Unit 9: Entrepreneurship & Small Business Management Report-UKCBC

This report provides an overview of entrepreneurship and small business management, focusing on entrepreneurial skills with the example of J.K. Rowling, common personality traits among entrepreneurs, and the influence of background and experiences on entrepreneurship. It examines various types of entrepreneurial ventures, highlighting similarities and differences between them, and discusses the impact of SMEs on the UK economy and social economy. The report also emphasizes the importance of factors like education, financial status, and demographic status in fostering or hindering entrepreneurial success. The report concludes that the background of the entrepreneur plays a crucial role in influencing the entrepreneur personality and success. Desklib provides a platform for students to access similar solved assignments and study resources.

ENTREPRENEUR AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION
MAIN BODY
P5 Explain the essential skills of the entrepreneur with the example of the successful
entrepreneur
P6 Explain aspect of the entrepreneur personality which is find in common with all the
entrepreneur
P7 Explain the affect of background and experiences on the entrepreneurship
CONCLUSION
REFERENCES

INTRODUCTION
 SMEs or the small sector enterprises are the enterprises which are having less than 100
employees in the organization and also the paid up capital of the SMEs is very less.
 Entrepreneur is the individual who commence or initiate to establish the business. This
report highlights the different type of the entrepreneur venture.
 Further this report explains the similarity and difference between different entrepreneur
venture.
 Further this report explains the impact of the SMEs on the economy of the UK and
also the impact on the social economy of the UK.

Explain the essential skills of the entrepreneur with the example of the successful
entrepreneur
 J. K. Rowling the writer of the Harry Potter a series of the fantasy novel and one of the most
successful series of tat time. J. K. Rowling has shown the variety of the trait that is required in
the successful entrepreneur, some traits are as follows:
 Innovation: It is the most important trait which is required by the successful entrepreneur as the
Innovation helps them in bringing something new in the market which is required by the
consumer in the market. J. K. Rowling has shown the Innovation trait as at the time when Harry
Potter was published in the market it was the first fantasy novel and as the reason it sees the
good attention from the customer.
 Patience: It is the another trait which is required in the successful entrepreneur as in the reality
everything does not come very easily the entrepreneur has to regularly makes the effort that one
day entrepreneur will able to achieve the goal. J. K. Rowling has also shown the same trait in
her as the book which was written by her was not able to attract or develop the interest of any
publisher toward it but J. K. Rowling was patient enough toward the book which has helped her
to get a publisher finally.

CONTINUE
 Risk Bearer: It is the trait which is required in the entrepreneur as entrepreneur always
comes with the new idea to start the business which eventually means that the other
side of the new idea is the risk and the entrepreneur required to have a knowledge about
how to manage the risk. J. K. Rowling has also managed the risk at the starting stage of
his project as it was a totally new short of the writing which was not having any trend
in the market at that time.
 Other than that the entrepreneur also require the other trait also such as Time
management which looks at improving the efficiency of the entrepreneur by reducing
the wastage of the time in the project. Good communicator is the another trait which
will help them in passing on their point of view very easily.

Explain aspect of the entrepreneur personality which is find in common with all
the entrepreneur
 There are some common traits which are found in almost all the entrepreneur as
without it is difficult to classify them as an entrepreneur.
 Innovation: It is the trait which is shared by all the entrepreneur as it is the first step on
the basis of that all the entrepreneur used to commence the entrepreneur process, as all
the entrepreneur requires the innovative idea to build on the project which will
represent the entrepreneur in the market.
 Openness trait: It is the personal trait of the business which is find in all the
entrepreneur which defines that how open-minded is the entrepreneur is as there will be
many people who will be having other thought then the entrepreneur but the
entrepreneur need to focus on thought of own.
 Risk Bearing: It is the another skill which is seen in the almost all the entrepreneur as if
the entrepreneur is bringing something new in the market than the entrepreneur need to
have a skill like risk bearing to face the different challenges.

CONTINUE
 Agreeableness Trait: It is the trait which is seen in all the entrepreneur as this is the
skill which shows the level of the optimum thinking in the entrepreneur and the power
to be along with other which helps the entrepreneur in understanding the product very
easily.
 Conscientiousness Trait: It is also the trait which is find in the entrepreneur which says
that the entrepreneur should be having the good thoughtfulness and have the plan for
the future as already explained that the key activity of the entrepreneurship process is
assumption regarding the future.
 Background of the entrepreneur also plays a very crucial role in shaping the personality
of the entrepreneur as background shows the nature or culture in which the
entrepreneur has grown up and also the experience which is possessed by the
entrepreneur and hence the individual always learnt from the past happening it also
helps the entrepreneur to develop the good personality which can help them in their
future challenges which will be faced by them during the business activity.

Explain the affect of background and experiences on the entrepreneurship
 There are some factors which has been looked over as an essential for the entrepreneur
to grow in the market such as patience, communicator, Innovator and risk bearer but
these are not the only thing which foster or hinder the entrepreneurship, there are many
other factors also which is related with in the reality, some of this factor are as follows:
 Education: This is the one of the important factor or basis in all the individual life as
education is the thing which helps the entrepreneur in learning the basic of the
entrepreneurship process and it also makes the entrepreneur ready for the future
happening as education helps them in learning what are the strategy which are used by
the leader in past to tackle the different situation which helps them in defending the
future difficulty.

CONTINUE
 Financial Status: It is the another factor which has a great effect the entrepreneur
success as the good financial position helps the entrepreneur to stick with the business
for the longer period of the time irrespective of the profit but the bad financial position
force the entrepreneur to shut down the enterprise as it has always been said that
business take the more than usual time to deliver the result.
 Demographic Status: It also plays a very big role in influencing the entrepreneur
success as it helps the entrepreneur in knowing the difficulty or the opportunity present
in the entrepreneur demographic area, so that the entrepreneur can build over it to get a
competitive advantage.

CONCLUSION
 After going through above report it has been summarized that there are many types of
the entrepreneur venture and all are having the different way to operate and there are
many similarities and difference in between them. It has been also summarize that the
UK economy has seen the good amount of the impact from the SMEs side in the
positive way. In the end it was summarized that the Background of the entrepreneur
play a crucial role in influencing the entrepreneur personality and success.

REFERENCES
 Albort-Morant, G. and Ribeiro-Soriano, D., 2016. A bibliometric analysis of
international impact of business incubators. Journal of Business Research.
69(5). pp.1775-1779.
 Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship.
Routledge.
 Bradley, S.W. and Klein, P., 2016. Institutions, economic freedom, and
entrepreneurship: The contribution of management scholarship. Academy of
Management Perspectives. 30(3). pp.211-221.
 Doern, R., 2016. Entrepreneurship and crisis management: The experiences of
small businesses during the London 2011 riots. International Small Business
Journal.34(3).pp.276-302.