Entrepreneurship and Small Business Management Report: P5-P7 Analysis

This report delves into the core elements of successful entrepreneurship, examining the key traits, skills, and characteristics that distinguish entrepreneurs from other business ventures. It explores the entrepreneurial mindset and motivations, using Sir Richard Branson and James Dyson as illustrative examples. The report highlights the importance of a positive mental attitude, creative mindset, and curiosity, as well as intrinsic motivation and customer focus. Furthermore, it analyzes how background and experience can both foster and hinder entrepreneurial success, providing insights into the challenges and opportunities faced by aspiring entrepreneurs. The report also discusses the impact of these factors on business development and the overall entrepreneurial journey. This report is designed to provide a clear understanding of the key elements that contribute to entrepreneurial success, supported by real-world examples and analysis.

Entrepreneurship and Small Business Management

P5 Determine the traits, skill and characteristics of successful entrepreneurs that
comparison them to other enterprises.
 CHARACTERISTICS OF ENTREPRENEURS
Innovator
Risk Taker
Self Motivator
 TRAITS OF ENTREPRENEURS
Extrovert
Openness
 SKILLS OF ENTREPRENEURS
Communication Skill
Team Building Skill
Decision Making Skill

P6 Understand that how the personality reflects entrepreneurial mindset and motivations.
Sir Richard Branson
He is the most successful entrepreneur in UK. It is the founder and CEO of Virgin
group that involves Virgin Airways, mobile and Megastores. This successful
entrepreneur used the money earned from virgin record and also start different
companies. It is also known as the eccentric personality to easily understand the
demand of consumers. There are some common mind-set and motivation of
successful entrepreneur.

Cont.
 Positive Mental Attitude- It is an essential mind set of successful
entrepreneur of Richard Branson that influence the culture of company. It
helps the business to change the outlook for employee towards the goals and
objectives. He always encouraging the employee to create positive culture and
linked to the higher enterprises profitability and productivity.
 Creative Mind set- It is another mind-set that reflect on the personality of
Richard Branson to always create innovative idea in the business growth and
development. He always putting new concept in the product and services for
increasing demand in global world.

Cont.
 Curiosity – It is the most common mind-set and motivation of Branson
success because He keeps active their mind to investigate new things. This
ability will help to learn new things and understand the business development.

Cont.
James Dyson
He is an inventor and engineer those who can achieve the success by vacuum
cleaner firm. Dyson has innovative creator to invent the dual cyclone vacuum
cleaners.

cont.
 Optimism- James Dyson is the most successful entrepreneurs that maintain
the attitude towards the innovation and development. He was optimistic mind
set and attitude where he easily handles the situation in proper manner. When
the problem occurs in business. A successful entrepreneur sees the learning
opportunity and build their confidence level.
 Reach towards the potential customer- Dyson Focused on the technology
sector as per their experience but he was started with the prototype for goods
and services. He started for communicated with the other people to know their
specific demand.

Cont.
 Intrinsic Motivation- It is one of the most common motivation when James
Dyson self-motivated people and opposed to look other. He has an ability to
encourage their team members and incredibly to success and motivated
towards goals or achievements. This type of motivation always helping the
James Dyson to design innovative products in marketplace.

P7 by using relevant example, How the background and experience can hinder
and foster the entrepreneurship.
Richard Branson
 He was the most successful enterprise that launch the virgin records in 1970 and
building their business in the global marketplace. He was born 28 July in 1950 England.
He faced many challenges in their school days and also dropped at the age 16.
 He was decided to create virgin records and his project started in the music sector where
expanded into other industries. Richard who struggled and face hard time with the
institutional. It was during this time that had the idea to begin in his mind. At last,
Branson has expanded his efforts to establish their own business. Richard has signed
other musical group to help to make the virgin music. He is the most popular record of
organization.

cont.
James Dyson
 He was the successful entrepreneur and industrialist those who achieve the
fame for inventing the dual cyclone vacuum cleaner. This invention will help
the people for the purpose of cleaning. He was Born on 2nd may in 1947. He
was the long distance runner and learned the determination. He was completed
their study in the interior design from the royal college in 1970. He was got
the innovative idea for designing the cyclone vacuum cleaner to remove all
direct particles.

REFERENCES
 Laukkanen, M. and Tornikoski, E.T., 2018. Causal mapping small business
advisors’ belief systems: a case of entrepreneurship policy
research. International Journal of Entrepreneurial Behavior & Research.
24(2). pp.499-520.
 Loi, M. and Fayolle, A.J., 2018. Dealing with the inconsistency of studies in
entrepreneurship education effectiveness: A systemic approach to drive future
research. A Research Agenda for Entrepreneurship Education, p.38.
 Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation
management in emerging economies. Management Decision, 56(1), pp.2-5.

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