Entrepreneurship: Analysis of Skills, Traits and Characteristics

This essay provides a comprehensive analysis of entrepreneurship and small business management, focusing on the characteristics, traits, and skills of successful entrepreneurs. It examines the entrepreneurial personality, using the OCEAN model to highlight traits like openness, conscientiousness, and agreeableness. The essay also discusses strategies to improve competitive edge and market position, the motivational drivers of entrepreneurs, and how personal background and experience can either hinder or foster entrepreneurship, using J.K. Rowling and Duncan Bannatyne as case studies. The conclusion emphasizes the importance of risk-taking, confidence, and visionary thinking in establishing and managing a successful business.

Entrepreneurship and small Business
management

 Introduction
 Characteristics traits and skills of successful entrepreneurs
 Entrepreneurial personality aspects that reflects on entrepreneurial personality
 Strategies to improve competitive edge and market position based on outcomes
 The characteristics, traits and skills of motivational drivers of successful entrepreneurs
 Background and experience can hinder or foster entrepreneurship
 Link between entrepreneurial characteristics
 How background and experience impacts on entrepreneurs whether positively and negatively
 Conclusion
Table of content

A person who set up a business by using thoughtful ideas and skills with the aim of making higher
profits is known as entrepreneurship. A entrepreneur is a person who posses the ability of seeing
foresighted opportunity and gather the all required resources to take advantage of that opportunity with
bearing risk of failure and hoping for reward of success in form of higher profits.
Introduction

Characteristics and skills are main element of any person which is required to starting and beginning
something new. This is used to face the challenges and risk in every situation. Such as J.K. Rawling and
Duncan Bannatyne is having different characteristics and skills which have to start ups and become a
successful business leader in world. The traits and skills in relation to J.K. Rawling and Bannatyne is
defined below:
 Characteristics traits and skills of successful
entrepreneurs

Cont..
J.K. Rawling
Characteristics
Confidence – J.K. Rawling is having confidence characteristics as she believed that her
Harry Potter series will be publish one day. She faced many problems but never make decision to
give due to confidence that make different from others.
Able to take risk – In business, risk is the important element which is require to take in
order to be successful and getting experience. Rawling possessed of risk taker characteristics
where she met many authors to published but failed. And the last, it was published by a author
which highly liked by all and get opportunity to be different from all entrepreneurs.

Cont..
Duncan Bannatyne
Characteristics
Innovation – This means to bring innovation and creative thoughts in their business that can
helps to increase the productivity and profitability. Bannatyne used this characteristics by bringing
innovation and strategic ideas in order to grow business and increase profitability.
Visionary – This means to think for long period of time and make efforts to accomplish the goals.
It is used by Bannatyne who decide the goal to establish their business and become a successful.
So, after facing many challenges and problems this person settled his business and become great
leader.

The personality of entrepreneurs affects the entrepreneurship and it gives ideas what steps need to
be taken for the purpose of completing task and accomplishing goals effectively. To understand
the various personality OCEAN Model is used by that descried below:
Openness – Such trait has stated that people should have insight and imagination for its ideas that
processes to accomplishment of goals.
Conscientiousness – This means to think deeply and get the reason of rejections which people
suffered in their life that helps to save from repetition of mistakes.
 Entrepreneurial personality aspects that
reflects on entrepreneurial personality

Cont..
Extraversion – This is characterised by sociability, talkativeness, excitability, high emotional and
positivity that gain energy and excitement to work. By having this, people become able to solve social
situations and run activities effectively.
Agreeableness – This dimension covers trust, kindness, friendly, cooperative and compassionate
that used in business to make it complete by facing all problems smoothly. People who have low
agreeableness can be more distant and who have high become good leaders.
Neuroticism – This involves moodiness, instability, rudely behaviour, sadness that influences others
negatively. Individual who have this trait create threat of loosing opportunities and low productivity.

Cont..
J.K. Rawling is full of Openness and Agreeableness trait that helps to communicate and
affect people from its capabilities. In this she become able to deal with challenges and
create interest of other people in business.
Bannatyne is full of Conscientiousness personality that helped to manage all activities
and functions effectively by maintaining positive behavior. Such person have goal
directed behavior who clear its vision and accomplish goals after the age of twenties.

 Strategies to improve competitive edge and
market position based on outcomes
Strategies are the plans which are prepared by management in order to attain the business goals
and taking advantages. This is important for organisation and management to have good plans and
resources so goals can be achieved effectively. Such as Rowling and Bannatyne made business
strategies before starting that assist what action need to be taken how it can help to improve the
business activities. To complete the goals and attaining business objectives plans are highly
important which suggest what are requirements to complete the goals and also helps to make
market position in competitive market.

Motivation is main activities which should be drive in organisation for the purpose of accomplishment of
task and goals. If employees are motivated then be able to work properly and complete their task in
certain period of time. For instance, J.K. Rawling is having confidence and risk taking characteristics that
helped to run a business effectively and establish business successfully. In traits and skills it has
Resilience, Integrity and Courageousness used to face the problems which she suffered in her life and
background.
In context to Bannatyne having visionary and kindness characteristics that helps to run a business by
setting long term goals and objectives. Moreover, with the help of Networking and management skills
such person managed all functions and activities effectively that processes to accomplish business goals.
 The characteristics, traits and skills of motivational
drivers of successful entrepreneurs

The background of an person has stated as personal history and past life that helps to under what
challenges are faced in beginning while running any business. Experience means knowledge and skills
that can be used to make thing done more effective. Various factors are available in market that has
influences personal background and experience of a person. The background and experience of Duncan
Bannatyne and J.K. Rowling as defined as:
 Background and experience can hinder or foster
entrepreneurship (Critical analysis )