Entrepreneurship: Skills, Traits, and Business Leaders Analysis

This report delves into the realm of entrepreneurship and small business management, exploring the essential skills and characteristics of successful entrepreneurs. It examines the entrepreneurial journey, emphasizing the importance of innovation, customer analysis, and self-motivation. The report analyzes the traits of prominent business leaders, Alan Sugar and Richard Branson, highlighting their time management, flexibility, risk-taking, and communication skills. It further discusses the OCEAN personality model, illustrating how traits like openness, extraversion, agreeableness, conscientiousness, and neuroticism influence business success. The report also provides insights into how background and experience can either foster or hinder entrepreneurial endeavors, offering a comprehensive understanding of the multifaceted nature of business leadership and the factors contributing to success.

Introduction
Entrepreneurship is a procedure that
uses by a person in order to using innovation and
new ideas for running and managing their business.
For running a business there is need to analysis the
needs and wants of customers then provide
products accordingly which can help to increase the
productivity. This brochure is involving
characteristics and skills of successful entrepreneur,
mind set and hindrance and foster on
entrepreneurship.
P5 Characteristics traits and skills of
entrepreneurs
Characteristics and skills are different
term that are having in person and uses to create
something different which helps to increases their
capabilities. These are stating as abilities and
capacity to accept the challenges and perform well.
The characteristics traits and skills of Alan Sugar
and Richard Branson are as defined:
Characteristics and Skills of Alan Sugar
Characteristics
Self-motivation – This is defined as
most important traits, should have in person for the
purpose of implementing their planned ideas
without getting any fear and become successful.
This can help to bring new ideas and implement
them as having self-motivation traits which helps to
complete the goals. Alan Sugar is passing through
from self-motivation as he is having different
personality who had started their business and
become successful media personality, political
adviser and business magnate in electronic items
that increases sales and business profitability.
Flexibility - This means a person who is
getting ready to be change and maintaining the
organizational performance. Alan Sugar is a great
business leader who is flexible as it adopt changes
in their organization and maintain the performance.
Such person is brining changes in their organization
and deliver right products that attracts customers
and maintain the productivity.
Skills of Alan Sugar
Curiosity: The good entrepreneurs are
considering as person who have capacity to
discover problems, identification of opportunities,
refactoring
the organizational process and innovation that
brings something new and deliver the right
products. Alan Sugar is curious about knowing the
political and other information that helps to make
the right business decision and become successful.
Time management: For running a
business and performing all task time management
is essentially required that can help help to
understand what are the wants of people and how
they can manage their organizational performance.
Alan Sugar is full of time management skills who
get complete the assigned task in certain period of
time and maintain the effectiveness.
Entrepreneurship and Small Business Management

Characteristics of Richard Branson
Taking risk – If someone wants run their
business then needs to be take risk which can help
to states how business can be grow and could take
the competitive advantages. For growing and
developing the business there is need to focus on
risk characteristics that supports to grow and
passing the competition. Richard Branson is one the
best business manager who knows that for
organization is its important to take risk so they
bring new ideas and innovation in their companies
that helps to maintain the good performance and
competitive advantage that make different from
other because they are not ready to take risk.
Passion - This characteristic is related to
passion of a person regarding products and services
as well as mission of organization that guides to
work more and increases the performance. Richard
Branson is passionate about their goals and vision
who once have decided to bring changes and
innovation then make it possible however. They are
also considered as hard workers who helps to
perform all task and attain the business goals in
changing environment.
Skills of Richard Branson
Communication – The success and
development of business depends on proper
communication which is required skills in people
that can help to manage the business activities and
accepting the challenges effectively. This also helps
to bring improvements and changes by sharing the
information that make happy to people. Richard
Brand is different from other businessman as
having good communication skills that provide and
sharing of ideas for running activities and
delivering right information.
Networking – If a person is capable to
build a good network between different countries
and people then it will be more effective for
business. It helps to manage the functions and
profitability in changing environment and make
different from others. Richard Branson was a
greatest business manager who is filled up with
networking skills and attracts the employees to
work more effectively. To manage and increase the
business activities Richard is developing the good
relation and network with people that make
successful leader in business environment.
P6 Entrepreneurial personality reflect on motivation
and mind set
Personality is defined as combination of quality and
characteristics of a person that make distinctive
character from others and increases the business
performance. This involves motives, attitudes,
values and behavior of people that helps to accept
the changes and business performance by focusing
on them. Alan Sugar and Richard Branson are
stating their entrepreneurial personality by using
Ocean personality model that are as defined:

