Common Traits and Characteristics of Successful Entrepreneurs
The entrepreneurship is one of the most valuable qualities present in the individuals that help them in initiating a new business venture with innovative ideas. The entrepreneurs have the courage to take the risks of carrying out new business ventures. The common traits of the business entrepreneurs are a passion for work, self-belief, hard work, product and market knowledge, effective planning skills etc. The engineer’s entrepreneurship is most common entrepreneurship phenomena across the globe as the engineers mostly use their skills and knowledge in establishing their own business. There are many success stories of Australian entrepreneurs, who influenced the people with their innovative ideas and success stories [1]. For instance, one is the very successful entrepreneurs Richard Branson, the founder of the most successful Virgin Group and the other is David Rohrsheim, who is general manager of Uber Australia. The research work sheds light on these two entrepreneurs to understand the importance of entrepreneurship, the common traits of the entrepreneurs and the process by which these two entrepreneurs accomplish this type’s phenomenal success in their life.
The common traits and the skills of the Richard Branson are provided in the following points:-
- The ability to think differently is showing that initiation of the leadership quality of the leader. It is the leadership which is enabling the entrepreneur Richard Branson to categorize the leadership style. The identified leadership styles are depicted to be collaborative and democratic.
- The experiences and the differentiation of the great success of the entrepreneur Richard Branson are dependent on the philosophy and approach.
- The establishment of the positive company culture is representing the development of the senior levels which are consisting of the soft skills [2].
- Making appropriate decisions are dependent on engaging the employees which will enable the entrepreneur to carry out the business decision-making processes.
The common skills of Richard Branson in Australia are that the innovative ideas are reflected in the expansion of the business processes. The innovations are surrounding the technological innovations which are reflecting the needs of the British Airways as well as it is reflecting the financial losses that are present in various brands [3]. Richard Branson does not believe in the comfort zone as well as it literally focuses on the expansion of the business processes by making the improvement in the organizational processes. The company is found to be gaining financial losses with the drastic implementation of the technological innovations.
The characteristic skills of the David Rohrsheim are indicating the soft and the hard diplomacy which is establishing the grassroots of the PR campaigns for Uber. The core skills are lobbying with the politicians and the staring down with anger as identified in the Taxi Industry of Australia. The leadership skills are reflected in the David Rohrsheim but are depicted to be reflective of the character traits in a negative way [4]. The traits found are depicted to be illustrating the transformation of the industry with executing the innovative technologies in the transformation processes.
The Richard Branson though is capable enough to use the intellect and the smartness in life but is found to be providing the various changes in the beliefs as it is found to be carried out in the organization. Branson is found to be gaining great changes in the characteristic features which are impacting the changes in the processes. The focus on making the improvement in the objectives will enable the organization to create a focus on making the improvement of the changes in the options present in front of the Branson [5]. Apart from this, the Richard Branson is depicted to be a down to earth person who is involved in carrying out the activities with including the innovative ideas in the processes. The changes in the illumination process are depicted to be leading to the development of the skills as well as the changes in the ideas will enable to focus on making the improvement in the objectives. The small nap characteristics of Richard are resulting in a good manner which is helping him to overcome the lethargic activities in an appropriate way. The undertakings of small naps are leading to the development of the evidence by which the appropriate identification of the innovative ideas can be easily made. The changes in the processes will enable to focus on making the improvement of the characteristic features as determined for the development of the innovative ideas.
Profile of Richard Branson
The short of stunning characteristics are depicted to be reflecting the inappropriate characteristics features which are being represented in the form of the trait. The changes in the transformation of the authorities are depicted to be reflecting the leadership style of the David Rohrsheim. Apart from this, the Rohrsheim is involved in planning to launch the food delivery services in the form of UberEats in the local markets of Australia [6]. It is reflecting the characteristics of the innovative technological characteristics of the entrepreneur which is reflected in the common traits and the skills of the entrepreneur.
Richard Branson has been attained various entrepreneurial skills that made him famous and successful. The vibrant qualities and skills of the personality of Branson consisting of are successfully contributing to his felicity and charisma. The common trait and skills of Richard Branson are as follows:
- Richard Branson believes emphatically in the mentorship process. He does not feel shy about asking any kind of assistance from anyone. Richard always wants to learn new things.
- Richard Branson believes that no matter how much successful an individual become, he or she has to be innovative and updated with the changing trends to remain competitive in the market [7]. Richard Branson uses its innovative skills for bringing change within the organization.
- Richard Branson possesses a positive attitude of carrying out the things. The reason for his success is that he does not live in the comfort zone and love to be in the uncomfortable zone. He had taken huge risks while carrying out the business operations.
- Richard Branson always asks questions to himself for bringing changes into the organization. He always makes a plan and determines possible results before executing it [8].
- Richard Branson is a humble person who always put his people and company first before himself. He comes with inspiring, motivating and innovative ways for conveying his message to address the team [9].
- The personal trait of Richard Branson is that he listens to the issues of the customers for improving the processes of the organization. He looks from the point of view of the customers which makes him a successful entrepreneur.
- Richard Branson believes that the luckiest people in the business environment are those who are always ready to take the risks. A successful entrepreneur does not fear failure because they learn new things from it [10].
David Rohrsheim has been able to manage the business operations of Uber by using his skills and traits that are as follows:
- David Rohrsheim believes in applying innovative ideas that have led to the success of Uber in Australia and New Zealand.
- David Rohrsheim believes that an entrepreneur can differentiate himself by using his abilities. There are no strict rules for applying the leadership skills, it is all about selecting an appropriate style that integrates with the processes of the organization [11].
