BTEC HND: Unit 9 Entrepreneurship and Small Business Management

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.

Content
• Introduction
• Characteristic, traits and skills of successful entrepreneurs.
• Aspects of the entrepreneurial aspects personality reflect
entrepreneurial motivation.
• Background and experience can hinder or foster
entrepreneurship.
• Conclusion
• References

INTRODUCTION
An entrepreneur can be defined as a
person who identifies opportunities
that are exists in the market and
take action for work on them. The
term entrepreneur is applied on all
those persons who seeks a need of
market and convert it into business
and economic opportunity.

Characteristic, traits and skills of
successful entrepreneurs.
Characteristics: Free flow of communication and being confident in every
circumstances are the two core element that made Elizabeth A. Gooch a
entrepreneur in the market. Possing this characteristics motivated them
become a entrepreneur.
Skills: The zeal to accept failure and turning them into success has
encouraged the Tom Mercer to become a successful entrepreneur in the
cut throat competitive world. Also, the active in mechanical work and
mathematics helped them in their very step of becoming entrepreneur.

Difference between manger and
entrepreneur
Basis Entrepreneur Manger
Meaning The person who creates business and is
accountable to bear all risk at it's own
risk is known as entrepreneur.
Manger is liable for controlling and
administering the firm's activities.
Focus It focuses on business start up On- going operations is the main focus of
manger
Approach to task In this case the approach to task is
informal
Formal way is the approach to task in
case of manager.
Decision making Entrepreneur take decision intuitive. On the basis of calculative the manager
take decisions

Aspects of the entrepreneurial personality
reflect and motivation.
Entrepreneurs in the economy generally have different kinds if
characteristics and skills which make them different from manager
working in the organization. Appropriate set of skills and
characteristics directly help them in achieving their targeted goals
and objectives. But is also becomes essential for the entrepreneurs to
continuously improve these skills and characteristics.

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Openness: This factor is concerned with
emotion and ideas of the individuals
used for competing a particular task.
This factor is concerned with
curiosity and creativity of
entrepreneurs in taking decisions for
the future course of action. With the
help of this new things can be learn
and challenges can be faced in the
best possible manner.

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Conscientiousness: This type of factor is concerned with flexibility and
reliability of individuals in competing the assigned work. As per this
factor it is essential for the entrepreneurs to focus on the
achievement of goals. As with the help of this chances of
unproductive activities can be reduced by the entrepreneurs in the
effective manner. This can lead to achievement of goals and
objectives within limited period of time.

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Extroversion: This type of factor is concerned with assertiveness and
energy of the individuals in affecting others behavior. This means
entrepreneurs must know how to influence and affect the behavior
of its employees and subordinate in positive manner. As by doing
this they will be able to maintain positive relationship with each and
every staff within limited period of time.

Background and experience can hinder or foster
entrepreneurship.
Entrepreneurs in the economy
generally run their business by
providing and offering better
services to the customers.
Before becoming successful in
the market entrepreneurs faces
various kinds of problems and
issues.

Elizabeth Gooch
Background: Elizabeth started
working at a very early age,
she worked in HSBC bank for
earning her living. After some
period of time she decided to
leave her job , than she started
working in consultancy firm.

Tom Mercer
Background: Tom had completed his
studies from one of the reputed
university called Cambridge Unversity.
He had also worked with a
management consultant from for a
particular period of time in London.
Experience:Tom had worked with
different organisations, so he knew that
there are various individuals who face
problem related to healthy breakfast.

CONCLUSION
From the above given report it has been concluded that with the help of
effective ideas implemented by entrepreneurs goals and target for
the economy can be easily achieved. Entrepreneurial venture are of
different types and size, so if plans are made keeping in mind the
nature and size than goals will be easily to achieve. Entrepreneurial
venture also have different kinds of typologies, so focus can be
emphasized on make best use of these in the appropriate manner.