Traits and Skills of Successful Entrepreneurs

This article discusses the traits and skills that distinguish successful entrepreneurs from other business managers. It provides examples of successful entrepreneurs and examines how their backgrounds and experiences have fostered their entrepreneurial journey. The article also explores the importance of entrepreneurial motivation and mindset.

P5 Determine the characteristic traits
and skills of successful entrepreneurs
that differentiate them from other
business managers.
Entrepreneurs may attain more into their
lives because of some different traits and
skills they possessed with it. Moreover, the
traits as well as skills which it has develop
themselves to be distinguishing from
managers (Mersha and Sriram, 2019).
Therefore, this cm considered that person
may become successful entrepreneur when
they hold skills and traits that is different
from normal individuals. Few of them are
described below:
TRAITS:
 Confident: This is considered as
the vital trait that an entrepreneur
should have for opting effective
choices and attaining of its
endeavor. Liz Wilson has due to
which it can able to formed new
ideas for its business that may
assists them to obtain affirmative
yield as well as effective bran
image within commercial field. It
makes her different from manager
as they are assured about its
preferences due to which it may
implement it properly.
 Passion: It is one of the essential
traits which has been hold through
Liz Wilson. With having this trait,
she effectually stimulates business
development while assuring its
survival for long period. It allows
her to fulfill their business goals
and overcome through a difficult
and complex circumstance in
effectual way.
 Purpose driven ambition:
Respective trait of Ren Zhengfei
states his motivating nature for
developing Huawei to fulfill
client’s requirement in effective way.
He always encourages its staff with his
story of success which act as inspiring
agents towards firm’s objectives. In
compare of it, business manager
consider to be ineffectual and face
problem for accomplishing the exact
requirements of clients.
 Keen learner: Ren Zhengfei
effectively has faith in learning
before any practicing anything. He
basically focused upon Huawe staff
for developing them adoptive
towards new things. Whereas
business manager’s consider
utilisation of inflexible style of
management which creates them to
restrict towards new change for
executing various task.
SKILLS
Entrepreneurship and Small Business Management

 Innovative thinking: It is a crucial
skill that Liz Wilson have as this
skill help her to accomplish the
changing requirements of
audiences and accomplish
company’s appropriately. In respect
with business manager, this has
been determined that it do not has
any innovative thinking skills as it
nature is to bound any modification
into its structure.
 Decision making skill: It is
considered as a skill that is helpful
in making effectual decisions. So, it
assists Liz Wilson to take fast as
well as appropriate decisions for its
beneficial. Therefore, it is
distinguish from those possessed
through firm’s manager as it has
pressure of its seniors and depends
on them to make any decisions.
 Hard working skills: Respective
skill of Ren Zhengfei is helpful n
performing its operations with hard
work. As this effectually enable
him to form some sense of
confidence within him. In context
of business manager, it has been
determined that in few
circumstances they do not possess
faith upon its decision making.
Therefore, this makes entrepreneurs
different from any other business
manager as entrepreneurs have full
faith upon them where as manager
in some situation can not able to
take effective decision due to lack
of trusts upon themselves.
 Directive leadership skill: It is one
of the essential skills which have
been infatuated through Ren
Zhengfei. Respective skill is opt
through him which assists them in
setting targets for Huawei staff.
Within this leadership type, leaders
provide formative kind of guidance
to staff for attaining organisational
objectives. In contrast of this,
business manager utilised rigid
style which bound them towards
developing rapid changes (Marques
and et. al., 2019). So, this
differentiates entrepreneurs from
other business managers.
Difference between entrepreneurs
and business manager.
Entrepreneu
rs
Business
manager
Concentratio
n
Entrepreneur
s are
generally
concentrated
towards
starting new
enterprises
and then try
to expand
them at
greater level.
Business
manager
are
concentrat
ed
basically
on
continuous
business
practices
so that
they may
able to
perform
them in
smoother
manner.

