This report provides an overview of entrepreneurship and small business management, focusing on the characteristics, traits, and skills of successful entrepreneurs, and how entrepreneurial personality aspects reflect motivation. It discusses how background and experience can either hinder or foster entrepreneurship, using examples of entrepreneurs like Elizabeth Gooch and Tom Mercer. The report also differentiates between managers and entrepreneurs, highlighting key aspects such as decision-making approaches and focus areas. It concludes by emphasizing the importance of effective ideas in achieving economic goals and the need to tailor plans to the nature and size of entrepreneurial ventures. This student-contributed assignment is available on Desklib, a platform offering a wide range of study resources.