Characteristics of successful entrepreneurs An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs.
Interestingly, innovation activities in Australia are dominated by females, in the case of joining in entrepreneurial activity with an equal right (Kelley, Bosma and Amorós 2010, 9). The other index of measuring the level of entrepreneurship is the incidence of start- up (Kuko... ... middle of paper ... ...round-up (summer 2008): 15-26. Accessed May 2, 2011. http://search.informit.com.au.ezp01.library.qut.edu.au/fullText;dn=200804190;res=APAFT Schaper, Michael and Thierry Volery. 2007. Entrepreneurship and small business.
LEARNING OUTCOME (01) – CHARACTERISTICS OF THE ENTREPRENEUR Entry 1 Entrepreneurship is a process carried out by individuals by identifying opportunities and converting them into marketable products or services. Entrepreneur makes an investment, sets up an organisation, markets the product / services and makes profit from it. In my view, to be a successful entrepreneur, one must be confident, should be able to take calculated risk, flexible and creative. He should be able to lead his organisation to achieve his goal by ethical means (Schaper, Volery, Weber & Lewis, 2011). I have understood that for entrepreneur to be successful, he has to be literate, possess good interpersonal communication skills and leadership qualities (Birt & Sleeman, 1999).
A couple mind techniques that entrepreneurs need to embrace early in their journey . Success in entrepreneurship is one of daunting challenges and resilience it takes an incredible effort, know-how not leaving out social connections , grit and focus . One obvious reality as an entrepreneur is the high risk exposure . Entrepreneurs like artists originate novel ideas that are rejected and go unappreciated before the world warms up and embrace their uniqueness. Your ability to move from one failure to another without the loss of enthusiasm is what cumulates into profound success.
The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition. One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity.
The successful entrepreneur must be clear with the reason of doing business. This aspect must approach it in a positive way, not the negative issue or inquiry. Solid inspiration can make a business flourish and is of assistance to survive times of anxiety. Recognise fundamental and prime more profound reasons and find in the event that they are the right individuals to prompt achievement or possibly to where it needs to go. A few inspirations are right budgetary flexibility, want for change toward oneself, which went about similar to an own supervisor, and so on.
(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.
Entrepreneurship is also known as self employment. The best entrepreneurs do carve up a collection of characteristics, from persistence to the ability to tolerate risk, that are crucial to a successful venture. The following are the major characteristics that are found in an entrepreneur. - Motivation to perform Keeping in mind the end goal to run an effective business, an ambitious person must be eager for triumph – much the same as players and specialists. Indications of great inspiration incorporate attributes, for example, • Initiative • Perseverance • Responsibility • High self-esteem Entrepreneurship is a showcase for you.
Senate committee formed to 'Keep Strong National Carrier'. The Australian. O'Shea, J. (2014, January 16). Retrieved from Australian Business Traveller: http://www.ausbt.com.au/could-qantas-sell-off-its-frequent-flyer program O'Sullivan, M. (2014, March 5).
It is the knack for sensing an opportunity where others see chaos, contradiction and confusion. It is the ability to build a "founding team" to complement your own skills and talents. It is the know-how to find, marshal and control resources (often owned by others) and to make sure you don't run out of money when you need it most. " (Timmons 1). To be an entrepreneur, it takes the willingness to prosper with calculated risks; both personal and financial-and then do everything possible to get the odds in your favor.