Characteristics And Traits Of Good Entrepreneurs

Characteristics And Traits Of Good Entrepreneurs This report discusses about the well known entrepreneurs and their traits and characteristics. Entrepreneur can be defined as â€Å"one who shifts economic resources out of an area of lower and into an area of higher productivity and greater yield† (Lambing P, et., al., 1997). Entrepreneurs are people who own, operate and take the risk of a business venture. Entrepreneurs identify the needs of the marketplace and they will supply service or product to meet those needs. They assume risk in their business. Entrepreneurship is the process of running a business of one’s own (Bolton B, et., al., 2004). True entrepreneurs try to innovate and they cannot stop being as an entrepreneur. Persistent, creative, responsible, inquisitive, goal oriented, independent, self confident, risk taking are few characteristics of entrepreneurs. History of Richard Branson: Richard Branson is a famous British entrepreneur and CEO of Virgin groups who was born in 1950. He was educated at Stowe s chool where he set up student magazine at the age of 16. In 1970 he founded virgin as a mail order retailer, soon he opened a record store and this was his major success in entrepreneurial life. In 1977 he signed many contracts to help virgin Music to become the top six record companies in the world. With now more than 150 companies in 30 countries around the world virgin expanded into travel, tourism, mobile and so. In Feb 2007 virgin group announced their virgin earth challenge project which will remove atmospheric greenhouse gases (Cord J, 2008). Characteristics and traits of Richard Branson: Richard Branson is good leader where his leadership principle is based on the needs of treating other people with great respect. He is spending one-third of his time in trouble shooting and one-third on promoting new products and the rest on promoting and marketing his business (Cord J, 2008). He hires the bright people to motivate them and makes them delegates in his venture, where his dele gates are the responsible persons on the daily operations of the company. Branson is having the ability of when to back away from his new task. He says everyone must know the art of delegation to run a business and he should have a strong responsibility. Richard has the quality of helping people to run individual businesses so that the company can run without him (http://www.virgin.com/). Richard Branson motivates his employees and satisfies them by treating them as important team players and it is the crucial success for virgin Empires. He has effective man-management power and clearly strong. He is very enthusiastic and he has people who see it as their job to rein in. He is taking good decisions at crucial stages where he will broke his business in two sectors if it grows to a certain size. He feels that small firms run well and this is one of the major reasons as he manages to be a little guy in various tussles. Branson is very ambitious guy having many lists to do and he is man aged to get the biggest ideas of it. He is risk taker and had enormous energy in achieving it. He is living his life to fullest with passion. He believes in making difference where he delivers the service through employees to improve the customers experience by innovation. He has the flexibility of changing to the business environment (http://www.virgin.com/).