Entrepreneurship and Small Business Management Report - Skills

This report provides a comprehensive overview of entrepreneurship and small business management, analyzing various aspects of entrepreneurial ventures. It begins with an introduction to entrepreneurship, defining its core principles and the role of innovation. The report then delves into the characteristics, traits, and skills of successful entrepreneurs, using Bill Gates and Alan Sugar as examples. It differentiates between entrepreneurial qualities and those of business managers. The report further examines entrepreneurial personality, focusing on the 'Big Five' personality traits and their influence on business success. It then explores how background and experience, both positively and negatively, shape an entrepreneur's journey, again referencing Bill Gates and Alan Sugar. The report concludes by highlighting the significance of small businesses in national economic development and summarizes key findings from the analysis. The report includes references to support the analysis.

Entrepreneurship
And Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Covered in booklet ...............................................................................................................1
TASK 3............................................................................................................................................1
P5 Characteristics, traits and skills of successful entrepreneur..............................................1
P6 Entrepreneurial personality reflect on their motivation and mindset................................3
TASK 4............................................................................................................................................3
P7 Background and experience can foster entrepreneurship..................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Entrepreneurship has been defined as an activity who is started their new business with
innovative ideas and implement in effective manner. Through innovation entrepreneur generate
more profit and use their skills and knowledge to implement their business (Chrisman and et. al.,
2012). All business functions has been depended on the market which motivate to an
entrepreneur to enter into industry with proper plan and strategies. Therefore, an entrepreneur
gain support from government regarding to their business and create job opportunities so as a
result they contributes to build up strong economy of nation. In the report consist of various
types of entrepreneurial venture and its typology. There are defined similarities and differences
as well as interpret data of micro and small business. It further define about the growth of social
economy and skills of successful entrepreneur as well as it reflects on entrepreneurial motivation
and mindset. Apart from the report analysis of background and experience of entrepreneur that
will affect to positive and negative manner.
TASK 1
Covered in booklet
TASK 3
P5 Characteristics, traits and skills of successful entrepreneur
There are taken two entrepreneur who is Bill gates and Alan sugar and there are defined
their skills, traits and characteristics -
Skill Decision Making – There are recognised that both entrepreneurs have good decision
making skills which is reason of their success. Through decision making process they get
success and help to become different from others.
 Problem Solving – William Chase and Mark Zuckerberg easily search solution of their
problems which can help to face different types of issues. The particular skill different
from other skill because other entrepreneur can not easily handle their problems.
Traits
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 Confident – Both the entrepreneurs are confident regarding to their work so as a result
they can establish good image in the market. The trait differentiate them from others as
they are confident.
 Disciplined – Mark Zuckerberg and William Chase are highly disciplined regarding to
their work. They have effective quality which is they keep personal and professional life
separate (George and Bock, 2011) (.
Characteristics Passionate – It is very important to be passionate regarding to their goals and achieve in
specific period of time. So it can help to establish a successful business. Risk Taking – as new idea or products have been launched n market so consider as risk
taking. Mark Zuckerberg and William Chase have capability to take risk to expand their
business into market.
Differentiation of characteristics of successful entrepreneurs with business manager:
Characteristics/skills Entrepreneur Business managers
Strategic vision An entrepreneur have clear
vision regarding to their
business and set specific goals
and objectives. They are
carrying out new products and
services to compete with exists
rival p[products.
Manager is follower who can
frame their vision on top
priority. They take
responsibility to complete task
and for this prepare effective
plans and strategies through
manage resources in
predetermined period.
Communication An entrepreneur have good
communication skills which
can help to reach its new and
developed target customers.
William Chase have talent to
good communication which
can impact on their supplier,
creditors as well as customers.
It is consider as effective
communication skill which can
provide facility to
communicate with their staff
regarding to vision, mission.
As a result carry out
motivation and allotted their
roles and responsibilities as per
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their skill.
P6 Entrepreneurial personality reflect on their motivation and mindset
Every entrepreneur have their own personality which can guide to develop health relation
with interested people. For this an entrepreneur required to have suitable characteristics and
qualities in reference to establish new business to get more successful. To support them the is
need to determining skills and traits as well as consider on big five model of personality theory.
