An Analysis of Entrepreneurial Traits and Background Impact Report

This report provides an overview of entrepreneurship and small business management, focusing on the characteristics, traits, and skills of successful entrepreneurs, using Henry Ford as a case study. It delves into the entrepreneurial personality, exploring the OCEAN model traits like openness, conscientiousness, extraversion, agreeableness, and neuroticism. The report also analyzes how background and experience, including family background and social networking, impact an individual's entrepreneurial journey. The conclusion highlights the importance of risk-taking and innovation in entrepreneurship, summarizing key insights from the analysis and reflecting on the author's enhanced understanding of entrepreneurial concepts. The report references key academic sources to support its findings.

Entrepreneurship and
Small Business Management

 Introduction
 Characteristics, traits and skills of successful entrepreneurs
 Entrepreneurial personality
 Background and experience impact entrepreneurship
 Conclusion
 References
Table of content

Entrepreneurship can be referred to as the practice of
undertaking of risks with a motive to introduce new
products, processes or services with value addition in order
to gain the satisfaction from customers. In this regard,
entrepreneur is usually referred to as a person that comes up
with a new idea, concept or ideology in order to develop
solutions to social or economic issues being faced by public
at large.
Introduction

Every entrepreneur is said to have a set of skills and traits which tend
to distinguish them from other personnel. In this regard, the
entrepreneurs have been considered here is Henry Ford. His skills
and traits are briefly explained below:-
HENRY FORD
 He was an American entrepreneur as well as a business magnate.
Characteristics, traits and skills of successful entrepreneurs

Trait:
 Passionate: This is regarded as one of the most significant and
relevant traits within an entrepreneur as this tends to instill a
sense of drive and encouragement within them for the
achievement of organisational goals and objectives.
 Optimistic: This is regarded as a trait of entrepreneur which is
concerned with possessing a positive outlook upon everything
associated with business.
CONTINUE…

Skill:
 Innovative Thinking:. Henry Ford also possesses innovative thinking and came up
with the idea of development of an automobile which could be easily afforded by all
the sections of society.
 Leadership: This skill is concerned with possessing the ability as well as potential to
influence the followers in a manner such that they agree to the command placed by
leader and look upon him as an idol.
CONTINUE….

The personality of an entrepreneur is ascertained
with the help of OCEAN model, as follows:-
 Openness: Entrepreneurs are always keen to gain
knowledge about new and unique things and
concept in order to enhance their existing
knowledge base on a continual basis.
Entrepreneurial personality

 Conscientiousness: To carry out all the business dealings smoothly, it is crucial for
the entrepreneur to be alert of their conscious mind.
 Extraversion: According to this trait, individuals possess sociability, talkativeness,
assertiveness and excitability
Continue….

 Agreeableness: It is important for individuals to be agreeable in nature to carry out
business operations and influence others with their ideas. For this they must have
positive influencing power with effective communication skills.
 Neuroticism: Entrepreneurs have high degree of emotional instability which helps to
decrease their level of negative emotions. This aids them to take a control over their
feelings and to get over the sense of frustration, anger or disgust.
Continue….

Entrepreneurship can be referred to as the procedure
of intuition, development, organisation and
management of a business venture or start up. It is
well regarded that the abilities and potential of
entrepreneur to create and come up with new, unique
and innovative ideas is imperative for the smooth and
effective running of a business entity.
Background and experience impact entrepreneurship

The factors restricting or fostering them to carry out entrepreneurship are explained as
follows:-
 Family background: This is regarded as a crucial factor that has a massive impact
upon the ability of an individual to undergo entrepreneurship. In this regard, it is often
seen that whereby the family members or acquaintances of a person have been a part
of an entrepreneurial venture that was successful, this tends to instill a sense of
facilitation and motivation among the individual also to pursue entrepreneurship.
Continue….

 Social Networking: Social network aids in the development of experiences and skills
b by collective sharing of ideas, views, opinions and ideologies with personnel having
same or different professional background and experiences.
Continue….