Qualification - Higher National Diploma in Business (Level 5)
Unit Name - Entrepreneurship And Small Business Management
Unit Number - Unit 9
Unit Level - Level 5
Assignment Title - Exploration of the Entrepreneurial Mind-set
Learning Outcome 1: Determine and assess the key aspects of an entrepreneurial mind-set.
Learning Outcome 2: Examine the different environments that foster or hinder entrepreneurship.
- Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs (base Assignment 1 companies you already researched: one local entrepreneur, and 1 global or social entrer supported by specific examples AND
- Critically evaluate how background and experience influences entrepreneurs, both positively and nel by comparing examples.
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P5. Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.
There are several positive traits of a successful entrepreneur that differentiate him or her from other business managers. They can deal with all other employees as well as with the world in a different way that makes them different and successful. The first important characteristics are that a successful entrepreneur is much disciplined in actions and decisions taken that what makes them successful. Apart from that, they are confident enough to stand in their own decisions. For example, they are ready to take risks, and they stand firmly with their decisions and believe that the decisions would bring success to their company. The third important factor is that they are opening minded, and they are ready to interact with people and face all kinds of opportunities as well as difficulties. The reason why they can take up new goals and challenges and hit them within the time frame (Parker 2018). So they continuously keep on working for new objectives and actions rather than being stuck to the old viewpoints and targets only. Apart from that, they take initiatives. For example, they are the leaders, and others follow them. They do not work on any particular path but create their path. They are highly proactive, and they make the decisions and possess analytical skills themselves. The fifth important characteristic of a successful entrepreneur is that they are highly competitive and creative. For example, a business can succeed well only when it can develop something or upgrade itself from time to time. The entrepreneurs keep this in mind and try to synthesize new products or services so that customers also like to go for their company products. It has been discussed through the reference of Muscat based company i.e., symposium. Apart from that, these kinds of leaders possess determination and leadership skills in themselves. It is because of the decision-making skills, analytical skills, and leadership skills that draw others towards them. However, they are always ethical in their work, and they never adopt any unfair means to meet those targets and challenges. They are highly passionate about work, and this is what makes them successful (Kirzner, 2015).
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.
Entrepreneurial personality reflects how the overall workforce within a particular company or a particular business can work well. For example, a good leader is he who works ethically also motivates other employees towards his or her work. He will support them and try to work as a team. He or she will try to promote his or her ideas and also encourage them so that they can perform well in there in jobs. It will further boost confidence among the subordinate employees working within that company, and they will also try to give their best to work for the company.
It indicates entrepreneurial motivation as well as the positive mindset reflected by the entrepreneur. In the given case, the readers have got an understanding of Mr. Ali, who is an entrepreneur. He is ready to take all kinds of financial risks of income in Oman based company. This company is particularly working as a business startup company to achieve all the goals and dreams and visions of the company. He is serving the position of the owner for this profit-based company, and he is particularly different from Mr. Muhammad, who is the manager. The former is working towards positive decision making, driving force, and taking He is creative and intuitive. These are the factors that make him different and make him a source of inspiration among all other employees working within his company. They are ready to work and be like him by being motivated from time to time and by keeping a positive mindset in their work (Kuratko 2016).
P7. Examine using relevant examples of how backgrounds and experiences can hinder or foster entrepreneurship.
In the case of the Oman based company, it has been shown that background, experiences very nicely, and other factors control entrepreneurship to a large extent. These can discourage or encourage entrepreneurship. So entrepreneurship is dependent on the family background of an entrepreneur, religion, or other factors of that particular entrepreneur. For example, if an entrepreneur is already experienced from before then, he would make his decisions in a positive manner, which will help the company in the long run. For this, he should be from a positive background that consists of a conflict-free or dispute free environment. If he is a successful entrepreneur with positive traits in himself, then he will motivate other people to work well within the company. Experience is, again, a very important factor in business. An entrepreneur would like to share about the business experience and motivate his subordinates. He directs himself in a positive behavior towards perfection. Apart from that, the work experience of an entrepreneur also helps his subordinates to work well. There have been referenced of pre-work in the bank given about the readers.
M3. Explore and examine different lines of argument relating to entrepreneurial characteristics
Generally, an entrepreneur behaves in a very similar manner to that of a leader. In most of the cases, they try to set positive business goals and meet the target that can help themselves as well as take their business to pass through ethics and things to a positive line. So they are ready to take risks, take new innovative measures, and set business for several shareholders. At the same time, employees, suppliers, related distributors, investors, and other people are coordinated and handled by the entrepreneur himself. He plans and perfectly allocates resources so that he can meet that company's missions as well as immediate objectives. On the other hand, he should possess personal management skills and analytical skills and decision making He can deal with negative consequences also. For example, there should not be any cases of conflicts arisen between other employees or between him as well as other employees. So this has to be controlled adequately. For example, in the sample, it had been shown that the manager of Mr. Ali had possessed the best skills which were not present in the manager that is Mr. Mohammed. Mr. Ali is creative and innovative, and he is ready to take the risk, which makes them one step forward (Burns and Dewhurst 2016).
