Entrepreneurship Report: Analysis of Entrepreneurial Success Factors

This report delves into the realm of entrepreneurship, examining the core characteristics and motivations that drive successful individuals in the business world. It begins by defining the role of an entrepreneur, emphasizing their risk-taking nature and their role in creating businesses that generate goods and services. The report then presents a case study on Sir Richard Branson, highlighting his entrepreneurial journey, from his early ventures to his leadership of the Virgin Group. It explores the characteristics that contributed to Branson's success, such as confidence and decisiveness. Furthermore, the report explores entrepreneurial motivations, including goal setting, engagement in motivational activities, good sleep, and self-rewarding behaviors. The report then discusses key entrepreneurial characteristics, such as vision and creativity. It also examines the Big Five personality model and its relevance to entrepreneurship, using Jeff Bezos as an example. The report concludes by summarizing the key findings and referencing relevant academic sources.

Entrepreneurship

Introduction
 Entrepreneur reason person who take risk of starting a new business venture
and they create a farm,
 which aggregates the capital and Labour in order to produce goods and
services for the profits.
 Entrepreneurs are owner of the business and they are having some skills and
characteristics that makes them different from the normal businessman’s.

A successful entrepreneur
Richard Branson
 Sir Richard Branson is an you case one of the most successful entrepreneur who is
owner or founder of one of the known group called Virgin group and right now this
Virgin group is controlling over more than 400 companies in different different fields.
 Branson came from Poor family Anne he started his own business in age of 16. in ear
1970 Richard opened his own Mail order record business and he operated chain of
record store Called Virgin records.
 After some time Branson change the name from Virgin records to the Virgin
megastores. During the 1980 the version brand was growing rapidly and with that
Branson Atlantic.

To be continued
 In March 2000 Branson was knighted at Buckingham Palace for service to
entrepreneur,
 In year Richard become prominent global figure for his work him using transport, and
His good work toward the society.
 Richard was brilliant in a business that he already showed when he was young and his
own motivation make him successful in their business.
 he belong to the poor family when he was just 16 still he start his own business and
make himself successful entrepreneur.
 Richard characteristics are that he is very confident, he always take decision on time,
have new ideas related to the business.

Entrepreneurial motivations
 To become a successful entrepreneur a person should identify their opportunities and stretch from the external
environment.
 they should always find their motivation that allow them to work toward their life goals and there objectives.
 Entrepreneurs are owner of the business and they are having some skills and characteristics that makes them
different from the normal businessman’s.
 Set personal goals
 Entrepreneur always motivate through their goals they want to achieve. They always motivate themselves to achieve
those goals and some core values they want to live by. This makes important for The people who want to be
entrepreneurs successfully.
 Engage with a motivational activities
 A successful entrepreneurs always engaged with motivational activities and they always find I think our people
those who motivate them. During their free time they do their things such as listening music’s, watching movies and
sharing a food with family members. it helps to motivate them and they can also be happy with their personal life.

To be continued
Good sleep
 Another motivation for an entrepreneur is they always take a good sleep everyday. a
successful entrepreneur always know that lack of sleep can lead them towards the lack
of concentration an motivation. This make them been able to take proper sleep
everyday so they can be walk with full energy and be motivated everyday.
Reward yourself
 For the motivation entrepreneurs always give themselves a reward for their every
success. It is also an best way to motivate ourselves and Achieve success in our life.
The people who want to be come a successful entrepreneur in their life then they
should always reward themselves for every single goal or objective accomplishing.

Entrepreneurial characteristics
 A successful entrepreneur like a Richard Branson another entrepreneurs who are
successful in their life have some common characteristics in themselves that makes them
different from the others and help them to achieve success.
 Here are some characteristics that can be used by people who want to become a
successful entrepreneur in their life and start their own business to get success
Vision
 Every successful entrepreneur always create their own vision for their business and they
also show this region to the employees who are working for their business. Vision
always make them remember that What they want to achieve and what they will become
in future and what position they want to take near future.
 This is also helpful for the employees to understand how much effort they have to give
and what they need to do so company can get success in their business.

To be continued
Creativity
 a successful entrepreneur are creative because they always come up with the new ideas
add they always search a creative way to do any work more easily and better way.
 It makes easy for them to sell their product to the customers and customers can also
satisfy the needs an their demand from those products and services.
 It is necessary for any entrepreneurs to be creative in their work so they can easily get
what they want to achieve.
 Creativity is necessary to be successful in any kind of business without this we can't be
successful.

Big five personality model
 Entrepreneurial characteristics make entrepreneurs differ than businessman. There are some
entrepreneurs who have some skills and characteristics which have made them successful.
 One of the main examples of successful entrepreneur is Jeff Bezos. Jeffrey Bezos is president of
multinational company Amazon and it is found that he has an effective leadership strategy.
 He has unique strategies that make his organization successful. For better understanding
effectiveness of entrepreneurs, big personality model can help in knowing their skills and
characteristics. Five categories of this model include:
Openness
 This trait refers imagination or insight. People who are high in this trait are more likely to have
interest and want to know more about the world.
 They often remain eager to learn new things as well as enjoying new experience (Azucar, Marengo
and Settanni, 2018). In the context of Jeff Bezos it can be said that he is more creative and high in
this skill and wanted to try new things and also learn from their failures.

To be continued
Conscientiousness
 Those people who have this skill have high level of thoughtfulness and goal directed behaviours. It is also found
that Jeff Bezos have this skills and that is why he tends to be more organized and mindful of details. They also
focus on their behaviours as how their behaviour affects others. Jeff Bezos focus on completing their tasks in a
timely manner by paying attention to detail.
Extraversion
 This trait is characterized by talkativeness and sociability. It is found that people who are high in this trait are
more likely to gain energy in social situation. On the other hand, people who are low in this trait tend to be more
reserved. Jeff Bezos enjoys meeting with new people because he believes that it helps them out in learning new
things and improve their knowledge.
Agreeableness
 It consist of several characteristics such as: trust, kindness, affection and other effective personal behaviours.
People who are high in this trait are more likely to be cooperative (Pramodh and Vijayalata, 2016). Jeff Bezos
thinks about others and it is the reason he is successful. He also enjoys helping others and also has a great deal
of interest of others.

CONCLUSION
 As per the report has been discuss about the Storey of successful entrepreneur Richard
Branson.
 This report has been explain how Richard start his business Anne what was its
Characteristics in themselves Make entrepreneur successful in their business.
 It has been also included big 5 model to explain the personality often entrepreneur
briefly And explain how characteristics within a entrepreneurs provide them support to
get a better ideas and make them successful businessman an entrepreneur.

REFERENCES
 Azucar, D., Marengo, D. and Settanni, M., 2018. Predicting the Big 5 personality traits
from digital footprints on social media: A meta-analysis. Personality and individual
differences. 124. pp.150-159.
 Pramodh, K.C. and Vijayalata, Y., 2016, October. Automatic personality recognition of
authors using big five factor model. In 2016 IEEE International Conference on
Advances in Computer Applications (ICACA) (pp. 32-37). IEEE.
 Mukherjee, K., 2016. The psychology of the successful entrepreneur.
 Yimamu, N., 2018. Entrepreneurship and entrepreneurial motivation.
 Aligba, A O. and Fusch, G. E., 2017. Entrepreneurial motivations and characteristics of
Niger Delta youths: An exploratory study. Journal of Social Change. 9(1). p.7.