Characteristics of a Successful Entrepreneur: Richard Branson

This report discusses the characteristics and traits of a successful entrepreneur, focusing on Richard Branson as an example. It explores the entrepreneurial motivations, characteristics, and the big five personality model. The report also provides insights into how these factors contribute to entrepreneurial success.

Entrepreneurship

Table of Contents
Introduction.........................................................................................................................................3
Main body............................................................................................................................................3
A successful entrepreneur..................................................................................................................3
Entrepreneurial motivations...............................................................................................................4
Entrepreneurial characteristics...........................................................................................................5
Big five personality model.................................................................................................................5
CONCLUSION....................................................................................................................................7
REFERENCES....................................................................................................................................8
Introduction
Entrepreneur reason person who take risk of starting a new business venture and they
create a farm, which aggregates the capital and Labour in order to produce goods and services
for the profits. Entrepreneurs are owner of the business and they are having some skills and
characteristics that makes them different from the normal businessman’s.
This report will cover one of the successful entrepreneur from the United Kingdom
Richard Branson. he became entrepreneur in the age of 16 and Richard is also remembed
Because he was youngest entrepreneur. This report will cover a characteristics and Traits
often entrepreneur that make them successful in their business. It will also include big 5
model to explain the personality often entrepreneur briefly.

Main body
A successful entrepreneur
Richard Branson
Sir Richard Branson is an you case one of the most successful entrepreneur who is
owner or founder of one of the known group called Virgin group and right now this Virgin
group is controlling over more than 400 companies in different different fields. Branson came
from Poor family Anne he started his own business in age of 16. in ear 1970 Richard opened
his own Mail order record business and he operated chain of record store Called Virgin
records. After some time Branson change the name from Virgin records to the Virgin
megastores. During the 1980 the version brand was growing rapidly and with that Branson
Atlantic. In March 2000 Branson was knighted at Buckingham Palace for service to
entrepreneur, In year Richard become prominent global figure for his work him using
transport, and His good work toward the society. Richard was brilliant in a business that he
already showed when he was young and his own motivation make him successful in their
business. he belong to the poor family when he was just 16 still he start his own business and
make himself successfulentrepreneur. Richard characteristics are that he is very confident, he
always take decision on time, have new ideas related to the business. He and he always find a
new way to doing a work and understand how he can provide satisfaction to the customers by
providing his own products and services.
Entrepreneurial motivations
To become a successful entrepreneur a person should identify their opportunities and
stretch from the external environment. they should always find their motivation that allow
them to work toward their life goals and there objectives. Entrepreneurs are owner of the
business and they are having some skills and characteristics that makes them different from
the normal businessman’s.
Set personal goals
Entrepreneur always motivate through their goals they want to achieve. They always
motivate themselves to achieve those goals and some core values they want to live by. This
makes important for The people who want to be entrepreneurs successfully.
Engage with a motivational activities

A successful entrepreneurs always engaged with motivational activities and they
always find I think our people those who motivate them. During their free time they do their
things such as listening music’s, watching movies and sharing a food with family members. it
helps to motivate them and they can also be happy with their personal life.
Good sleep
Another motivation for an entrepreneur is they always take a good sleep everyday. a
successful entrepreneur always know that lack of sleep can lead them towards the lack of
concentration an motivation. This make them been able to take proper sleep everyday so they
can be walk with full energy and be motivated everyday.
Reward yourself
For the motivation entrepreneurs always give themselves a reward for their every
success. It is also an best way to motivate ourselves andAchieve success in our life. The
people who want to be come a successful entrepreneur in their life then they should always
reward themselves for every single goal or objective accomplishing. rewarding the self like
giving themselves a dinner at nice restaurant, buy something that they always want to buy
once. They can also take vacation to make their mind relaxed and more productive. They can
also take out sometime to take drink or party with their friends and family.
Entrepreneurial characteristics
A successful entrepreneur like a Richard Branson another entrepreneurs who are
successful in their life have some common characteristics in themselves that makes them
different from the others and help them to achieve success. Here are some characteristics that
can be used by people who want to become a successful entrepreneur in their life and start
their own business to get success
Vision
Every successful entrepreneur always create their own vision for their business and
they also show this region to the employees who are working for their business. Vision
always make them remember that What they want to achieve and what they will become in
future and what position they want to take near future. This is also helpful for the employees
to understand how much effort they have to give and what they need to do so company can
get success in their business.