Openness to experience: Such tactics include of six facts like variety, aesthetic
sensitivity, imagination, intellectual curiosity and attentiveness to the inner feeling. It further, an
entrepreneur must be open minded who can allow to itself as well as its staff to learn new things
and take challenges to gain competitive benefits Goss, 2015) .
Conscientiousness: An entrepreneur must focus on the goals as well as objectives which
prohibit them to not provide in reference to any interrupted activities. They can continue to make
efforts to achieve their target in specific time period.
Extraversion: As per the theory an entrepreneur must be energetic, talkative, assertive
and social to arrange and control relation with their staff and other interested parties. It can help
to increase goodwill of company in their competitive market.
Agreeableness: There are consisting of cooperative, trustworthy and coordinate which an
entrepreneur must process. It can help to create atmosphere at work place so it will motivate to
among employees in reference to get success in market.
Neuroticism: It is very important for an entrepreneur because it can help to treat staff
more effectively and calmly. According to this entrepreneur have feeling like anger, anxiety and
other stressor.
TASK 4
P7 Background and experience can foster entrepreneurship
Experience and background can help an entrepreneur to to do effective work and become
way of success. In critical condition face many problems and lean to tackle them. If they have
good background and having excellent experience than it will help to gain suitable way to deal
with challenges and typical issues. There are selected two entrepreneurs Bill Gates and Alan
Sugar in order to good experience which can help to become good entrepreneur. There are
defined background and experience of them -
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Bill Gates
Background – Bill gates will grew up in upper middle class family with his older sister.
At the age of 11 & 12 their parents concern about their nature because he was doing well but
never talk to each other. So they concern about them regarding to his loneliness. He blossomed
in nearly all his subject and excelling in maths and science but also doing very well in drama and
English. Gates dropping out of their college because he can pass with reasonable grade.
Experience – In the age of 15 bill gates and Paul Allen done business together and
monitor to traffic patterns to settle (Karlan and Valdivia, 2011). He made small company in
Albuquerque.
Alan Sugar
Background – He was born as the youngest of four children to Jewish parents Nathan
and Fay. His father worked as tailor and their financial condition was not good. The business
skills of him were evident from a young age. In the age of 16 started a small business to sold out
cars aerials and electronics.
Experience – In the age of 21 he started their own business of import export and
wholesale and kept name of their company AMS (Amstrad) Limited. In 1980 the company has
been listed into London stock exchange and doubled its growth. In 1993 he manufacture of
Amstrad Mega PC, a system priced very high and it was not getting successful.
Experience and background of both entrepreneur helped them to take suitable decision as
per the situation and they start their own business. Bill gates can face many problems in their life
and learnt several things. Alan sugar has been faced several challenges in their life and as he can
built their bicycle in old frame because their family can not afford money to buy new bicycle..
But after all issues he can fight with all type problems and start up their own business.
Impact of Background and experience on entrepreneur both positively and negatively
 Positive Impact – Both the entrepreneur have seen worst problems in their life which can
motivate them to big so as to prevent such situation in future. From the past experience
learnt many things and it will help to get success and growth in future life. The
background and experience work as success key and help them to achieve their goals and
objectives.
 Negative Impact - Both these entrepreneur comes from middle family so it will affect to
their education life. So as a result they can face many struggles which restricts them to
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get growth in early age (Kelley, Singer and Herrington, 2012). To belongs from poor
family so they can not achieve easily success so they have to do much more struggle.
CONCLUSION
As per the above report it has been concluded that small business organisation to play
significant role to develop national economy. It can show impact in various fields and there are
exists several entrepreneurial ventures which is exists into market to attain their objectives. There
specific skills and characteristics can work in decision making process and there are taken two
entrepreneur mark Zuckerberg and William phase.
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REFERENCES
Books and Journals
Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐
economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-293.
Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Djankov, S., and et. al., 2010. The effect of corporate taxes on investment and entrepreneurship.
American Economic Journal: Macroeconomics. 2(3). pp.31-64.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
microfinance clients and institutions. Review of Economics and statistics. 93(2). pp.510-
527.
Kelley, D. J., Singer, S. and Herrington, M., 2012. Global entrepreneurship monitor 2011 global
report. Global Entrepreneurship Research Association, London Business School.
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