Analysis of Entrepreneurship and Small Business Management Skills

This essay explores various aspects of entrepreneurship and small business management, focusing on the skills, traits, and motivational drivers of successful entrepreneurs. It differentiates entrepreneurs from business managers, highlighting their risk-taking abilities and focus on business expansion versus managing organizational functions. The essay identifies motivational factors such as making a change in the world, finding personal meaning, and achieving personal satisfaction. It also discusses how entrepreneurial motivation and mindset influence personality, enabling entrepreneurs to identify opportunities, manage risks, and create achievable business visions. Furthermore, it outlines key entrepreneurial characteristics like understanding their offerings, risk-taking, networking, and flexibility. The study concludes that these traits and skills are crucial for success in the dynamic world of entrepreneurship. Desklib provides students with access to a wealth of resources, including past papers and solved assignments, to further support their understanding of these concepts.

Entrepreneurship and Small Business Management

Table of Contents
Introduction................................................................................................................................2
Characteristics traits and skills of successful entrepreneurs......................................................3
How entrepreneurs can be differentiated compared with the business managers......................5
Motivational drivers of the entrepreneurs..................................................................................5
How entrepreneurial motivation and mindset can reflect upon the personality of successful
entrepreneurs?............................................................................................................................6
What are entrepreneurial characteristics?..................................................................................7
Conclusion..................................................................................................................................9
Bibliography.............................................................................................................................10
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Introduction
In the assignment, different contexts of entrepreneurship will be reviewed. In order to do that,
the basic skills as well as characterises traits of the successful entrepreneurs will be
described. In addition to that, different skills and characteristics that can differentiate among
successful entrepreneurs and the successful business managers will also be evaluated.
Furthermore, different types of motivational drivers that let entrepreneurs to be successful
will also be demonstrated in the assignment. Additionally, the reason why entrepreneurial
motivation and mindset make direct impact upon their characteristics will also be explained.
Lastly, some of the basic characteristics of the entrepreneurs will also be illustrated in the
study.
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Characteristics traits and skills of successful entrepreneurs
Most of the common traits that can be observed in respect of successful entrepreneurs have
been described below:
Motivation
Most of the recent day business entrepreneurs are very much self motivated and that can be
described as the reason behind their key success rate. While having the characteristic trait, it
is possible for different individual entrepreneurs to have not at different types of negative
aspects that can make negative impact upon their personal or professional success rate.
Moreover, a level of motivation generally allows the successful entrepreneurs to become
enthusiastic regarding their designed job role.
Creativity
Entrepreneurs generally think out of the box and it has been observed that this is the specific
mindset that differentiates them compared with the other business managers. A level of
creativity is required by every successful entrepreneur in order to manage the market related
needs and expectations while securing some form of competitive advantage.
Vision
Most of the successful entrepreneurs belonging from recent context have some very clear and
adequate vision regarding the process of conducting successful business procedure and they
usually concisely articulate their overall goals, purpose and market positioning (Monitor,
2016). The trait let them to identify what is needed to be done in which time for becoming
successful.
Passion
Most of recent successful entrepreneurs are very much passionate regarding their business
process. Their passion generally let them to work for long hours for the benefit of their own
business sector. The passion as of a characteristic trait also makes them self-motivate at some
parts.
Tenacity
Entrepreneurs have the personality trait of remaining touch and effective when different
things go out of their hand and they fail certain things. This trait of successful entrepreneurs
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generally makes them to learn different things from their failure and do certain things that
cannot let the same mistake to happen repeatedly.
Confidence
Entrepreneurs generally have enough confidence to about themselves and their overall
business process. They also have adequate confidence upon their business idea as well as
over their ability of handling different business related aspects. The level of self-confidence
generally helps different type’s entrepreneurs to face aggregated business risk does not lose
their passion regarding conducting a specific job role.
Resilience
Despite of becoming successful, it is obvious that different types of entrepreneurs might face
some form of roadblocks in their overall process of conducting successful business process.
