Entrepreneurial Personality and Mindset: Cesar Ritz, Traits and Skills

This report delves into the personality and mindset of entrepreneurs, examining key traits and skills essential for success. It explores the differences between entrepreneurs and managers, highlighting characteristics such as motivation, optimism, and risk-taking. The report uses the Ocean Model (Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism) to analyze the personality of leaders and entrepreneurs. It also provides an analysis of Cesar Ritz, the founder of the Ritz Hotel, examining his personal background and how it shaped his entrepreneurial journey. The report covers skills like curiosity, time management, and strategic thinking, while also discussing how personal experiences and challenges influence entrepreneurial success. The impact of personal backgrounds, including educational, family, and professional experiences, is explored through examples like Cesar Ritz and Kemmons Wilson, demonstrating how these factors contribute to their entrepreneurial success. The report emphasizes the importance of adaptability, technical skills, and communication skills for managers and entrepreneurs, respectively, in the hospitality industry and business.

Entrepreneur – Personality and Mind-Set

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................2
Article..........................................................................................................................................3
Traits and Skills of Entrepreneur.................................................................................................3
How Traits and Skills of Manager are Different form entrepreneur...........................................4
Ocean Model................................................................................................................................5
Analysis of Entrepreneur on basis of personal Background........................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
An entrepreneur is an individual who initiate a business by bearing all the risks and get
maximum reward in result (Kirzner, 2015). Entrepreneur is considered as an innovator or
creative thinker and plays key role in success of organization. On the base of certain creative
idea entrepreneur make investment to start a new business and provide employment to people in
order to work on huge level. In hospitality industry Cesar Ritz was founder of several hotels and
one of most famous hotel is Hotel Ritz in Paris. This article is providing brief information of
various skills and personality traits of an Cesar Ritz.
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MAIN BODY
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Article
Traits and Skills of Entrepreneur
Personality Traits
Entrepreneur are different from the manager and other people. Their personal skills and mind
set make them different. Their capability of risk taking and situation handling make them good
leader and innovator. Some of main skills of Cesar Ritz are-
Motivation
This is one of most important personality trait for an entrepreneur. Motivation is a factor
that drives the success of person and organization in competitive market. Motivation can help
the individual to deal with difficult situation in business (Venkataraman, 2019). To set a role
model in front of other to motivate and encourage them to perform better and take inspiration
from their employer.
Optimism
The dedication and tendency of thinking positive is most important trait of entrepreneur.
This quality make them different from other. Their creative and innovative thinking help them
to stay positive in difficult situation to encourage subordinates to keep their action based on
motivation and positivity.
Risk Taking
It is one of the best quality of entrepreneur because they are not afraid of failure and this
mind set or personality help them to think and implement innovative changes in organization
and try new things in order to improvise the work practices and profit of hotel.
Skills
Curiosity
Curiosity is important to gain knowledge for various events and sources. Curiosity help
the person to learn new thing that can help person in future. It also improve the innovation in
performance and provide new ways to deal with different issues in hotel.
Time Management
Time management is important for all people in organization. As a leader of
organization entrepreneur need to be punctual and particular with management of time. It is
important for them to complete different tasks with high efficiency and with in the time limit.
This skill is important for a entrepreneur to manage task completion with in time line to
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maintain productivity of hotel.
Strategic Thinking
Strategic thinking is quality to sub divide different activity and use different approaches
to achieve targets with minimum efforts. It is about creative thinking of person to deal with
certain problem or task. Strategic thinking
How Traits and Skills of Manager are Different form entrepreneur
Personality Trait of Manager
Team Orientation
All the operation and working of manager are team oriented. Their actions in team are
inspiring for team mates. They set good example in front of others to inspire them. This trait of
leader or entrepreneur are different form manager (Kuratko, 2016). Action of entrepreneur are
based on innovation and creativity to encourage people to be creative and smart in work.
Transparent In Behaviour
Transparency is one of most important quality of manager and it is important for them to
provide equality to all people in team. But for entrepreneur it is important to keep things hidden
to maintain uniqueness in business. This is how employer and manager have differnet level of
transparency in their work.
Adaptability
The adaptability is important for manager because they have to manage with team
members and leadership of organization. Adaptability is about adapt change in nature and
working to manage with challenges and changes suggest by leaders of hotel. Manager of hotel
should have this personality trait. But in case of entrepreneur their role is to think from different
perspective and make right decision. Entrepreneur have adaptability for market scenario.
Skills
Technical Skills
To manage the operation of organization manager need to have some knowledge of
technology. This knowledge allow them to improve performance of employees by making
certain changes in organization in order to improve performance of hotel but entrepreneur does
not require this skills because their work in organization is to make right investments to provide
better resources to consumer.
Communication Skills
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Level of communication skills manager need to have is different form entrepreneur
because manager have to make communication with lower level of employee on frequent basis.
It is also difficult for them to manage the with different people in hotel. They also need to
negotiate with people in hotel to sort out their issues and for this the should have better
communication and negotiation skills. For entrepreneur communication skills are different
because they have to make communication out side organization and apart from this they need
to motivate the employees by public speaking . That's how meaning of communication skill is
different for manager and entrepreneur.
Problem Solving Skill
it is important duty of manager to solve various problems in organization. On daily basis
