Entrepreneurship: Traits, Skills, and Background Report

This report delves into the core characteristics of successful entrepreneurs, differentiating them from traditional managers. It outlines crucial traits such as passion, determination, and discipline, alongside vital skills like communication and creativity. The report explores how entrepreneurial personalities, including open-mindedness, self-starting behavior, and optimism, reflect their drive and mindset. Furthermore, it examines how background and experience, both educational and personal, shape entrepreneurial journeys, using examples like Mark Zuckerberg and Henry Ford to illustrate these influences. The conclusion emphasizes the significance of these traits and skills in achieving entrepreneurial visions and success.

Entrepreneurship and Small
Business Management

 Entrepreneurship and Small Business Management
 INTRODUCTION
 Characteristic Traits and Skills of Successful Entrepreneurs
 Aspects of Entrepreneurial personality reflect entrepreneurial
mindset and motivation
 Fostering Entrepreneurship through Experience and Background
 CONCLUSION
 REFERENCES
Table of Content

Entrepreneurs are those people who create and operate entrepreneurial
ventures. There are various reasons which make them different from other
business managers. This report includes discussion over various traits
which are possessed by entrepreneurs and aspects of their personality
which reflect their entrepreneurial mindset and motivation.
INTRODUCTION

 There are some of the qualities and characteristic traits which make entrepreneurs
successful and different from other managers. These traits and characteristic traits
are as follows-
Passion
This is one of the most important characteristic traits which is possessed by
entrepreneurs. Entrepreneurs are passionate about what they do and what they are
willing to achieve.
Determination
This is another characteristic trait of entrepreneurs that entrepreneurs are determined
about what they are willing to achieve.
Characteristic Traits and Skills of
Successful Entrepreneurs

Disciplined
This is another important characteristic trait of
entrepreneurs, they focus all their energy on their
work and vision and adhere to activities which
can help and contribute in achieving their vision.
Cont..

In relation with skills of entrepreneurs some of the skills of Entrepreneurs
are-
Communication Skills
Communication is vital part of any business activity and communication
skills of entrepreneurs are very good. They are good at both written and
oral communication skills.
Creativity
Creativity is significant aspect of success and successful entrepreneurs are
creative and they are able to generate idea and find solution which is not
possible to be found by other people.
Cont..

Earlier discussion included that entrepreneurs are different from managers and this
difference is because of their unique traits and skills. Some of the aspects of
entrepreneurial personality which reflect their motivation and mindset are as
follows-
Open Minded
Entrepreneurs don’t stick on they think and feel is right. They listen and consider
everyone’s opinion and thoughts. This open minded aspect of their personality
helps them to think in wider perspective and they are able to look at the problem
from various points of views.
Aspects of Entrepreneurial personality reflect
entrepreneurial mindset and motivation

Self Starter
Managers and other people need motivation from others and but when it
comes to entrepreneurs they does not require motivation and assistance
from anyone they are self starter.
Optimism
Optimism is quality to remain positive in any adverse situation and
entrepreneurial personality and this aspect of their personality reflect their
motivation and mindset.
Cont..

Risk Taking
This is one of the most important personality aspect of entrepreneurs that
they are able to take risk and they have strength to take risk. Risk taking is
one of the key characteristic of entrepreneurial ventures and this is why
people creating and managing those ventures also have trait and ability to
take risk. Risk taken by entrepreneurs is calculative risk and they know
impact of all their actions.
Cont..

Entrepreneurs have various skills and their personality contains various traits
but there are various other factors which affect entrepreneurship of
entrepreneurs. Most important factors are their background and
experience. In relation with Background this can be of two types
educational background and family and personal background. Mark
Zuckerberg founded and before that invented Facebook which is top social
networking site. In relation with fostering his entrepreneurship factors
affected are-
Fostering Entrepreneurship through
Experience and Background

Background
Personal background of Mark Zuckerberg is that his parents are psychiatrist
and Dentist. This means that his parents are educated and from very young
age Mark was interested in Computer and software and started using
computers and writing software in his middle school. Later one private
tutor was also hired to teach him software development. This details about
his background tells that Mark got his education in subject of interest and
later became entrepreneur with the help of same education and this
contributed in fostering his entrepreneurship.
Cont..

Experience
Experience works both the sides in fostering entrepreneurship. Positive and
successful experience helps in motivating entrepreneurs to do better and
keep doing and as entrepreneurs are passionate and determined negative
experience of entrepreneurs also help them in remain stick with their
vision. One of the best example related to this is Henry Ford, founder of
Ford Motor Company. Henry founded two automobile companies before
finally achieved success with Ford Motor Company.
Cont..

 On the basis of above discussion it can be concluded
that skills and characteristic traits not just make
entrepreneurs different from others but are also
important for them so that they can achieve their vision
and success.
CONCLUSION

 Kerr, S.P., Kerr, W.R. and Dalton, M., 2019. Risk attitudes and personality traits of
entrepreneurs and venture team members. Proceedings of the National Academy of
Sciences. 116(36). pp.17712-17716.
 Luca, M.R. and Robu, A., 2016. Personality Traits in Entrepreneurs and Self-
Employed. Bulletin of the Transilvania University of Braşov. Series VII: Social
Sciences. 9(58). pp.115-138.
 Bajwa, S.U., Shahzad, K. and Aslam, H., 2017. Exploring Big Five personality
traits and gender as predictors of entrepreneurs’ cognitive adaptability. Journal of
Modelling in Management.
 Ikupolati, A.O and et.al., 2017. Entrepreneurs’ managerial skills as determinants for
growth of small and medium enterprises (SMEs) in Nigeria. Journal of Small
Business and Entrepreneurship Development. 5(1). pp.1-6.
 Zuckerberg, M., 2016. Mark Zuckerberg. AV2 by Weigl.
 Link, S., 2018. The Charismatic Corporation: Finance, Administration, and Shop
Floor Management under Henry Ford. Business History Review. 92(1). pp.85-115.

References