Factors Influencing Entrepreneurial Success

The report emphasizes the significance of skills for entrepreneurs to run their businesses successfully. It also discusses the importance of entrepreneurial personality, inspiring others to work effectively and efficiently. Additionally, it examines factors that act as hindrances or fosters for entrepreneurs while launching business ideas.

Entrepreneurship and Small
Business Management
Project 2
(The Mind-set of the
Entrepreneur)

Table of Contents
INTRODUCTION...........................................................................................................................3
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................3
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset.............................................................................................................................6
M3. Examining different lines of arguments relating to entrepreneurial characteristics.......8
D3. Analyse the characteristic, trait, skill and motivational drivers......................................8
TASK4.............................................................................................................................................9
P7. Background and experiences hinders or fosters entrepreneurship...................................9
M4. The link between entrepreneurial characteristics and influence of personal background
and experience to specific successful entrepreneur................................................................9
D4. Critical evaluation of background and experience influences entrepreneur..................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurial mind set refers to a particular state of mind which determines human
behaviour towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mind
set are drawn towards possibilities, invention and new value creation. This report will explain the
characteristics traits and skills of successful entrepreneurs that differentiate them from other
business managers. It also assess various aspects of the entrepreneurial personality reflects
motivation and mindset. And the later part of the report will examine the background and
experiences which hinders or fosters the entrepreneurship (Burns and Dewhurst, 2016).
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers
Entrepreneur is the person with skills, ideas and courage to take any challenges for
converting those ideas into reality. On the other hand manager is the one who manages the
business operation or managerial function. To elaborate both terms researcher took two famous
entrepreneur i.e. Jeff Bezoz (founder of Amazon) & Sergey Brin (Google co-founder). Some of
the characteristics, skills and traits of entrepreneur are as follows:
Particulars Jeff Bezoz Sergey Brin
Characteristics  Jeff Bezoz has
competitive mind
which always made
him to do much better
than other competitor.
But manager have no
fear of competitor as
they just have to
manage the business
operation.
 Jeff Bezoz is
passionate about work
for that he put extra
 Sergey Brin is very
enthusiastic and
committed toward
work which made him
a successful person.
Managers are dedicated
to work but compare to
entrepreneur they are
less because they work
based on reward and
working culture.
 Sergey Brin was a
visionary person who

hours without
expecting anything in
return. But this
characteristic is less
important to managers
as they work on the
basis of reward i.e.
salary.
set goal in advance for
a clear path. Manager
doesn't set goal but
creates plan in order to
achieve the goal set by
entrepreneur (Priem,
Li. and Carr, 2012).
Skills  Jeff Bezoz is a risk
taker who never keep
himself back from
adapting opportunities
or challenges, which
enabled him to be a
wealthiest man in
world. This is the main
reason entrepreneurs
are different from
managers because they
are regarded as the
employee of an
organisation whose
duty is to carry forward
the work which is
assigned by
entrepreneur.
(Rideout and Gray,
2013).
 Jeff Bezoz has
excellent leadership
 Sergey Brin has good
communication skill
who always provides
clear information to his
employees about work
which enables him to
maintain a better
relationship within and
outside the
organisation. Managers
are less conscious
about communication
skill because they don't
require to inspire
employees in order to
carry forward the given
task.
 Sergey Brin is very
flexible in adapting
opportunities which
made him to come up
with innovative &
creative technologies.

skill as he direct the
employees in a right
path by supporting b
them and pushes for
team work, this is the
skill which helped him
to become a successful
person in world. In
case of manager they
don't have to direct or
show the way to
employees as they just
have to follow the pre
determined goal which
is set by entrepreneur.
On the other hand
managers are never
open to receive
opportunities because
they just have to
process the innovative
ideas which is given by
entrepreneur.
Traits  Jeff Bezoz is a man of
innovation as he brings
new ideas or innovative
products which made
him to stand out among
his competitor. Due to
this reason
entrepreneur are
different from manager
because they never take
initiative to bring
innovative ideas rather
they just execute the
idea which is assigned
by entrepreneur.
(Roig-Tierno, Alcazar
 Sergey Brin is a
confident man which
enables him to take up
any challenges or work
in any situation. While
in manager confidence
level is less than the
entrepreneur.
 Sergey Brin is an
optimistic person who
never get
disappointment from
failures or business
shortcomings . He
always learns from
failure and move

