Entrepreneurial Traits, Personality, and Background: A Report

This report delves into the multifaceted world of entrepreneurship, examining the characteristics, traits, and skills that distinguish successful entrepreneurs from business managers. It uses examples of Bill Gates and Larry Page. The report assesses how entrepreneurial personality traits, as defined by the OCEAN model, reflect motivation and mindset, providing a comprehensive understanding of the factors driving entrepreneurial success. Furthermore, it explores how background and experience can either hinder or foster entrepreneurial qualities. The report covers the importance of hard work, risk-taking, self-motivation, and a competitive spirit, offering valuable insights into the dynamics of entrepreneurship and its role in modern business. It also touches on the importance of various skills like focus and flexibility.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1&2.......................................................................................................................................3
Covered in Booklet.................................................................................................................3
TASK 3............................................................................................................................................3
P5 Characteristics, Traits and Sills of successful entrepreneurs that differentiate them from
business managers..................................................................................................................3
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset.............................................................................................................................5
TASK 4............................................................................................................................................6
P7 Background and Experience can hinder or foster Entrepreneurship................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is the process of designing, executing and bearing risks with the purpose of
profit maximisation and goal achievement of organization. It refers to the development and
implementation of ideas to generate new innovations . A businessmen is a person who manages
activities of organization and accepts the risks associated in order to be successful. All the
entrepreneur starts their business on a small scale at the initial level of any business. Many
successful managers and leaders are there around the globe who identified the need of customers
first and then developed an innovative product. A successful businessman utilise the resources
effectively and efficiently. Here the relations of entrepreneurs with other factors are examined.
Also, what all factors motivates an employee to achieve goals. By the help of the present study,
the researcher will be able identify various motivation, skills and traits drivers which are used by
successful and leading entrepreneurs and what all factors motivate them to perform best of their
capability.
TASK 1&2
Covered in Booklet
TASK 3
P5 Characteristics, Traits and Skills of successful entrepreneurs that differentiate them from
business managers.
An Entrepreneur is known as the owner of the company i A successful entrepreneur is an
individual who focuses on achievements and profits (Jeong, 2017). An entrepreneur is referred
as person who is responsible for achievements and failures of an enterprise. A decision maker is
said to be a person who have a regular check on the performance of employees and various
departments of an organisation. Certain activities are performed by manager includes decision
making, resolving of conflicts if any and motivating employees. To have a detailed
understanding of entrepreneurship two successful entrepreneur are concerned in this report i.e.,
Bill Gates and Larry Page.
the well known Microsoft company was founded by Bill Gates. The organization offers
range of services which leads in the invention of new technologies. Microsoft is considers as the

biggest software company of the world because of the hard work and endless efforts of Bill
Gates.
Characteristics: A successful entrepreneur is known as an individual who has unique abilities
which differentiate him from others. Some of the characteristics are explained below:
 dedication for hard work : the most successful entrepreneurs of the competitive market
are Bill Gates and Larry Page. They were successful because they believed in handwork
and also believed no short cut should be adopted for success. Both believed that one
should perform every task with full dedication by creating their own strategies
(Schechner, 2017). On the other hand, business managers put all the pressure on
employees which creates dissatisfaction among workers. Dedication and hard work of
both entrepreneurs make them different from business managers.
 Risk takers: Risk is known as essential part of every business, the individuals who has
the ability to bear risk are the one who succeed in the business. More risk always
involves high profitable returns, Sometimes managers avoid risk factors due to the fear of
failure.
Traits: it is defines as a unique ability and skills of an entrepreneur which makes them different
from others. traits motivates individuals to have the courage to take risk which can be done by
providing:
 Self motivation: It constitutes as an important trait of an entrepreneur. This trait says
an individual cannot succeed if he is not motivated by himself first. These individuals
adopt difficult situations without taking any help of others. Managers of an
organisations are not at all motivated by themselves, they have to take motivation from
others in order to perform a task appropriately.
 Competitive Spirit : An Entrepreneur having competitive spirit always enjoys their
work in every situation. This spirit help individuals to make innovations which help the
companies in attaining the competitive advantage. Managers can not compete with other
competitors if they don't have the spirit to work alone in risk factors.
Skills : It refers to the abilities possessed by an individual. A successful entrepreneur is an
individual who posses lots of skills even in day to day activities. The dedications possessed by
an entrepreneur are mentioned below:

