Entrepreneurship Report: Characteristics and Personality Traits

This report delves into the realm of entrepreneurship, examining the crucial skills and characteristics that define successful entrepreneurs. It explores the traits of entrepreneurs, including a proactive approach, effective communication, and a willingness to learn. The report also discusses the impact of personality traits, such as openness, conscientiousness, and extraversion, on entrepreneurial ventures. Furthermore, it investigates how an entrepreneur's background, including lifestyle, education, and family, can influence their entrepreneurial journey. The report analyzes case studies of successful entrepreneurs like Alan Sugar, Richard Branson, and Philip Green, highlighting their distinctive characteristics and skills. Finally, it concludes by summarizing the key takeaways and emphasizing the importance of understanding these factors for aspiring entrepreneurs, providing a foundation for business establishment and identifying sector-specific opportunities.

Entrepreneurship and
Small Business
Management

Introduction
Entrepreneurship is define as process of starting a new business which is majorly small
business with the motive of earning profit. In other words, people who create
entrepreneurship are majorly known as entrepreneur. They are those people who are risk
taker, innovative, invent new techniques and other advance skills.

The characteristics traits and skills of successful
entrepreneurs
There are several characteristics which are usually adopted by entrepreneurs that tends to
differentiate them from managers of an organisations. Moreover, all the successful
entrepreneurs usually inherit the similar capabilities to in order to make their respective
business a giant success. Thus Alan Sugar, Richard Branson as Philip Green have following
entrepreneurs characteristics that have help them in being successful.

Cont.…
Characteristic traits of Alan Sugar
• Proactive Approach
Skills of Alan Sugar
• Intelligent

Cont.…
Characteristic traits of Richard Branson
• Effective Communication
Skills of Richard Branson
• Willingness to listen and learn

Cont.…
Characteristic traits of Philip Green
• Curiosity
Skills of Philip Green
• Motivating

Aspects of the entrepreneurial personality
There are several aspects of entrepreneurial personality that positivity as well as negativity
affects mind-set of an entrepreneur. However, there are four personality theory which
helps in identifying personality of an entrepreneur. Big five personality traits basically
includes the following:
• Openness
• Conscientiousness
• Extraversion
• Agreeableness

Background and experience of entrepreneurs
Entrepreneur's background and their experience can affect its entrepreneurship or activities
of business. There are various factors which have huge impact on entrepreneurship which
includes its family background, lifestyle, education. These factors of experiences and
background which can foster and hider entrepreneurship are mention below:
• Life style
• Education:
• Family background

Conclusion
Hence it can be concluded from the above report, with the help of entrepreneur ventures, it
becomes easy for person in which sector they have to establish their business. Along with
this, they can also differentiate as well as identify similarities in order to know which sector
is better. There are entrepreneurs who consist of advance characteristic traits as well as
skills which set and example in front of audience.

References
• Newth, J., 2016. Social enterprise innovation in context: Stakeholder influence through
contestation. Entrepreneurship Research Journal. 6(4). pp.369-399.
• Spender, J.C., 2014. Business strategy: Managing uncertainty, opportunity, and
enterprise. Oxford University Press.
• Van Der Wijst, D., 2012. Financial structure in small business: Theory, tests and
applications (Vol. 320). Springer Science & Business Media.

Thank You