BTEC Level 4 Entrepreneurship and Small Business Task 2

This project delves into the core aspects of entrepreneurship and small business management, focusing on the skills, traits, and characteristics of successful entrepreneurs. It examines the entrepreneurial personality through the lens of the Big Five Model, highlighting how traits like openness, conscientiousness, extraversion, agreeableness, and neuroticism influence entrepreneurial motivation and mindset. The project uses case studies of Elizabeth Gooch and Tom Mercer to illustrate how their backgrounds and experiences have shaped their entrepreneurial journeys, discussing factors that either fostered or hindered their success. It analyzes their decision-making, problem-solving skills, and ability to take calculated risks, providing a comprehensive understanding of the entrepreneurial landscape and the key elements driving business success. The conclusion summarizes the importance of these characteristics and skills in achieving entrepreneurial goals.

Entrepreneurship and small
business management
(TASK 2)

Cover Content (include 1 or 2 images in
ppt)
 Introduction
 Characteristics, traits and skills of entrepreneurs
 Entrepreneurial personality
 Background and experience in entrepreneurship
 Conclusion
 References

Introduction
Entrepreneurs are the people who uses their skills and
creativity for launching their own businesses in order to
make some money. Entrepreneurship is a key aspect for
brining new businesses in an economy. This presentation
will discuss the characteristic traits and skills of successful
entrepreneurs and assessment of the key aspects of an
entrepreneurial mind-set will be discussed in this report.
Examination of the different environments that foster or
hinder entrepreneurship will be done in this presentation.

The traits, skills and characteristic are helpful for the
entrepreneurs for introducing new and innovative ideas
through which their business can gain success and growth in
the market effectively (Dees, 2017). The two entrepreneurs
selected in this presentation is Elizabeth Gooch of EG
Solutions PLC and Tom Mercer of MOMA Foods who are
both highly successful in the market due to these skills,
traits and characteristics.
Characteristic traits and skills of entrepreneurs

Skills
 Decision making: Both of these entrepreneurs has
strong decision-making skills through which they took
the effective decisions in their working.
 Problem solving: These skills also exists in both of the
entrepreneurs through which they resolved the
problems faced by them in their struggle period.
Through these skills, they find the solution of the
problems which can impact their performance.
Continue.. (Skills, traits and characteristics of each entrepreneur are
different. You need to provide specific skills and traits of each entrepreneur)

Characteristics
Passionate: The taken entrepreneurs were passionate
regarding their goals which is beneficial in the success of
their businesses.
Risk taking: These skills are also present in both
entrepreneurs due to which they get the courage to take the
risks of starting a new business (Kelley, Singer and
Herrington, 2012).
Continue

Traits
Confident: Both of these entrepreneurs are confident in
their ideas and opinions which assisted their firm in
gaining positive results and establishing good image in
the market (Sarasvathy and Venkataraman, 2011).
Disciplined: Both of these entrepreneurs are also
disciplined and keeps their professional and personal life
separated from each other.
Continue

An entrepreneur needs to have a unique personality through
which they can maintain healthy relations with people for
gaining their loyalty and trust. They must have some
qualities and characteristic which can assist them to
maintain the relations which can be determined by using the
Big Five Model of Personality theory.
Entrepreneurial personality

Five models of BIG five model theory are :
Openness to experience: These tactics includes preference of
variety, aesthetic sensitivity, active imagination, intellectual
curiosity and attentiveness to the inner feelings.
Conscientiousness: An entrepreneur needs to be focused on the
goals and should not involve in interrupted activities.
Extraversion: Entrepreneurs needs to be energetic, assertive,
talkative and social for maintaining the proper relations with
staff (Light, 2011).
Continue (general content. You need to mention how
aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mindset)

Agreeableness: These consist of cooperative, trustworthy and
coordinate through which an entrepreneur can take suggestions
from the employees in order to develop good environment and
motivation among employees.
Neuroticism: Entrepreneurs needs to treat their workers equal so
that the employees can work with the required efficiency without
impacting their working behaviour. Through this, healthy working
environment can be developed at the workplace.
Continue

Experience and background of entrepreneurs assist them to
get more involved in their work. These experiences also
guides them towards the success. Through the background
and experience, they can handle the situations and
challenges in an effective manner. Both of the Elizabeth
Gooch and Tom Mercer are from good background with
experience which assisted them to become successful.
Background and experience in entrepreneurship

Elizabeth Gooch
Background: At the age of 18, she started working at HSBC
Bank but left it after 1 year and started working with a
consultancy. Later she started her business with £1,000 which are
borrowed from the friends and family. In initial period, the firm
was providing consultancy and training on operations
management to the financial services companies.
Continue (mention how background and experience
can hinder or foster entrepreneurship among the
selected entrepreneurs)