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M4. Analyze the link between entrepreneurial characteristics and the influence of personal backgrounds and experience to specific successful entrepreneurs.
Hence, to understand more about the influences of personal experience in entrepreneurial characteristics, it is very important to know about the personal background of an entrepreneur. This is even the case for the CEO of this Muscat based company. He has always been trying right from the first to look out for new means of innovation that can take him as well as his business to stand unparallel. This is just the characteristic of every successful entrepreneur. They possess the capabilities of decision-making capabilities and to deal with all works in a single-handed manner. This is where they are differentiated from managers. The entrepreneurs not only try to work for themselves but also for others by motivating them and continuously balancing financial issues, operational issues, and all issues of the company single-handed. This is even the case for this present company. The entrepreneur is self-motivated and also helps to motivate others. He is always ready to take a risk that comes in the way of his business and take them not as challenges but as objectives to be fulfilled. In this respect, there is a very strong link existing between entrepreneurial characteristics and the corresponding influence (positive or negative) that it leaves on the business.
D3. Analyze the characteristic traits and motivational driver's successful entrepreneurs supported by special examples.
To be able to answer this question, let the readers take a comparative example between one successful entrepreneur tie Mark Zuckerberg i.e., the founder of Face book with that of the present entrepreneur discussed in this case study i.e., the CEO of this Muscat based company. There is even another most important entrepreneur that can be taken as an example like that of Thomas Cook, who is the present CEO of Apple INC. In most cases, entrepreneurs are not scared about taking risks, and they are always ready to contribute to the best towards the company or towards the product and services that they are going to maintain. They always complete the task by working very hard, and they try to control the operational areas, financial areas within time. They modify things from time to time. In the case of Mark, he started Face book single-handed. However, he took and included others to help him in his strategies. Today it has adopted as the business platform and is running successfully all over the world, similarly like Apple INC (Schaltegger et al., 2016).
The CEO tries to maintain Supreme quality in the business market continuously amongst all people. It has targeted few quality products, and in some of the respect, it is suffering as tough competition from Qualcomm and others. However, if we talk about the present Muscat based company, the readers should be able to consider the commonality between all entrepreneurs. They possess leadership skills, decision-making skills, analytical skills, risk-taking skills, and always motivated the followers (Storey 2016).
D4. Critically evaluate the background and explain the influences entrepreneurs use both positively and negatively by comparing and contrasting examples.
Entrepreneurs are positive as well as negatively are influenced by the background from where they range - for example, every particular individual work according to the problems or the situations that he confronts every day. For example, if he faces a positive atmosphere, he is sure to work better with a positive outlook. On the other hand, if he is always into conflict and tensions, then he will not be able to concentrate well in work. Entrepreneurs will not be able to work towards Innovation, and that kind of business is bound to be and successful. So in most cases, negative influences or background lead to a lack of motivational factors that retards a company's growth of entrepreneurship. This is directly related to two positive experiences and backgrounds. This is healthy for maintaining the financial operations as well as all other important areas of a business (Read et al., 2016).
Lo3. Determine and assess the key aspects of an entrepreneurial mindset.
Entrepreneurial always has a positive vision toward the future and long-term planners, and they always want to do something that can take the business to a long turn. They are always ready to take a risk that can bring a benefit on the short scale, but it will end up causing some real advantages for all in the future. So they have a typical mindset, and it is motivational to know about the mindset that the work upon. They involve other people in their work who are skilled and who are dedicated to their work and which will make the operational task that they are given to work (Venkataraman 2019).
Lo4. Examine the different environments that foster or hinder entrepreneurship.
Entrepreneurship can be fostered on hindered by several factors. Two of the most important factors in this place are background and experience. As already discussed before, the background can be positive as well as negative also. This positively or negatively influences the activities are capabilities of an entrepreneur to work within a similar manner. If an entrepreneur is experienced, then he or she will work better to fulfill all the strategies and work well rather than some other manager who is not efficient. So it depends on that person on how he or she can take up all the responsibilities of that particular company and maintain a pleasant environment of business for others to be a part of that particular environment (Burns 2016).
An environment at the workplace should be free of conflict. The external environment, as well as the internal environment, helps to promote or bring hindrance in business. For example, if a startup company has been developed at a particular place, then employees who come from another region would take some time to understand the working strategy of that particular company. The employees and their culture will be studied. The entrepreneur, as well as the higher management of the company, has to be a bit supportive so that the employees can work well in terms of the internal environment. Also, their employees of the company should be able to communicate well about the job allotment with those managers, and this sort of interaction is very important for an entrepreneur. He should be able to support a positive working environment, which will help all these employees, along with the entrepreneur to work correctly (Light et al ., 2017).