CECOS College London: BTEC Unit 9 Entrepreneurship Report

This report delves into the core concepts of entrepreneurship and small business management, examining the characteristics, traits, and skills essential for entrepreneurial success. It explores the entrepreneurial personality, analyzing how it reflects the mindset and motivation of successful individuals. The report further investigates how personal experiences and backgrounds can either foster or hinder the entrepreneurial process, providing a comprehensive analysis of these factors. The report also outlines different types of entrepreneurial ventures and discusses the impact of small businesses on the economy. It also highlights the importance of small businesses on the economy. The report concludes by summarizing key findings and emphasizing the multifaceted nature of entrepreneurship, providing a valuable resource for students studying business and related fields.

Entrepreneurship and small business
management

TABLE OF CONTENT
Introduction
Characteristics, traits and skills of successful
entrepreneurship5
Aspects of entrepreneurial personality reflecting the
entrepreneurial mindset and motivation 6
Analysis that how experience and background fosters or
hinders the entrepreneurship 7
CONCLUSION 8
REFERENCES

INTRODUCTION
Entrepreneurship is the process in which the budding entrepreneur who
designs, launches and run and manage a new business which is generally
small scale business at the initial stage.
The presentation will discuss the traits and skills of the successful
entrepreneurs. Also, it will analysis that how entrepreneurial personality
reflects the entrepreneurial mindset and the motivation. At last the
presentation will highlight that how the experience and background of
entrepreneur fosters or hinders the process of entrepreneurship.

Characteristics, traits and skills of successful entrepreneurship
Traits refers to a distinguishing feature, quality or a characteristic which is possessed
by a particular person only. Skills refers to the ability to carry out a task with pre
determined results within a given time frame. The different types of skills and
traits followed by the successful entrepreneurs which are Elizabeth Gooch and
Tom Mercer are as follows:
Risk taker- Elizabeth is has an immense risk taking capacity. This can be said
because for working 12 months in HSBC she left her job and started her own
business.
Visionary- she had a clear vision that her business will be successful. Even when her
company suffered from losses than also she didn't lost her vision. And she kept on
trying to recover from the losses and at last she recovered from all the losses
because her vision was clear.

Aspects of entrepreneurial personality reflecting the entrepreneurial mindset and
motivation
Some of these personalities are as follows:
The improver- it refers to a business predominately working in the improver mode. In
this the entrepreneur focuses on the company with the motive of the improvement
of the world. The entrepreneurs working as an improver, have an unwavering
ability to run their business with high ethics, moral values and high level of
integrity. With the case study it can be linked as Elizabeth taking measures to
improve her business fully.
The adviser- it is a type of personality where the entrepreneur and business and its
surroundings will provide extremely high level of the advice and the assistance to
improve the business. This is evident in the case study of the Elizabeth where
because of the advice of Roger her two years losses were recovered.

– Analysis that how experience and background fosters or hinders
the entrepreneurship
In the case of Tom Mercer, we can see that Tom has struggled a lot regarding the
business place. As he does not have the location or place to conduct its business he
started it in railway station and even when it has become tough to conduct inside the
station he came out and started his business outside the station (Scarborough, 2016).
On the other hand, Tom has some business skills through which he has succeeded in
getting space in the supper shop at the time of recession. With this case it can be
concluded that if a person has a strong will power and high degree of perseverance
than he can achieve out of the box things. It is same in the case of Tom Mercer, he
did not live his hope even when he was not allowed to do his business in the train.
By facing some ups and downs he was able become a successful entrepreneur. With
this instance we concluded that because he was not having the background his way
of becoming entrepreneur was hindered. But because of the high perseverance and
high positivity and motivation he was able to supersede all the complications in the
way of becoming successful.

CONCLUSION
After the study it can be concluded that entrepreneurship is the study of both
that is how a new business is created as well as the actual process of starting up
a new business. The entrepreneur is a person who posses an idea and works in
direction of creating the idea into a reality. The report outlined the different
types of the entrepreneurial ventures. Further the report reflected the
similarities and the differences between the different types of entrepreneurial
ventures. Also the report highlighted the impact of the micro and the small
businesses on the economy. Also the report depicted the importance of small
business on the economy. After that the report discussed about the traits and
skills of the successful entrepreneurs. Also it analyzed that how entrepreneurial
personality reflects the entrepreneurial mindset and the motivation. At last the
report highlighted that how the experience and background of entrepreneur
fosters or hinders the entrepreneurship.

REFERENCES
Wu, C.W. and Huarng, K.H., 2015. Global entrepreneurship and innovation in management.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management

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