This report, prepared for an Entrepreneurship and Small Business Management (ESBM) course, delves into the essential traits and skills of successful entrepreneurs. It differentiates entrepreneurs from ordinary managers, highlighting the significance of traits like strong work ethics, creativity, and skills such as time management and networking. The report explores the entrepreneurial personality, including passion, resilience, optimism, creativity, and risk-taking, and connects these aspects to entrepreneurial motivation and mindset. It assesses how background and experiences, as exemplified by Bill Gates and Elon Musk, influence the development of entrepreneurial skills and success. The report concludes by summarizing the key elements that contribute to entrepreneurial success, supported by references to relevant books and journals.