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Personal characteristics of successful entrepreneurs
Personal characteristics of successful entrepreneurs
Personal characteristics of successful entrepreneurs
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Sir Alan Sugar famously once said regarding entrepreneurship and entrepreneurial skills “The entrepreneurial instinct is in you. You can't learn it, you can't buy it, and you can't put it in a bottle. It's just there and it comes out” (Mail online, 2010). Surprisingly enough this is a view not shared by everyone. Whilst it cannot be denied that entrepreneurs are all ultimately unique in some way empirical evidence suggests that they all do share some common characteristics and skills, some of which can be taught (Colette, et al., 2005). This essay attempts to define those characteristics and skills that enable entrepreneurs to realise the business potential in their ideas. In addition it explores the difficulties entrepreneurs may come up against along the way towards having a successful business venture.
Meredith et al. (1991) describes an entrepreneur as someone who has the ability to see and evaluate business opportunities, gather resources to take advantage of them and undertake the necessary actions to ensure success. When reviewing literature we find we can characterise entrepreneurial characteristics and skills into three distinct key groups, personal characteristics, interpersonal skills and practical skills. According to Locke (2000) one of the most common personal characteristics shared by successful entrepreneurs is their work ethic or ‘love of their work’. Timmons and Spinelli (2006) support this view suggesting that it is this ‘passion for work’ that allows entrepreneurs cope with the extreme levels uncertainty and resources shortages when launching a new venture. Others such as Bass and Stogdill (1993) suggest that it is perseverance that pushes the entrepreneur through difficult business start-up process.
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... their money to turn a profit. Being an entrepreneur and starting a business does not mean that the person knows what they are doing, and most of the time they are just defending their ideas until they ultimately fail. They spend most of their time in the business and not on the business, and in return if they do not realize this they will fail as well. By being an entrepreneur, it can be easy if you follow all the guidelines listed in this book, and there will be success in any business which has been started. For some entrepreneurs their minds are consumed by their ideas, without wanting to listen to others, failure will be in the imminent future. Therefore after reading this book it is evident that an entrepreneur must follow these concepts and processes in order to overcome this problem among entrepreneurs in society, and by doing so they will achieve success.
Analysis Effective entrepreneurship requires tangible and intangible resources; however, it is the quality of the entrepreneurial
I understood some common myths about entrepreneurs. They are said to be born, not made, outgoing energetics and gamblers motivated only by money. To deny the myth, we got introduced to businesses companies such as Tree Planet which aims to solve a social problem and benefit the community. In addition, I got to understand the difference between Exploration(Creative Thinkers) and Exploitation(Financial Managers).I got to know the ways for identifying opportunities such as observing a trend going on, solving a problem and finding gaps in the market (being a pioneer to others).
For entrepreneurs whom are willing to accept the risk associated with starting a business, some have made themselves extremely wealthy. Although our economy is focused on capitalism as a means of promo...
These attributes that I hope to work toward gaining and perfecting will ultimately help in me perfecting the entrepreneurial thought process as well as the behaviors of an entrepreneur. Through the perfecting of these characteristics, I am confident in my path to becoming a knowledge worker and mastering the four kinds of
“There is no one definitive profile of an entrepreneur. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and smarts." (Principles of Entrepreneurship)
Entrepreneurial competencies alone are not enough to ensure the success of an enterprises. Since, SMEs have scarce resources of finance, skills, technology and knowledge, their success highly depends on other factors such as entrepreneurial mentoring. Studies done on entrepreneurship have highlighted the role of entrepreneurs in business success however little has been done on the influence of entrepreneurial mentoring and competencies to enterprise success among women entrepreneurs.
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
There in an increasing demand for entrepreneurs, our school entrepreneurship program help teach learners as they grow to be entrepreneurs. entrepreneurship is ...
I am gratified to reflect on my Entrepreneurial Potential Self-Assessment. I have always enjoyed learning the concepts of running and managing a business. Personally, what I enjoy generally is implying these concepts in real life situations. Seeing the ‘real life’ effects are stimulating to me. I always saw myself running a stable/well- establish business; however, I never saw myself running my own business. For my part, I find that I do not have all the characteristics an entrepreneur should have. Therefore, the results are not surprising, but assuring of what my strengths and weaknesses are.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
The entrepreneur is defined differently across many platforms they all share some commonality (Davison, 2008). This commonality consists of certain traits such as risk taking, innovative thinking, and an opportunity-seeking mindset to create, improve or expand a business (Davison, 2008). The entrepreneur functions as a promoter to the generation of wealth (Davison, 2008). The entrepreneur is important for the movement of the market and constant challenge to the status quo, indirectly improving all related business involved.
entrepreneurs have the ability to come up with new ideas in various situations of which one might have never imagined. Entrepreneurs have a curiosity that identifies overlooked niches and they are constantly trying to innovate (Robinson, 2014). They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.
Entrepreneur's should have a strong drive to successes and overcome obstacles. Confidence and strong will are must. An entrepreneur should be sharp and always think of ways to run their business flexibly .Another important quality of a successful entrepreneur is being adaptable to
Majalah Niaga(2013); Super Entrepreneur Tip: Do not Ever Stop Trying- edition 26; available from [magazine] pp 30-32. Retrieved on 7 March 2014