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Skills of Successful Entrepreneurs

University: The London College

  • Unit No: 9
  • Level: Undergraduate/College
  • Pages: 8
  • Words: 2000
  • Paper Type: Assignment
  • Course Code:

    M/508/0494

  • Country: UK
  • Downloads: 1
Question :

This unit state that you are working for a consultancy firm which is giving advice to small business for starting their business operation. A new business website has to be developed for which investigation has to be done of different type of ventures including impact on the economy

  • Demonstrate skill & traits of successful entrepreneurs that differentiate them from others
  • Way in which aspects of entrepreneurial personality reflect their motivation and mind-set
  • Determine ways in which background & experience of entrepreneur can foster or hinder entrepreneurship
Answer :

INTRODUCTION

Entrepreneurship is known as skill and willingness of individual to develop a business venture and manage all organisational activities properly. In this process, an entrepreneur create innovative ideas and thoughts to implement them accurately in their business activities and approaches. Their main objective is to take any kind of risk in order to make desirable profit and income (Blackburn and et. al., 2013). Entrepreneurship and these ventures play a most important role in economic development and growth. In this procedure entrepreneur provide their own contribution to build appropriate goodwill in global marketplace. This report represent Characteristics, traits and skills of successful entrepreneurs.

TASK 3

P5 Characteristics, traits and skills of successful entrepreneurs

Manager and entrepreneur are two different components of an organisation. A successful entrepreneur have specific skill and characteristic which help them to achieve target objectives and goals in appropriate manner. Manager is an individual who have an responsibility to monitor, control and administer organisational activities while as entrepreneur is known as an individual who create ideas to taking risk in order to set up a new venture. Characteristic, skills and traits of successful entrepreneurs are different to each other as -

Bill gates – He is an successful entrepreneur who known as an business magnate and investor. Bill gates is the founder of Microsoft Corporation. This organisation is world's largest PC software company which was established in the year of 1975. Bill gates takes higher position in the list of world's wealthiest people by their own skills and working approaches.

Giorgio Armani- He is an successful Italian fashion designer who formed his own company Armani in 1975. This company is known as an world's luxurious shoes, watches, fashion wears, accessories retail and manufacturing firm. Giorgio Armani is an successful entrepreneur and designer of Italian origin (Bridge and O'Neill, 2012).

Characteristics, traits and skills of Bill gates -

  • Hard work and confidence: This is a most important skills which is having by Bill gates in their working approaches. An individual should have to work hard regarding their business to achieve their future goals and objectives easily. For this they require to make creative thoughts and ideas to implement them properly in their organisation. An entrepreneur requires to analyse each marketing aspect consistently to getting proper information regarding customer's demand and further trends. These things help to make desirable modifications and changes in organisational services.
  • Planning: For a entrepreneur, it is require to make planning for their future objectives and targets. These thinks helps to analyse and examine furthers issues and hurdles that are going to arise in future. So for this they can easily make impactful strategy and plan to reduce its negative impact and control them properly. In this procedure an entrepreneur can easily create preplans about organisation's budget and management of financial resources.
  • Punctuality: Bill gates is a successful entrepreneur because they are very punctual in their working approaches. These skills enhance ability of an individual to face several challenges easily and appropriately. For an entrepreneur it is require to manage their work and future task in appropriate manner to getting opportunities and future advantages easily (Burns, 2010).
  • Focused: A person should have to be focused toward their future goals and objectives that they wants to achieve. For this they require to make appropriate plan and strategy to follow their objectives properly. Through this they can provide guidelines and direction to their workforce toward future goals and target as well.
  • Quick learner : For an entrepreneur, it is require to adopt and learn several elements quickly. Bill gates is quick learner and through this they easily accept new challenges or advancement of technology and implement them in their business process. This procedure helps to enhance skills and knowledge of an individual for further aspects. Through this they can easily having competitive advantages, market position and goodwill.

