Entrepreneurship and Small Business Management Task 2 Report

This report, fulfilling the requirements of a BTEC HND in Business assignment, delves into the core concepts of entrepreneurship and small business management. It begins by identifying and analyzing the characteristics, skills, and motivational drivers of successful entrepreneurs, using Sir Richard Branson and James Dyson as case studies. The report differentiates between the roles of business owners and managers. It then examines the impact of small and micro-businesses on the economy. Furthermore, it explores the influence of background and experience on entrepreneurial mindsets and discusses environmental factors that either foster or hinder entrepreneurial ventures. The report concludes with a summary of key findings and references supporting literature on entrepreneurship and small business management.

Entrepreneurship and Small
Business Management
TASK 2

TABLE OF CONTENTS
 INTRODUCTION
 Characteristics, skills of successful entrepreneurs
 Different Environments That Foster Or Hinder
Entrepreneurship
 CONCLUSION
 REFERENCES

INTRODUCTION
 This task is based on successful entrepreneurs characteristics, traits, motivational
drivers and also explain differences between the owner of the organization and their
managers.
 Moreover, it justifies impact of small and micro business on economy.
 This task is explain entrepreneurial personality reflection on entrepreneurial mindset
and motivation.
 It also discussed about entrepreneur background and experience that hinder and foster
entrepreneurship.

Characteristics, skills of successful
entrepreneurs
Sir Richard Branson-
 Charles Richard is a philanthropist and successful entrepreneur
that built Virgin Group.
 This controls more than 360 + organizations.
 He was born on 18 July, 1950 in England.

CONTI…..
Skills-
 Richard have all the leadership skills in themselves that help to
build successful entrepreneur in UK.
 They make their decisions within positive outcomes and involved
other people in this process.

CONTI…..
James Dyson-
 James Dyson is a phenomenal inventor and engineer that build
vacuum cleaner.
 He is born in 2 May, 1947 in England.
 Dyson design Sea truck in 1970 while studying in Royal college
of art.

CONTI…..
Skills-
 James Dyson have creative skills that build them as successful
entrepreneur.
 They always do something unique and different form the others.
 They motivate their team members and listen their thoughts and
also take their advice's.

CONTI…..
Motivational Drivers of successful entrepreneurs
Richard Branson:
 According to Branson, growth mindset is crucial for taking risks.
 Entrepreneurs must conduct experimentation to achieve aim.
 Pursuing ambitions would lead to quick motivation in terms of
achieving success.

CONTI…..
 From the overview of entrepreneurial venture by Richard
Branson who founded Virgin Groups led to great motivational
story for others.
 He was failed consecutively in several ventures like Virgin
Publishing, Virgin Cars, Virgin Clothing and more.
 Yet he found his grounds by breaking the stereotypes which is
attached with failures. He always supported the concept of risk-
taking abilities to fulfil the expectations and seek challenges in
order to strive for excellence.

CONTI…..
James Dyson:
 The major drivers are confidence, self-belief, delegator and
knowledge seeker.
 His independent attitude led to such creative inventions.
 Believer of integrity and risk taking abilities to survive in the
competition.

CONTI…..
 In regard to this innovator who shook the world with his creations
like the modified version of wheelbarrow which he termed as ball
barrow, designed wheel-boat and such related engineering
inventions.
 When he decided to build a vacuum cleaner in the late 170s, there
was not a single person who believed his creation and rejected it
until Dyson decided to launch it in Japan.
 His risk-taking capacity encouraged this challenge where he
licensed the technology and followed his success steps.

Different Environments That Foster Or
Hinder Entrepreneurship
 Entrepreneurship is a process of launching, designing and
running a new business, which is most often a small business.
 It can also be defined as an activity of setting up a business by
taking financial risks in the hope of profit.
 There are various factors that hinder or foster entrepreneurship in
both positive and negative way.

CONTI…..
Out of many factors two are the most common factors that affect
entrepreneurship are:
 Background: Background of an entrepreneur hinders their
entrepreneurship in various ways such as:
 Family background: Family from which they belong, type of
family, economic status of the family etc.
 Educational Background: Field in which they have done their
graduation or post graduation.

CONTI…..
 Experience: In order to flourish business experience in all the
fields is important. The more experience one have, the lesser
amount of risk they need face in order to flourish their business.
In fact experience not only limited to experience of the
entrepreneur but experience of their co-workers also affects the
growth of a business.

CONCLUSION
 From the above presentation it has been summarized that there
are various characteristics traits and skills of a successful
entrepreneur which differentiates them from other business
managers. These entrepreneurs have different motivations and
mindsets which differentiates their personality from others.

REFERENCES
 Acs, Z.J. and et.al., 2018. Entrepreneurship, institutional economics, and economic growth: an
ecosystem perspective. Small Business Economics. 51(2). pp.501-514.
 Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
 Stuetzer, M. and et.al., 2018. Entrepreneurship culture, knowledge spillovers and the growth of
regions. Regional Studies. 52(5). pp.608-618.
 Suárez-Álvarez, J. and Pedrosa, I., 2016. The assessment of entrepreneurial personality: The current
situation and future directions. Papeles del Psicólogo.37(1). pp.62-68.
 Werthes, D., Mauer, R. and Brettel, M., 2018. Cultural and creative entrepreneurs: understanding the
role of entrepreneurial identity. International Journal of Entrepreneurial Behavior & Research.24(1).
pp.290-314.