Key
Motivation
The main
motivations
of all
entrepreneurs
are
achievements
.
On other
side, the
business
manager
key
motivation
usually
comes
from their
authority
as well as
position.
Conclusion
Entrepreneurs are individuals who
determine an opportunity and handle and
establish a business by undertaking whole
risk in aspects of an effective return. On
other side, the business managers are
person who are responsible for inspiring
and directing employees as well as
supervise them into the progress of entity.
Moreover, as entrepreneurs have full faith
upon them which aids them in taking any
kind of decision at any circumstances
where as manager in some situation can
not able to take effective decision due to
lack of trusts upon themselves.
P6 Assess how aspects of the
entrepreneurial personality reflect
entrepreneurial motivation and mindset
Entrepreneurial Motivation Mindset
and its importance
Entrepreneurial motivation is regarded as a
chase of new business formation as well as
enthusiasm for survival by which company
is directly connected with inspiration of
businessperson. Entrepreneurial mind set is
defined as a particular manner of opinion
in which individuals come within reach of
challenge and clanger (Şahin, Karadağ and
Tuncer, 2019). So, both are significant for
entrepreneurial ventures as it assists into
improvement of confidence as well as
mean that one is more apt to grab
opportunities and not being afraid to take
any kind of risk. Also, milestone and
objectives setting for self development
become very simple in case equipped with
accurate entrepreneurial skill. Therefore,
OCEAN Model may be applied for
mirroring pioneering outlook as well as
motivation. It includes five aspects that are
described below:
Openness: It is associated with ideas,
feelings and experiences. This states that
inventiveness as well as interest is helpful
for business person in undertaking
effective and legitimate preferences for its
enterprises (Bell, 2019). Also, it is assist
them to learn new things and considering
challenges in carful manner. For example:
as entrepreneurs like Ren Zhengfei, Bill
Drayton , Liz Wilson and other grab
various new things and this motivates them
become a successful entrepreneurs.
Conscientiousness: This is
associated with the quality like
unwavering, adaptability and others. It
states that entrepreneurs have to be focused

on its aim instead of involving into other
ineffectual activities for attaining goals in
appropriate way. For example: Ren
Zhengfei, Bill Drayton , Liz Wilson are
very much concentrated towards their own
intent rather than any thing else.
Extroversion: It describes that business
person have to be confident, social,
enthusiastic and other that affect the staff
as well as various individuals (Taljaard and
Sonnenberg, 2019). With the assistance of
this, entrepreneurs may similarly have
effective relationship with employees that
aid them to hold the workers. For example:
Ren Zhengfei, Bill Drayton, Liz Wilson
are confident which will help them to
develop appropriate relations with its staff
and motivate them to run venture
effectively. So, all these motivates them to
becomes successful and set their mind
towards attainment of objectives.
Agreeableness: It states, the business
person have to dependable as well as
agreeable which will assists them to
arrange with its representatives and
another one. By it, they may able to keep
trust within its staff members that prompts
effective relationships. By it, business
person may consider suggestion as well as
ideas from employees in respect of
business growth and performance. For
example: Ren Zhengfei, Bill Drayton , Liz
Wilson encourage them to keep faith
among employees and build appropriate
relation which set their mind and motivate
them to move further in effective and
efficient way.
Neuroticism: This personality trait is
associated with stress, desire, dread,
tension and many more where an
entrepreneur act in response perversely
with capricious situation (Karadağ, Şahin
and Tuncer, 2019). The businessmen ought
to maintain strategic distance from such
elements for treating its staff in equivalent
way. By keeping away from this type of
components, they may have effective and
better work environment at firm.
So, whole above five personality traits aids
Ren Zhengfei, Bill Drayton , Liz Wilson
and others to become a well known
entrepreneurs efficaciously and effectually.
Hence, whole these personality traits leads
entrepreneurs towards motivation and
mind set in order to accomplish the
personal as well as professional goals.
Along with this, there are several
motivation drivers which may be applied
for inspiring them as well as set up their
mind appropriately and effectually. Like
need for independence, need for power and
control, need for achievement, need for
wealth creation and many more.
TASK 4
P7 Examine, using relevant examples,
how background and experience can
hinder or foster entrepreneurship
Entrepreneurs uphold its ventures in order
to gain advantage through providing its
products as well as service to audiences.
The background and experiences of
entrepreneurs inspire them to involve into
its work that control its enterprise towards
growth (Dash and et. al., 2019). Some this
can be explained with the assistance of
some entrepreneurs’ example that are
mentioned below:
Domestic entrepreneur:
Liz Wilson is known as one of the
outstanding domestic businessperson who
run a small bakery which is famous as Ma
Baker in London, UK. So, the background

