Report on Entrepreneurial Characteristics, Background, and Experience

This report delves into the multifaceted world of entrepreneurship, examining the crucial characteristics, traits, and skills essential for success. It explores the entrepreneurial personality through the Ocean model, highlighting aspects like openness, conscientiousness, extraversion, agreeableness, and neuroticism. The report further investigates how background and experience, including family dynamics, shape an individual's entrepreneurial journey, using Louis Vuitton as a case study. The analysis emphasizes the importance of creativity, learning skills, self-belief, and risk-taking in establishing a venture. It concludes by reiterating the significance of these elements in fostering innovation and problem-solving within society. The report reflects on the unique skills, traits, and personality of an entrepreneur and how it contributes to business success and emphasizes the importance of risk-taking and the role of family background in shaping an entrepreneur's path.

Entrepreneurship and Small
Business Management

Table of content
 Introduction
 Characteristics, traits and skills of successful entrepreneurs
 Entrepreneurial personality
 Background and experience impact entrepreneurship
 Conclusion
 References

Introduction
Entrepreneurship is a formative process in which
creation and innovation of new products services,
ideas and values are done as to establish a
venture. In this regard and entrepreneur is an
individual who take risk to innovate new ideas
products and services in order to attract large
base of customers.

Characteristics, traits and skills of
successful entrepreneurs
The person who possesses the abilities as well as potential to take risk in
order to pursue passion can be termed as an entrepreneur. In this regard,
the traits, skills and characteristics of Louis Vuitton are as follows:-
Characteristics
Self Belief: This is regarded to be an essential characteristic that is
present within entrepreneurs which keeps them motivated and skilled at
all times.

CONTINUE…
Traits
 Creativity: This trait exhibits the
magnitude of uniqueness and innovative
mind frame possessed by an entrepreneur for
displaying creativity at the time of
development of goods and services and
execution of tasks in an appropriate manner.

CONTINUE…
Skills
 Learning Skills: Entrepreneurs learn from their acquaintances, friends,
family, surroundings and even their experiences. In this regard, it can be
said that Louis Vuitton was a keen learner as he first came up with leather
goods in such an ancient period.

Entrepreneurial personality
Ocean model of Personality is used to ascertain
certain essential attributes that are present within
the entrepreneurs, as follows:-
Openness: Entrepreneur is an immensely lively
and zealous personality who is constantly looking
for attaining knowledge and experiences.

Continue….
 Conscientiousness: This exhibits the self disciplined as well as
ambitious nature of entrepreneurs which assists them in timely
attainment of goal and objective.
 Extraversion: Entrepreneurs are true source of energy, zeal and
assertiveness towards the environment.

Continue….
Agreeableness: This aspect illustrates the high magnitude of
willingness of entrepreneurs to agree, cooperate and showcase empathy
towards other people.
Neuroticism: This attribute of entrepreneurial personality exhibits
their control over emotions so as.

Background and experience impact
entrepreneurship
Ample number of events and situations take place
in the lives of entrepreneurs that shape their lives.
Such events may either foster or restrain them
from pursuing entrepreneurship. In this regard, the
background and experiences of the selected
entrepreneur, Louis Vuitton is given as follows:-

Continue….
Family backgrounds as well as experience: This is found to be a crucial factor that
has a great impact upon a person pursuing or not carrying out entrepreneurship. In
this regard, Louis was born to working class parents owing to whom they expected
him to carry out a living by way of farming, carpentry etc. Looking upon this, he
left home at the age of 13 years and took a decision to test his fortune within the
confines of Paris.

Reflection
From the above mentioned PPT I have examined that every person who is starting up business their
own innovative idea called as entrepreneur have very unique skill, traits and personality by
which they achieve success in their business operations. I have personally evaluated that in order
to start up a new business an individual have to suffer from different kind of risk so that the
difficulties which they face in their business can be easily solved. The mind set and personality
of an entrepreneur also consist of enthusiasm, excitement, openness etc. The family background
of an entrepreneur also plays an important role in making him a successful person and making
his dream successful for starting up their own business.