Characteristics, Traits, and Skills of Successful Entrepreneurs

This document explores the characteristics, traits, and skills of successful entrepreneurs and how they contribute to their success. It also examines the background and experience of Zuber and Mohsin Issa, two successful entrepreneurs. Additionally, it assesses how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.

Unit - 9

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Covered on Brochure...................................................................................................................1
TASK 2............................................................................................................................................1
Covered on Brochure...................................................................................................................1
TASK 3............................................................................................................................................1
P5 Characteristic, traits and skills of successful entrepreneur:....................................................1
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind set.................................................................................................................................3
TASK 4............................................................................................................................................4
P7 Examine the background and experience of two entrepreneurs which hinder and foster their
entrepreneurship..........................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Entrepreneurs refers to those businesspersons who set up and established their business
with the help of using innovative and new ideas (Guercini and Cova, 2018). They manufacture or
produces service provides with primary industries and contributes heavily on multiple sectors.
Zuber and Mohsin Issa are two entrepreneurs selected for the report.
The report includes description of skills, traits and characteristic of entrepreneur, aspects
of personality that influences motivation and mindset and examine the background and
experience of entrepreneurs which hinder and foster their entrepreneurship.
TASK 1
Covered on Brochure
TASK 2
Covered on Brochure
TASK 3
P5 Characteristic, traits and skills of successful entrepreneur:
A success full entrepreneurs must have some good qualities which helps him in the
growth of his innovation and which differentiate them from the business managers. This helps
the firm in improving their productivity and profitability of the business. In this, the two
entrepreneurs are chosen which are Zuber and Mohsin Issa of Walmart, they are Billionaire
brothers who made money in petrol stations and now succeeded in buying Walmart, whose
characteristic, skills and traits are discussed below:
Characteristic of a successful entrepreneurs are as follows:
 Disciplined: For being successful in any kind of business the entrepreneur must be
disciplined towards their target. They must eliminate the distractions from their lives so
that it will be easy for them to focus on their targets. Their overreaching helps them to
reach their goals (Agrawal, 2020) (Crawford, Kelder and Knox, 2020). They have to
plan and focus on the ways to achieve the outcomes. They use to make new steps every
day to achieve their set goals in an effective manner.
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 Open Minded: The successful entrepreneur must be open minded. They always welcome
to learn new things. The new ideas always get out the new potential of business. This
increase in skills, efficiency and workflows of the organisation.
 Creative: The individuals who have a creativity in their minds those can become a good
and successful entrepreneur. They have a good and new techniques to overcome with the
situations (Ting, Feng and Qin, 2017). These peoples use to recreate the things into the
new.
 Determination: The successful entrepreneurs are always determined on their set goals
which makes them, different from others. They don't get fear from the other threats. They
use to believe in achieving the set goals by trying and trying on the same things in a
different manner.
Though the above mentioned characteristics, are founded in both entrepreneurs i.e. Zuber and
Mohsin Issa, which helps them in achieving their set targets and goals. These characteristics
differentiate them from business managers because they have less level of patience by which
they are unable to take proper decisions and the managers are not hard worker which makes them
unsuccessful in achieving the targets of the organisation.
Skills of entrepreneurs are as follows:
 Innovative things: the entrepreneurs must have an innovative think. So that it will helps
them in solving the problems at organisation. This skill helps both entrepreneurs of
Walmart in becoming successful as this helps them in resolving the problems which
arises at their workplace (Hatt, 2019).
 Leadership: This skill helps in both entrepreneurs of Walmart in leading their staff so
that they can easily achieve their set goals, helps in guiding them and motivate them to
increase the amount of efficiency.
 Customer service: No matter in which industry or sector, an entrepreneur establish a
venture, they require effective customer service skill. In context to Zuber Issa and
Mohsin Issa, customer service skill guide them to talk with prospective and potential
clinets through sharing opening partnerships addition to connecting with customer base.
 Technical skills: As there are multiple software or technology available in the market for
planning, organising resources, financial analysis and other processes (Mahto and
McDowell, 2018)s. In relevance to Mohsin Issa as well as Zuber Issa, having efficient
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technical skills help the both entrepreneurs to use software together with multiple digital
approaches in order to manage projects, revenues, measure performance and other types
of workings.
Traits that defines an entrepreneur
 Confidence: The entrepreneurs must have a good knowledge of things so that it will
increase the level of confidence. They must clear the doubts. This helps them in
achieving their set targets.
 Risk taking: The entrepreneurs must be a risk taking. They are the one who innovate the
new idea in the existing market. The risk is on the failure of the idea. They must measure
the amount of risk before launching it into the market (Biraghi, Gambetti and Pace,
2018). They are the risk taker they take risk of time, money, energy, skills and resources.
Risk is the reason why many of the individuals fails in starting business.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind set.
In the business, entrepreneurs have many characteristic, trait and skills which makes them
different from others (Guercini and Ceccarelli, 2020). These factors help them in motivate their