- David Rohrsheim has used his leadership skills and knowledge in order to develop a strong team as well as delegating the works effectively. He has excellent communication skills that allow him to deliver significant information to the team of the organization.
- David Rohrsheim always keeps an eye on recruiting and managing talented employees. He believes that talented employees are the greatest resource of the organization because they are more productive and effective [12].
Richard Branson looked in the areas of life which were needed to be improved. He believes in finding talented people who can run the business processes. The business approaches are as follows:
- He believes in his team and delegates all the processes to them. Richard Branson focuses on the needs of the people and solving their issues in an appropriate manner.
- The employees need to be fun loving while working with the Virgin Group. Richard believes that a happy team can make the business grow rapidly in the market. The attention is given to the wellbeing of the employees because they can really break or make a company [13].
- Branson in the initial stage faced many problems that made his new business almost but he stayed optimistic. Richard restructured his organization by focusing on the service processes and employees.
- The Virgin Group has established its brand name with the help of Richard Branson. There were ups and downs but Richard was able to manage all the situations.
The various business approaches which are undertaken by the David Rohrsheim are depicted to be provided in the following points:-
- The implementation of the innovative food delivery services in the form of the application along with the existing application of Uber Car services in the Australian market. It is seen in the form of the UberEats which is reflected in this study and also it is depicted to be reflecting the innovative characteristic skills which are enabling Rohrsheim to make changes in the business processes.
- Mobilizing the payments with the establishment of the global business environment. It is reflecting the acceptance of the debit cards, credit cards and the pay pal processes of carrying out transactions [14].
- Powering the global platforms for the purpose of expanding the innovative business processes from the local Australian market to the globalized markets present in the Asian regions.
- Creating incumbent barriers to the entry into the market by carrying out the compensation processes. The barriers to the entry are depicted to be reflecting the appropriate development of business processes in the Australian market [15].
Carrying out innovative approaches which are reflecting the implementation of innovative IT technologies in the provision of the food delivery services along with the taxi services are enabling the Rohrsheim to create a monopoly market in the Australian local regions.
According to the case study of two successful entrepreneurs of modern days Richard Branson and David Rohrsheim, it is evident that the entrepreneurship requires a strong passion for the jobs and will to achieve the dream. In this matter, it is recommended to the future entrepreneurs that instead of waiting for the opportunities try to create it, pay attention to minor details, do not become invincible, focus on the strengths and expertise and protect dreams [16]. The future entrepreneurs must have the capability to create opportunity in this harsh business world that supports in running entrepreneurial activities. If the entrepreneurs pay attention to the minor details it helps in accomplishing sustainable competitive advantages. Besides this, overconfidence is dangerous for the entrepreneurship hence; the entrepreneurs should avoid becoming overconfident. The entrepreneurs must focus on his/her strengths, talent and capabilities that distinguish the entrepreneurs from their rivals [17]. Moreover, the entrepreneurs should have the courage to protect his/her dreams in severe difficulties. The future entrepreneurs should determine the above areas and try to become a success and win the odds that obstruct in entrepreneurial progress.
Profile of David Rohrsheim
The entrepreneurship is most important for an economy as it uses to bring fresh blood to the economy that keeps the economy running as well as helps in growing. Richard Branson is one of the ideal examples of modern entrepreneurship. In spite of severe difficulties and hardship, the man did not leave his dreams and show the courage to achieve his dreams. Richard Branson is considered one of the most successful entrepreneurs in this modern world [18]. In the story of Richard Branson, it can be seen that if a man has the courage to follow his dream despite severe adversities, the man can be able to accomplish his dreams. Richard Branson was an average child who faced stern difficulties as a child as well as his grown-up days was very difficult. Today, he is founder and owner of one of the most prestigious business groups in the world. The name of his business group is Virgin and within this group, there are many businesses running including Virgin Galactic, Virgin Atlantic. Virgin is the brand name of his business. Richard Bronson was a school dropout and at his very early age, he had expressed his desire to become a successful entrepreneur [19]. Furthermore, he has won over all the odds, which he has faced throughout his journey to become one of the most successful entrepreneurs. One of the most important entrepreneur traits of Richard Branson is his unique leadership style. Richard Branson has a democratic leadership style and he welcomes the innovative ideas from even the least important person in his organization. He is the inspiration for several people including the future entrepreneurs who are becoming inspired by his life and journey.
David Rohrsheim is the General Manager of Uber in Australia and New Zealand and he has helped the company to achieve new height and a unique position in the industry. In the year 2012, he started Uber in Australia. In the next six years, he helps in accomplishing the extensive growth of Uber in Australian and New Zealand market with his innovative ideas. Before joining Uber, he worked as an analyst at Draper Fisher. He is also an inspiration for the future entrepreneurs.
Conclusion
Entrepreneurs are most important for the economies as they bring flows in the market which help running the economies of the nations. Hence, for maintaining the economic sustainability of a nation, the entrepreneurship activities are vital. The two successful entrepreneurs in the contemporary world are Richard Branson and David Rosenheim, who accomplish monumental success in their respective business areas [20]. Richard Branson is a business magnate, investor and philanthropist author, who founded the Virgin Group that controls nearly 400 companies. He is the inspiration for the young entrepreneurs. David Rohrsheim is a young Australian entrepreneur, who is the General Manager of Uber in Australia and New Zealand. David also sets up high standards for Uber in Australia and he is also the inspiration of the fellow entrepreneurs.
References
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