Analysis of Entrepreneurial Traits, Skills, and Background Impacts

This report delves into the core traits and skills that distinguish successful entrepreneurs, examining characteristics such as discipline, open-mindedness, strong communication, creativity, competitiveness, confidence, passion, and determination. It uses examples of successful entrepreneurs like Richard Branson and James Dyson to illustrate how their backgrounds and experiences, including both successes and failures, have influenced their entrepreneurial journeys. The report also touches upon the Ocean model and its effect on entrepreneurial mindsets. It concludes that a combination of these traits and a focus on clear goals contribute significantly to entrepreneurial success. References to academic sources are also provided.

“Entrepreneurship and small
Business management”

TABLE OF CONTENT
 INTRODUCTION
 The characteristic traits and skills of successful entrepreneur that differentiate them
from other managers
 Entrepreneur's background and experience has influenced them positively and
negatively
 CONCLUSION
 REFERENCES

Introduction
 Entrepreneurship is the process of creating a business
like designing, launching and running
 Study discusses about the Characteristic traits and skills
of successful entrepreneur that differentiate from other
managers.
 It also describes Entrepreneur's background and
experience has influenced them positively and
negatively

The characteristic traits and skills of successful entrepreneur that
differentiate them from other managers.
 Disciplined : It is important thing of successful entrepreneur that they disciplined for
their work.
 Open minded : A successful entrepreneur like Richard Branson ability that they look
every situation and events opportunities and generate new ideas about work efficiency.
 Strong communication skills : Successful entrepreneur like James Dyson have a
excellent communication skills for selling the products and services to the customer.
Through the communication they also motivate their employees.
 Creativity : In a competitive market, its necessary that company use creativity with
their products which is helps to attract the customers
 Competitiveness : Competitor are increased day by day but a successful entrepreneur
feels that they can do much better than other.

Continue
 Confidence : It is important part of the successful
entrepreneur. They never keep doubts in their mind if they
become successful.
 Passion : passion is helped to improve their working style
and help to become successful.
 Determination : They look their defeat always as an
opportunity to make successful. Alan Sugar determination has
also made a successful entrepreneur in U.K.

Entrepreneur's background and experience has influenced them positively
and negatively.
 Richard Branson is a successful entrepreneur in U.K. He founded
virgin group and control more than 400 companies.
 He started a record shop in London, in 1971. In 1972 Branson
launched virgin group. Branson involved in failed business ventures
like virgin car, virgin cola, virgin clothing etc. still they did not stop.
 Their failures always encourage them. It was a positive impact on
their work. He made many world records breaking attempts after
1985.
 They get honours and rewards which is always encouraged them

Continue.
 Sir James Dyson is a successful entrepreneur who founder of Dyson company. Now his
net worth is 7.8 billion. He launched G-force cleaner in 1983 but it was rejected by the
all manufactures.
 Their failure always motivate them to move forward. Cyclone become the fastest
selling vacuum cleaner made in U.K.
 they continue their work hard and become a successful entrepreneur.
 For example James Dyson create dual cyclone vacuum which is reject by every
manufactures.

Ocean model reflecting personality of entrepreneur
• Ocean model also affected the entrepreneur mindset. James Dyson, Richard Branson
etc. openness their experience and they also do their work with discipline. They all
work efficient and they have a good communication skills whereby they observe the
problems and new ideas.
• Top entrepreneurs like Richard Branson and James Dyson etc. have friendly nature
which helped them cooperate with the employees.
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CONCLUSION
 From the above study it has been concluded that there are various traits like open
mildness, disciplines that has made entrepreneur successful.
 Also they have been successful because of there focus and clear goals and objectives.

REFERENCES
 Morris, M.H. and.et.al., 2018. Distinguishing Types of Entrepreneurial Ventures: An
Identity‐Based Perspective. Journal of Small Business Management, 56(3). pp.453-474.
 Rhodes, C., 2015. Business statistics. Briefing paper.6152.
 Guerrero, M., Cunningham, J.A. and Urbano, D., 2015. Economic impact of
entrepreneurial universities’ activities: An exploratory study of the United
Kingdom. Research Policy. 44(3). pp.748-764.