workforce in achieving the task of the organisation as well as mind-set of them. This makes them
more efficiently in achieving their goals. OCEAN model can be used to reflect the
entrepreneurial motivation and mind-set which are as follows:
Openness: This aspect of trait helps in broad their range of interest. These kinds of
individuals are curious to learn about the new things from the world and enjoys new experience.
These kinds of people are more adventurous and creative. They have a focus to learn trending
things. Zuber and Mohsin Issa having the best level of creativity which helps them in the growth
of their business.
Conscientiousness: This factor includes high level of thoughts, goods impulses control and
goal approached behaviour. It trends to organise and mindful of details. They have a goal to
finish the important tasks on time. They have a quality to resolve everything even in the complex
situations. This helps the organisation to deal with every problem in business (Taylor, 2019).
Extraversion: This factor means the entrepreneurs have a good quality of communication
which helps them to communicate with everyone in the enterprise. The two entrepreneurs have
this quality which helps them in listening the things of their subordinate also.
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Agreeableness: this factor says that the person has an ability to listen to the ideas of their
subordinates and applies on them. The two entrepreneurs of Walmart are also having this quality
which helps their employees to share their ideas which helps the organisation in achieving their
targets in a productive manner.
Neuroticism: it can be also called as Emotional Stability (Sindy, 2019). This helps them in
measuring the reactions of emotions.it defines reactions of entrepreneurs in negative situations.
Two brothers used this model in their business in handling their working of the business. It helps
them dealing with the situations in a better manner.
TASK 4
P7 Examine the background and experience of two entrepreneurs which hinder and foster their
entrepreneurship.
Entrepreneurs are the one who innovates the products into the market to satisfy the needs
of customers and society in a productive manner for generating profits. The experience and
background of the individuals helps in motivating them to initiate new ideas into reality. This
guides their business into a successful project (Wartiovaara, Lahti and Wincent, 2019).
The experience and background of Zuber Issa and Mohsin Issa, which helps them in becoming a
billionaire brothers are as follows:
Background of Zuber Issa and Mohsin Issa:
Zuber and Mohsin Issa are the two entrepreneurs which are migrated from Gujarat, India.
They went there to work into the textile industry and owned a chain of petrol station. Both
brothers completed their educations from Witton Park High School. Both of them took out a
lease on a garage and saved the money for opening their first petrol station and in 2001 they
owned their first petrol pump station in Bury, Greater Manchester. Zuber is responsible for
acquiring more petrol station while the another brother is responsible for day to day working of
their business. This helps them in increasing their chain of petrol stations.
Experience of Zuber Issa and Mohsin Issa:
Mohsin and Zuber Issa becomes successful from one rented petrol station into a network
around 6000 ports around 10 countries. They decide earn their profit before selling it (Dickel and
Eckardt, 2021). They are now 48 and 49 and tested their idea for “better shopping experience”
and tried to offer a good range of fresh foods with good quality. They attracted their customers
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with good quality at reasonable price. Firstly, they opened Starbucks in UK and now they have
more than 110 stores. They also owned 125 sites of KFC stores in UK. On 2015 the organisation
had grown to 376 sites and expanded their business with the contribution of private equity share.
CONCLUSION
From the above information, it can be concluded that, the entrepreneurs are those individuals
which taken their ideas into the reality which helps them in generating profits. There are variety
of entrepreneurs like small, large, social and Scalable Starts-ups business organisations. In
developing the nation's economy, the small and Starts-ups plays an important role and helps in
improving the living standard of the people. Further, there are many characteristics, traits and
skills required by the entrepreneurs to become successful in their business. Lastly, the
background and experience of two billionaire brothers Zuber and Mohsin Issa were mentioned
which helps them in becoming a billionaire of UK.
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REFERENCES
Books and Journals:
Agrawal, H., 2020. Entrepreneurship an aspect. Journal of HR, Organizational Behaviour &
Entrepreneurship Development, 1(1), pp.1-4.
Biraghi, S., Gambetti, R. and Pace, S., 2018. Between tribes and markets: The emergence of a
liquid consumer-entrepreneurship. Journal of Business Research, 92, pp.392-402.
Crawford, J., Kelder, J.A. and Knox, M. W., 2020. What does it take to be a social
entrepreneur?: Authentic leaders and their effect on innovation. In Leadership styles,
innovation, and social entrepreneurship in the era of digitalization (pp. 282-310). IGI
Global.
Dickel, P. and Eckardt, G., 2021. Who wants to be a social entrepreneur? The role of gender and
sustainability orientation. Journal of Small Business Management, 59(1), pp.196-218.
Guercini, S. and Ceccarelli, D., 2020. Passion driving entrepreneurship and lifestyle migration:
insights from the lutherie of Cremona. Journal of International Entrepreneurship, pp.1-
20.
Guercini, S. and Cova, B., 2018. Unconventional entrepreneurship.
Hatt, L., 2019. What Does it Mean to Think as an Entrepreneur? Using the Threshold Concept
Framework to Inform Entrepreneurship Education. In Creating Entrepreneurial Space:
Talking Through Multi-Voices, Reflections on Emerging Debates. Emerald Publishing
Limited.
Mahto, R. V. and McDowell, W. C., 2018. Entrepreneurial motivation: a non-entrepreneur’s
journey to become an entrepreneur. International Entrepreneurship and Management
Journal, 14(3), pp.513-526.
Sindy, A., 2019. Analisa Pengaruh Knowledge Base, Entrepreneurship Education,
Entrepreneurship Competence dan Entrepreneur Motivation Terhadap Female
Entrepreneurial Intention di Kota Payakumbuh (Doctoral dissertation, Universitas
Andalas).
Taylor, S. L., 2019. The Existential Entrepreneur: Finding Meaning and Creativity in
Entrepreneurship (Doctoral dissertation, Saybrook University).
Ting, S. X., Feng, L. and Qin, W., 2017. The effect of entrepreneur mentoring and its
determinants in the Chinese context. Management Decision.
Wartiovaara, M., Lahti, T. and Wincent, J., 2019. The role of inspiration in entrepreneurship:
Theory and the future research agenda. Journal of Business Research, 101, pp.548-554.
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