Traits and Skills of Successful Entrepreneurs

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