Entrepreneurship: Small Business Management (Task-3) Report Analysis

This report provides an in-depth exploration of entrepreneurship, focusing on small business management. It begins by defining entrepreneurship and its role in launching and running new businesses, particularly small ones. The report then delves into the characteristic traits and skills of successful entrepreneurs, differentiating them from traditional business managers. It highlights qualities such as passion, creativity, and confidence, using examples like Jeff Bezos and Bill Gates to illustrate these traits. Furthermore, the report examines the aspects of the entrepreneurial personality, including openness, conscientiousness, extraversion, agreeableness, and neuroticism, and how these dimensions influence entrepreneurial motivation and mindset. The conclusion summarizes the key findings, emphasizing the various types of entrepreneurial ventures and their impact on the economy, along with a review of the skills and characteristics of entrepreneurs. The report references several academic sources to support its analysis.

Entrepreneurship Small Business
Management
(Task - 3)

Table of Content
Introduction
Characteristic traits and skills
Entrepreneurial personality reflect
Conclusion
References

Introduction
Entrepreneurship is the process which is followed by individuals to design, launch and run a new business in
systematic manner. It is mainly related to small businesses and the persons who create the idea of it are known as
entrepreneur. For the purpose of managing petite companies it is very important for the businessmen to be aware of
market situations which may leave negative impact upon operations. Major factors which should be focused by
small as well as small companies are economic condition, market trends etc. This report covers various topics such
as exploration of range of venture types, assessment of impact of small businesses in economy, determination of key
aspects on an entrepreneurial mindset etc. Apart from this, Examination of different environments that foster or
hinder entrepreneurship are also elaborated in this project.

The entrepreneurs have some uniqueness in their nature
and because of it they become success in life. They have
different skills and traits as compare to business managers.
For example the founder of Amazon is Jeff Bezos who
have some unique skills as well as Bill Gates also who
evolved Microsoft. Herein, below characteristic of these
entrepreneurs is elaborated that is as follows :
Characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers.

Passion – This is one of the important characteristic of entrepreneurs which make them different from business
managers. The entrepreneurs are known for their passion towards their work and put all their effort in making
successful to their plan. They do not care about profitability as business managers. Such as above mentioned
two entrepreneurs of Amazon and Microsoft were passionate towards their business idea and due to this, they
became successful.
Creativity- This is the key skill for succession of any kind of business entrepreneur. They become able to develop
new business ideas. In addition, because of creativity the entrepreneurs become able to solve any kind of issue
which occurs during projection of business idea. Jeff Bezos and Bill Gates have this skill in order to find
solution of different issues which they faced during formation of idea into business.
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Confidence- Basically, confidence is the key for becoming successful in any kind of sector. In the absence of
confidence, this can be difficult to an entrepreneur can not be able to communicate with others and team
members. In addition, a confident person has positive mindset that leads to creation of new business ideas. For
example the above entrepreneurs, Jeff Bezos and Bill Gates are confident that is helping them still in aspect of
growth of their own companies. As well as due to this skill, they are able to influence their team members and
other stakeholders.
So these are some traits and skills of entrepreneurs which make them different from business managers. In
addition, the huge difference between entrepreneurs and business managers is that managers think only individual
profits while the entrepreneurs think about whole organisational success.

Aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset.
In the aspect of entrepreneurship, personality of
entrepreneur plays a key role. This is so because if
personality of an entrepreneur is not so effective then it
can not influence to rest of other staff members. Herein,
below five key dimensions of personality of
entrepreneurs are mentioned that are as follows :

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Openness- This is one of the important dimension in the aspect of personality of entrepreneurs which is related
with openness in nature. If an entrepreneur is open to express own ideas and views in front of various
stakeholders then this can be helpful to influence to others. The entrepreneurs which are above discussed have
this dimension in their personality that helped them in succession.
Conscientiousness- In addition, an entrepreneur should be conscientiousness in their nature. This is so because if
an entrepreneur is well known about own roles and responsibility then it will impact positively on rest of other
members. As well as that entrepreneur will be a role model for team members. Such as the entrepreneur of
Amazon and Microsoft companies are conscientiousness about their roles that helped them a lot in order to
succession of their companies.

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Extraversion – This dimension of personality is related with participating in all events with full of energy so that
new ideas can be find out. In the aspect of entrepreneurs, they should be extraversion in their nature so that they
can actively involve in all external and internal activities. The above described entrepreneurs have this dimension
in their personality which supported them in becoming successful entrepreneur.
Agreeableness – This is important for entrepreneurs to be agreeableness in nature which means they should be
agree with all their staff members if their idea is unique. If entrepreneurs will focus to give everyone to share
their ideas and opinions then this can be helpful in getting more alternatives. The above mentioned entrepreneurs
have this dimension in their personality in order to get more ideas from each and every employee.

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Neuroticism – As well as the entrepreneur should be stable on their arguments and decisions. This is important
because if entrepreneurs will not stable on their statements then it can lead to lack of trust of other employees on
them. Such as the Jeff Bezos and Bill Gates are stable on their decisions which helped them to present an ideal
personality towards staff members.

From the above project report it has been concluded that entrepreneurship can be defined as the ability of an
individual to formulate an idea and implement it to run a business. There are various types of entrepreneurial
venture which are small, large, social, scalable etc. The typologies of all of them are male, female, social and serial
entrepreneurs. Micro, small and medium sized companies are benefiting the economy to grow by enhancing
employment. With the help of such organizations also helps to overcome the threats which are resulting due to
Brexit for economy. There are various skills, traits and characteristics of entrepreneurs which could be described
with the help of OCEAN model.
Conclusion

Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan International Higher
Education.
Julien, P. A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Mugler, J., 2017. The climate for entrepreneurship in European countries in transition. The blackwell
handbook of entrepreneurship. pp.150-175.
Brush, C. G. and Greene, P. G., 2015. Women's entrepreneurship. Wiley Encyclopedia of Management. pp.1-
5.
Weber, P., Geneste, L. A. and Connell, J., 2015. Small business growth: strategic goals and owner
preparedness. Journal of Business Strategy. 36(3). pp.30-36.
References

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