Entrepreneurial Ventures and Exploration of the Entrepreneurial Mindset

This presentation explores the traits, skills, and aspects of the entrepreneurial personality, as well as how background and experience can hinder or foster entrepreneurship. It discusses successful entrepreneurs, the Ocean Model for understanding entrepreneurial personalities, and the role of family background and experience in entrepreneurial ventures.

Entrepreneurial Ventures
and exploration of the
Entrepreneurial Mindset

Table of Contents
◦ Introduction
◦ Traits and skills of successful entrepreneurs
◦ Aspects of the entrepreneurial personality
◦ How background and experience can hinder or foster entrepreneurship
◦ Conclusion
◦ References

Introduction
Entrepreneurial ventures within a nation contribute significantly by generating
employment opportunities, but their main aim is to generate profit and be successful.
There are different kinds of entrepreneurial ventures that offer services to the customers.
Organization chosen for this presentation is CaféPod, which is a coffee company that
was founded in the year 2011.

Traits and skills of successful entrepreneurs
Successful entrepreneurs like J K Rowling and Mark Zuckerberg have certain skills and traits
that make them stand out from other business managers. With the help of these traits and skills,
they create new innovative ideas.
Traits
Self-confidence and Hard work – Successful entrepreneurs are hardworking and put in all their
best efforts in getting a task done. For example- Mark Zuckerberg has also been seen focus and
striving for nothing but the best for his company. He had confidence in himself and he left no
stone unturned in making Facebook the success it is today.

Cont…
Skills
Innovative thinking – Success entrepreneurs possess the skill of thinking innovatively. And
due to this, they are able to find solutions to various problems prevailing in the society in an
effective manner.
Consistency and Creativity – JK Rowling is one example of a successful entrepreneur who
has been consistent and creative in her work. These kinds of entrepreneurs always look out for
ideas that are innovative and creative. And to do so, they interact with people as much as
possible.

Aspects of the entrepreneurial personality
Ocean Model, also known as the Five Factor Model, is used in order to understand the
different personalities of entrepreneurs. This is one of the most widely used models in
order to understand the personality of different entrepreneurs.
Openness – This is the most important trait and people who have this are bold and
creative. Some common traits of this personality are imagination, daringness, creativity
etc. Such people like to learn and experience new things.
Conscientious – People having this personality are reliable and possess a high degree of
conscientiousness. They are thorough, methodic and very organized in their work.

Cont…
Extraversion – These people are highly energetic and like communicating and interacting with
others. Also, some traits of such people are self-motivated, energetic, talkative. On the other
hand, introverts are people who don’t like interacting with people.
Agreeableness – People are in this category are friendly and cooperative. Some of the traits of
this category are being affectionate, kind and sympathetic towards others.
Neocriticism – This personality trait is also known as emotional stability and therefore, relates
to the emotional stability of the person and his ability to handle negative emotions. People who
have this personality are moody, appear to be tensed and are therefore, emotionally unstable.

How background and experience can hinder or
foster entrepreneurship
Background – Background can play an important role and can either hinder or foster
entrepreneurship. This means that the family of a person can support or be against the
idea of entrepreneurship. On the other hand, children who do not belong to a business
background might find it hard to convince their families regarding the same. For
example- when Mark Zuckerberg came up with the idea of starting Facebook, it
would’ve somewhat been a little difficult but the family supported him.

Cont…
Experience – Many entrepreneurs have an earlier experience of working with an
organization or as a part of a business. Having an experience can help a business to be
successful as well as profitable. For example- the founders of CafePod, Peter Grainger
and Brent Hadfield started their business because they thought that the experience with
which coffee was prepared at home lacked quality. Therefore, experience brings in
knowledge and useful insights about how can an entrepreneurial business be run
smoothly and successfully.

Conclusion
From the presentation, it can be concluded that entrepreneurs that are successful possess
certain traits and skills like innovative thinking, hard work etc. Different entrepreneurs
have different personalities that can be understood by the help of Ocean Model. And
lastly, family background and experience of a person can contribute significantly in
making an entrepreneurial business a success or failure.

References
◦ Guerrero, M. and et. al., 2016. Entrepreneurial universities: emerging models in the
new social and economic landscape. Small Business Economics. 47(3). pp.551-563.
◦ Shepherd, D. A. and Patzelt, H., 2018. Entrepreneurial cognition: Exploring the
mindset of entrepreneurs. Cham: Palgrave Macmillan.

Thank You