Entrepreneurship and Small Business Management - Characteristics, Traits and Skills of Successful Entrepreneurs

This presentation discusses the characteristics, traits and skills of successful entrepreneurs like Grace Beverley, Richard Branson and Bill Drayton. It also explores the personality aspects that contribute to their success in entrepreneurship. The content includes solved assignments, essays and dissertations on entrepreneurship and small business management. The subject is Entrepreneurship and Small Business Management, and the course code and college/university are not mentioned.

Entrepreneurship and
Small Business
Management

Contents
Contents...........................................................................................................................................2
TASK 1 and TASK 2.......................................................................................................................1
TASK 3 and TASK 4.......................................................................................................................2

TASK 1 and TASK 2
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TASK 3 and TASK 4
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The presentation is prepared on three entrepreneurs that are Grace Beverley, Richard Branson
and Bill Drayton. It includes discussion of characteristic traits and skills of entrepreneurs which
differentiate them from business managers. It also highlights entrepreneurial personality which
reflects on motivation and mind-set of entrepreneur. At last, it examines how background and
experience foster or hinder entrepreneurship.
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Grace Beverley:
Characteristics:
Passion: Passion defines entrepreneur, such as Grace Beverley as it acts as driving force
to strive for better. Through characteristic of passion, the entrepreneur has put additional
hours in establishing enterprise to make huge differences.
Open mindedness: It is another characteristic of Grace Beverley that elaborates
determination and acceptance level for learning, humans and failure. Good entrepreneur
has knowledge to learn from each circumstance and competition.
Traits:
Empathy: It is about having high emotional intelligence. It is trait of Grace Beverley to
understanding of things that goes on in someone’s mind.
Creativity: It is about giving birth to new things. Grace Beverley possess trait of knack
to pin down a lot of ideas and act on them. With creativity, the entrepreneur thinks of
solutions which are out of box.
Skills:
Risk taking skill: Grace Beverley possesses risk taking skill that aids to take calculated
along with intelligent risks for learning new. The entrepreneur is aware that risk is an
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opportunity to learn in addition to grow a business to the next level that business
managers fails to recognise.
Communication skill: Grace Beverley have communication skill through which the
entrepreneur share information and ideas with team members and other stakeholders.
Richard Branson
Characteristics:
Motivation: An entrepreneur is by nature more encourages and motivated. In context to
Richard Branson, the entrepreneur has characteristic of high motivation level as they put
huge efforts to get the premise off of ground and make investment for pursuing dreams
that business manager lacks.
Vision: Entrepreneur such as Richard Branson is characterised by a visionary to reach
great heights. Through far reaching vision, entrepreneur acts as compass which centres
direction of opportunities which business managers fails to find.
Traits:
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Professionalism: It is a trait that to develop culture of company. In context to Richard
Branson, the entrepreneur behaviour, attitude and mannerisms with stakeholders goes a
long way in establishing suitable organisational culture organization.
Planning: The trait is about strategizing entire game ahead of time. Richard Branson
sums up all types of resources at hand as well as enables team to come with structure
along with though process to reach great heights.
Skills:
Networking skill: The skill comprises of building addition to managing relationship
with professionals for developing and promoting business. Richard Branson have
effective networking skill to open future opportunities as well as building solid brand.
Critical thinking skills: Richard Branson have critical thinking skills to analyse
information along with draws rational conclusion.
Bill Drayton
Characteristics:
Curiosity: Bill Drayton is curious for nurturing sense about people as well as the issues
they face. Social entrepreneur seeks to understand desires of audiences to whom they
serve which business managers fails to do.
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Inspiration: For designing effective solutions for problems pertaining in society, Bill
Drayton is inspired by communities and issues they encounter. It is analysed that
inspiration motivated actions along with tackling challenges which business managers
shy to address.
Traits:
Pragmatism: It is observed that changing world requires time, efforts as well as
experimentation. In case with Bill Drayton, vision of massive social change provides
inspiration and experienced social entrepreneur to take small phase for pursuing to solve
issues.
Persistence: It is trait of social entrepreneur such as Bill Drayton to take daunting
challenges seriously which society have to offer. The entrepreneur persists historical
initial setbacks in addition to persevere to bring effective solutions.
Skills:
Fighting adversity skill: Bill Drayton is deep committed for social justice. The
entrepreneur has skill to fight for people in communities who face day to day challenges
which feed political, social instability and inequality.
Problem solving skill: Bill Drayton possess effective problem solving skill towards
unexpected situations. The entrepreneur handles stressful situations along with calmly
identify alternate solutions to problems.
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Ocean model or Big 5 factor represents domains of personality behaviour and accounts for
decision making among entrepreneurs.
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Openness to experience: Within Grace Beverley, Richard Branson and Bill Drayton, there is
high openness to experience that reflects towards desires for new experience and wider
interest range.
Conscientiousness: Entrepreneurial traits such as consistency, ambition and reliability reflects of
their motivation level. In relevance to Richard Branson, Bill Drayton along with Grace
Beverley, high conscientiousness reflects mindful of deadlines together with constantly
think about how actions and attitude are affecting others. All these are highly
contentious person who work in disciplined, thoughtful and vigilant manner.
Extroversion: Entrepreneurs like Richard Branson, Bill Drayton along with Grace Beverley
have highly extroversion which gives them huge energy as well as courage for being
highly motivated for their businesses.
Agreeableness: Traits of agreeableness personality are kindness, loyalty and tactfulness. Grace
Beverley, Richard Branson and Bill Drayton are high in agreeableness that reflects to
mind set for contribute seriously for making others happy and live a better life.
Entrepreneurs that are high on agreeableness have important personality trait to
volunteer in addition to engage in pro-social behaviors.
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Neuroticism: It is identified that Grace Beverley, Richard Branson and Bill Drayton are low in
neuroticism due to which they are emotionally calm addition to deal with stress
successfully. These entrepreneurs remain relaxed in situations.
Grace Beverley:
Family of Grace supported her ideas and thoughts for establishing the business.
Beverley is popular are social media influencer as the entrepreneur emphasised on fitness as well
as veganism, that enabled her for selling workout along with diet guides among fan
base. Achieving success in young age have fostered entrepreneurship of Beverley
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Richard Branson:
In initial days of working, Branson faced huge failure in growth and sales of products and also
launched magazine that faces intensive failure in market. Business sold records of
Richard were less. With passage of time, Richard have learned from failures and
achieved success in launching record label with a premise that is Virgin Groups.
Further, various investors supported Richard and helped in acquiring resources that
fostered entrepreneurship of the personality.
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Bill Drayton:
Drayton have received multiple awards and acknowledge for achievements. Drayton worked as
manager, management consultant and assistant administrator in different protection
agency that developed expertise to manage situations in society resulting to fostering
entrepreneurship to establish and run Ashoka: Innovators of the Public successfully.
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Traits of successful entrepreneur includes empathy, creativity, professionalism, planning,
pragmatism and persistence. Skills within entrepreneur are risk taking skill,
communication skill, networking skill, critical thinking skills, fighting adversity skill
and problem solving skill. Personality aspects includes openness, agreeableness,
conscientiousness, extroversion and neuroticism.
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