This presentation discusses the traits and skills of successful entrepreneurs and how their personality reflects their entrepreneurial mindset and motivation. It also explores the factors that foster entrepreneurship, such as experience and background.
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Entrepreneurship and Small Business Management
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Entrepreneurship and Small Business Management INTRODUCTION Characteristic Traits and Skills of Successful Entrepreneurs Aspects of Entrepreneurial personality reflect entrepreneurial mindset and motivation Fostering Entrepreneurship through Experience and Background CONCLUSION REFERENCES Table of Content
Entrepreneursarethosepeoplewhocreateandoperateentrepreneurial ventures. There are various reasons which make them different from other business managers. This report includes discussion over various traits which are possessed by entrepreneurs and aspects of their personality which reflect their entrepreneurial mindset and motivation. INTRODUCTION
There are some of the qualities and characteristic traits which make entrepreneurs successful and different from other managers. These traits and characteristic traits are as follows- Passion Thisisoneofthemostimportantcharacteristictraitswhichispossessedby entrepreneurs. Entrepreneurs are passionate about what they do and what they are willing to achieve. Determination This is another characteristic trait of entrepreneurs that entrepreneurs are determined about what they are willing to achieve. CharacteristicTraitsandSkillsof Successful Entrepreneurs
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Disciplined Thisisanotherimportantcharacteristictraitof entrepreneurs, they focus all their energy on their work and vision and adhere to activities which can help and contribute in achieving their vision. Cont..
In relation with skills of entrepreneurs some of the skills of Entrepreneurs are- Communication Skills Communication is vital part of any business activity and communication skills of entrepreneurs are very good. They are good at both written and oral communication skills. Creativity Creativity is significant aspect of success and successful entrepreneurs are creative and they are able to generate idea and find solution which is not possible to be found by other people. Cont..
Earlier discussion included that entrepreneurs are different from managers and this difference is because of their unique traits and skills. Some of the aspects of entrepreneurial personality which reflect their motivation and mindset are as follows- Open Minded Entrepreneurs don’t stick on they think and feel is right. They listen and consider everyone’s opinion and thoughts. This open minded aspect of their personality helps them to think in wider perspective and they are able to look at the problem from various points of views. Aspects of Entrepreneurial personality reflect entrepreneurial mindset and motivation
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Self Starter Managers and other people need motivation from others and but when it comes to entrepreneurs they does not require motivation and assistance from anyone they are self starter. Optimism Optimismisqualitytoremainpositiveinanyadversesituationand entrepreneurial personality and this aspect of their personality reflect their motivation and mindset. Cont..
Risk Taking This is one of the most important personality aspect of entrepreneurs that they are able to take risk and they have strength to take risk. Risk taking is one of the key characteristic of entrepreneurial ventures and this is why people creating and managing those ventures also have trait and ability to take risk. Risk taken by entrepreneurs is calculative risk and they know impact of all their actions. Cont..
Entrepreneurs have various skills and their personality contains various traits buttherearevariousotherfactorswhichaffectentrepreneurshipof entrepreneurs.Mostimportantfactorsaretheirbackgroundand experience.InrelationwithBackgroundthiscanbeoftwotypes educationalbackgroundandfamilyandpersonalbackground.Mark Zuckerberg founded and before that invented Facebook which is top social networking site. In relation with fostering his entrepreneurship factors affected are- FosteringEntrepreneurshipthrough Experience and Background
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Background Personal background of Mark Zuckerberg is that his parents are psychiatrist and Dentist. This means that his parents are educated and from very young age Mark was interested in Computer and software and started using computers and writing software in his middle school. Later one private tutor was also hired to teach him software development. This details about his background tells that Mark got his education in subject of interest and later became entrepreneur with the help of same education and this contributed in fostering his entrepreneurship. Cont..
Experience Experience works both the sides in fostering entrepreneurship. Positive and successful experience helps in motivating entrepreneurs to do better and keep doing and as entrepreneurs are passionate and determined negative experience of entrepreneurs also help them in remain stick with their vision. One of the best example related to this is Henry Ford, founder of Ford Motor Company. Henry founded two automobile companies before finally achieved success with Ford Motor Company. Cont..
On the basis of above discussion it can be concluded thatskillsandcharacteristictraitsnotjustmake entrepreneursdifferentfromothersbutarealso important for them so that they can achieve their vision and success. CONCLUSION
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Kerr, S.P., Kerr, W.R. and Dalton, M., 2019. Risk attitudes and personality traits of entrepreneurs and venture team members.Proceedings of the National Academy of Sciences. 116(36). pp.17712-17716. Luca, M.R. and Robu, A., 2016. Personality Traits in Entrepreneurs and Self- Employed.Bulletin of the Transilvania University of Braşov. Series VII: Social Sciences. 9(58). pp.115-138. Bajwa, S.U., Shahzad, K. and Aslam, H., 2017. Exploring Big Five personality traits and gender as predictors of entrepreneurs’ cognitive adaptability.Journal of Modelling in Management. Ikupolati, A.O and et.al., 2017. Entrepreneurs’ managerial skills as determinants for growth of small and medium enterprises (SMEs) in Nigeria.Journal of Small Business and Entrepreneurship Development. 5(1). pp.1-6. Zuckerberg, M., 2016.Mark Zuckerberg. AV2 by Weigl. Link, S., 2018. The Charismatic Corporation: Finance, Administration, and Shop Floor Management under Henry Ford.Business History Review. 92(1). pp.85-115. References