After writing my post, I thought I might create a bootable partition for my Mac as well and was hoping to be able to be able to set up bootable partitions on my external Hard Drive for both my Mac and my Dell Mini 10v. Unfortunately after some further research I don't think it is possible.
The reason being (as I understand it) is that in order to be bootable on a Mac the drive must be formatted using the GUID partition map scheme. However, on a computer which uses BIOS as opposed to EFI, in order to be bootable the drive must be formatted using the Master Boot Record partition map scheme. Unfortunately, I don't think it is possible to create a drive using different partition map schemes, so I will need to pick up a new flash drive instead.
This will actually be better solution as I will always have it with me and won't have to take my hard drive with me when I'm away from home.
All the best