Entrepreneurship & Small Business Management: Mindset Exploration

This report delves into the crucial aspects of an entrepreneurial mindset within the context of entrepreneurship and small business management, using ASDA as a case example. It examines the situational factors, traits, and personal experiences that either foster or hinder entrepreneurial endeavors. The report features examples of entrepreneurs such as J.K. Rowling, Elon Musk and Bill Drayton, comparing and contrasting their journeys to success, highlighting the significance of risk-taking, communication, leadership, and time management. Ultimately, the report concludes that an entrepreneurial mindset is a key determinant of success in business, drawing from the experiences of the discussed entrepreneurs to illustrate how they achieved their goals.

Entrepreneurship and
Small Business
Management

TABLE OF CONTENTS
 INTRODUCTION
 ENTREPRENEUR EXAMPLES
 SITUATIONAL FACTORS
 ENTREPRENEURIAL TRAITS AND CHARACTERISTICS
 PERSONAL BACKGROUND AND EXPERIENCE HINDERING OR
FOSTERING ENTREPRENEURSHIP
 COMPARISON AND CONTRASTING DIFFERNET ENTREPRENEURS
 CONCLUSION
 REFERENCES

INTRODUCTION
 Entrepreneurial mind set has a specific set of thoughts, knowledge and also
beliefs process which drives an individual towards their entrepreneur
behaviors.
 In this project the chosen organization is ASDA which is based in UK as a
supermarket retailer.
 This project will provide the determination of assessing the key aspects of
an entrepreneurial mindset.
 Examination of the different environments which can foster and hinder the
entrepreneurship.

ENTREPRENEURS EXAMPLE
LOCAL ENTRENUER
 JK Rowling who is a writer of multiple books is a very good example of an
entrepreneur.
 The greatest success of this entrepreneur is publishing of Harry Potter
which has been a world-famous book.
 Rowling has been able to establish a young publishing company which
publishes books from different authors.
 The reason due to which Rowling has been considered as an entrepreneur
because of the global success which help the business in sustaining
popularity of the original books series “Harry Potter”.

CONTINUE..
GLOBAL ENTREPRENEUR :
 Elon Musk one of the most successful entrepreneur of the work who has been
gained success with its companies of like Tesla and Space X.
 Musk is the CEO of the above organizations.
 Musk has been recognized as one of the richest man in the world which
shows the incredible determination of this entrepreneur.
 The reason Musk is one of the best entrepreneurs in the world is because of
the grasp Musk has in the field of technology.
 Musk is the person behind the revolutionized of the space travel, online
payments and also the concept of electric cars.

SITUATIONAL FACTORS
Factors JK Rowling Elon Musk Bill Drayton
Access to market She is one of the most recognized
entrepreneur was known as Rabbit.
However, she was able to get
recognition in the market with the
help of harry potter.
Elon Musk who has been the
richest man in the world started
his first business called Zip2
Corporation with his brother.
After pursuing a job at McKinsey his
first entrance in the market was with
the launch of emission trading.
Success factor The reasons due to which the JK
Rowling has been so successful in
UK was due to the stunningly
convincing books written by her
which was able to convince the
readers.
The main reason he was able to
get success was due to its
company Zip2, X.com and
eventually PayPal which was able
to change the experiences of the
world towards online payments.
By founding and managing the Ashoka
was the main reason Drayton got
success and as a result of the success
he was able to win MacArthur
Foundation ”genius” fellowship.
Access to
funding
Prior to being published JK Rowling
had to struggle a lot and this was also
had a bad influence on her financially
as she was a mother to 8year old
daughter.
Elon before becoming successful
was able to earn $500 with the
help of a video game created by
him.
Financial position of Bill Drayton was
mediocre before becoming successful.

ENTREPRENEURIAL TRAITS AND
CHARACTERISTICS
 There are different characteristics, traits and skills which are very important
for an entrepreneur for enhancing the growth.
 For the establishment of the business for the setting up of a different
procedure which are directly completed with single-handed selection of
lack of capital at first.
 Following are the personal characteristics which an entrepreneur has,
Risks :
 It is considered that taking risks is very essential and important component
of the organization entrepreneur.

CONTINUE..
 Certain personal skills of an entrepreneur are,
 Communication between the important stakeholders of the business which
is towards the management for the organizational performance can be very
helpful towards the effectiveness of collaboration and teamwork.
 Leadership skills are also very important for the entrepreneurs as it provides
them the scope and opportunity for the management of the employees.
 Time management skill is also very important for the entrepreneur as it will
help them to be successful in the management of their operations.
 Negotiation skills of the individuals is very helpful for the entrepreneurs as
it helps them in the management of the organizational performance.

PERSONAL BACKGROUND AND
EXPERIENCE HINDERING OR
FOSTERING ENTREPRENEURSHIP
 The personal experiences which the entrepreneurs have in their pasts have
great potential in either fostering or fostering the business of
entrepreneurship.
 This happens a lot because the experiences which the great entrepreneurs
have had in their past have had a success.
 The success in the business can have only by enhancing the motivation and
risk-taking ability which can foster the entrepreneurship.
 The financial data background of the entrepreneurs is not always strong the
but this is the reason why they tent to take great risks which helps the
business in the development of their future.

COMPARISON AND CONTRASTING
DIFFERNET ENTREPRENEURS
 There are major differences due to which these entrepreneurs have been
successful.
 J K Rowling which was successful because of the talent Rowling had with
writing amazing books because successful due to the immense talent which
also involved creativity and struggle towards achieving success.
 On the other hand Elon Musk who is so successful in the world due to
quality of risk-taking.
 Musk was also very skilled and had a lot of experience and creativity which
he used for innovation in the performance of the organization.

CONCLUSION
 With the help of this project it can be concluded that the entrepreneurial
mind set is the key to the success of many business and successful business
entrepreneurs.
 In this project the three different entrepreneurs are discussed.
 This project has explained the ways in which these entrepreneurs have
gained success.
 This project talks about the experiences of the entrepreneurs which hinders
or fosters the success of their business.

REFERENCES
 Dhahri, S. and Omri, A., 2018. Entrepreneurship contribution to the three
pillars of sustainable development: What does the evidence really say?.
World Development. 106. pp.64-77.
 Kraus, S., Breier, M. and Dasí-Rodríguez, S., 2020. The art of crafting a
systematic literature review in entrepreneurship research. International
Entrepreneurship and Management Journal. 16(3). pp.1023-1042.
 Ratten, V. and Usmanij, P., 2021. Entrepreneurship education: Time for a
change in research direction?. The International Journal of Management
Education. 19(1). p.100367.