Entrepreneurship: Traits, Characteristics and Competitive Advantage

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Enterprenuership

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Table of Contents
Introduction...........................................................................................................................................1
Background of Entrepreneur.................................................................................................................1
Entrepreneurial traits and characteristics.............................................................................................2
Opportunity recognition and idea development process......................................................................3
Competitive advantage..........................................................................................................................4
Conclusion.............................................................................................................................................6
Recommendation..................................................................................................................................7
References.............................................................................................................................................8

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Introduction
Entrepreneurship is termed as a capacity of a person to develop, organize and manage
a new business idea by taking risk in order to fulfil customers demand. The trait of
entrepreneurship is high risk taking and innovating new ideas to enhance the competitive
marketplace. Entrepreneurs are the one who come up with new business venture. They adapt
to new business strategies so that clients could be benefited. In this report, one of the
Australian entrepreneur Mike cannon brookes is considered. The characteristics and traits he
followed in his career are analysed and listed. The competitive advantage of the organisation
is discussed that helped in understanding the drawbacks of the company and how it can be
improved. Mike Cannon Brookes has designed various platforms and software’s so that they
can support various business operations. The success is unpredictable in their life but they are
ready to take high risks. Every entrepreneur is unique in their own way and they use
dissimilar approaches to become recognised by the people and work towards goals by
offering new opportunities.
Background of Entrepreneur
The Australian entrepreneur that is considered in this report is Mike Cannon Brokes,
co-founder of Atlassian. He started up his venture just after completing his graduation in
engineering. He started his company by his credit card funding. In the year 2017, he started to
work with Elon Musk and many other southern Australian companies. He came up with an
innovated software idea that offering flexibility among customers (Klotz and Neubaum,
2016). He is born in 1979 and completed his education from Cranbrook school in Sydney. He
completed his bachelor degree in information system by the means of scholarship. His

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parents are Helen Cannon Brookes and Mike Cannon Brookes who was a support system
behind his success story.
The traits that helped him to develop entrepreneurship characteristics were his passion
and interest towards software’s. He used to identify the bugs that are faced by the customers
thus he developed various strategies by offering legendary services to customers
(Shopify, 2018). The reason behind his success was his strong determination and will power
to make his business idea successful (Abdallah, et. al, 2015). He was expert in many IT
technologies thus he offered customers various software’s and platforms to work on. He
nailed his business idea and earned the profit margin of around $US250 millions. This was
possible because he identified the market and analysed the success story of other companies
so that he can capture larger audience (Shopify, 2018). He worked on various strategies so
that large number of audience could be targeted. Apart from that, Mike Cannon Brookes
became successful as he expanded his business in various other sectors. Along with
software’s he invested in many finance start-ups and various safety start-ups.
Entrepreneurial traits and characteristics
The key traits due to which mike cannon broke were successful is the ability of taking
high risks. He borrowed money from many stakeholders and then started up his business
venture (Conner, et. al, 2015). The characteristics that made him successful were his ability
to overcome from the failure situation. The motive of Mike Cannon Brookes was not to earn
money but to accomplish the idea he has though. The strong and stiff determination helped
him to achieve success in his career and the high level of confidence was one of the reasons
that boosted him to work towards his idea (Zaheer, Breyer, Dumay and Enjeti, 2018). The
Entrepreneurial traits and characteristics that were used by Mike Cannon Brookes were
constant learning capabilities. Even he faced many failures and downfall in the entire journey