ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT: Traits Analysis

This report delves into the characteristics and traits of successful entrepreneurs, focusing on individuals like Richard Branson, Philip Green, and James Dyson. It examines how their personalities, as reflected by the OCEAN model (Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism), influence their motivation and mindset. The report further explores how their backgrounds and experiences, including family influences and educational paths, either fostered or hindered their entrepreneurial journeys. The analysis connects these factors, highlighting how experience and background shape traits such as confidence, creativity, financial management, and innovation. The conclusion summarizes the key findings, emphasizing the interplay between personality, background, and entrepreneurial success.

ENTREPRENEURSHI
P AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
TASK 2
INTRODUCTION
P 5 Different traits and characteristics of successful entrepreneurs
P6. Reflection of motivation and mindset of entrepreneurs by the
personality of entrepreneur
P 7 Hindrance or fostering of entrepreneurship with help of experience
and background of entrepreneur
M 4 Link among background and experience with characteristics of
entrepreneur
CONCLUSION

INTRODUCTION
Entrepreneurship refers to as a process through which
an entrepreneur starts its own business wherein all
the risk is borne by entrepreneur himself. This
presentation is going to discuss various characteristics
and traits of successful entrepreneurs. Next it will
show that how entrepreneurial personality reflects the
motivation and mindset of entrepreneur. At last, it will
describe the fact that background and experience of
entrepreneur either fosters or hinders the
entrepreneurship.

P 5 Different traits and characteristics of successful
entrepreneurs
Richard Branson is entrepreneur of virgin group and British
business magnet, and he controls to more than 400 companies
(Liñán, Moriano and Jaén, 2016). He starts their first business at
the age of 16 years old.
Skills of Richard Branson :-
 Confidence is the main skill of Richard Branson because he
has knowledge and this thing increase boost their confidence.
His confidence make him to success because he has also ideas
about business and he got success.
 Learner skill makes different from other business entrepreneur
because he always learns from failure and never demotivate
from failure.

 Traits of Richard Branson :-
Richard Branson has trait that he listen effectively to customers
feedback about organizations service and products and apply
thoughts of customers on their business because he always put
focus on provide goods and services to customers according to
their needs (Kellermanns, & et.al 2016).

Cont..
Characteristics of Richard Branson:-
 Richard Branson is a successful entrepreneur, and he has
characteristics like creativity (Eniola and Entebang, 2015).
That means he always focuses on creativity through match
perfect combination of unrelated situation or events to
promote and improve their products and services.
 Financial management is also characteristics in Richard and he
focus on making accurate budget for business and increase
productivity with low cost.

 Failure management is characteristics in Richard and new
business hit speed bumps and struggle at times because he
always put focus on overcome to failure reason and issues.
 Open minded mainly provide helps to Richard and through this
they think positively. His thinking is that every situation is a
opportunity of learning.

Cont….
Philip green :- he is also a successful entrepreneur of Arcadia
group. It is a retail organization of United Kingdom.
Skills of Philip green:-
 Planning skill is special in him, and he makes effective planing
for future to improve business. So he focuses on evaluate
market condition and then make plan about future condition of
market.
 forecast management skill helps to him about make plan to
manage resources. This skill makes different from other
mangers because they research and evaluate customers and
market time to time for make effective plan.

 Philip has skill of innovation and this skill make him success in
his career because through this he always think innovative
about product and business.
 Leadership skill provide helps to make perfect to their
employees and members of organization and how ls provide
perfect direction to employees.

Cont…
Characteristics of Philip green:-
 Philip green has major characteristics of empathy that means
he evaluates and analyse to their employees that what goes in
their mind. His main target is give happiness and satisfy
employees needs and wants because they are very important
part of success.

James Dyson :- He is a successful entrepreneur of Dyson ltd.
Skills of James Dyson :-
 Open-minded is a skill of James Dyson that means he always thinks
that every situation is an opportunity for organization, and they utilize
for increase benefit of organization.
 Curiosity skill has present in him.
Traits of James Dyson :-
 James Dyson has trait of risk calculator so through this trait he always
takes risky decision. Face to competition is like by him. His thinking
that if risk can not take on time of anyone, so they cannot get success.

Traits of James Dyson :-
 James Dyson has trait of risk calculator so through this trait he always
takes risky decision. Face to competition is like by him. His thinking
that if risk can not take on time of anyone, so they cannot get
success.
 James Dyson has talkative nature that means he like top talk with
other and understand to customers and their wants.