Exploring Entrepreneurship & Small Business Management Strategies

This presentation provides an overview of entrepreneurship and small business management, highlighting the importance of entrepreneurial skills and knowledge for success. It discusses how prior experiences can either hinder or foster entrepreneurial endeavors, using the examples of Richard Branson and Philip Green to illustrate different paths to success. The presentation emphasizes the need for entrepreneurs to understand their strengths and weaknesses to effectively compete in the market and achieve their objectives. It also touches upon the differences between entrepreneurs and managers and uses the OCEAN model to help entrepreneurs understand their skills and traits. The presentation concludes by underscoring the significance of continuous learning and adaptation for entrepreneurs to thrive in a dynamic business environment. Desklib offers a variety of study tools, including past papers and solved assignments, to aid students in mastering these concepts.

ENTREPRENUEUR
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENT
 INTRODUCTION
 BACKGROUND AND EXPERIENCE CAN HINDER OR FOSTER
ENTREPRENEURSHIP
 CONCLUSION
 REFERENCES

INTRODUCTION
 Every person has desire to have their own business and people who have the innovative business
ideas and convert them into high profits economic activity according to market trends are known as
entrepreneurs. They have the ability to take risk in order to increase their profitability and business
growth buy satisfying needs and wants of its customers effectively.
 Entrepreneurship is very essential for small business enterprises as it helps to increase thee efficiency
by analyzing all the internal and external environment factors to determine strengths and weaknesses
of business to compete in market effectively and achieve core competency.
 To be more effective in making decision entrepreneurs also need to have potential skills and
knowledge to determine all the factors which is available in the market. In this report there is a brief
explanation about entrepreneurs and small businesses.

BACKGROUND AND EXPERIENCE CAN HINDER OR
FOSTER ENTREPRENEURSHIP
 Richard Branson is one of the most popular businessmen of United
Kingdom and he has established the biggest brand which is Virgin
Group.
 Richard was the eldest person in the family and had a lot of
responsibilities on himself.
 That kind of responsibility on his made him behave professional and
perform in all the activities with responsibility and care.
 Richard belonged from an educated family and his grandfather being the
judge he learnt from him how to deal with the legal matter.

CONTINUE…
 He always had his parents to support and encourage him to do his
best in whatever he does. This is the biggest reason why he never
stopped trying to become a famous person and a good businessman
because he had support which he needed.
 His first job which was selling Christmas tree was a fail but he learnt
a lot from this mistake. After this failure he started a record shop
which was supported by his entire family financially but again it did
not turn out to be a success.
 All these learning made him a successful person because he had
experienced which he had gained from it all.

CONTINUE…
 The top entrepreneur of United Kingdom is Philip Green
who has established high profit earning firm Arcadia group.
He belonged from a financially sounded family and his
father was a property dealer therefore he never had any
problems regarding funds for the businesses he started. At a
very small age he had to overtake his family business
which is why he learnt a lot very quickly and at a young
age which is why he is a successful entrepreneur now.

CONTINUE…
 He has worked as a chairperson in Amber day but that
company was facing a huge loss and therefore he resigned
from his post. There was a learning which he received from
this company which was why there is a loss the company face
which is added him to start his own business and become so
successful. This is the reason why Philip Green is such a
successful person in the area of business.

CONCLUSION
 This presentation concludes that there are different types of entrepreneurs which are
suitable for some ventures. It is very essential for them to understand their skills and
traits to increase their potential to achieve their objectives effectively.
 Presentation also discussed the importance of skills and traits which made
entrepreneurs successful and how it differs from managers. With the help of OCEAN
model it helped entrepreneur to understand their skills and traits to become more
success.

REFERENCES
 Biraglia, A. and Kadile, V., 2017. The role of entrepreneurial passion and creativity in developing
entrepreneurial intentions: Insights from American homebrewers. Journal of Small Business
Management. 55(1). pp.170-188.
 Ribeiro-Soriano, D., 2017. Small business and entrepreneurship: their role in economic and social
development.
 Kurpayanidi, K.I., 2018. Questions of classification of institutional conditions, determining the
structure of business management in Uzbekistan. ISJ Theoretical & Applied Science. 9(65). pp.1-8.
 Trehan, K., Higgins, D. and Jones, O., 2018. Engaged scholarship: Questioning relevance and
impact in contemporary entrepreneurship/small and medium-sized enterprise
research. International Small Business Journal. 36(4). pp.363-367.
 Shabbir, M.S., Ghazi, M.S. and Mehmood, A.R., 2017. Impact of social media applications on
small business entrepreneurs. Manag Econ Res J, 2(2016), p.605.
 Woodfield, P., Woods, C. and Shepherd, D., 2017. Sustainable entrepreneurship: another avenue
for family business scholarship?. Journal of Family Business Management.