Traits and Characteristics of Successful Entrepreneurs

This presentation discusses the various traits and characteristics of successful entrepreneurs, including Richard Branson, Philip Green, and James Dyson. It explores how their personality traits reflect their motivation and mindset, and how their background and experience can either foster or hinder entrepreneurship.

ENTREPRENEURSHI
P AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
TASK 2
INTRODUCTION
P 5 Different traits and characteristics of successful entrepreneurs
P6. Reflection of motivation and mindset of entrepreneurs by the
personality of entrepreneur
P 7 Hindrance or fostering of entrepreneurship with help of experience
and background of entrepreneur
M 4 Link among background and experience with characteristics of
entrepreneur
CONCLUSION

INTRODUCTION
Entrepreneurship refers to as a process through which
an entrepreneur starts its own business wherein all
the risk is borne by entrepreneur himself. This
presentation is going to discuss various characteristics
and traits of successful entrepreneurs. Next it will
show that how entrepreneurial personality reflects the
motivation and mindset of entrepreneur. At last, it will
describe the fact that background and experience of
entrepreneur either fosters or hinders the
entrepreneurship.

P 5 Different traits and characteristics of successful
entrepreneurs
Richard Branson is entrepreneur of virgin group and British
business magnet, and he controls to more than 400 companies
(Liñán, Moriano and Jaén, 2016). He starts their first business at
the age of 16 years old.
Skills of Richard Branson :-
 Confidence is the main skill of Richard Branson because he
has knowledge and this thing increase boost their confidence.
His confidence make him to success because he has also ideas
about business and he got success.
 Learner skill makes different from other business entrepreneur
because he always learns from failure and never demotivate
from failure.

 Traits of Richard Branson :-
Richard Branson has trait that he listen effectively to customers
feedback about organizations service and products and apply
thoughts of customers on their business because he always put
focus on provide goods and services to customers according to
their needs (Kellermanns, & et.al 2016).

Cont..
Characteristics of Richard Branson:-
 Richard Branson is a successful entrepreneur, and he has
characteristics like creativity (Eniola and Entebang, 2015).
That means he always focuses on creativity through match
perfect combination of unrelated situation or events to
promote and improve their products and services.
 Financial management is also characteristics in Richard and he
focus on making accurate budget for business and increase
productivity with low cost.

 Failure management is characteristics in Richard and new
business hit speed bumps and struggle at times because he
always put focus on overcome to failure reason and issues.
 Open minded mainly provide helps to Richard and through this
they think positively. His thinking is that every situation is a
opportunity of learning.

Cont….
Philip green :- he is also a successful entrepreneur of Arcadia
group. It is a retail organization of United Kingdom.
Skills of Philip green:-
 Planning skill is special in him, and he makes effective planing
for future to improve business. So he focuses on evaluate
market condition and then make plan about future condition of
market.
 forecast management skill helps to him about make plan to
manage resources. This skill makes different from other
mangers because they research and evaluate customers and
market time to time for make effective plan.

 Philip has skill of innovation and this skill make him success in
his career because through this he always think innovative
about product and business.
 Leadership skill provide helps to make perfect to their
employees and members of organization and how ls provide
perfect direction to employees.

Cont…
Characteristics of Philip green:-
 Philip green has major characteristics of empathy that means
he evaluates and analyse to their employees that what goes in
their mind. His main target is give happiness and satisfy
employees needs and wants because they are very important
part of success.

James Dyson :- He is a successful entrepreneur of Dyson ltd.
Skills of James Dyson :-
 Open-minded is a skill of James Dyson that means he always thinks
that every situation is an opportunity for organization, and they utilize
for increase benefit of organization.
 Curiosity skill has present in him.
Traits of James Dyson :-
 James Dyson has trait of risk calculator so through this trait he always
takes risky decision. Face to competition is like by him. His thinking
that if risk can not take on time of anyone, so they cannot get success.

Traits of James Dyson :-
 James Dyson has trait of risk calculator so through this trait he always
takes risky decision. Face to competition is like by him. His thinking
that if risk can not take on time of anyone, so they cannot get
success.
 James Dyson has talkative nature that means he like top talk with
other and understand to customers and their wants.

