
mother served as a board of director for interstate Bancsystem and United state of America. In the
Lakeside prep school, Bill Gates write first software program so it demonstrate that Bill Gates was
interested in the software system from his childhood.

References
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.
Wang, X., Jessup, L.M. and Clay, P.F., 2015. Measurement model in entrepreneurship and small business
research: a ten year review. International Entrepreneurship and Management Journal, 11(1), pp.183-212.
Sozuer, A., Altuntas, G. and Semercioz, F., 2017. International entrepreneurship of small firms and their
export market performance. European Journal of International Management, 11(3), pp.365-382.

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