Entrepreneurship Report: Successful Entrepreneurs, Traits and Skills

This report provides an in-depth analysis of entrepreneurship and small business management, focusing on the crucial traits and skills required for success. It begins with a definition of entrepreneurship and highlights the characteristics of successful entrepreneurs, such as risk-taking, creativity, and professionalism, using examples like Richard Branson and Peter Jones. The report then explores the essential skills, including communication, business strategy, and problem-solving. It further examines the entrepreneurial personality, including aspects of motivation, mindset, and the different lines of argument. The drivers of successful entrepreneurs are also discussed, along with the influence of background and experience, both positive and negative. The report concludes by summarizing the importance of entrepreneurial ventures in economic growth and the significance of possessing the right traits and skills for achieving results.

Entrepreneurship
and Small
Business
Management

Table of Content
• Introduction
• Characteristic traits and skills of successful entrepreneurs
• Aspects of the entrepreneurial personality
• Different lines of argument
• Drivers of successful entrepreneurs
• Background and experience
• Entrepreneurial characteristics and influence of personal background
• How background and experience influences entrepreneurs
• Conclusion
• References

Introduction
Entrepreneurship is defined as procedure of launching, running and
designing new business that can be small concern. People creating
enterprise are known as entrepreneurs. This is also called as willingness
and capacity for organising, developing and managing commercial
enterprise venture that carry risk for making profits. Entrepreneur
usually carry small business and later on they expand it into large
venture.

Characteristic traits and skills of successful
entrepreneurs
In order to be an entrepreneur they should be different from other
business manager so that new start up can be established and developed
in effective and efficient manner. The person who possess different and
unique idea can become entrepreneur. The two entrepreneurs are:
Richard Branson and Peter Jones. They possess some characteristics
traits and skills which differentiate them from other.

Cont...
Characteristics traits of Entrepreneur
The important characteristics traits which are possessed by entrepreneur
are as follows:
 Risk Taking
 Creativity
 Professionalism

Cont...
Skills of Entrepreneurs:
The different skills of entrepreneur are described below:
• Communication Skill
• Business Strategy Skill
• Problem Solving Skill

Aspects of the entrepreneurial personality
It is not easy for entrepreneur to start new venture without motivation
and mindset. The entrepreneurial personality reflects entrepreneurial
motivation and mindset for new venture or business.

Cont...
Aspects of entrepreneurial motivation reflecting personality
• Openness
• Conscientiousness
• Extra Version
• Agreeableness
• Neuroticism

Cont...
Aspect of entrepreneurial mindset reflecting personality: There are
various aspects which entrepreneur has to set for their business. The
different entrepreneurial mindset which reflect personality are
described below:
Curiosity
Commitment
Leadership

Different lines of argument
There are various types of entrepreneur running business in competitive
market who possess various entrepreneurial characteristics for firm.
The example of Richard Branson and Peter Jones has taken where
communication skill of Richard Branson is totally different from other.
As he believe in adopting specific channel to communicate in business.

Drivers of successful entrepreneurs
Richard Branson is successful entrepreneur in market where he possess
different traits, skills and motivation drivers for running their business.
He has risk taking traits due to which he has established many venture
and failed it. This leads him to become successful entrepreneur.
Similarly, he has problem solving skill along with encouraging every
youngster to become entrepreneur as motivational drivers.

Background and experience
As stated above, Richard Branson and Peter Jones entrepreneur are
explained with their skills and characteristics which is required in
business. The background and experience possessed by entrepreneur
can provide positive as well as negative impact to business. They can
hinder and foster entrepreneurship which is described in context of
Richard Branson:
• Background
• Experience

Entrepreneurial characteristics and influence
of personal background
In order to become successful entrepreneur in market, characteristics
are required to establish new venture. As there is direct link between
traits and influence of personal background and experience which help
to become successful entrepreneur. Richard Branson possess both
within itself that are characteristics, background and experiences which
help him to become renowned and successful entrepreneur in
competitive market.

How background and experience influences
entrepreneurs
Richard Branson was from business family background so he started
Virgin Group in market. This can provide both positive and negative
impact to business as he started many venture which provide him
experiences for better one and on other hand due to failure of many
business create money issue for him. The experience felt by him made
more strong to take new risk in market and in case of failure made him
to grab new opportunity.

Conclusion
From above assignment, it can be summarised that entrepreneurial
ventures plays effective role in getting growth of economies. This help
to improve standard of people and become independent. For starting
new venture, it is very important for entrepreneur to carry some traits
and skills for result achievement.

References
Big Five personality test traits. 2019. [Online]. Available through:
<https://www.123test.com/big-five-personality-theory/>.
7 characteristics of an entrepreneurial mindset. 2019 . [Online].
Available through: <https://investsouthwest.org/7-characteristics-
of-an-entrepreneurial-mindset%E2%80%8A-%E2%80%8Aand-
how-to-develop-them/>.

Thank You