This report from Desklib covers the traits and skills of successful entrepreneurs, OCEAN model, and background and experience of entrepreneurs. It emphasizes the importance of developing skills and traits to become a successful entrepreneur and lead a business.
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Entrepreneurship and Small Business Management
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Table of Contents •Introduction •Traits and skills •OCEAN model •Background and experience •Conclusion •References
Introduction Entrepreneurs and business management are the important part for the growth of economy. Every business is started by an entrepreneursinwhichtheyhaveto develop different strategies and method of innovation which can help them to buildtheirbusiness.Thisreportwill includetraitsandskillsofsuccessful entrepreneurs,OCEANmodelandthe backgroundandexperienceof entrepreneurs.
Traits and skills of successful entrepreneurs Characteristics: •Vision:An entrepreneur has a clear vision and knows what he want to achieve and how to achieve but a manager needs to think and develop a strategytoactuallyrealiseand achieve a vision. •Self-belief:Anentrepreneurhasa strongconfidencebecauseof learning and experience he get and this helps to gain a risk taking ability whereas a manager limit the use of hisconfidenceandknowledgeto support management only.
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Continue... Traits: •Decisions:The decisions taken by an entrepreneurinvolvefeelingand emotionsforcompanyortheir personal goals but a managers take decisionsbyconsideringfinancial situations, profit estimation and many more. •Focus:Anentrepreneurfocuson variety of things which include long and short term goals in context to all possibleopportunitieswhereas managersscopeislimitedto
OCEAN Model •Openness-This trait is very important to become a successful entrepreneur because this trait helps the person with the insight and imagination. People with this feature are most likely to have diversified interest in different areas. If the entrepreneurs will be having such characteristics in them then there are chances that business will be developed and will grow in the future. But if the entrepreneurs are not having such trait then they will not be able to make and develop creative ideas which will be important for the success of their business. •Conscientiousness-Having such type of trait means that the individual is having certain goal which they want to accomplish in the near future. They are the one who have control on their impulses and are critical thinkers who can identify that how their actions can affect the other person.
Continue... •Agreeableness-Suchkindof people have helpful nature and are very kind with other people as they can be trusted. They are the people who have cooperative naturewhichincludesbothin theirpersonalandin professionalway.Forthe entrepreneurs it is important to developsuchkindoftrait because this will help them to to remove negative thoughts within
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Background and Experience J.K Rowling •Background:J.K.Rowlinginfull Joanne Kathleen Rowling an eminent writer born on July 31, 1965, Yate, nearBristolinEngland.She,her sisterandherparentslivedin Winterbourne, Gloucestershire, until shewasnineandthenmoveto Tutshill, near Chepstow.
Continue... Richard Branson •Background:RichardBransona successful entrepreneur well known for his success and adventurous spirit bornonJuly18,1950atSurrey, England. At his school he was not able to study well due to his dyslexia and dropped his school at the age of 16.
Conclusion From the above report it can be concluded that it is important for the entrepreneurs to develop some skills and traits in them if they want to become successful in their life. For leading any business these skills helps an individual a lot which can result in developing new ideas or unique business strategies.
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References •Audretsch, D.B. and Moog, P., 2020. Democracy and entrepreneurship. Entrepreneurship Theory and Practice, p.1042258720943307. •Brush, C.G. and Greene, P.G., 2021. Do women engage differently in entrepreneurship?. InThe Palgrave Handbook of Minority Entrepreneurship (pp. 139-158). Palgrave Macmillan, Cham. •Umar, A., Sasongko, A.H. and Aguzman, G., 2018. Business model canvas as asolutionforcompetingstrategyofsmallbusinessinIndonesia. International Journal of Entrepreneurship.22(1). pp.1-9.