Entrepreneurship and Small Business Management: Assignment Report, BBA

This report delves into the characteristics, traits, skills, and motivational drivers of successful entrepreneurs, differentiating them from other business managers. It examines how entrepreneurial personality reflects motivation and mindset, supported by examples from local small businesses. The report also assesses how background and experience can hinder or foster entrepreneurship. Furthermore, it analyzes the positive and negative impacts of entrepreneurial characteristics and experiences, providing insights for individuals considering starting their own businesses. The report covers topics such as entrepreneurial vision, decision-making, and the importance of a positive attitude. The report provides an analysis of successful entrepreneurs using real world examples such as Mr. Binod Chaudhary. The report also includes a PowerPoint presentation outline for a group of people thinking about starting their own businesses, examining environments that foster or hinder entrepreneurship.

1
[Date]
Entrepreneurship and small business management:
ASSIGNMENT COVER SHEET
STUDENT DETAILS
Student ID Manish Hamal Reg No.
Family Name Hamal Given Name Manish Hamal
Enrolment Year 2019 Section A
Semester 2 Email [e-mail]
UNIT DETAILS
Unit Title Entrepreneurship and Small
Business Management
Unit Code T/508/0495
Assessor Name Nabin Gajurel Issued Date 04/13/2021
Assignment Title Understanding Entrepreneurship and Small Business Management
Assignment No 1/1 Submission Date 06/12/2021
Qualification BBA Campus ISMT

2
[Date]
Entrepreneurship and small business management:
STUDENT ASSESSMENT SUBMISSION AND DECLARATION
When submitting evidence for assessment, each student must sign a declaration confirming that
the work is their own.
Student Name Manish Hamal Assessor Name Nabin Gajurel
Issue Date 04/13/2021 Submission Date 06/12/2021
Programme BITEC HND in business
Unit Name Entrepreneurship and Small Business Management
Assignment Title Understanding Entrepreneurship and Small Business Management
Plagiarism
Plagiarism is a particular form of cheating. Plagiarism must be avoided at all costs and students
who break the rules, however innocently, may be penalized. It is your responsibility to ensure
that you understand correct referencing practices. As a university level student, you are expected
to use appropriate references throughout and keep carefully detailed notes of all your sources of
materials for material you have used in your work, including any material downloaded from the
Internet. Please consult the relevant unit lecturer or your course tutor if you need any further
advice.
Student Declaration
Scenario 2:
I certify that the assignment submission is entirely my own work and I fully understand
the consequences of plagiarism. I understand that making a false declaration is a form of
malpractice.
Student signature: Date:
Pearson Education 2018
Higher Education Qualifications

3
[Date]
Entrepreneurship and small business management:
Part A: You have been asked to write an article by your senior manager which will be published
in a monthly local magazine “Small Businesses Enterprises”. The article includes the following:
 Explain and determine the characteristic traits and skills of successful entrepreneurs and that
differentiate them from other business managers.
 With reference to suitable examples, assess how aspects of the entrepreneurial personality
reflect entrepreneurial motivation and mindset.
 Explore and analyze the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples from the local small businesses.
Part B:
You need to make a power point presentation of 15 minutes that focuses to a group of people
who are thinking for their start up business. Your presentation will help them examine and
understand the different environments that foster or hinder entrepreneurship. The presentation
will include:
 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
 Analyze how entrepreneurial characteristics and experiences influence entrepreneurs and
critically analyse its positive and negative impacts with reference to suitable examples

4
[Date]
Entrepreneurship and small business management:
Contents
Characteristics of a successful entrepreneur:...................................................................................6
Entrepreneurial personality and their reflection on entrepreneurial motivation and mindset:........7
Some arguments relating to entrepreneurial characteristics:.........................................................10
Motivational drivers of successful entrepreneurs:.........................................................................11
Background and experience that can hinder or foster entrepreneurship........................................15
Background and experiences that influence entrepreneur positively and negatively:...................21
Conclusion:....................................................................................................................................23
References:....................................................................................................................................24

