Traits and Skills of Successful Entrepreneurs

This article discusses the traits and skills required to become a successful entrepreneur. It explains the difference between traits and skills and how they contribute to entrepreneurial success. It also explores the background and experience of Bill Gates and Larry Page in fostering entrepreneurship. Additionally, it provides insights into the OCEAN model of entrepreneurial personality.

INTRODUCTION
For being a good entrepreneur the
requirement is to make sure that a person is
able to have a particular mindset. Having it
ensures that the person is able to develop
competencies and skills in such a manner
which will ensure that the venture becomes
successful.
TASK 3
P5: Traits and skills of successful
entrepreneurs
Traits- Traits refer to the qualities
which someone has acquired and which
cannot be changed easily. Through them, it
can be analyzed the type of person an
individual is.
Skills- Skills means expertise or
talent which propels a person to aim higher
and achieve significant goals and
objectives. By acquiring them, a person
can make sure that the productivity can be
increased.
Successful entrepreneurs-
 Bill Gates- Bill Gates is the co-
founder of Microsoft along with
Paul Allen. It is a company which
specializes in making computer
software. Through his
entrepreneurial mindset he has
ensured that he is able to take
Microsoft towards new heights of
success.
 Larry Page- Larry Page is the co-
founder of Google. It was an
innovative idea which was
developed by him along with
Sergey Brin. With his
entrepreneurial mindset he has
made Google a highly successful
company.
Difference between traits and
skills-
 Traits are acquired naturally. Skills
are not acquired naturally. They are
required to be acquired.
Traits cannot be changed easily. Skills can
be changed as well as upgraded.
Basis Entrepreneur
s
Managers
Risk There is more
risk for the
entrepreneurs
as compared
to the
managers.
Managers
face
comparativel
y less risk as
compared to
the
entrepreneurs
.
Rewar
d
The reward
for the
entrepreneurs
is profits.
The reward
for the
managers is
salary.
Traits of entrepreneurs-
 Motivation- Hard-working and
committed entrepreneurs are
motivated towards the achievement
of their tasks, goals and objectives.
They make sustained efforts to
achieve them. Both Bill Gates &
Larry Page possess this trait.

 Creativity- Creativity refers to the
ability of creating something new.
Through it, the entrepreneurs make
sure that they are able to bring a
new idea into existence. Bill Gates
& Larry Page have it.
 Persuasiveness- Entrepreneurs are
persuasive in nature. Once they
have a dream they do not rest and
pursue it until they are successful.
Bill Gates & Larry Page have this
skill.
 Vision- Entrepreneurs have the
ability of setting a vision in front of
the enterprise. Thus in this manner
they are able to be committed
towards achieving their goals. Both
Bill Gates & Larry Page have it.
Skills of entrepreneurs-
 Curiosity- Entrepreneurs are quite
curious in nature. Through this skill
they find out what are the new
needs and demands of the
customers in the market so that
they can be used for the
development of a new idea. Bill
Gates & Larry Page possess this
skill.
 Time management- Entrepreneurs
are good in time management.
They make use of time
productively so that they can take
the enterprise towards new heights
of success. Bill Gates & Larry Page
have it.
 Strategic thinking- Strategic
thinking is a skill of the
entrepreneurs. Through it, they can
make sure that they can take those
decisions which are strategic in
nature. Both Bill Gates & Larry
Page have this skill.
 Efficiency- Efficiency is required
on the part of the entrepreneurs. By
having it, they can make sure to
achieve the desired goals and
objectives without problems and
issues. Bill Gates & Larry Page
have it.
Thus these are the traits and skills which
are required in the various type of
entrepreneurs. These make them them
different from the business managers. By
possessing them and by improving them
considerably they can make sure that they
can take enterprise to new heights of
success and can become highly successful
in the future time period. Thus in this way
Bill Gates & Larry Page are different from
the Business Managers.
P6: Aspects of Entrepreneurial
personality
The aspects of entrepreneurial
personality can be judged using the
OCEAN Model. The explanation of this
model is as follows-
Openness- Openness is an
important part of entrepreneurial
personality. Thus a person is required to be
open to different types of people so as to
make sure that entrepreneurial skills are
acquired. Bill Gates and Larry Page are
successful entrepreneurs because they are
open to discussion with people. They