Characteristics, traits and skills of Giorgio Armani -

  • Communication skills: For an entrepreneur, it is required to having impactful communication skill that help them to understand their customers requirement, need and issues to resolve them properly. Through this they can easily build strong and appropriate relationship with target audience to getting long term benefits easily. Main objective of this skill to understand service users desires and provide them higher satisfaction through quality products (Dennis Jr, 2011).
  • Money management: This is a most important skill that an entrepreneur requires to have. Through this they can easily manage financial resources and funds according to their future objectives that are requires to achieve properly. For this a person should have to be very focused toward their business approaches.
  • Risk taking: This is a quality of entrepreneur in which they take any kind of risk in order to make desirable profit and income. For this, they implement their creative ideas and thoughts in their new venture to getting higher growth easily. Through this they can get challenges and several opportunities from target market (Dunn and Liang, 2011).
  • Flexibility: For an entrepreneur, it is require to implement flexibility in their working approaches. This skill posses them to make changes and modification in their services as well as products on the bases of customer's and market demand. Through this, they can easily provide higher satisfaction to consumers. Giorgio Armani has quality and skill to adopt advance technology in their business procedure and represent attractive products in front of target market and audience as well.
  • Problem solving skills: For an entrepreneur, it is require to analyse each and every aspect properly to resolve issues and conflicts from their new venture. Through this, they can easily build positive environment at their work place. These skills of and entrepreneur helps to build positiver and impactful relation with their employees to understand their requirement, problems and resolve them in proper manner.

P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set

Entrepreneurs have specific skills and characteristics which make them different to others. Through this, they motivate others to achieve future targets and goals. Their personality includes different aspects as attitude, characteristic, working ability, quick thinker mind, risk taking ability and creativity (Fassin and et. al., 2011). These personality reflect entrepreneurial motivation and mind-set toward their new start up. Bill gates and Giorgio Armani are two successful entrepreneur who create build their own venture successfully in market. Their working approaches and characteristic motivate others to implement effectiveness in their business strategy. In this process they focusing on many issues and problems that can affect their business policy and procedure. Entrepreneurs always manage their funds, business approaches, financial and others resources to build effectiveness in their business. These developing plans and strategy make them different to others. Bill gates and Giorgio Armani actively deals with several issues and problems but they make impactful strategy to reduce its negative impact easily. These skills and characteristic make them different and successful to others. To getting higher business advantages they work with optimistic and positive mindset to achieve future target and goals. There are some other personalities aspects of these entrepreneur are given below as -

OCEAN theory

  • Openness: For a entrepreneur, it is require to be open minded, optimistic and transparent. For them it is important to face new challenges and adopt innovation to create a new era easily (George and Bock, 2011). Through this they can easily motive others to work effectively in optimistically. These type of thinking and working approach make them different to others. For them it s require to adopt innovative idea and creative thoughts to make desirable modification in their new venture.
  • Conscientiousness: An entrepreneur should have to consistent and focused toward their future objectives and business activities. For them it is require to be punctual to complete their task and work to getting further opportunities easily. In this procedure they require to analyse and examine each activity that affect their future objectives and goals. After this they require to make impactful strategy to getting desirable outcomes.
  • Extraversion: An entrepreneur should have to extrovert who manage effective communication with other. Through they can easily understand requirement, need, desires of their consumers. These activities also help to resolve issues and problems of employees and consumers. A impactful communication always helps to build positive relationship with others or in business these activities provide long term benefits. An extrovert entrepreneur can easily adopt different ideas from others (Gorgievski and et. al., 2011).
  • Agreeableness: For an entrepreneur, it is required to be cooperative and trustworthy with other. Through this they can easily handle challenging situation by understanding each and every element in proper manner. These aspects helps to build positive relations with others to getting long term benefits and others opportunities. Agreeableness helps to cooperate with other situations in effective and proper way.
  • Neuroticism: This is basically determine emotions and feelings of an individual. This is a personality trait of an entrepreneur that help to make them respond in different situation. In stressful situations they perform like worse and then in ordinary situations they feel frustrated and threatening. For an individual or entrepreneur, it is require to control themselves while deal with these situations.

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