5
[Date]
Entrepreneurship and small business management:
Acknowledgement
This project has needed a lot of commitment from me. However, without the generous support
and assistance of many individuals and organizations, it would not have been possible. I'd like to
express my deepest gratitude to each and every one of them.
I am extremely grateful to Nabin gajurel for his encouragement and continuous oversight, as well
as for providing necessary project details and for his assistance in completing the project.
I'd like to express my gratitude to my parents and members of ISMT for their support and
motivation in helping me finish this project.
I'd like to express my heartfelt gratitude and appreciation to those in the industry who have given
me their time and energy.
My gratitude and appreciation also extend to my project development colleague and those who
have volunteered to assist me with their skills.

6
[Date]
Entrepreneurship and small business management:
ENTREPRENEUL Characteristics
- Manish Hamal, 15 August, 2021
An entrepreneur is a person who creates a business based on a new idea. They are in charge of
the company and bear the risk of its success. An entrepreneur is defined by the personal risk they
are willing to take in order to start a new firm, innovate, or engage in some other sort of business.
They frequently benefit the most from their company's success in exchange for taking on that
risk. (Duermyer, 2021)
Characteristics of a successful entrepreneur: (Rojas, 2021)
Entrepreneurs are inherently motivated. After all, they spend a lot of time starting a business and
investing a lot to make their dreams come true. They do all this, knowing that it can take months
or even years to enjoy the benefits of their labor. And, despite their efforts, they know that their
efforts may not be rewarded with material success. But they refuse to surrender to the fear of
failure. To continue working for a long time, you need to be motivated as well as pay close
attention. Passion is another characteristic of entrepreneurs. While a decent payday at the tip of
the tunnel is nice for motivation, entrepreneurs tend to be more driven by a passion for his or her
offering yet as by a desire to form a difference (Rojas, 2021). This passion or drive also helps to
sustain entrepreneurs in periods where discouragement might otherwise happen. The best
entrepreneurs have a vision on what they need to realize, how they'll accomplish their objectives,
and whom they have on their side to succeed in their goals. Their vision acts sort of a compass
that points them within the direction of opportunities that perhaps nobody else has found. They
even have the power to translate their vision in a very way that staff and investors can
understand. Through networking opportunities, entrepreneurs can find people they need to align
with. Furthermore, without confidence or self-belief, entrepreneurs cannot possibly succeed.
They need to be confident both within themselves and in the products or services they sell. If
they believe themselves, they'll have the power to remain the course regardless difficulties or
discouragement. (Rojas, 2021) They even have the stomach to require risks — finally, they

7
[Date]
Entrepreneurship and small business management:
believe that they're going to succeed. Being able to create decisions quickly is a vital
characteristic for entrepreneurs because it are often the difference between success and failure.
Entrepreneurs not only have to have good decision-making skills, but also must have the
capacity to form those decisions quickly so as to avoid missing opportunities. This necessitates
quickly considering the facts then deciding. As entrepreneur will be able to see, there are
definitely some key characteristics of entrepreneurship. As an innovator at the company,
entrepreneur will be able to use these traits to more capably and confidently perform their duties
(Rojas, 2021).
Entrepreneurial personality and their reflection on entrepreneurial motivation and
mindset:
Extraverted, Observant, Thinking, and Prospecting personality qualities define an entrepreneur
(ESTP). They are usually dynamic and action-oriented, expertly handling whatever obstacles
they face. They enjoy exploring life's possibilities, whether they're mingling with people or
engaging in more personal pastimes. Entrepreneurs always have an impact on their immediate
surrounds; during a party, look for the whirling swirl of individuals flying around them as they
travel from group to group to spot them. Entrepreneur personalities enjoy being the center of
attention, laughing and entertaining with a direct and earthy sense of humor. Theory, abstract
concepts, and drab conversations about global concerns and their ramifications do not spark the
interest of entrepreneurs for long. Entrepreneurs keep their conversations lively and intelligent,
but they prefer to talk about what is or, better yet, to simply go out and do it. Entrepreneurs help
stimulate economic development, create jobs and invent products or services that will make the
planet appear bigger. To become a successful entrepreneur, entrepreneur need original thinking
and big ideas. Anyone can come up with a new idea, but building a successful business around it
is the job of the entrepreneur. The entrepreneurial mindset is exceptional: you must be creative,
communicative and highly motivated to be successful, but also tolerant of risk and failure (Rojas,
2021)