and experience of it are described
underneath:
Background: She is a teacher,
fanatical home cook and baker. In year
2013, she accomplished her course related
to Bread Angel’s Micro Bakery and
improved possibility towards dealing with
bread. It given her an idea for setting up
her own small bakery which is located in
area of London in year 2015 that known
for Ma Baker. Moreover, she used to
provide classes internet which is entitled as
Bread school received 5 star reviews.
Experiences: She volunteered into
numerous cooking as well as bakery
school. In year 2014, Liz Wilson became
runner up into the home baker category in
World Bread Awards. Therefore, this may
be considered that before establishing her
own bakery she garb various experiences
that help her to become a successful
entrepreneur.
International entrepreneur:
Ren Zhengfei is a well known
international business man who is famous
as CEO of Huawei. It is a manufacturer of
telecommunication equipments across the
world. In respect of Febuary report 2019,
his firm had a net value of about $1.5
million.
Background: His grandfather was
known as a the master chef in Zhejiang
Province and father could not accomplish
his college due to death of grandfather.
Thereafter, his father work as accounts
clerk in Government arms factory. After
pass of year 1949, he became President of
Middle school of Duyun. Ren’s mother
worked a senior teacher. So, this can be
determined that Ren Zhengfei had strong
family background which is helpful in
becoming successful entrepreneurs.
Therefore, his background fosters him to
get success in their business as he has a
strong family background.
Experiences: As secondary school got
accomplished, he joined the college in year
1960’s. Entrepreneur was identified to be a
member for People’s Liberation Army
research institutes in which he acted as
military technologist. While he performed
at this role, he was known among his
associates owning to numerous
technological advancement which emerged
due to him as well as were acknowledge at
various levels. As direct consequences it,
he was chosen for attending national
conference that is held in year 1978. It
states that experiences and background
support and foster him to become
successful as he worked into various
renowned firms or institutes (Jena, 2020).

Social entrepreneurship:
Bill Drayton is one of the best example of
social entrepreneurs. He is well known
founder as well as present chairman of
Ashoka which is a innovator for audiences.
This is a firm which is dedicated towards
investigating social entrepreneurs and
rendering them effectual assistance.
Background and experiences:
The background of Bill Drayton
was provided very much assistance to
make him as a well known and successful
entrepreneur. As throughout the President
Jimmy carter management, he were given
the post of assistant administrator of EOA
where he were involved into launching
emission trading amidst another type of
reforms. Along with this, he also worked
as a form of visiting profession at Harvard
and Stanford University. Moreover, as the
entrepreneurs experience have vital impact
on the procedures of entrepreneurship. The
respective entrepreneur chaired two
entities like Youth venture and Get
America working. Also, he works as
management consultant and manager in
McKinsey & Co. in around ten years.
Thus, all these experiences fostered him
for developing their own firm where it can
able to render help to those entrepreneurs
that are willingly want to assists people
and develop them within market area
appropriately and successfully.
CONCLUSION
As per the above report, this has been
concluded that entrepreneurship plays vital
role as it transforms the world through
huge issues such as forming an innovative
product or representing a new life
changing solution entrepreneurs brings
affirmative outcomes towards people of
nation in respect of enhancing job
opportunities as well as social economy
through development of individual’s life
style. This makes them capable for paying
taxes to government. For instances, this is
crucial for people to become successful
businessman through obtaining various
skills and traits like team work, hard
working and others. In addition to this,
determination of experiences and
background also assists in encouraging
people for becoming successful
entrepreneurs.
REFERENCES
Books and Journals
Mersha, T. and Sriram, V., 2019. Gender,
entrepreneurial characteristics, and
success: Evidence from Ethiopia.
Thunderbird International Business
Review. 61(2). pp.157-167.
Marques, C. S. and et.al., 2019. Effects of
traits, self-motivation and managerial skills
on nursing intrapreneurship. International
Entrepreneurship and Management
Journal. 15(3). pp.733-748.
Şahin, F., Karadağ, H. and Tuncer, B.,
2019. Big five personality traits,
entrepreneurial self-efficacy and
entrepreneurial intention. International
Journal of Entrepreneurial Behavior &
Research.
Taljaard, H. and Sonnenberg, N., 2019.
Basic Psychological Needs and Self-
Determined Motivation as Drivers of
Voluntary Simplistic Clothing
Consumption Practices in South Africa.
Sustainability. 11(13). p.3742.
Dash, G. F. and et. al., 2019. Big Five
personality traits and alcohol, nicotine,
cannabis, and gambling disorder
comorbidity. Psychology of Addictive
Behaviors. 33(4). p.420.

Şahin, F., Karadağ, H. and Tuncer, B.,
2019. Big five personality traits,
entrepreneurial self-efficacy and
entrepreneurial intention. International
Journal of Entrepreneurial Behavior &
Research.
Bell, R., 2019. Predicting entrepreneurial
intention across the university. Education+
Training.
Jena, R. K., 2020. Measuring the impact of
business management Student's attitude
towards entrepreneurship education on
entrepreneurial intention: A case study.
Computers in Human Behavior. 107.
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