Analysis of Entrepreneurial Traits, Skills, and Success Factors

This report provides an overview of entrepreneurship and small business management, highlighting the essential traits and skills of successful entrepreneurs. It explores the significance of vision, self-belief, decision-making, and focus in entrepreneurial ventures, contrasting them with managerial approaches. The report also discusses the OCEAN model (Openness, Conscientiousness, Agreeableness) and its relevance to entrepreneurial success, emphasizing how these traits contribute to innovation and effective leadership. Furthermore, it examines the backgrounds and experiences of prominent entrepreneurs like J.K. Rowling and Richard Branson, drawing insights into their journeys. The report concludes that developing specific skills and traits is crucial for entrepreneurs to achieve success and foster business growth, providing valuable strategies and unique business perspectives. Desklib offers additional resources, including past papers and solved assignments, for students seeking further information on this subject.

Entrepreneurship and Small
Business Management

Table of Contents
• Introduction
• Traits and skills
• OCEAN model
• Background and experience
• Conclusion
• References

Introduction
Entrepreneurs and business management
are the important part for the growth of
economy. Every business is started by an
entrepreneurs in which they have to
develop different strategies and method
of innovation which can help them to
build their business. This report will
include traits and skills of successful
entrepreneurs, OCEAN model and the
background and experience of
entrepreneurs.

Traits and skills of successful entrepreneurs
Characteristics :
• Vision: An entrepreneur has a clear
vision and knows what he want to
achieve and how to achieve but a
manager needs to think and develop a
strategy to actually realise and
achieve a vision.
• Self-belief: An entrepreneur has a
strong confidence because of
learning and experience he get and
this helps to gain a risk taking ability
whereas a manager limit the use of
his confidence and knowledge to
support management only.

Continue...
Traits:
• Decisions:The decisions taken by an
entrepreneur involve feeling and
emotions for company or their
personal goals but a managers take
decisions by considering financial
situations, profit estimation and many
more.
• Focus:An entrepreneur focus on
variety of things which include long
and short term goals in context to all
possible opportunities whereas
managers scope is limited to

OCEAN Model
• Openness-This trait is very important to become a successful entrepreneur
because this trait helps the person with the insight and imagination. People
with this feature are most likely to have diversified interest in different areas.
If the entrepreneurs will be having such characteristics in them then there are
chances that business will be developed and will grow in the future. But if the
entrepreneurs are not having such trait then they will not be able to make and
develop creative ideas which will be important for the success of their
business.
• Conscientiousness- Having such type of trait means that the individual is
having certain goal which they want to accomplish in the near future. They are
the one who have control on their impulses and are critical thinkers who can
identify that how their actions can affect the other person.

Continue...
• Agreeableness- Such kind of
people have helpful nature and
are very kind with other people
as they can be trusted. They are
the people who have cooperative
nature which includes both in
their personal and in
professional way. For the
entrepreneurs it is important to
develop such kind of trait
because this will help them to to
remove negative thoughts within

Background and Experience
J.K Rowling
• Background:J.K.Rowling in full
Joanne Kathleen Rowling an eminent
writer born on July 31, 1965, Yate,
near Bristol in England. She, her
sister and her parents lived in
Winterbourne, Gloucestershire, until
she was nine and then move to
Tutshill, near Chepstow.

Continue...
Richard Branson
• Background: Richard Branson a
successful entrepreneur well known
for his success and adventurous spirit
born on July 18, 1950 at Surrey,
England. At his school he was not
able to study well due to his dyslexia
and dropped his school at the age of
16.

Conclusion
From the above report it can be concluded that it is important for the entrepreneurs to
develop some skills and traits in them if they want to become successful in their
life. For leading any business these skills helps an individual a lot which can result
in developing new ideas or unique business strategies.

References
• Audretsch, D.B. and Moog, P., 2020. Democracy and entrepreneurship.
Entrepreneurship Theory and Practice, p.1042258720943307.
• Brush, C.G. and Greene, P.G., 2021. Do women engage differently in
entrepreneurship?. In The Palgrave Handbook of Minority Entrepreneurship
(pp. 139-158). Palgrave Macmillan, Cham.
• Umar, A., Sasongko, A.H. and Aguzman, G., 2018. Business model canvas as
a solution for competing strategy of small business in Indonesia.
International Journal of Entrepreneurship. 22(1). pp.1-9.

Thank-You