8
[Date]
Entrepreneurship and small business management:
A positive attitude and outlook could be a must for successful entrepreneurs. The mindset of
the top of the corporate sets the tone for the remainder of the corporate and influences corporate
culture. Negative thoughts undermine progress and also the progress of the corporate to not
mention the management’s ability to guide staff and motivate employees. A part of what gives
entrepreneurs the strength to weather the business downturns is positivity. One in every of the
advantages of being the boss is that you just get to specific creativity each and each day.
Entrepreneurs get to do out creative tactics to raise their business and make changes. Whether or
not individual are in a very creative field their understanding ways to optimize business
operations could be a creative act (PATEL, 2021). When entrepreneur are heading up their own
company, they’ll be able to apply power to their sales, PR, hiring etc. The most effective
entrepreneurs are persuasive individuals. The ability of persuasion can facilitate their
negotiation, close a purchase, or score a lower cost on inventory. Persuasive people tend to be
inspiring leaders, they have a tendency to be stellar bosses. While some people are more
naturally persuasive than others, persuasive communication skills are often learned and
practiced. Learning to speak and present y ideas will cause to a higher entrepreneur, no matter
what the industry is. When people are starting a business, they hope that their business are going
to be a wild success. It’s true that success is wonderful, but failure is where growth and alter
happen. The key to learning from failure is to truly learn and embrace mistakes in order that
they make better, not breakdown. Failure is inevitable, but reaction to failure is what people
create of it (PATEL, 2021).
For example, MR Binod Chaudhary, who recently named him on Forbes Magazine's list of the
wealthiest men in the world, he has always dreamed of growing and expanding beyond his
normal abilities. He was never happy with his performance. It made him more and more
dreaming about the business world (Shrestha, 2021). Lack of preparation, training and
experience was no excuse for him to move on. Strong will and a high level of optimism are
central characteristics of entrepreneurs. He works hard and dreams of achieving it and now he
has proved to be a successful entrepreneur. His entrepreneurial journey from the small Arun
Emporium, a retail store in New Road Kathmandu, founded by his late father Lun Karan Das
Chaudary, varies around the world, including FMCG, hospitality and energy companies.

9
[Date]
Entrepreneurship and small business management:
Expanded to include retail sectors. Today he is the wealthiest man in Nepal and the first
recognized Nepalese billionaire in the world. He owns the Cinnovation / Chaudhary Groups of
Industries, owns Nabil Bank, and invests in the hospitality industry around the world (Shrestha,
2021). He took a great risk by setting up a noodle factory in Kathmandu, despite the advice of
Thai market experts who came to Nepal to observe the noodle industry market. Despite many
disagreements among contemporary people, Mr. Chaudary saw ample market opportunities
within the changing framework of Nepal. In the near future, WaiWai Noodles will expand to 35
countries and already have a 70% market share in Nepal. Failure has always prompted
Chaudhary to success. The thing to know is that he faced difficulties. He developed
institutional mechanisms to deal with technical issues, for example, hiring a certified public
accountant and experts in his company was his decisive step. When the initial plan failed, they
used their trade and political connections to increase investment in various sectors. He also
developed his leadership skills at the financial policy level by joining various umbrella
organizations such as CN, the Federation of Nepalese Chambers of Commerce and Industry
(FNCCI) and others. Reaching the centers of power, he overcame controversy and baseless
allegations (Shrestha, 2021).
Mr. Chaudhry's entrepreneurial Features: ("Binod Chaudhary: Always Expanding and
Growing", 2013)
 Excellent aspiration is always a businessman's dream and he works hard to achieve it
through dedication and dedication.
 To address a business problem, a culture of institutional mechanisms (e.g., hiring experts)
is essential to overcoming specialized knowledge in the area.
 Doing business is more than just being a market analyst. Mr. Chaudhry refrained from
relying on ideology and followed the knowledge provided by practice and living
experience.
 To secure the market for the product, a businessman created a demand and made a profit.
In addition to being optimistic, a businessman has to brainstorm as a result of his
decision, his critical thinking plays an important role in providing a safe direction.

