Entrepreneurship and Small Business Management Report: Louis Vuitton

This report delves into the core concepts of entrepreneurship and small business management, examining the characteristics, traits, and skills essential for success. It explores the entrepreneurial personality through the lens of the Ocean model, analyzing attributes such as openness, conscientiousn...Read More

Entrepreneurship and Small
Business Management

Table of content
 Introduction
 Characteristics, traits and skills of successful entrepreneurs
 Entrepreneurial personality
 Background and experience impact entrepreneurship
 Conclusion
 References

Introduction
Entrepreneurship is a formative process in which creation
and innovation of new products services, ideas and values
are done as to establish a venture. In this regard and
entrepreneur is an individual who take risk to innovate new
ideas products and services in order to attract large base of
customers. An entrepreneur innovative products and
services which is unique and still not exist in a market
place.

Characteristics, traits and skills of
successful entrepreneurs
The person who possesses the abilities as well as potential to take risk in order to pursue passion can
be termed as an entrepreneur. In this regard, the traits, skills and characteristics of Louis Vuitton
are as follows:-
Characteristics
 Self Belief: This is regarded to be an essential characteristic that is present within
entrepreneurs which keeps them motivated and skilled at all times. This is considered to be a
facilitating factor which tends to encourage individuals to establish a positive mindset. In this regard,
Louis Vuitton possessed huge self belief for dealing with any type of fear with the aid of zeal.

CONTINUE…
Traits
 Creativity: This trait exhibits the magnitude of uniqueness and innovative
mind frame possessed by an entrepreneur for displaying creativity at the time of
development of goods and services and execution of tasks in an appropriate manner.
In this regard, the entrepreneur Louis Vuitton came up with leather goods catering to
the needs of people.

CONTINUE…
Skills
 Learning Skills: Entrepreneurs are usually found to be keen learners who
always seek to grab new piece of knowledge in order to update their knowledge base at
all times. They learn from their acquaintances, friends, family, surroundings and even
their experiences. In this regard, it can be said that Louis Vuitton was a keen learner as he
first came up with leather goods in such an ancient period.

Entrepreneurial personality
The personality of an entrepreneur can be said to be an
integration of certain types of characteristics, traits and
skills. Ocean model of Personality is used to ascertain
certain essential attributes that are present within the
entrepreneurs, as follows:-
Openness: Entrepreneur is an immensely lively and zealous
personality who is constantly looking for attaining
knowledge and experiences. They are always willing to take
up new projects.

Continue….
 Conscientiousness: This exhibits the self disciplined as well as ambitious
nature of entrepreneurs which assists them in timely attainment of goal
and objective and fulfilment of needs and demands of customers in order
to gain maximum satisfaction from them.
 Extraversion: Entrepreneurs are true source of energy, zeal and
assertiveness towards the environment.

Continue….
Agreeableness: This aspect illustrates the high magnitude of willingness of
entrepreneurs to agree, cooperate and showcase empathy towards other
people.
Neuroticism: This attribute of entrepreneurial personality exhibits their
control over emotions so as not to let any of the emotions such as anger,
sadness, frustration, anguish etc. out-power their general thinking ability.

Background and experience impact
entrepreneurship
Ample number of events and situations take place in the lives of
entrepreneurs that shape their lives. Such events may either foster or restrain
them from pursuing entrepreneurship. These events act as crucial factors
which are found to shape the lives of individuals as they determine their
career paths. In this regard, the background and experiences of the selected
entrepreneur, Louis Vuitton is given as follows:-

Continue….
Family backgrounds as well as experience: This is found to be a crucial factor that
has a great impact upon a person pursuing or not carrying out entrepreneurship. In
this regard, Louis was born to working class parents owing to whom they expected
him to carry out a living by way of farming, carpentry etc. Looking upon this, he left
home at the age of 13 years and took a decision to test his fortune within the confines
of Paris. There, after a period of 2 years, he became an apprentice in a workshop of
box making and attained the art easily by showcasing his uniqueness and creativity.
This helped him in developing his image as a fashionable box maker within Paris.

Conclusion
 From the above PPT, it has been identified that entrepreneur is a person that
undertakes risks with a view to come up with unique and innovative ideas that
have the potential of generating solutions for problems faced by society. For this
they make use of skills, traits and characteristics such as creativity, passion,
innovation, optimistic approach, zeal, motivation etc. It can be ascertained that
experiences and family background of an individual have a great role in paving
way for or restraining entrepreneurship.

References
 Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership,
and the value of feminist approaches to understanding them. Journal of
Small Business Management. 53(3). pp.683-692.
 Kassean, H. and et. al., 2015. Entrepreneurship education: a need for
reflection, real-world experience and action. International Journal of
Entrepreneurial Behavior & Research. 21(5). pp.690-708.
 Petkovska, T., 2015. Role and importance of innovation in business of
small and medium enterprises. Економски Развој-Economic
Development. 17(1-2). pp.55-74.

Thank You