Successful and adequate entrepreneurs does not get demoralised in such situations and they
can bounce back from such step backs (Parker, 2018). They can use such step backs as a form
of growing their overall opportunity to become successful at their business procedure. The
characteristic of successful entrepreneurs let them be aware about the fact that failure is
always the pillar of having unexpected success rate.
Willing to take or even ask for help
It is obvious that most of the successful entrepreneurs needed to do different things all by
themselves. However, it has been observed that most recent day entrepreneurs do know about
their certain limitations. In order to reduce such forms of limitations, entrepreneurs do not
hesitate to take help from other when they needed that extensively. It can be described as one
of the most common traits of the successful entrepreneurs.
List of the different types of skills that has been inherited by the successful entrepreneurs of
recent times has been described below:
Curiosity
Effective entrepreneurs are tasked towards discovering some new problems while revealing
the opportunity to do some form of extensive things. The level of curiosity as a form of skills
of the successful entrepreneurs let them to get out of their comfort zone and do different
things that are essential for building up an entrepreneurial venture.
Time management
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Effective entrepreneurs as a skilled leader of a workforce has effective form of time
management related skills that help them at business planning and completing some specific
task within a stipulated timeline (Burns, 2016).
Strategic thinker
This skill can be described as one of the most common skills of the successful entrepreneur,
as while thinking strategically it is possible for recent entrepreneurs to get some knowledge
regarding what are the aspects that can bring out risks at their business conduction process
and the process of minimising such risks.
How entrepreneurs can be differentiated compared with the business managers
There are ranges of different types of characteristic traits as well as skills that differentiate
successful entrepreneurs from successful managers. Some of the major differentiating factors
among successful managers and entrepreneurs have been illustrated below:
 The main difference among successful entrepreneurs and managers is accumulated
with their standing positions inside of their respective organizations. Successful and
adequate entrepreneurs might need to bear extensive forms of risks in his/her business
process. On the other hand, managers do not need to face and bear such types of risks,
as they conduct work in exchange of a monthly pay scale.
 Most of the successful entrepreneurs focus upon starting as well as expanding their
business in order to earn some extensive amount of money in the form of revenue
generation rate (Kuratko, 2016). However, managers mainly focus upon managing the
smooth functionality of their respective organizations.
 Achievement can be represented as the key motivational drivers in respect to most of
the successful entrepreneurs. However, in respect of the recent managers, power and
organizational position can be regarded as the key motivational drivers for conducting
different forms of complex jobs.
 Entrepreneurs can sometimes be casual as well as informal in nature. However, it is
needed for different successful managers to make formal business related approaches
that suites their job role and overall functionality.
Motivational drivers of the entrepreneurs
List of different types of motivational drivers from the context of successful entrepreneurs
has been identified below:
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Making some swift change in the contemporary world
Bill Gates as a successful entrepreneur had the dream of putting computers in every normal
household and it was his motivational driver for becoming an entrepreneur. In the later stage
of his business journey, it had been observed that this particular motivational driver made him
quite successful.
Personal meaning from building a business sector
Entrepreneurs mainly focus towards making a stipulated meaning inside of the current
functioning world and they do not opted to earn extensive amount of money from marketing
and selling activities (Nambisan, 2017). The personal needs and wants to become successful
in some context can be illustrated as a perfect motivational driver for most of the successful
entrepreneur.
Personal satisfaction of doing some exact things
Steve Jobs once stated that he was opted to open a new business venture in order to offer new
kinds of products and service towards the consumer base as a mean of making the consumers
more satisfied and to provide more value upon the purchase of the consumers. It was his
personal motivation and he gets satisfied to fulfil this in a large scale. Therefore, the personal
satisfaction level of doing some extensive things can be regarded as a basic motivational
driver for common entrepreneurs in current context.
How entrepreneurial motivation and mindset can reflect upon the personality of
successful entrepreneurs?
