Entrepreneurship: Skills, Traits, and Business Impact Report

This report provides an overview of entrepreneurship and small business management, examining their impacts on the economy. It delves into the characteristics, traits, and skills of successful entrepreneurs, using Alan Sugar and Tommy Williams as case studies. The report assesses the influence of background and experience on business activities and entrepreneurial ventures. Furthermore, it analyzes the importance of small businesses and startups in fostering social and economic growth, supported by relevant data and statistics. The report also explores the OCEAN model to evaluate entrepreneurial personalities, mindsets, and their impact on motivation, providing a comprehensive understanding of the entrepreneurial landscape.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1&P2 are Covered in PPT....................................................................................................3
TASK 2............................................................................................................................................3
P3 Assessing the impacts of small and macro business over the economy using data and
statistics..................................................................................................................................3
P4 Importance small business and start-up's possesses on the social growth of economy....4
TASK 3............................................................................................................................................5
P5 Determining characteristics, traits and skills of entrepreneurs.........................................5
P6 Evaluation of different aspect of entrepreneurial personality and their influence of
motivation and mind-set of entrepreneurs..............................................................................8
TASK 4............................................................................................................................................9
P7 Examination of how background and experience can hinder or foster the business activities
and entrepreneurship..............................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to a business practice where an individual undertakes an activity of
setting up a business with handling all the related operations and risk associated with earning of
profits. An entrepreneur is a person or individual who on their own developed a business and
where all the risks associated with it and take all the responsibilities. The report is constructed
for providing inappropriate understanding of different entrepreneurial Ventures and their
dependency on different typology of entrepreneurship. Moreover differences and similarities are
also highlighted amongst different entrepreneurial Ventures. Along with it their importance and
impact over the economy is also evaluated with the help of appropriate data and statistics. The
second part of the report is developed on two successful entrepreneurs (Kyrö 2018). In this part
their skills, traits and characteristics are highlighted and OCEAN model is used for evaluating
different aspects of entrepreneurial personalities and mind-sets of entrepreneurs. At the end the
impact of background and lifestyle of an entrepreneur on their entrepreneurship.
TASK 1
P1&P2 are Covered in PPT.
TASK 2
P3 Assessing the impacts of small and macro business over the economy using data and
statistics.
The macro and small businesses are considered as a backbone of a economy and these are those
enterprises on which economy is dependable and its per capita income is dependent. Currently
the marketplace and the situations of businesses is unpredictable and dynamic which changes the
Dynamics of economy as well (Jones and Sakong, 2020).
 Micro Businesses are those which is very tiny and involves a small amount of
investment and not more than 10 employees.
 Small Businesses are those enterprises which are involving very little resources
including financial resources as well and where 10 to 50 employees are associated with it.
The turnover of a small business is not more than £5 million.
 Medium Businesses are those enterprises which are holding employee base of around 50
to 250 and the turnover of such businesses is of £22 million.

 Large Businesses are enterprises operated on very large level even on international and
national basis where enjoy base is very large.
The above graph interpret the impact of small medium and large businesses for entrepreneurial
ventures on the economy on the basis of employment level and turnover. The graph clearly
shows that the small businesses are the backbone of the economy where almost 99% of
enterprises belongs to the smaller size. the maximum employment is also created by small
enterprises along with that turnover level is then medium-sized enterprises but less than large
sized enterprises that is because of their size and scope and they are also internationally
recognised.
P4 Importance small business and start-up's possesses on the social growth of economy.
Start-up's are known as young forms established by one or more entrepreneurs with similar
objectives that is to develop a unique offering and introduce it in the targeted audience market
with the initial motive of surviving in the market and foreseeable motive is to earn enough profits
to run the business (Frederick, H and et. al., 2018). Start-ups are considered as macro business
enterprise or as a small business enterprise. As discussed about that small and micro size
organisations have a great impact on an economy and therefore it is known as the backbone of it.

The start-ups are also comes under the head of small and micro size businesses playing a very
important and essential role on the social growth of a economy. Few importance of a start-ups
business which day have over ocean and economic growth are elaborated below:
 Increase employment opportunities is the first and the foremost importance and impact
a start-up business have over economy and its social growth. As discussed and identified
from the graph that small businesses acquires almost 99% of the market and therefore the
employment opportunities are maximum provided by this segment of the business world
for both skilled and unskilled individuals.
 Improves living standards is another very impact full and important social growth
factor that is imposed by start-ups small business enterprises over the economy. It is very
prominent and significant that if an individual have money and inappropriate job where
they are earning a regular income they will spend it on better living standards as the
amount of money increases in their pockets the living standards of an individual increases
accordingly. Therefore it is another very important impact of small business
entrepreneurship for a start-up have over an economy.
TASK 3
P5 Determining characteristics, traits and skills of entrepreneurs.
The background of the successful entrepreneur is only gets achievement or accomplish
when they contributes their high competencies as well as they devotion towards their dream to
accomplish in any situation in terms of making an image of successful personality in corporate
industry. As per the records of successful entrepreneur they work so hard and research to
scrutinize to their plan in that way to accomplish the dreams and to explore more in business
world to representing the new creativity in the corporate headlines (Mitra, 2019).
By predicting many entrepreneurs are belong and comes from different region as they
settled todays time to making sustains the establishment of their venture. From entrepreneur in
United Kingdom based are helps to building the start-ups and get success. The two famous
business tycoon or entrepreneurs are Alan Sugar and Tommy Williams:
Alan Sugar
The history starts of Alan Sugar basically he belong form London, United Kingdom, as
he is the business personality in many segment like media platform, politician as well as advisor,

