Characteristic Traits and Skills of Successful Entrepreneurs
Verified
Added on 2023/01/10
|10
|995
|48
Presentation
AI Summary
This presentation discusses the characteristic traits and skills of successful entrepreneurs, using examples of James Dyson and Peter Jones. It also explores how the entrepreneurial personality reflects motivation and mindset, and how background and experience can hinder or foster entrepreneurship.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Characteristic traits and skills of successful entrepreneurs Characteristics traits and skill traits of a successful entrepreneur are completely differentfrombusinessmanagers.Thesecharacteristictraitsandpersonalityof entrepreneurs and their difference from business managers will be explained with the help of examples of two entrepreneurs: James Dyson and Peter Jones. Characteristics traits: Entrepreneurs have an ability to take risk and are ready to take any kinds of risk in order to expand their business whereas business managers do not have such skills. Ability of James Dyson to take risk helped him to grow his business till such an extent. Entrepreneurs have clear goals and mission which helps them to start their own business. Whereas, managers only follow defined goals, never create them. Both James Dyson and Peter Jones had developed clear vision and mission which further helped them to successfully start and run their own business.
Continue… Skills: Entrepreneurs have leadership skills which helps them to run a business successfully whereas managers only have management skills. Both James and Peter had leadership skills which further helped them in running a successful business. Not only this, their leadership skills also helped him making their employees their followers and focused so that desired objectives can be achieved.
Ways in which aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset Entrepreneurs personality reflects their motivation and mindset in many different ways.this can be explained with the help of personality traits of OCEAN models. Openness: This trait helps in reflecting creativity, ideas, curiosity and variety of experience of an individual. This type of individuals has independent and imaginative personality. An entrepreneur who have this kind of personality has an open mindset and focuses upon using their creativity, curiosity and ideas development of their own business. Entrepreneurs who have this trait within their personality are self- motivated and has their mindset fixed upon using their creative ideas within development of their own business.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Continue… Conscientiousness: Individuals who have this personality are dependable, organized and are dutiful. Such type of individuals focuses or aim upon achieving desired goals and objectives. These types of entrepreneurs are quite stubborn when it comes to achievement of their desired goals and objectives and this, suborn nature motivates them to achieve their target and nothing else which further helps in setting their mindset to achieve their goals with complete determination. Extroversion: Individuals who have this type of personality are quite talkative, assertive and energetic. This energetic nature of such type of entrepreneurs encourage them and motivate them, set their mindset to achieve desired goals and objectives.
Continue… Agreeableness: People with this personality are helpful, compassionate and cooperative in nature. These types of people are always assertive and focus upon motivating others. They are more trustworthy and helpful in nature. Entrepreneurs with this personality trait always focus upon motivating their subordinates and employees. Neuroticism: Individuals with this personality traits experience emotions such as depression, anger and many more. Such type of individuals does not have high motivational level and do not have a stable mindset. So, there are less number of individuals with this personality trait.
Ways in which background and experience can hinder or foster entrepreneurship Overall experience and background of people can either foster or work as a hindrance within their entrepreneurship. Here are some examples that can helps in explaining ways in which entrepreneurship experience of entrepreneurs can be affected with the help of three examples: one local entrepreneur, one global entrepreneur and one social enterprise. Peter Jones: He is one of those entrepreneurs who earned money from his two passions that are tennis and business. Initially for few years he started giving tennis lessons to others and he himself was a very good player. Then he started manufacturing PC’s in his mid- twenties but neither tennis was a success, not his business was a success. Then in his late 20’s he started working in a Computer business and after few years he founded his own telecom business which was a success. So here his experience helped him in becoming and entrepreneur.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Conclusion… James Dyson: He was always interested in art, designing, in fact he had done one year of interior designing before moving to engineering. He used in engineering and interior designing knowledge focused upon innovating something new. In 1970 he created a vacuum cleaner that picked up dirt. He tried to sell his invention to major manufactures but they rejected his invention. Then he started his own manufacturing company and distributed his products in UK and started his own business. Jane Wurwand: She had not studies business studies and only went to take a degree from beauty school. She established a dermal clinic and she used this experience to establish her successful business.
Conclusion From the above assignment it has been summarized that there are different types of entrepreneurs and each of them have their own experience and background which motivate them in starting or running their own business. Background and experience of each entrepreneur either works as a hindrance or foster them to start their own business. It has been concluded that each entrepreneur has some characters, traits and skills which helps them to successfully run their own business and differentiate them from others.