Entrepreneurship: Analyzing Traits, Skills and Background for Success

This report delves into the core characteristics and skills essential for entrepreneurial success. It highlights the significance of self-motivation and risk-taking as crucial elements for entrepreneurs. The report also explores the impact of background and experience on entrepreneurial ventures, using examples to illustrate how these factors can either facilitate or hinder success. Furthermore, it examines the role of personality traits, such as openness, in shaping entrepreneurial behavior and decision-making. The report provides a comprehensive analysis of the key elements that contribute to the development and performance of successful entrepreneurs, offering insights into the complexities of the entrepreneurial journey. It also highlights the importance of traits like honesty for the success of entrepreneurs. The report concludes by summarizing the main findings and emphasizing the importance of these attributes for entrepreneurial success.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENT
 INTRODUCTION
 the characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers.
 aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.
 Examine, using relevant examples, how background and experience can hinder or
foster entrepreneurship.
 Conclusion
 References

INTRODUCTION
 Entrepreneurship refers to the designing of a new idea and transform it
into a venture by the way of innovation. It is a small business which is
willing to develop into an organization.
 It is willingness to develop, organize and manage the firm which
involves higher risk along with great efforts to make profit. Many of the
start-up declines because of lack of patience, lack of capital, higher risk.

characteristics, traits and skills of successful
entrepreneur
 Self motivation is the key of a successful entrepreneur the
ability to push yourself forward despite of hardships and
normalizing all the problems. Peter Jones is one of the self
motivated entrepreneur whereas a manager motivates its
employees to certain extent to work .
 Risk taking is another feature of an entrepreneur, as an
entrepreneur you must be able to take risks involving your
competitors. Richard Branson as an entrepreneur was risk
taking and have a capability to overcome the risks whereas
manager is not a risk taker he only motivates to do better .

Aspects of Entrepreneurial personality
 Big five personality trait
 Openness: openness in an entrepreneur helps him to motivate
his fellow workers. Openness helps entrepreneur examine,
using relevant examples, how background and experience can
hinder or foster entrepreneurship to experience new things,
new techniques which will help him to boost up his
confidence. Openness to others helps entrepreneur to grow as
an individual.
 Openness helps you to be more creative and makes you aware
of the surroundings and your fellow rivals.

Background Information
 Richard Branson is one such entrepreneur who had many fail attempts in his business
life. He started at a very early age of 16, that attempt got failed of selling Christmas
tree and budgerigars.
 Later he issued a magazine for students which was a success. Later he stepped into
many start-ups like virgin records, package holiday industries, virgin Atlantic airways,
telecom ventures, space travel, virgin media, hotels, healthcare and charitable
influences. Which are major success for the virgin foundation

CONCLUSION
 From the above study it has been summarized that entrepreneur for being successful
have many traits and skills like for example honesty risk taking.
 These skills has helped them in growing and making them successful entrepreneur.

REFERENCES
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Julien, P.A., 2018. The state of the art in small business and entrepreneurship. Routledge.