but he has started in late one of his venture which later became in the most electronic business
successful as he started invented the electronic gadgets in company Amstrad, 2007.
Characteristics and traits
 Innovation: By having immense quality of talent as well as high competencies to clear
vision about to bring the something new invention in the electronic background by which
they introduced many great invention electronic gadgets with the business point of view
and get succeed in the market. According to the reports of the London times the company
Magnate of Alan sugar becomes most innovative and prominent venture where it helps to
enhanced the mobility to presumes all the business aspects (Kickul and Lyons, 2020).
 Having the ability of feedback acceptance: Alan Sugar always get to critized towards
his venture but he always making his company new hierarchy level and accept the flaws
and faces the rejection from the investors and get to revise the product of the company.
 Risk taking: The effective entrepreneur is a only being successful when it enhanced
towards the risk taking in the business as well as it made the successful with optimum
requirement of job opportunity where to achieve the high amount of desirable goals it
instructed to being like risk taker.
Skills and Attributes
 Motivated and focused: The entrepreneur are truly having determination to proving
something and they always in being positive attitude in a motivated attributes and being
focused towards the goal in what to they have achieved.
 Good attribution of soft skills: For being entrepreneur it is essential to having god sense
of soft skills and grooming aspects that makes the person more effective in
professionalism in corporate world. Similarly Alan Sugar have practices many times to
showing the presentation about the knowledge of company where the learning of
communication, the way of presenting, grooming etc.
Tommy Williams
He is one of the well-known start up entrepreneur in United Kingdom where he usually
does his business through product of home décor and hair care products where his business
venture consists with All shades recovered (Kuratko and Morris 2018).
Characteristics and traits

 Being Innovative : By having a clarity of vision segment of entrepreneur as it facilitates
to offer the aiming about the business point of view something which brings the sense of
accomplishment and achievement in terms of customer retention and market exposure as
it Company like All Shades Recovered has it own mission and vision which helps to
enhanced the mobility factor of upbringing the market growth with optimum objectives.
 Leadership Quality: As the background of owner of All shades recovered Tommy
Williams is one of the having exceptional leader ship quality in which it helps to manage
his workforce where they have to deal with home and hair products so the employees are
working as Men and women where he motivate them to encourage.
 Risk taking: The effective entrepreneur is a only being successful when it enhanced
towards the risk taking in the business as well as it made the successful with optimum
requirement of job opportunity where to achieve the high amount of desirable goals it
instructed to being like risk taker (Barba-Sánchez and Atienza-Sahuquillo, 2018).
Skills and Attributes
 To be Focused: The entrepreneur is very much focused in terms of to achieve something
as in business world, Tommy Williams having a goal to making it start up effectively in
international level by which it focuses toward the main objectives through which it leads
to bring every entrepreneur success in life as well as motivates the inner confidence.
 Effective way of communication: The entrepreneurship for being like essential
requirement of effective skills where he/she can easily adapt and convince the people and
consumers through communication skills which is matters for the achieving the success.
A good communication brings eth positivity among the employees and peers who are
working in the organisation Similarly, Tommy Williams have been focused the to make
motivate for that the messages which conveys to easily understand to the people who are
working in the organisation.
There is a brief in short description of differentiate between about the successful
entrepreneurship and business manager in mentioned below:
Basis Successful Entrepreneurs Business Managers
Focus The determination of entrepreneurship
are remain intensive on to their
The business manager considerable
focuses towards performing

