Chapter 6, Problem 1OTJVC

Summary Introduction

To determine:

The entrepreneurial traits present in the Bissell brothers that made them successful and the traits that can be improved by them are discussed.

Introduction:

Bissell brothers are the best beer brewers that is based on Portland founded in the year 2013 by the two brothers named Peter Bissell and Noah Bissell producing juicy unfiltered beer with an orange-y brew having A- list fans for their products.

Answer to Problem 1OTJVC

Solution:

The business started by the entrepreneurs needed to be followed by some traits that can improve their business and enhances their success. All the entrepreneurial traits are achieved by the Bissell brothers including the autonomy, self-confidence, high energy, entrepreneurial sacrifice and need to achieve.

Explanation of Solution

Given information:

The entrepreneurial traits of the small business entrepreneurs that are mainly followed by the Bissell brothers and the improvement needed from them.

The entrepreneurs are those who start the business with a vision having ideas for new products and services puts in the line of business by having the good resources. They are sole proprietors for a small business in a fast growing segment with various business operations. There are few traits of the entrepreneurs which are as follows:

• Autonomy: It acts as the major motivation for the small business runners to run their company which helps them take their own decisions under any circumstances. They need not depend on any partners or higher authorities or any investors as they are the bosses of the company. These also may have some cons which can lead to limited growth without expansion. The new entrepreneurs can go without the autonomy at times with having managers with good managerial skills.
• Entrepreneur sacrifice: The entrepreneur undergo so many struggles and sacrifices to become one as to start a business is very difficult in the initial stage as they have to go through many failures before tasting the success. Successful entrepreneurs do not give up and start from where they fall. They sacrifice their money, age, time to start their own business.
• High energy: great energy is required by them to give out great effort. A survey of the small business owners found that 43%of them work more for nearly 40 hours a week and 31% of them work during their holidays too. Some like 13% says they work more than 80 hours a week with high energy. They are obsessed with their work that drives them up to be a successful entrepreneurs.
• Need to achieve: They force themselves in order to achieve the goals and motivate to excel in gaining the success. They set their goals challenging in order to achieve it by facing the hurdles as easy goals will not be challenging and sustainable. So when facing goals with difficult situation they feel the satisfaction by achieving it.
• Self-confidence: The entrepreneurs believe that their success reflects their action with internal locus control where a person believes that they are responsible for things happening around them.

These are the traits of the entrepreneurs that ensure their success.

The entrepreneurial traits of the Bissell brothers would be the entrepreneurial sacrifice along with the self confidence that has made them to achieve so far. High energy is another trait followed by those brothers and they have their success by following all the entrepreneurial traits so they need not require any traits that have to be improved.

Conclusion

The entrepreneurial traits such as autonomy, self-confidence, high energy, entrepreneurial sacrifice are followed by all successful entrepreneurs that included the Bissell brothers and no improvisation is needed on those skills by them as they have achieved their goals using the traits.