Openness – This refers as people's
tendency by thinking abstractly that brings new
ideas and thoughts by thinking differently. The
involvement part is adventure, art, imagination,
variety of experience, curiosity and unusual ideas
that are important to run business and increase the
corporation performance.
Conscientiousness – Such tendency is
related to self-discipline, strive for achievement, act
dutifully and delivering the right products in
changing environment. This characteristic makes
always ready to people to be prepared for changes
always, maintaining self-discipline and attaining
the business goals by focusing on them. This can
help to maintain the good performance by
following a schedule and getting the work done
from employees so activities can be performed
efficiently.
Extraversion – This is also known as
personality test that is taken by an individual in
order to accepting the challenges and running the
business properly. Person who is having
extraversion personality is likely to be more
responsive that attracts employees and customers so
they can make a right decision to buy the products
and services. The person who is selling the products
should have good behavior so they can be ready to
assess the information and managing the activities.
Agreeableness – This describing as
activity in which management give preference to
others by interacting with them. This helps to
complete the task and manage the activities in
changing environment. Having high agreeableness
create a respect and sensitiveness for people which
supports to make right business decision.
Neuroticism – This trait is associated with
moodiness, testiness, anxiety, insecurity, instability,
self-criticism and fear that may stops to run the
business and create challenges for business concern
to operate their business by focusing on them. This
personality should be low in entrepreneurs because
it creates negativity for their business.
From the above Alan Sugar is having
openness personality that helps to share the
information and brining new ideas to run the
business in challenging environment. This person is
having different personality that make successful
business magnate. On the other side, Richard
Branson is having agreeableness and extraversion
traits that helps to accept challenges and managing
the organizational performance by proper
communication.
P7 How background and experience can hinder and
foster entrepreneurship
The background and experience of Alan Sugar and
Richard
About Alan Sugar

Personal Background Alan Michael Sugar
was born 24 march
1947 who has
launched own
electronic company in
1968. His spouse name
is Ann Simons. His
father was a tailor in
garment industry.
Education The primary education
was completed
Northwold primary
school and then after
Brook House
secondary school.
Af6ter leaving school
in the age of 16 he
worked in civil
services as statistician.
National culture British as Sugar was
born in Hackney, East
London.
Hindrance and foster entrepreneurship
The above details are showing foster to
entrepreneurship as Alan was not belongs to a good
family and faced many problems to establish their
own organization. Due to having self-motivating
traits such person never see behind and go ahead
that helps to become a successful entrepreneur.
About Richard
Branson
Personal Background This person was born
on 18 July 1950 who
has invented the
Virgin group in t5he
year of 1970. This
controls more than 400
organizations in
different field. This is
first person who has
started its business in
the age of 16th and
become a good
business concern.
Education The person has
educated at Scaitcliffe
school. Such person is
very minded and
intelligent who always
to become a great
business man and
bringing new ideas to
run business.
National culture British

Hindrance and foster entrepreneurship
From the above it has defined that having
different personality traits such as agreeableness
and extraversion make such person more effective
and successful that can help face the problems and
passionate skills to complete the task in certain
time.
Conclusion
From the above it can be concluded that
entrepreneurship is longer process that uses by a
person by innovating new ideas and thoughts for
running their business and increases the
performance. The characteristics and skills of
person are uses by people for accepting challenges
and maintaining the good business performance.