Entrepreneurship Report: Traits, Skills of Successful Entrepreneurs

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Added on  2023/02/02

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This report provides an in-depth analysis of entrepreneurship, focusing on the characteristics and skills of successful entrepreneurs, particularly within the context of the UK. It explores key traits such as risk-taking, responsibility, and resilience, highlighting how these qualities contribute to entrepreneurial success. The report also examines essential skills like leadership and creativity, and how these contribute to effective business management. Furthermore, it investigates the different environments, including education, family background, and experiences, that can either foster or hinder entrepreneurial endeavors. The report uses real-world examples of British entrepreneurs to illustrate these concepts, providing a comprehensive overview of the factors that shape entrepreneurial success. The report concludes by summarizing the effective characteristics and skills that enable entrepreneurs to run their businesses successfully and motivate their teams to achieve their goals.
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ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT
TASK 2
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TABLE OF CONTENT
INTRODUCTION
CHARACTERISTICS, SKILLS OF SUCCESSFUL ENTREPRENEURS
DIFFERENT ENVIRONMENTS THAT FOSTER OR HINDER
ENTREPRENEURSHIP
CONCLUSION
REFERENCES
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INTRODUCTION
Entrepreneurship and small business are own and run by individuals. Entrepreneurship is the
capacity to organize, develop and manage business in order to make profit. This report will be
based in \Red bridge local council of UK. This presentation will analyse characteristic skills,
traits of well known British entrepreneur. It will evaluate the entrepreneurial background that
hinder and foster their carrier.
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CHARACTERISTICS, SKILLS OF SUCCESSFUL
ENTREPRENEURS
Traits
Traits defines behaviour of person. Traits involves strong principles, morals, core value that
encourage entrepreneurs loyalty, honesty, responsibility, respectfulness, compassion, fairness
towards their work. There are some traits that entrepreneur should have to run a business.
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CONTI…..
Risk taker: taking risk is ability to willing something new that involves risk and danger in order
to achieve goals. Famous entrepreneur Richard Branson who started his own business. For that
he dropped out school at the age of 16. He took risk and succeed. This quality made him unique
and different from others
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CONTI…..
Take responsibility: successful entrepreneurs able to take responsibility for success and failure.
They make mistakes and responsibility and never step down from it. Entrepreneurs are
responsible for thinking before act or speak, they think about their actions, ideas and plans with
that they take responsibility for the results. Peter john the famous entrepreneur of UK was
responsible for each of decision he took for his business. He took responsibility for each of
failure and this made him successful because he never steps back from his responsibility towards
his work, failure and team member as well.
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CONTI…..
Resilient: resilience is ability to adapt well to tragedy, stress, threats. It is about to recover from
difficult situations or condition. It helps to develop abilities for protection against experiences
and maintain balance during stressful period.
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CONTI…..
Skills
Skill is capability and abilities to carry out complex situation or condition. Skill includes
effective knowledge to perform better, coordination, ability to accept changes. Skilled people are
able to meet challenges, deal with frustration and stress. Entrepreneurs have some skills that
make them different from other are below.
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CONTI…..
Persist: successful entrepreneurs are persisted to give better performance. They are persistent about their course of action,
purpose. This ability make them to achieve their goals without any motivation. Famous entrepreneur Philip green who is a
chairman of arcadia group is persistence to deliver the best outfits to his customers made him successful. Ability of
persistence make entrepreneurs different from other because only persistent entrepreneurs are able to achieve business goals.
Leadership skills: leadership skill refers to lead a team or group effectively and to achieve goals of organization. Valuable
leadership skills have ability to inspire team members, delegate, communicate effectively etc.
Creative: creative entrepreneurs have qualities to make different ideas, strategies. Their ideas are unique from other and they
have strong sense of independence. Creativity make them courageous in order to take risk and make them enough strong to
face fears. Famous entrepreneur Victoria Beckham is creative in her work and she made herself a successful fashion designer.
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Different environment that foster or hinder entrepreneurship
Entrepreneurial background includes their education, experience, life style, family background. Background of
entrepreneurs impact their business. Their background and experience influence their business in positive and negative way
both.
The famous entrepreneur Simon Cowell, he started his life attending the independent dover college but leave it.
After that he joined menial job and chafed against his boss. Then his father connected him with music recording company
EMI.
Here he struggled to get promotion as well. After that they took risk in order to built his own recording company. But he
failed and become bankrupt. He took responsibility to his failure and worked to build new company with smart singing
choices. This made him successful in music industry.
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CONCLUSION
Effective characteristics of entrepreneurs supported them to run their business successfully. With
that they motivated their team members as well in order to made them effective to achieve
business goals. These characteristics traits and skills made them different from other
entrepreneurs. Background of entrepreneurs supported them positively and negatively in their
business. Their family background, education, experiences helped them to run their business in
positive way.
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REFERENCES
Sahut, J.M. And Peris-ortiz, M., 2014. Small Business, Innovation, And Entrepreneurship. Small
Business Economics, 42(4), Pp.663-668.

Shaw, G., 2014. Entrepreneurial Cultures And Small Business Enterprises In Tourism. The Wiley
Blackwell Companion To Tourism, Pp.120-131.

Qian, H. And Haynes, K.E., 2014. Beyond Innovation: The Small Business Innovation Research
Program As Entrepreneurship Policy. The Journal Of Technology Transfer, 39(4), Pp.524-543.
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