 Focused toward objective: A successful entrepreneur is always focussed towards its
goals and objectives in every situation and is able to fight against obstacles incurred.
Where as managers are never clear about their goals which are required to be attained by
them.
 Flexibility: this is known as the key element which must be possessed by an individual
for success. In an organisation changes are required every time which could be
understand only by the managers. They resolves every problem by finding effective
solutions.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.
Personality is referred as various characteristics and qualities possessed by an individual which
make him different from others. It can be a way in which an individual thinks, feels and acts. A
successful entrepreneur possess an eye-catching personality (Shajahan, 2014) . There are many
features which reflects the personality of Bill Gate and Larry Page that helped to them a
successful life. These factors are briefly explained under OCEAN model in five categories. This
model helps in measuring personality characteristics of an individual and also help to understand
the best suiting role for them Following factor are included in this model: Openness:- It refers to an individuals capacity to acquire and accept new opportunities
and knowledge. Entrepreneurs should focus on business and act creatively for innovative
and profitable functioning of organizations. Larry Page and Bill Gates always focussed
on bringing some kind of innovation which helped them in the success of their
companies.
 Conscientiousness:- Under this factor, people are thoughtful and goal oriented both. In
this factor, Individuals believe in planning before performing a task so that task could be
accomplished on time. Larry Page and Bill Gates business is properly organised, because
they always have effective plans before the execution of work. (Sluyterman, 2014).
 Extraversion:- this is defined as an entrepreneurs willingness to connect with different
individuals either they are open with people or introvert in nature. Bill Gates and Larry
page both are introvert from childhood, it confirms that they are not comfortable in
involving with people, they take some time in making connections. Both of them were
good in communications and also possessed the ability to motivate other.

 Agreeableness:- It refers to willingness of an individual to trust another person. It defines
the time taken to build a connection with someone. Bill gates and Larry page are introvert
individual in nature, so they could be ranked high in Agreeableness.
 Neuroticism:- this trait is consists of emotional instability, sadness, and mood swings of
an individual. This trait defines various shades and experiences, anxiety, mood swing and
sadness of an entrepreneur. Entrepreneurs lacking this trait have the willingness to face
their stress. Both Bill Gates and Larry Page were gradually low at possessing this trait
because both of them are totally involved in their work as they love their
work(Zsolnai,2015).
TASK 4
P7 Background and Experience can hinder or foster Entrepreneurship
The Past experiences and background of an entrepreneurs are two important factors that
boost or demote entrepreneurship qualities. There are many things available in the environment
that could be learned by an individual and can be applied on lifestyles to live for better. such
studies helps in learnings and determining the overall results of their performance by examining
positives and negatives (Veit, and et. al., 2014). here Bill Gates and Larry Page the owners of
Microsoft and google were considered for explanation, how their experience and background can
foster and motivate other entrepreneur is defined below
Bill Gates :
Background
Bill Gates is an American Business magnete and founder of Microsoft Corporation. He
was born in the year 1993 at Seattle, Washington,US. His father was a lawyer and mother was a
business associate. He is the fourth son of his family. He dropped out from Harvard university to
start Microsoft in 1973 but availed his law degree. Drop out from University hinder the
entrepreneurial career of Bill Gates as after that he faced so many problems.
Experience:
As The parents of Bill Gates were totally in different fields, he did not got any support
from them because they wanted him to become a lawyer. Although at the time of Microsoft, he

faced many problems but his past experience of developing various software helped him to
develop and create amazing programme of Microsoft.
Larry Page:
Background:
Larry Page is an Internet entrepreneur and an American Computer Scientist who is the
founder of Google. He was born in East Michigan on march 26,1973. Both of his parents were
also experts in computer, so they taught him various programming and artificial intelligence.
Larry Page father was a mastermind in artificial intelligence and computer science and his
mother had skills of computer programming. He completed his Bachelors in Engineering from
Michigan University. After taking his bachelors degree he focused on computer engineering at
Stanford University, there he met Sergey Brin the co-founder of Google. All these activities
supported him in development of his entrepreneurial career of Larry Page .
Experience:
Larry's parents supported and guided him as they were computer experts, they understand
the importance of knowledge and education for life. His parents always believed in providing
good education and they want him to learn new technologies and innovations. Larry Page faced
failures at the time of initiation but he continued to work in every phase which has helped him in
becoming a strong and successful entrepreneur. Parents of Larry Page played a major role in his
development as he was always having some support behind him which motivated him in
performing his best.
CONCLUSION
As discussed in the above study it can be concluded that different type of
entrepreneurship constitutes an important part in the modern business for the economic
development of the country. The individuals possessing the willingness to operate an business
enterprise by bring innovations in the industry are referred as entrepreneurs. By the conduct of
above study the researcher will be able to analyse all similarities and differences in the types and
typologies of entrepreneurship. The statistical data will help the SMEs in analysing the economy
of UK at various levels like local, regional and national.

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Online
Entrepreneurship. 2019. [Online]
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