ENTREPRENEURSHIP AND SMALL BUSINESS: A Report Analysis

This report delves into the realm of entrepreneurship, examining the skills, characteristics, and backgrounds of successful entrepreneurs. It begins by defining entrepreneurship and highlighting its significance in economic development, emphasizing the role of innovation and competition. The report then focuses on two prominent entrepreneurs, Richard Branson and J.K. Rowling, analyzing their unique traits, skills, and characteristics. It explores how these entrepreneurs' personalities, as reflected in the OCEAN model, influence their motivation and mindset. Furthermore, the report investigates how their educational backgrounds and life experiences have fostered their entrepreneurial journeys. Ultimately, the report concludes by emphasizing the importance of specific skills, traits, and characteristics in inspiring individuals to achieve entrepreneurial success, using the stories of Branson and Rowling as motivational examples. The report also includes a comprehensive list of references for further study and research.

ENTREPRENEURSHIP AND
SMALL BUSINESS

Table of Content
 Introduction
 Characteristics, Skills and Traits of successful entrepreneurs
 Entrepreneurial personality reflect motivation and mindset
 Background and experience foster entrepreneurship
 Conclusion
 References

Introduction
Entrepreneurship is an activity in which human acts are considered as an action regarding the value in terms of
expansion of economic activity by identifying the novel products, market areas and procedure. Entrepreneurship
defines the launch, running, operation and designing of new business and describe one person who tends to run a
business known as entrepreneur. These individuals tends to develop and bring competition within the business
environment. It is beneficial for the economic condition and nation of country as it prominent cover various factors
like elimination of employment, bring proper development for the betterment of economy and so on.

Skills and Characteristics of Successful Entrepreneurs
Richard Branson and J.K. Rowling are the two successful entrepreneurs as each of them are different from
one another and it makes them more unique and skilled considering their characteristics, traits and skills
in order to influence people. For this, entrepreneurs are those individuals who develop themselves in the
business area in terms of taking entry on the grounds of innovative business idea and efforts. This
section of report put emphasis over the particular skills, traits and characteristics of the selected
entrepreneurs as their stories tends to motivate other people for their achievement.

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Traits:
Continuous learning: It is considered as one of the most effective and potential trait of Richard as he is readiness
and anxiousness considering his learning and development as an individual, entrepreneur and significantly as a
leader (rbano and Aparicio, 2019).
Imaginative: J.K. Rowling is the successful entrepreneur and owner of millions of dollar who are worthy for the
industry on the grounds of her creative thinking and imagination. In the early time, she work as the writer then she
became an entrepreneur considering her efficiency in terms of thinking more unique and innovative.

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Skills:
Motivation: To become an author need lot of patience and confidence and in the life of J.K. Rowling there are
various factors which are not in her favour but she has the self-confidence skill which become her strength for her
survival. This skill made her work harder and due to this, she get label of best selling novels of all time.
Leadership abilities: It is the major skills which is present in Richard and it is developed by working in market
considering various leaders and also helps in becoming successful entrepreneur as it tends to develop his luckiness
considering his manpower.

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Characteristics:
Innovative thinking: Richard is the founder of Virgin Group and because of his creative ideas and unique thinking
made him more successful in market. He also tends to work with lot of entrepreneurs in order to become great
entrepreneur by developing understanding from various people.
Passionate:Passionate: J.K. Rowling is more passionate about her work in to become a successful leader tends to lead herJ.K. Rowling is more passionate about her work in to become a successful leader tends to lead her
towards the path of becoming a leader who think out of the box and more imaginative to work hard in each andtowards the path of becoming a leader who think out of the box and more imaginative to work hard in each and
every situation.every situation.

Entrepreneurial personality reflect motivation and mindset
Personality refers to the combination of traits, skills and characteristics which is useful in order to shape for the
personal experience and other activities. For this, entrepreneurial personality is quite same and also tends to put
emphasis for the on the effective achievement of goals and objectives. For this, OCEAN model is used in order to
identify the personalities of J.K. Rowling and Richard Branson tends to reflect on their mindset for the fulfilment of
responsibilities.

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Openness: It is considered as the best personality trait which is important and always searched among entrepreneurs
considering their belongings in any industry and region. This personality type is present in J.K. Rowling as per her
wide range of experience and being more creative.
Conscientiousness: This personality trait makes individuals more unique as per their mindset and make them more
innovative and strong that bring them probable confidence in order to pursue their activities and for their initiatives
that tends to develop and grow their business.

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Extraversion: This personality type is present in Richard Branson as for being an entrepreneur he tends to acknowledge
extraversion trait and also become a great leader and so interactive for the individuals always to willingly take risk
and consider open mindset that keep him encouraged.
Agreeableness: These entrepreneurs are kind and have strong mindset which is enough to avoid any kind of negative
impact the behaviours and thoughts in order to work in positive direction and also tends to achieve success towards
leading a healthy life and also tends to motivate individual for the professional career.

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Neuroticism: This personality tends to include various factors considering the barriers, instability and happiness.
These entrepreneurs tends to score high but also face anxiety, sadness and mood swings as it can become barrier
under the personal life of an individual as well in the initial career days in order to support entrepreneurs.

Background and experience foster entrepreneurship
It is identified that various factors, skills and characteristics tends to impact the personal and professional life of individuals
considering the abilities and mindset of entrepreneurs. For this, significant background and experience of both the
entrepreneurs are not much strong which is discussed as under:
Educational background:
The educational background of J.K. Rowling is quite inspiring and also give her prominent writing skills. Moreover, her
educational background is very much effective and also provide herself a to being so inspiring in order to write harry potter
as the characters of movie from her life and the headmaster in primary school recommended as the inspiration for Harry
potter named Albus Dumbledore. Moreover, Richard Branson was the son of air hostess and former ballet dancer as his
grandfather was the judge of high court and privy councillor.