and Ribeiro-Navarrete,
2015).
 Jeff Bezoz is a self
motivator who always
encourage himself with
positive attitude even
in complex situation
this is what motivated
him to become a
successful
entrepreneur. Managers
are not self motivators
as they always keep
aside themselves from
manage difficult
situation. Even if they
manages they need
encouragement from
their superior.
forwards to goal, this is
why he became a
richest person in world.
In case of manger they
easily give up for a
small failure and seeks
motivation from
entrepreneur or from
co-worker.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset
An entrepreneur is a person who always seeks for opportunities and also ready to face or
take risks in order to achieve the goal or objective. They are actual owner of a company.
Entrepreneurial personality encompasses of abilities, values, ambition and attitudes etc. which
shapes an individual actions and behaviour. It also effect their behaviour and mindset which push
them towards the goal or aim. Hence entrepreneurial intention is needed for developing
enterprise. Each entrepreneur has unique qualities and characteristic to handle or manage the
business activities. Some are introvert on the other hand, others are extrovert. Introvert people
are those who always prefer to spending time in alone whereas extrovert always wants to be in
group or they gain energy by being in group of people (Sánchez, 2013). One of the easiest way to

analyse or evaluate the entrepreneurial personality which reflect on their mindset by using
OCEAN model which is described below: Openness to experience: An entrepreneur should be open minded to adapt any
challenges, introduce creative product and to work in any situation. They always seeks to
introduce latest and innovative technology or product in order to provide satisfaction as
well as obtaining organisational goal. In context to Jeff Bezoz, he is always open to adapt
opportunities and also to face the challenges in order to perform and improve his
potentiality within his business which made him a successful and richest entrepreneur in
the world. Conscientiousness: Its is the another personality trait which implies a desire to wok well
with disciplined and organised way which enable them to be more efficient. They
should be self disciplined and aim for fulfilment of goal by planning in advance rather
than spontaneous behaviour. In context to Sergey Brin he create a plan or framework of
business activities in advance and follow them with more diligently, enthusiastically and
in an organised manner which provides him clarification in achieving goal. This is the
reason he is successful in maintaining a better relationship within and outside the
company. (Sullivan and Meek, 2012). Extraversion: This trait signifies to those who people who gain energy in being with
group of people and also they are more social to people. They are considered as more
talkative and assertive kind of people. They easily mingle up with people and also with
the working culture. Apart from this they are very energetic and enthusiastic to work. Agreeableness: This trait states to those individual who are cooperative, compassionate,
sympathetic and affectionate. They are very helpful nature personality who understands
other person's situation and provides them a suitable solution. In context to Jeff Bezoz
this is one of the main trait which made him successful is that he is good in
understanding, and very much cooperative with others which bring satisfaction &
comfortableness among employees.
 Neuroticism- This is the characteristic which helps an entrepreneur to be neutral in any of
the situation whether positive or negative. While conducting business, there are
possibilities of negative as well as positive results, hence here is feel of anxiety, happy,

sad, anger, etc. which has to be controlled by entrepreneur to deal with situation and
bring positive impact on business (Winkel, 2013).
From the above discussion, it is clear that there are some situation which arise in business
sector, so in this case entrepreneur has to deal with changes taking place in external
environment. Apart from this, it also enable them to do some modification in order to take
suitable actions. This gets positive impact on business growth and development.
M3. Examining different lines of arguments relating to entrepreneurial characteristics
There is a link between entrepreneurial characteristics and background of the individuals.
There are various lines of arguments which directly relates to the characteristics of Jeff bozos.
According to Bozos, there is a belief that one must not stop experimenting because if
experiments will be doubled then this will double the investment every year. This is how new
innovation are made and this led them stay competitive in the market. Jeff bozos has always
taken initiative in inventing and followed the culture of new innovations. For instance: there is
arguments such as leaders are not made but born, leaders are innovators, etc. are some arguments
which gives positive impact on entrepreneurial skills. While launching new business idea, there
is requirement of risk taking ability and accepting changing which are taking place in external
market, so Jeff Bozos become successful in their entrepreneurial career.
D3. Analyse the characteristic, trait, skill and motivational drivers
The characteristics, traits, skills and motivational drivers for the Jeff bozos and Sergey
Brin are that they both were freedom oriented and this led them choose their way on their own.
They were brave in nature which led them take various kinds of risks. Their inbuilt
characteristics and traits led them to concentrate on vision (Julien, 2018). For instance: Sergey
Brin has zeal to accept new changes taking place in environment, so they are able to learn what
changes are taking place and this helps to give positive impact in their entrepreneurial career.
Jeff Bozos has risk taking skill so he is able to launch e- commerce business at world wide level.
Their effective communication and listening skills have made it easy for the people to understand
their objectives and vision which will be useful in attaining organisational goals and objectives.

