A Comprehensive Literature Review: Traits of Successful Entrepreneurs

This literature review explores the common personality traits of successful entrepreneurs, highlighting the significance of traits like creativity, passion, and risk-taking. It discusses how these traits contribute to an entrepreneur's success and competitiveness in the business environment. The review references various sources that define entrepreneurship and delve into the specific characteristics that enable entrepreneurs to innovate, manage risks, and maintain a competitive edge. The review concludes that while the existing literature provides valuable insights, there are gaps concerning strategies for entrepreneurs lacking these traits and the importance of personality traits in specific situations. Desklib provides access to more solved assignments and resources for students.

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Contents
Summary of Literature review.........................................................................................................3
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

TOPIC: Identifying the common personality traits of a successful
entrepreneur.
Summary of Literature review
INTRODUCTION
Entrepreneur is an individual who starts a new business by bearing most of the risks and
spent own money to start the venture. In addition to this, the procedure of setting up new
business is defined as entrepreneurship and herein entrepreneur seen as innovator, source of new
ideas, business, goods and services, procedure and many more. There are various personality
traits which help entrepreneurs to be successful such as creativity, learning, attitude, self-
motivated and many more (Azizi, 2019)(Yasir, 2019). Being an entrepreneur needs some
particular skills and some abilities might be naturally present and others can be learned by
practice. The literature review will first cover about entrepreneur, then about common
personality traits of a successful entrepreneur. After this, there is a discussion about how these
traits is effective and help entrepreneurs to remain competitive at marketplace. The scope of this
review is wide as in the present time, entrepreneurs brings new innovation and ideas that has
positive impact on livelihood, economy and so on.
MAIN BODY
As per the view point of Rachel Leigh Gross (2021). An entrepreneur refers to an individual
who creates a new business and effectively plays the role in its operations. The entrepreneur
assumes majority of the financial risk as well as enjoys most of its success. The overall idea of
an entrepreneur continues to evolve as well expands through the foundation of new small
business owners. Moreover, an entrepreneur is an individuals who pursues various opportunities
and are driven by innovation to offer new products and service in the market while having
limited resource as well as taking high level of risk. An entrepreneur is someone who identifies a
need for a new products along with process or service (What is an Entrepreneur?).
As per the view point of Ben Walker, (2020) It is stated that being an entrepreneur is not
easy as it require some skills in which some are naturally present whereas some are required to
be developed through practice. It is analysed that there are various traits that an entrepreneur
require in order to become successful and to gain growth in this competitive business

environment. One of the main trait is Passion, entrepreneurs are extremely passionate towards
their work which help in maintain the momentum at the time of uncertainty. In addition to this, it
also assist in focusing on the core of issues instead of resolving it temporary. A passionate
entrepreneur has the ability to ensure team working and attainment of objectives as decided.
Another important trait is creativity, it is vital for entrepreneurs to be creative and brings new
ideas at marketplace as it help them to be unique in market and attract large number of people
towards their start-up. Entrepreneurs who are capable to resolve issues and think outside the box
when facing issues, they are able to resolve and implement solutions which leads their business
towards growth. Another trait is Communication that plays an important role in showcasing the
ideas in an understandable and effective manner. It is determined that when a business owner is
capable to effectively listen to customers then they are able to execute customer feedback which
can assist to enhance their offerings (Six Personality Traits of Successful Entrepreneurs, 2020).
It also helps entrepreneurs to maintain good relationship with people. Risk-taker is also another
trait which help an entrepreneur to be successful. The ability to calculate risk is one of the
valuable skills that an entrepreneur has as it can assist their new idea and company in long run. It
is analysed that taking risks assist entrepreneur to find out new and effective ways to
differentiate themselves from rivals which is important in the present time. Apart from this, there
are also other personality traits such as self-motivation, flexibility, persuasiveness, self-
awareness, resilient and so on. All these traits help an entrepreneur to be successful and attain
growth at marketplace in an effective manner. Moreover, it is determined that it also allow
entrepreneurs to develop a unique position at marketplace.
According to Pahwa (2021). There are various traits possessed by an entrepreneur such as
self-motivation which allows them to be highly motivated as well as be passionate in their
operations. This allows them to be highly competitive in the market and deal with complex
situations in an optimal manner. In addition to this, they have immense tolerance for risk that
allows them to deal with failure and losses in a positive way as they are able to take valuable
feedback from their failures. Moreover, they have optimal time management skills which allow
them to be competitive in the marketplace by prioritizing task in a structured and systematic
manner (Characteristics of an Entrepreneur).

CONCLUSION
From the above discussion, it has been concluded that entrepreneurs bring new ideas with
the objective to gain growth and success at marketplace. Along with this, there are various traits
that allow an entrepreneur to be successful such as creativity, passion, risk-taker and many more.
All this allow entrepreneur to remain competitive and help in dealing with the changes that take
place in the present business environment. It is analysed that these traits make entrepreneurs
unique that further help them to attain competitive advantage at marketplace.
The present state of literature reviewed is it help entrepreneurs to be successful in this
competitive market and also state how it help in attaining competitive position as compare to
rivals. On the other side, if entrepreneurs are not having these traits then they are not able to
remain in market and not able to showcase its ideas in an effective manner.
Moreover, the present literature review lacks data about how an entrepreneur can deal if
required traits is not met. In addition to this, it also not consists information about importance of
personality traits in dealing with the present situation.

REFERENCES
Books & Journal
Harrison, C and et. al, 2020. Leading the way: the entrepreneur or the leader?. Journal of Small
Business & Entrepreneurship, pp.1-17.
Azizi, M., 2019. The impact of entrepreneurship education on student entrepreneurship intention
and traits. Journal of Innovation and Value Creation, 4(4).
Yasir, N and et. al, 2019. Impact of personality traits on entrepreneurial intention and
demographic factors as moderator. International Journal of Entrepreneurship, 23(1),
pp.1-20.
Online
What is an Entrepreneur?.,2021.[Online] Available through<https://www.thebalance.com/what-
is-an-entrepreneur-5187721>
Characteristics of an Entrepreneur.,2021.[Online]Available
through<https://www.feedough.com/what-is-an-entrepreneur/>
Six Personality Traits of Successful Entrepreneurs, 2020 [Online] Available through;
https://www.forbes.com/sites/theyec/2020/05/11/six-personality-traits-of-successful-
entrepreneurs/?sh=457828db70ba