Characteristics, Skills, and Background of Entrepreneurs Report

This report delves into the characteristics and traits of successful entrepreneurs, focusing on innovative thinking, decision-making, leadership, and attention to detail. It examines the skills of entrepreneurs like Simon Cowell, Peter Jones, and Richard Branson, highlighting their passions, optimism, and abilities to think differently. The report also explores the aspects of entrepreneurial personality, including the Ocean model of personality traits (Openness, Neuroticism, Extraversion, Agreeableness, and Conscientiousness). Furthermore, it analyzes the background and experience of entrepreneurs, considering factors such as education, family background, and social networks, and how these factors influence entrepreneurial abilities. The report concludes by summarizing the diversity of entrepreneurial ventures and the importance of skills and knowledge for business success, referencing various academic sources.

Entrepreneurship and small
business management

CONTENT COVERED
 Introduction
 Characteristics and traits of entrepreneurs
 Aspects of entrepreneurial personality
 Background and experience of entrepreneurs
 Conclusion
 References

Characteristics and traits of successful
entrepreneurs
An entrepreneur is known for his innovative ideas and skills. Entrepreneur's main aim
is to initiate new and creative business ideas which helps a business concern in
profit maximisation.
 Characteristic of Simon Cowell:
 Innovative Thinking
 Decision Making

Cont.….
Skills of Simon Cowell:
 Leadership:
 Attention to detail

Cont.….
Skills of Simon Cowell:
 Leadership:
 Attention to detail

Cont.….
Characteristics of Peter Jones
Passionate:
Optimistic:
Skills of Peter Jones
Confident:
Time Management:

Cont.….
Characteristics of Richard Branson
Passionate person
Optimistic:
Skills of Richard Branson
Ability to think differently
A positive company Culture

Aspects of entrepreneurial personality
 Personality and traits of one individual are quite different from one individual to
another. These skills help a person in achieving his objectives and targets
within a set time frame. By choosing possessed skills an individual can develop
his skills which further lead to achieving goals and objectives within a set time
frame

Cont.….
 Ocean model of personality has been taken into consideration for studying
behaviour of entrepreneurs which has been explained as under:
 Openness:
 Neuroticism:
 Extraversion:
 Agreeableness:
 Conscientiousness:

Background and experience of entrepreneurship
 Entrepreneurs are the persons who develops a creative and innovative ideas in
order to run their business. The decisions made by entrepreneurs are the
reflection of their background and experience earned from their families. There
are various factors which affects abilities and skills of an entrepreneur that are
discussed below as:
 a) Education: It is considered as the vital factor which helps entrepreneurs in
developing effective and efficient ideas in terms of running their business in a
competitive business market.

Cont.….
 (b) Family background: It is also the important factor that helps entrepreneurs
skills and thinking ability. The entrepreneurs who come from respected family
knows the importance of currency and makes efforts to achieve their specific
goals and objectives. In this context, Simon Cowell came from highly educated
and respected family and they also supported him in its decisions regarding its
career. On the other hand, Peter Jones family is not that educated but they
understand and supports innovative ideas of Peter Jones.

Cont.….
 c) Social networks: The social network of entrepreneur's family also plays a
major role in providing a platform for their child. It will also helps entrepreneurs
in gaining some additional experience in their respective field. In this regard,
Simon Cowell got the opportunity in knowing dynamic environment of
entrepreneurship, which helps him identifying its main aims and objectives. On
the other hand, Peter Jones learns the amount of hard that one has to take to
satisfy its basic need, which helps him knowing importance of money.

CONCLUSION
 From the above mentioned report it has been concluded that, there are various
kinds of entrepreneurs and all of them are quite different from one another. All
these entrepreneurial ventures are different from one another and perform their
activities according to the needs. For instance, large enterprises work with the
motive of gaining benefits but social enterprise provides services with the motive
of making other lives better and easier. Moreover, to run these businesses it is
important that a person has ample of skills and knowledge.

REFERENCES
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Choi, N. and Majumdar, S., 2014. Social entrepreneurship as an essentially contested
concept: Opening a new avenue for systematic future research. Journal of business
venturing. 29(3). pp.363-376.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on
entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of Small
Business Management. 53(1). pp.75-93.
Fisher, G., 2012. Effectuation, causation, and bricolage: A behavioral comparison of
emerging theories in entrepreneurship research. Entrepreneurship theory and
practice. 36(5). pp.1019-1051.

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