Report: Traits, Skills, and Backgrounds of Successful Entrepreneurs

This report delves into the world of entrepreneurship, examining the key characteristics and skills that contribute to success in the business realm. It explores traits such as passion and confidence, as well as skills like creative thinking, essential for navigating the competitive market. The report uses the OCEAN model to analyze entrepreneurial personalities, and provides case studies of successful entrepreneurs like Peter Jones, Simon Cowell, and Alan Sugar. It also explores the background and experiences that have shaped their entrepreneurial journeys, highlighting the importance of adaptability and innovative product development. The report concludes by emphasizing the crucial role of entrepreneurship in driving enterprise growth and providing creative solutions to meet consumer demands.

Entrepreneurship and Small Business
Management

Table of Content
• Introduction
• Characteristic traits and skills of successful entrepreneurs
• Aspects of the entrepreneurial personality
• Entrepreneurs background and experiences
• Conclusion
• References

Introduction
Entrepreneurship is considered as the structure of initiating a new business or
operating a enterprise through an individuals who enter with creative
products into competitive market area. Mainly, this is the capability of
people to improve as well as perform another venture through facing risk
for earning profitability into market

Characteristic traits and skills of successful
entrepreneurs
Several characteristics traits and skills of entrepreneurs. Peter Jones who is the
well known British entrepreneur and investor on BBC Two television show
Dragon'Den and American television series American Inventor. Its skills,
characteristics and traits are discussed below:
Entrepreneur Characteristics Traits Skills
Peter Jones Passionate: It is crucial characteristics
which help entrepreneurs to become
successful in its professional life. This
assists Peter Jones to stay with its
objectives. It distinguish him from business
manager as they are not so much
passionate towards its work as only
accomplish its responsibilities. Also, the
business manager are passionate towards
their role and responsibilities where as
entrepreneurship are passionate towards
developing their enterprises.
Confident: Peter Jones are very much
confident as he faces various risk but
do not loose his confidence. This trait
differentiate them from other business
manager as they are accountable to
make decision but because of lack of
confidence it have to take help from
others. Also, they are different from
the business managers as it is
confident about their decisions where
as entrepreneurs like peter Jones are
confident about their activities for
enterprise development.
Creative Thinking: This skills are import
for the entrepreneurs as it aids them to
develop new as well as creative things.
Peter Jones has this skills that help him to
make innovative products. This particular
skills distinguish him from another
business manager as they do not develop
any creative things or ideas only perform
to manage the organisations and people
who work their. Moreover, business
manager use this skills to formulate
strategies , plans, decision and others
where as entrepreneurs use this skill to
develop new and innovative products for
its firm.

Aspects of the entrepreneurial personality
There are various types of traits, skills and characteristics which distinguish
them from another managers. These aspects usages to states the
entrepreneurial motivation as well as mind-set. So, in order to reflect this
OCEAN model is used that are mentioned below:
• Openness
• Conscientiousness
• Extroversion
• Agreeableness
• Neuroticism

Entrepreneurs background and experiences
Peter Jones:
Peter David Jones is a British entrepreneur and businessperson born on 18
March' 1966 and raised in Berkshire. He is the investor on BBC Two
television show Dragon'Den and American television series American
Inventor. In his early stages, its incapacitating for his parents to send him
in a private school. His economic condition is not so well in-spite of that
he believed one day he was going to be a multi-millionaire.

Cont.…
Simon Cowell:
Simon Cowell is an English television music and talent show judge,
businessman, television producer and Entrepreneur. He has judged
competition series Pop Idol, The X Factor , Britain's Got Talent and
America's Got Talent. He was born in London and bought up in
Hertfordshire. He is the son of Julie Cowell, a ballet dancer and Eric Selig
Philip Cowell, a music industry executive. He worked as a record
producer, talent scout and consultant within the music industry.

Cont.…
Alan Sugar:
Alan Michael Sugar is one of the best known British businessman in the
world and founder of prosperous electronics company Amstrad. He is a
business king, media personality, politician and political advisor. His father
worked as a tailor and the family was poor. His business skills were
manifest from a young age. He left school at 16 and started a small
business of selling cars and electronics.

Conclusion
From the above report it have been concluded that entrepreneurship plays
crucial role in improving enterprise by themselves into competitive market
area. This considered as the capability of brining creative products
according to the consumers requirements for sustaining for long period.

References
Sullivan, D. M. and Meek, W. R., 2012. Gender and entrepreneurship: a
review and process model. Journal of Managerial Psychology. 27(5).
pp.428-458.
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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