manager deal with different issues in hotel (Storey, 2016.). These issues are related to
consumers and employees. For entrepreneur it is different because they have different tendency
from manager they deal with organization issues and business related issues.
Ocean Model
Mind set of leader or entrepreneur drives the organization. The success of hotel is
depend on mind-set of employees. They need to have good thinking process in order to manage
the business of company. There is major relationship between mindset and personality of leader
and it can be reflect through ocean model.
Openness- Openness is all about exploring new things and tendency of person to go with new
ideas. If the entrepreneur is always ready to make change in organization and accepts the
innovation easily reflects their high openness. This high openness allows the person to
implement changes in organization. Cesar Ritz also had this behaviour to try new and different
things and this quality made him one of best entrepreneur in their time. As a entrepreneur
openness for ideas, imagination and variety made Cesar Ritz as good entrepreneur. This thing
help them to easily adopt changes in organization.
Consciousness- Consciousness is an approach of entrepreneur to display discipline, aware of
surrounding and knowledge of market place along with information of people who are associate
with organization. An entrepreneur have to make different decision related to operation and
working process in hotel. So, it is important for them to aware of current condition in
organization and market place. High awareness of surrounding help the individual person to
make required changes and take decision for hotel. The decision taken by Cesar Ritz were
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enough to state that he is a good entrepreneur in hospitality sector.
Extraversion- This trait is about the behaviour and energy to interact with people inside or
outside of organization. This also includes the talkative, energetic and assertive behaviour of
person. This energetic behaviour help the individual to motivate and encourage other people in
organization. This is important for performance and productivity of organization. Cesar Ritz
Was too good with public meetings and communicative sessions (Klotz and Neubaum, 2016). If
the leader of organization is dealing with other employees in better way then it will lead to
better work place environment and good working conditions. The success of Ritz hotel all
around world is stating the high extraversion of it's entrepreneur in past.
Agreeableness- mostly the leaders and entrepreneur considered as rude but it is important for
them to show interest in ideas and suggestion of employees of company. Employees are
important part of organization and their participation can improve the working process of
company. Entrepreneur or leader and his consideration for employees shows their
agreeableness. It can improve relation between management, leadership and employees.
Different ideas provided by employees can help the organization to deal with issues and
develop new services in organization. Experience and personal behaviour was good with
employees and management and mostly participative approach was used to make decision and
changes in Hotel Ritz.
Neuroticism- Neuroticism can be considered as emotional stability and degree of negative
emotion in entrepreneur. The people who are scored high on neuroticism are not stable with
emotion and have more negative emotion and this can harm organization in negative way. Some
times leader or entrepreneur have to take strict decisions in order to maintain decorum and
discipline in Hotel (Van der Lingen and Van Niekerk, 2015). This decisions are important to
improve the quality of services and performance of organization. Cesar Ritz was good in
dealing with emotions and negativity. This capability or trait provide him many opportunity to
work efficiently in market place to get higher consumer rating. This tendency to take right
decision by ignoring emotions on work place are productive for organization.
Analysis of Entrepreneur on basis of personal Background
Impact of personal background is huge on success and failure of organization and
individual person. Educational background, family background and professional background
drives the carrier of company and organization both. The role of background can be explained
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with example of some successful entrepreneurs.
Cesar Ritz
Cesar Ritz was founder of Ritz hotel. He was known as king of hoteliers and hotelier to
kings. Cesar Ritz was youngest of 13 children of a poor family. At age of 12 he was sent to
Jesuit college at Sion and then he started working a local hotel as waiter where he was
dismissible with a clarification that he was not capable of doing any kind of hotel business.
Franco Prussian war helped him to develop different personality trait in him and later he
worked as manager and different position till he came up with idea to open new hotel. Before
this idea he gained experience of hotel industry and this experience helped him to develop own
hotel later. This is how his personal experience, challenges of poor family and pressure of war
made him a good entrepreneur in future. This challenges fostered his hotel management skills
and communication skills for future carrier. Poor family background and war condition
hindered his carrier in initial level but later he learned to come over this to improve professional
carier.
Kemmons Wilson
Mr Kemmons Wilson was founder of Holiday inn chain of Hotels. His childhood was
full of challenges because he was raised by her mother. Later he completed his education from
local college. His primary education and experiences provided him with enough opportunity to
develop better understanding of hotel industry. As an experience he faced issues and
disappointment with service of hotel and this thing helped him to make foundation of holiday
Inn hotel. The challenging child hood fostered his basic entrepreneur skills to develop one of
best hotel chain later. Many things hindered his carrier in initial time but by better learning and
adapting skills he became bet entrepreneur of his time.
CONCLUSION
This report is concluding importance of different entrepreneur skills in current hospitality
industry. Different personality traits and skills has been analysed in report. The difference
between entrepreneurial and managerial traits has been considered in study. Relationship
between personality reflection and mindset of entrepreneur has been analysed to know its impact
on their motivation level. Influence and impact of personal background on professional carrier
has been evaluated for different entrepreneurs.
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REFERENCES
Books and Journal
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Klotz, A.C. and Neubaum, D.O., 2016. Article commentary: Research on the dark side of
personality traits in entrepreneurship: Observations from an organizational behavior
perspective. Entrepreneurship Theory and Practice. 40(1). pp.7-17.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.
Van der Lingen, E. and Van Niekerk, G., 2015. Entrepreneurship traits of Science, Engineering
and Technology (SET) students. The Southern African Journal of Entrepreneurship and
Small Business Management. 7(1). pp.117-144.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas
for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
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