Understanding Traits and Skills in Entrepreneurship

Entrepreneurship
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Table of Contents
INTRODUCTION.......................................................................................................................................3
Understanding of the difference between traits and skills and their role in establishing a successful
entrepreneurial ventures..........................................................................................................................3
Fundamental traits and skills of entrepreneur..........................................................................................4
Entrepreneurship Theories.......................................................................................................................5
CONCLUSION...........................................................................................................................................6
REFERENCES............................................................................................................................................8
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INTRODUCTION
Entrepreneurship is defined as the procedure of designing or launching a new business
venture by using new or innovative ideas through which a plan can be developed. An
entrepreneur is a person who undertakes risk of initiating a new venture for the major purpose of
making profit and proving ease to people (Burns, 2016)
. Entrepreneurship is associated with risk and rewards, the entrepreneurs are having various traits
in their personality which makes them differentiated form others and provide them a reason to
grow. This report is prepared in order to understand various concepts of entrepreneurship on the
background of Simon Cowell. He is an English TV celebrity and a successful entrepreneur as
well.
Understanding of the difference between traits and skills and their role in establishing a
successful entrepreneurial ventures
Traits
Creativity: Entrepreneurs are having traits of creativeness through which they propound
varied ideas which are emerging and capable to attract people as well. This trait of entrepreneurs
provides them a reason to get success and enhance their career opportunities as well. For Simon
Cowell his creativity made him judge over British television due to which he was able to succeed
in his career.
Vision: Entrepreneurs always keeps long term vision due to which they have sense to
identify challenges in very prompt manner. This trait of entrepreneurs provides them more
options to deal with challenges that may create barriers in their succession. For Simon Cowell,
he already had long term vision to become successful by which he dealt with that entire barrier
which came into his life as hurdles in optimal manner (Mitra, 2019).
Risk taker: The major personality trait of an entrepreneur is that they are risk taker, as
entrepreneur is associated with some new and emerging concept which is having high degree of
risk. So a successful entrepreneur is laced with the power to bear risk in appropriate manner. In
earlier life Simon Cowell faced huge risk which later on converted into his success steps.
Skills
Communication: Communication is the primal skill which is held by an entrepreneur.
Communication is the major aspect by which idea can be explained by entrepreneur to their
stakeholder in order to get investments and understand their employees as well. With the help of
effective communication skills they can establish communication with their peers and related
parties through that they may get high assistance in their success.
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