P6. Reflection of motivation and mindset of entrepreneurs
by the personality of entrepreneur.
OCEAN model reflect five personality theory of entrepreneurs.
Through this model overall personality considered of them. It
stands for O- openness, C- conscientiousness, E- extraversion, A-
agreeableness and N- neuroticism.
Openness :-
 it means that people who like to learn new things and
enjoy new experience usually score high in openness. So
Rechard Branson are more openness as compare than Philip
green because Richard thinking is very wide, and he never
demotivate from his failure. He also fails in their business of
selling Christmas tree, but they prefer to always learn from
everything.

Conscientiousness:-
Rechard is low aggressive because he always takes decision in
systematic and effective manner after evaluation of everything.
Philip green neutral aggressive because he takes decision about
anything very aggressively and think emotionally. He starts business of
jeans suddenly without evaluation of market.

extraversion :-
 Rechard Branson has high energy from interacting with
other, and he communicates with full energy. It makes to him
success in their business because his thinking that effective
communication helps in attract to people.
 Philips green has neutral communication with other,
and he only focuses on gather ideas. He has personality of
assertive communication.
 James Dyson has talkative nature that means he like
top talk with other and understand to customers and their
wants.

Neuroticism :-
 This personality present very low in rechard because
they never take tense and not think negative emotional things
because His financial condition is good and better.

P 7 Hindrance or fostering of entrepreneurship with help
of experience and background of entrepreneur
Richard Branson :-
Richard Branson belong from educated family and his
education completed from scaitcliffe school. He dropped out from
school at age of 16. His father was employed as a barrister and
his mother was employed as flight attendant.
His family background is very better and fine, but he left study at
age of 16 due to dyslexia. Mother was flight attendant so this
thing put positive effect on Richard, and he motivates from his
family and Richard became entrepreneur Richard Branson foster
through his family background because his family's financial
condition is very better

Philip green :-
Philip green is a son of successful property developer and
retailer. When he was twelve year old so his father died of a
heart attack, and he involves in his family business. Before
travelling of US he does business of shoes importer, and then he
came back, so he starts business of jeans (Terjesen, Hessels and
Li, 2016). So he positively influences from his family.

James Dyson :-
James Dyson's grandfather had been headmaster and
father has also same profession. But his father died of
cancer. This incident influence to him, and he invented
beg less vacuum. He fails in their first business so it
replaces their business with dust bags. He also fails,
and then they started Dyson organization getting
success in this business. They got success from their
failure, and he thinks that failure is a good and major
achievement for him.

M 4 Link among background and experience with
characteristics of entrepreneur
Richard Branson has many characteristics and all are related with
his experience and family background because his financial
condition increase his confidence and through sufficient finance
he starts his business. Due to his health condition he learns many
things and creativity characteristics develop and improve in him.
His first job experience helps to improve empathy because he
failed in their first job.
James Dyson is innovator and open-minded and these traits
influence through his background and characteristics because he
evaluates to his father and grandfather, so he thinks about them
and become open-minded. James Dyson improve trait of
innovator through invent vacuum.

CONCLUSION
from this presentation concluded it outlined the various types of
characteristics and traits of successful entrepreneurs. Next it
displayed that how entrepreneurial personality reflects the
motivation and mind-set of entrepreneur. At last, it discussed the
fact that background and experience of entrepreneur either
fosters or hinders the entrepreneurship.


REFERENCES
 Harrison, R.T. and Leitch, C.M. eds., 2018. Research handbook
on entrepreneurship and leadership. Edward Elgar Publishing.
 Kellermanns, F., Walter, J., Crook, T.R., Kemmerer, B. and
Narayanan, V., 2016. The resource‐based view in
entrepreneurship: A content‐analytical comparison of
researchers' and entrepreneurs' views. Journal of Small
Business Management. 54(1). pp.26-48.
 Kuckertz, A. and Prochotta, A., 2018. What’s hot in
entrepreneurship research 2018?.

Thank
you