interact with many people in the society
and thus get access to a variety of
viewpoints. This helps them in getting the
different types of ideas thereby helping
them in availing of various opportunities.
Conscientiousness-
Conscientiousness means being organized
and mindful of the details. This means that
the entrepreneurs should be able to quickly
identify the changes which are happening
around them so that they can be
capitalized. For being a successful
entrepreneur it is required. Both Bill Gates
and Larry Page have it and this makes
them successful.
Extraversion- Extraversion being
emotionally expressive so that the thoughts
and emotions can be easily expressed.
Entrepreneurs tend to have this quality
which is something making them different
from the others. Bill Gates and Larry Page
are both expressive emotionally and this
makes them successful.
Agreeableness- Agreeableness
refers to agree with the thoughts and ideas
of people which can be useful for the
entrepreneurs. They must look forward to
share their thoughts and ideas with people
so that they are able to receive feedback
and work on it for further improvement.
This can give great opportunities for
becoming successful. Both Bill Gates and
Larry Page take the opinions of many
people and if they like these opinions they
also agree with them.
Neuroticism- Neuroticism means
different types of changes which an
individual can witness due to a change in
the mood. Entrepreneurs are highly
motivated individuals and can have many
thoughts in the mind on the same time.
This can result in creation of new ideas as
well as opportunities. Bill Gates and Larry
Page have this quality.
TASK 4
P7: Influence of background and
experience in hindering or
fostering entrepreneurship
The background and experience of
an individual helps them in fostering
towards entrepreneurship. Its analysis is as
follows-
Bill Gates-
Date of Birth- 28th October 1955.
Background- Bill Gates spent his
childhood in Seattle. His family was very
supportive and this encouraged him to
develop an interest towards computers.
Spouse- Melinda Gates (Married in
1994)
Educational Qualifications- Bill
Gates started at College but dropped out of
College in order to start Microsoft with
Paul Allen.
Experience- The experience of Bill
Gates in learning about computers and the
related technology helped him in starting
Microsoft and making it a successful
company.

Thus it can be said that the
background and experience of Bill Gates
has fostered him towards entrepreneurship.
This is so because supportive parents and
family has developed an interest of
computers in him. Also, due to the
experience which he gained in the field of
software he was able to set-up Microsoft
and propel it towards achieving success
and making it one of the top companies in
the world which is quite famous. This has
been made possible due to his dedication,
commitment and hard work.
Larry Page-
Date of birth- 26th March 1973.
Background- Larry Page's
supportive parents have initiated creativity
and invention in him since an early age.
This is the reason why he was attracted
towards computers since he was a child.
Spouse- Lucinda Southworth
(Married in 2007)
Educational Qualifications- Larry
Page completed his graduation by
completing his B.Sc in computer
engineering from the University of
Michigan with honors and completed his
M. Sc in computer science from Stanford
University.
Experience- The experience which
Larry Page developed since an early age in
the field of software and computers has
helped him in gaining significant
knowledge and thereby starting Google.
Thus it can be said that the
background and the experience of Larry
Page has played a major role in propelling
him towards adoption of entrepreneurship.
It has made sure that he developed an
interest in computer since the beginning of
his childhood. Thus by gaining relevant
experience he was able to start Google
along with Sergey Brin. His approach,
passion, energy and hard work has made
sure that Google has become a highly
successful company and features in the
Top 10 companies in the world. Thus his
commitment has paid off.
CONCLUSION
From the above discussion, it can
be said that entrepreneurial mindset is
crucial to become a successful
entrepreneur. One needs to have certain
traits and skills different from the

managers. One's personality should be
according to the OCEAN model.
Background and experience can help in
fostering entrepreneurship.