Creativity
a successful entrepreneur are creative because they always come up with the new
ideas add they always search a creative way to do any work more easily and better way. It
makes easy for them to sell their product to the customers and customers can also satisfy the
needs an their demand from those products and services. It is necessary for anyentrepreneurs
to be creative in their work so they can easily get what they want to achieve. Creativity is
necessary to be successful in any kind of business without this we can't be successful.
Big five personality model
Entrepreneurial characteristics make entrepreneurs differ than businessman. There are
some entrepreneurs who have some skills and characteristics which have made them
successful. One of the main examples of successful entrepreneur is Jeff Bezos. Jeffrey Bezos
is president of multinational company Amazon and it is found that he has an effective
leadership strategy. He has unique strategies that make his organization successful. For better
understanding effectiveness of entrepreneurs, big personality model can help in knowing their
skills and characteristics. Five categories of this model include:
Openness: This trait refers imagination or insight. People who are high in this trait are more
likely to have interest and want to know more about the world. They often remain eager to
learn new things as well as enjoying new experience (Azucar, Marengo and Settanni, 2018).
In the context of Jeff Bezos it can be said that he is more creative and high in this skill and
wanted to try new things and also learn from their failures.
Conscientiousness: Those people who have this skill have high level of thoughtfulness and
goal directed behaviours. It is also found that Jeff Bezos have this skills and that is why he
tends to be more organized and mindful of details. They also focus on their behaviours as
how their behaviour affects others. Jeff Bezos focus on completing their tasks in a timely
manner by paying attention to detail.
Extraversion: This trait is characterized by talkativeness and sociability. It is found that
people who are high in this trait are more likely to gain energy in social situation. On the
other hand, people who are low in this trait tend to be more reserved. Jeff Bezos enjoys
meeting with new people because he believes that it helps them out in learning new things
and improve their knowledge.

Agreeableness: It consist of several characteristics such as: trust, kindness, affection and
other effective personal behaviours. People who are high in this trait are more likely to be
cooperative (Pramodh and Vijayalata, 2016). Jeff Bezos thinks about others and it is the
reason he is successful. He also enjoys helping others and also has a great deal of interest of
others.
Neuroticism: It is a trait which is characterized by moodiness, emotional stability as well as
sadness. People who are high in this trait tend to feel anxiety, anger, irritability and mood
swings. But Jeff Bezos is low in this trait and that is what they are emotionally stable, have
ability to deal with stress, does not worry much and are very relaxed. It is also found that Jeff
Bezos has an ability to deal with stress in an effective manner. It is the reason they work
under pressure without getting disturbed and hurt and this ability has made them a successful
entrepreneur and also makes him differ than other businessman.
So, on the basis of above discussion and all discussed traits it can clearly be said that
Jeff Bezos is a successful entrepreneur because of all these characteristics. It can also be said
that for becoming successful, people require having integrity skills for understanding
behaviours or feelings of others.
CONCLUSION
As per the report has been discuss about the Storey of successful entrepreneur Richard
Branson. This report has been explain how Richard start his business Anne what was its
Characteristics in themselves Make entrepreneur successful in their business. It has been also
included big 5 model to explain the personality often entrepreneur briefly And explain how
characteristics within a entrepreneurs provide them support to get a better ideas and make
them successful businessman an entrepreneur

REFERENCES
Books and Journals
Azucar, D., Marengo, D. and Settanni, M., 2018. Predicting the Big 5 personality traits from
digital footprints on social media: A meta-analysis. Personality and individual
differences. 124. pp.150-159.
Mukherjee, K., 2016. The psychology of the successful entrepreneur.
Yimamu, N., 2018. Entrepreneurship and entrepreneurial motivation.
Aligba, AO. and Fusch, G. E., 2017. Entrepreneurial motivations and characteristics of Niger
Delta youths: An exploratory study. Journal of Social Change. 9(1). p.7.

Hameed, I. and Irfan, Z., 2019. Entrepreneurship education: a review of challenges,
characteristics and opportunities. Entrepreneurship Education. 2(3-4). pp.135-148.
Pramodh, K.C. and Vijayalata, Y., 2016, October. Automatic personality recognition of
authors using big five factor model. In 2016 IEEE International Conference on
Advances in Computer Applications (ICACA) (pp. 32-37). IEEE.