objectives which makes their more
explore in the business environment
and retain the successful in every aspect
of business aspects.
responsibility which has been
assigned to the particular workforce.
Motivation The Entrepreneur customised towards
formulating mission and visions which
enhanced to motivates employees by
directing or provides the guidance them
towards accomplishment of goals.
Business managers are mainly
determines towards motivating
workforce working culture on a
particular set of actions which bring
the set of productivity.
P6 Evaluation of different aspect of entrepreneurial personality and their influence of motivation
and mind-set of entrepreneurs.
The personality of particular individual defines the attitude and behaviour carries in they
have personal qualities elaborates. As in entrepreneur context the personality comprises
about their mind set in the physiological factor that further form of making sets of decision
they taken into consideration. Some of the psychologist states that there are five dimensions
of personality traits which effect to the individuals reflection. On these personality traits
behalf Alan Sugar and Tommy Williams are two successful entrepreneurship in order to
determine their motivation through perception about Ocean Personality traits has been
implement that reflect it effectively.
 Openness: These traits of personality prescribed that the presence of mind should be in
active in nature as well as having the positive kind of thoughts can be restructured to
gaining more and more learning where it comprising new ideas will generates. As this
characteristics having in Alan Sugar who always in self-motivated and attaining new
learning aspects (Finney, 2019).
 Conscientiousness: It makes to understand the motivation factor for achieving the goals
of the business as to making employee motivated for making them achievement. Alan
Sugar have many priorities but he has having clear vision to get achieved in corporate as
in individual and after he introduced his venture Magnate.

 Extraversion: As this trait explains about the individual extrovert skills as in form of
public interaction as in business point of view, similarly Alan sugar creates his behaviour
to making interact many public seminars for his thoughts sharing within audience.
 Agreeableness: It determines about the particular trust, affection and kindness which
support the business owner ahead towards the workforce effectively in the making of the
positive and friendly work environment. As this scenario is implement by Alan Sugar
within in his venture where he implies the work at fun and building the trust between
employees each other as in forming the trust building.
 Neuroticism: In the business there is weakest point of an individual by having emotions
with any aspects that makes the person weaker rather stronger as well as this ocean trait
prescribed about having effective emotional stability to dealing with issues and problems
for being resolving.
TASK 4
P7 Examination of how background and experience can hinder or foster the business activities
and entrepreneurship.
The every entrepreneur having their previous struggling background or journey to becomes a big
entrepreneur in the corporate life, as they gained so much of experiences in their learning stages
as well as they know all the strategies of managerial aspects of key points for being the
successful entrepreneur. Similarly Tommy Williams is having a hard-core experience of the
corporate specification as its ventures is basically formed All Shades recovered is an online
platform such as e-commerce sites which providing affordable hair care and home décor
products in aspect of women choices (Kraus and et. al., 2019).
The Background
He is a founder and CEO of All Shades Recovered company which is most demanding
and recommending e-commerce of the fastest growing internet supplier of products of hair which
recommended by the experts which they hire and brief allocate the instruction of assorting the
particular product.
Experience
He is having one year of working experience in health care company called Seed Funding
in which he was optimising the information technology.

Throughout of his overall professional experience of All Shades Recovered that he is quite
successful as well as he has manage the overall business with his family supports for dealing
with customers through online services and his clients are continually activated through websites
for buying and sharing the view of products (Bosma, Sanders and Stam, 2018).
CONCLUSION
On the above discussion in entrepreneurship with opinion of two successful entrepreneurs as
it concluded the specification about the characteristics and skills to being a successful
entrepreneur as well as the personality through Ocean traits method allows the suitable
entrepreneur attribution having right form of personality. The discussion on some of the
entrepreneur having their personality traits which enhanced them to work and motivate eth
employees in the workplace premises to generates the productivity as well as growth of
company. At last entrepreneur has its own self-motivation as well as they try to encourage to
their staffs and continuing with their objectives of accomplish it.

REFERENCES
Books and Journals
Barba-Sánchez, V. and Atienza-Sahuquillo, C., 2018. Entrepreneurial intention among
engineering students: The role of entrepreneurship education. European Research on
Management and Business Economics. 24(1). pp.53-61.
Bosma, N., Sanders, M. and Stam, E., 2018. Institutions, entrepreneurship, and economic growth
in Europe. Small Business Economics. 51(2). pp.483-499.
Finney, B.R., 2019. Big-men and business: entrepreneurship and economic growth in the New
Guinea highlands. University of Hawaii Press.
Frederick, H and et. al., 2018. Entrepreneurship. Cengage AU.
Jones, L.P. and Sakong, I., 2020. Government, business, and entrepreneurship in economic
development: The Korean case. Brill.
Kickul, J. and Lyons, T.S., 2020. Understanding social entrepreneurship: The relentless pursuit
of mission in an ever changing world. Routledge.
Kraus, S., and et. al., 2019. Digital entrepreneurship. International Journal of Entrepreneurial
Behavior & Research.
Kuratko, D.F. and Morris, M.H., 2018. Examining the future trajectory of entrepreneurship.
Journal of Small Business Management. 56(1). pp.11-23.
Kyrö, P., 2018. The conceptual contribution of education to research on entrepreneurship
education. In A Research Agenda for Entrepreneurship Education. Edward Elgar
Publishing.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.