Analyzing the Entrepreneurial Mindset: Skills, Traits, and Motivation

This essay delves into the multifaceted entrepreneurial mindset, examining the essential characteristics, traits, and skills that contribute to success. It highlights the importance of self-motivation, time management, and strong work ethics, drawing examples from entrepreneurs like Henry Ford and Bill Gates. The essay further explores how aspects of an entrepreneurial personality, as reflected in the OCEAN model (Openness, Conscientiousness, Extraversion, Agreeableness, Neuroticism), influence entrepreneurial motivation and mindset. It also discusses how background and experience can either hinder or foster entrepreneurship, providing case studies of Mark Pearson, Henry Ford, and Bill Gates to illustrate these impacts. The essay concludes that a combination of skills, traits, and a supportive background are crucial for achieving entrepreneurial success, emphasizing the need for continuous learning and adaptation.

The mindset of the
entrepreneur
LO3 &LO4

Table of Content
 Introduction
 The characteristics, traits and skills of successful entrepreneurs
 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set
 Background and experience can hinder or foster entrepreneurship
 Impact of background and experience on entrepreneur
 Conclusion
 References

Introduction
Entrepreneurship is a process of
developing a new business with the
motive of earning higher profit by taking
a higher risk within. It is an act of
identifying production and investment
opportunities, new techniques and
products, new resources for the business
etc.

The characteristics, traits and skills of
successful entrepreneurs
For getting the success in the business activities every entrepreneur must have
varied skills and traits. Existence of skills and traits helps them to assist its
employees that how they should complete business activities and how they
can sustain their business in the market for a longer period of time. The
chosen entrepreneur in this report are Henry ford and Bill gates.

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Characteristics:
Self-motivation- This is the foremost characteristic of Henry ford as it helps
them to encourage themselves towards the organisational goals and objectives
by implementing new ideas and innovations. Whereas the managers are not
able to develop any kind of plans and ideas which loose their self motivation.

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Skills
Time management- It is the essential for any entrepreneur to complete their
work on time so that they will be able to motivate their employees to do their
work in given period of time. Whereas managers made all the strategies and
methods but not able to complete it on time.

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Traits
Strong work ethics- Henry Ford always focus on the following strong work
ethics such as such as staying motivated, always be punctual etc. for
performing their activities effectively. While managers follow only those
ethics which are formulated by its top management.

Aspects of the entrepreneurial personality
reflect entrepreneurial motivation and mind-set
As the personality of every entrepreneur is different which have great impact
on their motivation and mind. It is essential for business to adopt ocean
model so that they can easily identify the personality type and trait which
will help them in motivating and accomplishing the organisation goal
within the given span of time.

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Openness: It is the most important
element in the ocean model which
reflects that en entrepreneur should
have open nature. As because of
this they will take interest in
exploring new things, keen to
relish new experience, and always
seeks to gain higher knowledge.

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Conscientiousness: This element of ocean model present the personality of
the person that how much they are disciplined, careful, motivated, and
deliberated towards their work. As Bill gates have highly
conscientiousness level which enables them to make appropriate plans
and strategies and also evaluate the productivity of an individual.
.

Background and experience can hinder or
foster entrepreneurship
These two factors have great impact on the success of an entrepreneur as
background is related to the family condition and education. Another,
experience reflects about the past experience of a job or business. A
higher experience and well background can provide more succession to
the entrepreneur. Moreover, here are two examples are mentioned
which will tell the detailed impact of these elements on the succession
of the entrepreneur:

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Mark Pearson:
Background: Mark Pearson was born in 1980 at Liverpool, United
Kingdom. Pearson was brought up in Council estate by his mother and
sister in Liverpool. He is the founder of Marko Media. Marko Media is
global marketing and advertising organisation that was founded in the
year 2006. The organisation has been observing a staggering growth in
terms of sales. The organisation reported a sale of 200 million pounds in
the year 2007.

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Henry Ford:
Background: He was born in 1863 on a farm in rural Michigan, near
Detroit. His father was a farmer and he belongs to a middle class family. At
very early stage ford left home to fulfil his dream for which he work as a
beginner machinist and then got a practical knowledge by getting employed in
the Westing house. He also catch knowledge from the Goldsmith, Bryant &
Stratton Business college.

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Bill Gates:
Background: He was born on 28 October, 1955 in Seattle, Washington.
He belongs from a upper middle class family. His father was a senior lawyer
and his mother was an executive in a major bank. His schooling complete
from the private Lakeside school and his higher education has completed from
Harvard University.

Impact of Background and Experience on
entrepreneur
Positive impact: As per the above described entrepreneurs background and
experience it can be say that it has great impact on the succession of the
entrepreneurs. For instance, as the Henry Ford was high past job experience
which helps them to execute their ideas and plans effectively. Whereas, Bill gates
have great background due to which they did not need to more suffer or struggle
to attain more success.
Negative impact: These both have also negative effect like Henry Ford was
belong from a middle class family because of this they have to do more struggle
and take a lot of time to get more success in their business.

Conclusion
From the present PPT, it can be understood that if an entrepreneur have
sufficient skills, traits and characteristics then they will be able to
motivate their subordinates towards the organisational goals and
objectives. Also, the entrepreneurial success depends on their
background and experience as well.

References
Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women entrepreneurship in small
service firms: motivations, barriers and performance. The Service Industries
Journal. 32(15). pp.2489-2505.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance:
business, strategy and owner-manager characteristics. Journal of small business
and enterprise development. 20(1). pp.8-27.
Bosma, N., 2013. The Global Entrepreneurship Monitor (GEM) and its impact on
entrepreneurship research. Foundations and Trends® in Entrepreneurship. 9(2).
pp.143-248.

Thank You