10
[Date]
Entrepreneurship and small business management:
 A business person should always minimize management and other costs and invest as
much money and time as possible in improving market efficiency for the product. A
businessman is also a leader, he should have a bright, moral and disciplined personality.
Some arguments relating to entrepreneurial characteristics:
Entrepreneurs are born with the will to succeed.
Many people believe that entrepreneurs are born with specific innate talents and that only those
with certain talents can be entrepreneurs. The truth is that practically anyone who can gain the
requisite skills can become an entrepreneur. True, some people adapt to the demands of the job
more rapidly than others, but there's no rule that says only certain people can start businesses.
Entrepreneurs can be gregarious extroverts or quiet introverts, big picture thinkers or detail-
oriented when it comes to executing a business plan. Entrepreneurship is an acquired skill rather
than a natural talent. (krach, 2017)
3. Starting a new business ensures independence.
Many people are drawn to the possibility of starting their own business because it allows them to
break free from the standard 40-hour work week. Many people discover that, while leaving
behind their old schedules and creative restrictions, they are replaced with new demands. Sure,
there will be more freedom in certain ways, but entrepreneurship frequently necessitates
significant sacrifices. It has the potential to dominate every waking moment of your life; the job
doesn't stop when the clock strikes 5 p.m. (krach, 2017)
The entrepreneur bears full responsibility.
Another myth about starting a business is that it is entirely dependent on the entrepreneur. This
may be true in the beginning, but adopting this concept too seriously is the surest way to burn
out. Collaboration and delegating are important aspects of a company's health. Nobody can
accomplish it all by themselves. (krach, 2017)
At the helm of a company, an MBA is required.
When it comes to entrepreneurs and business degrees, conflating value with necessity is a
mistake. On the one hand, a formal education has incalculable advantages. Entrepreneurs, on the

11
[Date]
Entrepreneurship and small business management:
other hand, are not required to hold an MBA or other business degree by the market. Some
company founders, for example, have degrees in engineering and use their in-depth technical
knowledge to uncover technology gaps and design solutions. Other successful startup founders
do not have a college diploma. (krach, 2017)
Quitting is a last resort for losers.
One final misunderstanding is that entrepreneurs must put everything on the line – no matter
what. But the reality is that not every idea will turn into a viable business. Successful
entrepreneurs frequently cycle through and test a variety of concepts before settling on one that
sticks. Quitting may appear to be a failure, but it's actually a frequent aspect of the entrepreneur's
journey and can teach you a lot. It's crucial to know when to walk away and move on to the next
idea. (krach, 2017)
Motivational drivers of successful entrepreneurs:
Entrepreneurial motivation is the process of transforming a regular person into a powerful
businessman who can generate possibilities and contribute to the growth of wealth and the
economy. Various elements inspire wants and generate excitement in entrepreneurs, causing
them to achieve a specific goal. Entrepreneurship is the process of discovering strengths and
opportunities that aid in realizing one's aspirations of establishing, creating, and running a new
firm while effectively dealing with dangers and hazards (Davis, 2021).

12
[Date]
Entrepreneurship and small business management:
Source: The Importance of Motivation in Social Enterprises. Eoi.es. (2021). Retrieved 14 June
2021, from https://www.eoi.es/blogs/imsd/the-importance-of-motivation-in-social-enterprises/.
To become an entrepreneur, one must first recognize one's own abilities and prospects in the
outside world. Motivation is important in finding one's own talents in order to become great
leaders or powerful entrepreneurs who are willing to take risks and face uncertainty in order to
achieve pre-determined goals (Davis, 2021)..
Some internal motivational factors: