Exploring Entrepreneurship: Traits, Skills, and Background Impact

This report defines the characteristics, traits, and skills of successful entrepreneurs, differentiating them from other venture managers, and examines how entrepreneurial personality reflects motivation and mindset. It assesses how factors such as curiosity, adaptability, motivation, risk-taking, and versatility contribute to entrepreneurial success. The report contrasts entrepreneurs with managers, highlighting differences in power usage and decision-making. It also explores how background and experience can either hinder or foster entrepreneurship, using examples such as Mohsin & Zuber's success due to their supportive family background, while also noting how negative backgrounds can lead to unethical practices. The report concludes that a positive background and experience foster entrepreneurial success, referencing entrepreneurs like Martin Riddorfird and Jim Reeves, whose visionary power and openness contributed to their achievements. Desklib provides access to similar reports and resources for students.

UNIT-9 ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT
PART 2

TABLE OF CONTENT
 INTRODUCTION
 PART 2
 CONCLUSION
 REFERENCES

Introduction
 The current presentation will define the characteristics traits and skills of successful entrepreneurs that
differentiate them from other venture managers as well as how aspects of entrepreneurial personality reflect
motivation and mind set of person.
 At last, the report will justify how experience and background can hinder or foster entrepreneurship by using
relevant examples.

Determining characteristic traits & skills of successful entrepreneurs that
differentiate them from other venture managers
 Curiosity
 Adaptability
 Motivation
 Risk taker
 Versatility

Differentiation between successful entrepreneurs and other businesses
managers
 Managers and entrepreneurs are two different personalities who may differ from each other, on the basis of
certain points.
 For example, power it the key element that hold by both individuals by the way to using it is quite different. An
entrepreneur may use their power in term of taking decision and implementing it on to practical manner without
discussing with other people as they hold authority to do so. While manager may have power to take decision,
but they do not implement or take action accordingly, without taking approval from their seniors who may work
as entrepreneur or business owner.
 Managers may able to develop tactics but do not force other to take part within it, on the other hand, a
businesses man may drive the attention of other stakeholders to engage in the context of actions which they may
expect to take.

Assessing how aspects of entrepreneurial personality reflects entrepreneurial
motivation and mind set
 In the world of business, there are several strategic framework and models accessible that has been utilized
especially to define personality features of entrepreneurs that motivates them and reflect their mind set.
 Specific model in the context of reflecting aspects of personal entrepreneurial tendency may apply below;
OCEAN model-

Analysing characteristic traits and skills of successful entrepreneurs with
specific examples
 Effective communication and coordination are also included in category of characteristic that a successful
entrepreneur may have and used to obtain expected outcomes in excellent manner.
 Risk taking is another skill of a business man which made them different from the manager and allow to be
successful in their personal as well as professional life.
 Along with benefits risk taking skill may put negative impact on individual entrepreneur, for example, with this
competence, Mohsin and Zuber may face varied challenges which they are unable to deal in short time duration.
 Vision and passion is one of those traits that an entrepreneur may use to achieve set goals and objectives.

Examining how background & experience can hinder or foster
entrepreneurship
 Mohsin & Zuber as successful entrepreneurs and self-made billionaire belongs to good family background,
which drive their attention and efforts towards acquiring a majority ownership stake in big four supermarkets in
the UK.
 Their background, family support and personal experience may enhance their motivational level even better
than other normal people.

Critically evaluate how background and experience influences entrepreneurs,
both negatively and positively by comparing and contrasting relevant
examples
 It can be critically examined that educated and supportive family background may drive the mind of an
individual to become a great business man, through which they may obtain several advantages.
 Not only this they may also become what they want to be in their life, as per own dreams and aims.
 On the other hand, criminal family background may hinder performance of individual person and made them
capable to do some unethical practices which may put negative impact on their life and future as well.
 They may conduct those activities that affect negatively upon other people who spend time with them.

Conclusion
 Furthermore, the background and experience of Martin Riddorfird and Jim Reeves and other entrepreneurs has
diverted their mind towards taking action to achieve strategic goals and objectives and developed further plans
through which they have used to become successful business man in this world.
 Their openness, visionary power, etc. activities has reflected the personality of individual entrepreneur.
 By summing up above discussion, it has been summarized that good background and positive experience may
always foster individual persons to do something better for everyone.

References
 Hadi, N .U. and Abdullah, N., 2018. The leverage of entrepreneur skills and entrepreneur traits to business
success: a case study of Pakistan's marble industry. International Journal of Entrepreneurship and Small
Business, 33(3). pp.315-334.
 Khosla, A. and Gupta, P., 2017. Traits of successful entrepreneurs. The Journal of Private Equity. 20(3). pp.12-
15.