Nelson College: Entrepreneurship and Small Business Report (HND)

This report examines the core concepts of entrepreneurship and small business, focusing on the essential skills, characteristics, and traits that contribute to entrepreneurial success. It delves into the motivations and mindsets of entrepreneurs, exploring the impact of background and experience on their ventures. The report includes a detailed analysis of successful entrepreneurs, Elizabeth Gooch and Tom Mercer, highlighting their key attributes and how their experiences have shaped their entrepreneurial journeys. It employs the OCEAN model to assess entrepreneurial personalities, covering openness, conscientiousness, extraversion, agreeableness, and neuroticism. Furthermore, the report explores the influence of family background and personal experiences on fostering entrepreneurial spirit and driving business development. The conclusion synthesizes these findings, emphasizing the importance of these qualities for achieving business goals and overall growth. The report includes references to academic sources to support its arguments.

ENTREPRENEURSHIP AND
SMALL BUSINESS

Table of Content
 Introduction
 Characteristics, Skills and Traits of successful entrepreneurs
 Entrepreneurial personality reflect motivation and mindset
 Background and experience foster entrepreneurship
 Conclusion
 References

Introduction
Entrepreneurship describes the presenting, running and structuring another business and the
individual who maintains the business is known as business visionaries. In monetary terms,
enterprise is a procedure of gaining benefit at any expense. This PowerPoint report describes
characteristics, skills and traits which can be attained by an individual to become a successful
entrepreneur. It also summarises the background and experience of two successful entrepreneurs.

Skills and Characteristics of Successful Entrepreneurs
There are a few qualities, attributes and abilities of Elizabeth Gooch and Tom Mercer are characterized as
follows:
Characteristics
Hard work: Tom and Elizabeth both have this trademark and accomplish their work successfully in proficient
way. Due to have this trademark, they can accomplish achievement in their business by utilizing their all
endeavours and viability.
Passion: Elizabeth and Tom both have this trademark and successfully working the business exercises. It make
them diverse structure business chiefs since when there are any issues happen in the business they don't take
choice viably because of absence of tolerance.

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Skills
Innovative thinking: Tom and Elizabeth both have this ability and with the help of it they think
successfully which help in improving and developing their business. It separate them structure
business chief since supervisors are taken a shot at thoughts which are taking by the administration
and pioneers in setting of authoritative development.
Leadership skills: Elizabeth and Tom both have this aptitude and with the assistance of it they
successfully lead and epitome their employees so they can contribute in accomplishing authoritative
achievement and development.

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Traits
Confident: Tom and Elizabeth both have the characteristic of certainty which help them in working their
business adequately by taking choice in setting of hierarchical development.
Disciplined: Tom and Elizabeth both work their business exercises in sufficient way. With its assistance,
they can cause fixation on their work to successfully and achieve their business destinations in
productive way.

Entrepreneurial personality reflect motivation and mindset
To screen the character of individual and the two business visionaries, OCEAN model can be utilized
which characterized as beneath:
Openness: It describes to a character which is dynamic in nature with wide scope of interests in a few
activities and exercises. Due to have it, individuals can make focus on their work and discuss
successfully with their subordinates and different representatives inside the firm.
Conscientiousness: The individual who have this characteristic are objective arranged and have degree
astuteness with respect to their work. In current period, there are different changes are happened in
business. So with this sort of character, individuals can take successful choice as per change.

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Extraversion: Entrepreneurs who have this sort of character are genuinely costly and likes to avow their
thoughts on others. With the assistance of this character quality individual attempt to play out their
activities and exercises in proper manner.
Agreeableness: The principle attributes of this character quality are warm, kind and compassion. Due to
have this quality, individuals can without much of a stretch comprehend the thoughts and
perspectives on their representatives and employees.
Neuroticism: It is likewise a successful character quality of individuals. Due to having these character
qualities, they generally observe the good side of things and feel urged to them with the goal that
they can work for the authoritative development.

Background and experience foster entrepreneurship
Family background:
Elizabeth Gooch has a place with a family whose financial circumstance isn't a lot of good. Her dad
possessed an independent venture so Elizabeth is additionally following the impressions of her dad.
Gooch finished her investigation and start her profession as business visionaries. Due to having
awful family condition, she endures different issues and face a few encounters which encourage her
to manage them and make improvement in their family circumstance by buckling down. It helps in
changing over their fantasies in all actuality.

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Tom Mercer has a place with a string family so he didn't confront issues and issues throughout his life in
regards to study and others. He has enthusiasm for business so he needs to work his own business and
build up an organization MOMA Foods. He has a fantasy to be a fruitful business person who
cultivates him to change over their fantasy and thoughts in to a business.

Conclusion
From the above information it is concluded that in order to achieve their goals, the few abilities,
attributes and qualities are additionally essential for business visionaries in light of the fact that
with the assistance of them they can properly running and working their business in setting of
accomplishment and development of it.

References
Loarne-Lemaire, S.L., Maalaoui, A. and Dana, L.P., 2017. Social entrepreneurship, age and gender: toward a
model of social involvement in entrepreneurship. International Journal of Entrepreneurship and Small
Business. 31(3). pp.363-381.
Ratten, V., 2016. Female entrepreneurship and the role of customer knowledge development, innovation
outcome expectations and culture on intentions to start informal business ventures. International Journal
of Entrepreneurship and Small Business. 27(2-3). pp.262-272.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and innovation in small
business: an empirical study. International Entrepreneurship and Management Journal. 12(4). pp.1053-
1077.