Characteristics of the Entrepreneur and Maximizing Opportunities for Innovation

An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. 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.

In Malaysia entrepreneurship become most important part, which is its help to growth of Malaysia economics. The intention to becomes self-employed it is depends on individual perception of desirability and feasibility in relation to starting a new business. Student perception such as ‘can I want to do it’ or ‘do I have the resources to do it’ is important role to student choose self-employed as career after graduated, because student should have knowledge and resources to build a new business. Entrepreneurships can be two ways whether it is by individual intention or entrepreneur taking by family firm. Based on Kuratko (2005) asserted that an entrepreneurship intention can be developed in ad individual since it is related to the individual characteristics of seeking opportunity, taking risk, and giving tendency to push an idea through.

That means that the effectiveness of one’s ideas is crucial. Therefore the qualities or characteristics of such a person must enable a confident kick-off and somehow guarantee success. Characteristics of an Ideal Entrepreneur An ideal entrepreneur must be innovative enough. This means that his or her venture must be backed by relevant knowledge and creativity but encased in achievable limits. Past experience and technical knowhow are integral components that will enhance confidence and enthusiasm while kick starting.

The main objective of this task is to critically analyse the statement stated by Deakins, D and Freel,M , 2012, p15 that “ A high degree of self-confidence or perceived self-confidence, called self-efficacy has been advocated by some writers as an important concept in entrepreneurship. High self-efficacy in entrepreneurship translates into self-belief in one’s capabilities to mobilise resources, motivate others and produce change (business start-up). Hence, the task will analyse the characteristics, traits, and qualities that may incur with the successful entrepreneur. Hence, the task will give details about the characteristics, personality traits, qualities, and individual’s beliefs in order to become a successful entrepreneur. It is often

The business plan will aid in projected startup cost, projected sales, marketing, and understanding your competition. The business proposal will also help you get the money from potential investors. Writing a business strategy is not only necessary to analyze the business, but vital for success, it will help determine if your business will be profitable. A business plan should consist of the following: Title page, Executive summary, Contents, Business description, Management, Industry description, Competition, Marketing Strategy, Sales forecast, Financial Analysis, Exit Strategy, and Appendix. These subtopics cover different areas that are important to your business; these subtopics will assist in a better understanding of the concept(s) of the new establishment.

New Venture strategies include processes and steps with regards to entry timing, entry scope, marketing practices, patenting, and licensing, future planning as well as proper exploitation of market opportunities (Shepherd and Shanley, 1998). Business planning is of high importance to entrepreneurs who want to realize start-ups as it refers to a detailed map which can transform an opportunity which has been identified into a profitable business. Furthermore, planning can act as a useful means of gaining financial resources for a start-up from individual investors and financial institutions (Baron and Shane, 2008). This report attempts to make an in-depth analysis in order to address these issues with a stated goal of the identification of a recent venture’s development process, entrepreneurial characteristics, entrepreneurial motivation, and ways of protecting innovation as well as the challenges due tol business growth. Primary research is being conducted in the form of an interview of the owner of an e-commerce recent start-up.

What does being an entrepreneur entail? There are a few well known and accepted definitions the world over. The main points to consider are creating or realizing opportunities to change and improve, to think, reason and act and one who organises, manages and assumes the risk of a business enterprise. You will need to convince at least one person that the idea will work and that there is a need for the opportunity. Entrepreneurs need to have some form of backing whether it be personal savings, a loan from an institution or an investment from the relative party.

To be successful in creating a business plan you should keep in mind that it is a guide or reference document and not a limitation. Creating this document will also allow you to be able to asses’ market potential, determine price and manufacturing requirements, identify optimal distribution channels and refine product selection. (pg.104). Everything you put into and get out of a business plan is crucial in becoming a successful entrepreneur. The next step in becoming a successful entrepreneur is to decide what form of business ownership you want.

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.

More business can be at the top if they choose the correct location, don’t spending too little or much money when starting and keeping your business open, and choose the correct industry to go into. Choosing your industry is based on the demographics, what industries are the most successful, and what have a good amount of competition in Flower Mound.You should be determined, good at math, and have good decision making skills for business. Your competition, marketing plan, how you will advertise and finance, permits, rules in location, cost for supplies, demographics, and the best growing and money making industries are important things to note to help make your business successful by selling products and services. If all these can be implemented, businesses will be a lot more successful.