Entrepreneurial motivation is actually the process of transforming some specific individual
towards a powerful and effective business personal. The mindset and motivation let
successful entrepreneurs to create enormous opportunity that ultimately is helpful towards
maximising economic development alongside with their personal wealth. In addition to that,
the motivation level as well the mindset of successful entrepreneurs generally let them to be
passionate regarding what they are actually doing for helping out in creating employability
(Pollman and Barry, 2016). Entrepreneurship is the process regarding the identification of
different opportunities and strengths that they can use in order to develop a new business
scenario. The motivation level and the effective mindset of different successful entrepreneurs
generally help quite extensively towards facing different types of business related risks as
well as uncertainties in an effective manner.
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Motivation plays a huge role towards identifying their personal strengths as well as
weaknesses that might make them to become powerful entrepreneurs. The motivation level
also allows different successful entrepreneurs to be flexible with their job role and some other
options, which can be regarded as a positive factor in terms of opening a new business
venture and having success from that. The self motivated entrepreneurs and their peripheral
mindset of earning money while not working for a specific organisation generally let them
creating a strong and achievable business related vision. These visions are quite helpful from
the perspective of letting the employees be known about what they exactly needed to do in
order to help the exact organisation. A level of mindset and motivation also drive passion into
the personality trait of the successful managers. Entrepreneurs need a level of passion in their
working personality, as without having passion regarding what they are doing as of their
business activity, they cannot tolerate the extensive pressure that a business owner needed to
face for thriving into the highly competitive market place.
What are entrepreneurial characteristics?
Different common characteristics that can be seen in the successful entrepreneurs have been
illustrated below:
Brief understanding regarding their offering as an entrepreneur
Generally, it has been come to know the fact that successful entrepreneurs knows exactly
what they are offering by their successful business venture and their offered products and
services can manage the different types of needs wants of their regulated market sector. They
exactly know what they need to tweak in order to bring out the effectiveness of their offered
products or services.
Risk taking characteristics
Most of the successful entrepreneurs that belong from recent time know about the importance
of handling different types of risks, as it is important to take some extensive forms of risks
from the starting of a business journey (Blundel et al., 2017). The risk taking characteristics
of successful entrepreneurs let them to calculate the effect of different types of risks and act
accordingly.
Knowing about the network
Having an extensive idea regarding the network can be considered as a very important part of
every successful entrepreneur and it can easily be considered as the important part of having
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success through opening new and innovative business ventures. Entrepreneurs have the
characteristics of knowing about the basics of different types of networking in their business
related process and procedure for having new form of learning attributes.
Flexibility
In order to be quite successful as an entrepreneur, it is essential to have flexibility as of a key
characteristic. Flexibility let different entrepreneurs to incorporate different types of changes
where the changes are necessary for keeping up a business function. Flexibility let different
entrepreneurs to become unique and it is also helpful towards coming out with some new
plans and perspectives to mitigate different forms of risks.
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Conclusion
It can be concluded from analysing the entire assignment that creativity, motivation, passion,
tenacity, vision and such others are the common traits of the successful entrepreneurs.
Additionally, it can also conclude that time management, curiosity, strategic thinking and
some others are the common forms of skills that have been inherited by most of the
successful entrepreneurs. Furthermore, the key difference among entrepreneurs with
managers is entrepreneurs can take different forms of business risks in order to expand their
business in an internal or external environment. Additionally, the willingness of making some
effective changes in the existing world acts as a great motivational driver for having success
as an entrepreneur.
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Bibliography
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Blackwell handbook of entrepreneurship, pp.5-25.
Azoulay, P., Jones, B.F., Kim, J.D. and Miranda, J., 2020. Age and high-growth
entrepreneurship. American Economic Review: Insights, 2(1), pp.65-82.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. Sage.
Bosma, N., Sanders, M. and Stam, E., 2018. Institutions, entrepreneurship, and economic
growth in Europe. Small Business Economics, 51(2), pp.483-499.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The
Blackwell handbook of entrepreneurship, pp.348-367.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship ‐strategic
management interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
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Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship Theory and Practice, 41(6), pp.1029-1055.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Pollman, E. and Barry, J.M., 2016. Regulatory entrepreneurship. S. Cal. L. Rev., 90, p.383.
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