TASK4
P7. Background and experiences hinders or fosters entrepreneurship.
Entrepreneurship is the act of designing, launching and developing a new business. This
is not an easy task because an entrepreneur faces various obstacles while implementing the
business successfully. In the course of action, it faces various factors which are both favourable
and unfavourable in nature. This can be understood by the following examples :
 Jeff Bozos is the founder of one of the largest e-commerce company, Amazon. Jeff bozos
belong to the financially strong family. As a child, Jeff showed the interest in learning
how things work, converted the garage into laboratory and rigging electrical contraptions
around their house. Even though he faced a lot of family issues but his love for computer
and technology pushed him to start his first business as a educational summer camp.
Furthermore his open mind, self motivation attitude, persuasion of dream made him to
quit the job from Wall Street in the year 1994. This is what made him to enter into risky
world i.e. e-commerce industry and started his company named Amazon.com which is
the one of the successful e-commerce retailer in world.
 Sergey Brin is the founder of Google which is the world's largest search engine. Their
early life was not easy because their parents were unemployed and forced to work as
waiter but later on their life became smooth. During educational period, their colleagues
were not supportive, they do not treat them the way it must be treated. He never get
disappointed from his failure or from the behaviour of his co-worker. He was very
confident towards his vision which made him to pursue his goal. Finally by breaking up
all the walls or chains he became a successful and wealthiest entrepreneur in world.
(Shepherd, 2016).
M4. The link between entrepreneurial characteristics and influence of personal background and
experience to specific successful entrepreneur
This has been identified that there are various entrepreneurial characteristics like passion,
confidence, innovative, ambitious, etc. which has a strong influence on the background and
experiences. For instance, Sergey Brin is the founder of google which is the largest search
engine. As the parents were well educated and working in a big companies with good position
motivates them to do something different and unique. There is link between entrepreneurial

characteristics with personal background, experience. For instance: Sergy Brin is the person who
works have good family background, so they are able to analyse external market and its
requirement. This helps them to launch google with regular innovations.
D4. Critical evaluation of background and experience influences entrepreneur.
According to Cucculelli and Bettinelli, 2015 the background and experience of every
individual leaves a positive and negative remark on their life and future which has a strong
influence on entrepreneur. For instance, Jeff Bozos has a strong education and qualification
background which makes them successfully accomplishing the objective of becoming an
entrepreneur. While at the same time, he has colleagues who do not support his business idea. So
this makes him delay in launching Amazon. In case of Sergy Brin, have educational background
of computer science so it is easy for him to launch google with innovations. While Sergy Brin
have more knowledge about theoretical aspects which affects his practical implementation in
concurrent world.
CONCLUSION
From the above report it has been concluded that skills are very important to the
entrepreneurs for successfully running the business . It also emphasis on entrepreneurial
personality because it must be such that it will inspire others to work effectively and efficiently.
At last there is discussion about factors which act as hinder or foster for entrepreneurs while
launching of business ideas.

REFERENCES
Books and Journals
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Cucculelli, M. and Bettinelli, C., 2015. Business models, intangibles and firm performance:
evidence on corporate entrepreneurship from Italian manufacturing SMEs. Small
Business Economics. 45(2). pp.329-350.
Julien, P.A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2016. Business models for sustainability:
A co-evolutionary analysis of sustainable entrepreneurship, innovation, and
transformation. Organization & Environment. 29(3). pp.264-289.
Shepherd, D.A., 2016. An emotions perspective for advancing the fields of family business and
entrepreneurship: Stocks, flows, reactions, and responses.
Priem, R. L., Li, S. and Carr, J. C., 2012. Insights and new directions from demand-side
approaches to technology innovation, entrepreneurship, and strategic management
research. Journal of management. 38(1). pp.346-374.
Rideout, E. C. and Gray, D. O., 2013. Does entrepreneurship education really work? A review
and methodological critique of the empirical literature on the effects of university‐based
entrepreneurship education. Journal of Small Business Management. 51(3). pp.329-351.
Roig-Tierno, N., Alcazar, J. and Ribeiro-Navarrete, S., 2015. Use of infrastructures to support
innovative entrepreneurship and business growth. Journal of Business Research. 68(11).
pp.2290-2294.
Sánchez, J. C., 2013. The impact of an entrepreneurship education program on entrepreneurial
competencies and intention. Journal of Small Business Management. 51(3). pp.447-465.
Sullivan, D. M. and Meek, W. R., 2012. Gender and entrepreneurship: a review and process
model. Journal of Managerial Psychology. 27(5). pp.428-458.
Winkel, D., 2013. The changing face of entrepreneurship education. Journal of Small Business
Management. 51(3). pp.313-314.
Online
Aspects of Entrepreneurial personality, 2017. [Online].Available
through:<http://smallbusiness.chron.com/important-small-businesses-local-economies-
5251.html>.