Entrepreneurial characteristics and traits

Psychology

Entrepreneurial Characteristics

Clearly, Richard Branson, owner of the Virgin brand, has a high need for achievement, which is why he continues to create new companies and new ideas. He was captain of his sports teams in his childhood, and he suffered from dyslexia, so he had to try harder to succeed, something he has done his entire life. As a child, his mother encouraged him to challenge himself, and it seems that need for challenge and achievement has continued throughout his life.

Branson's need for autonomy is not as legendary as many other entrepreneurs, but he certainly has a large ego - big enough to star in many different television shows and make cameo appearances in many others.

Change and dominance is also high on Branson's list of characteristics. He attempts to dominate every business he enters, from airlines to vodka, and he is always adding new companies to his empire, which leads to change throughout his organization. He also sits on the boards of many charities, including some of Virgin's own charities, which shows his continued dominance of the brand he created.

In Branson's case, nearly his entire entrepreneurial career has been based on elements of risk taking. He began his career by selling imported records out of the trunk of his car on London streets. He made enough money to build a recording studio in his home and began releasing records of artists other companies would not produce. He also branched out into other industries, such as airlines and railroads, which many people thought was too risky. In his personal life, he attempts to set world records in many areas, which shows his need to take personal risks as well.

Branson's career shows his use of intuition in his business. He signed recording artists like Culture Club and the Sex Pistols that others would not, and then saw them create hits. He also acknowledges he relies on instinct in many of his business decisions.

Bill Gates may be the perfect model of an entrepreneur. He has a continuing high need for achievement and recognition, and rules Microsoft nearly as a despot. He also is the richest man in the world, and came from a high-achieving family. (His mother was a college regent and the head of United Way.)

Gates was known for years as an autonomous loner. He did not marry until he was nearly 40, and he keeps a very low public profile, unlike the more charismatic and outgoing Branson.

Gates is legendary for his need for dominance. Neither he nor Branson "need" to work anymore, they could live comfortably off their income for the rest of their lives. However, Gates continues to run Microsoft, and be involved in all the decision making. He is "transitioning" out of the leadership role to lead his charitable foundation, but it will take two years and he will still be involved in high-level decisions. It seems it is very difficult for him to give up the reins and he must dominate the company he created. In the beginning, he had to review every line of code in every program, as well.