There are several theories has been developed by different scholars for entrepreneurship development since couple of decades. A consistent universal theory does not present in entrepreneurship, but rather it contains of several approaches such as economics, psychology, sociology, anthropology, regional science. All theories has explored the rationality with the emergence of new entrepreneurs and theirs contribution in socio-economic development of a country (Sexton, 1997). Many of these studies assume that all entrepreneurs are similar including the owner of small enterprises and high growth innovative ventures. The following section some of theories explained and finding the literature gap and selecting the appropriate theory for this study. …show more content…
Entrepreneurs should have strong need for achievement (McClelland & Winter, 1971). Lachman (1980) explained that the individual, who possess the same traits as entrepreneurs, will have a higher possibility to perform entrepreneurial acts than individual do not posses such traits. Hornaday (1982) developed a list of entrepreneurial traits though surveys and intensive interview such as self confidence and optimistic, able to calculated risk, flexible and able to adopt, respond positively to change, knowledge of markets, able to get along well with others, independent minded, versatile knowledge, energetic and diligent, creative need to achieve, dynamic leader, responsible to suggestions take initiatives, resourceful and preserving and perceptive with foresight, responsive to …show more content…
An entrepreneurial success will depend on some determinants such as attitudes, behaviors, management skill and know how etc. Drucker (1985) explored entrepreneurs are exclusive individuals with pre-determined features. He strongly supports the behavioral approach by ignoring the psychological approach to entrepreneurship. He argued that entrepreneurship is a behavioral pattern rather than a personality trait and something that an individual can be learned so that they can, indeed, learn how to behave entrepreneurially. Entrepreneurs are taking risk through decision making. Barkam, (1989); Henry, (2003) they also agreed views of Drucker and Schultz of behavioral approach. Gartner (1989) also criticized the traits approach to entrepreneurship and claimed that entrepreneurs creates an organization where as non-entrepreneur does not. He vies personality traits of traits as ancillary to his /her behavior. Entrepreneurship is still all about the creation of an organization, they performing series of actions which ultimately result in the set up a new venture. He also recommends that researcher should observe managerial behaviors (mintzberg, 1973) and entrepreneurs in the process of creating organization and specific roles which are performed during the actions. Entrepreneurs should have good managerial skills
An entrepreneur is a person who organizes manages and assumes the risks of a business or enterprise. He is a business leader and an innovator of new ideas and processes. There are four basic characteristics that are required in order to become a successful entrepreneur: Firstly, personal characteristics like optimism, vision, initiative, desire for control, drive and persistence, risk tolerance and resilience. Secondly, interpersonal skills which are required in order to build great relationships with the team, customers, suppliers, shareholders and other parties. They include leadership and motivation, communication skills, listening, personal relations, negotiations and ethics. Thirdly,
Studies had been conducted to look at the different traits of an entrepreneur. Visionaries and risk taking are two characteristics identified by authors (Fisherman, 2000; Covey, 2006; et al) as traits of a successful entrepreneur although there are some (Schultz, 1980 and Brockhaus, 1980) who argued otherwise.
Until recently, marketing and entrepreneurship existed as two independent, scholarly distinct disciplines. Marketing has focused on understanding the practices and processes within large corporations. However, with a growing interest in the SME sector, the marketing aspects of SMEs and entrepreneurship have also increased in importance.
John Stanworth, Celia Stanworth, Bill Granger and Stephanie Blyth, tried to define who becomes an entrepreneur from a psychological point of view. In their argument, they grouped the motivation to be an entrepreneur into different psychological groups. In the psychological mo...
The second characteristic of the successful entrepreneur is a product/customer focus. The entrepreneur need to update their product and satisfy the customer. If not, the business will not run well and will be bankrupt.
Entrepreneurship - a special kind of activity. Its constant conditions are limited resources, competition and uncertainty of the situation. The main tools of the entrepreneur are: thrift, cooperation and innovation. Consequently, enterprise is the independent economic entity, with rights of a legal entity, which is based on the use of labor collective property produces and sells products, works, and provides services.
According to Deakins and Freel (1998), the literature on entrepreneurship process has attempted to dichotomies into two approaches, which is from the nature of entrepreneurs and their role in econo...
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
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.
Most successful entrepreneurs are have a passion for their product or service as well as a desire to solve a problem and make life easier, better, cheaper (10 Qualities of successful entrepreneurs, 2010). Their desire to be an entrepreneur is mostly due to in internal factor rather than an external such as money.
The path to achieving great success is not easy. Whereas there are many shortcuts, the long and patient walk is what takes a person many miles ahead. This concept applies to any individual who aims at becoming a successful businessman. The process of becoming a successful businessman requires a person to attain several accomplishment levels. Each of the level takes energy and time, as well as the ability to recognize the things that make a person truly successful in the business world and life. Becoming a successful businessman requires measurements that take into account not only the monetary and material gains but also the greater scheme of things. Therefore, true success measure achieves in light of creating wealth and value. These factors are vital in the lifetime of success as they present an intangible worth and measurable profit. This essay discusses the way a person can become successful as a businessman.
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
The return was largely due to the social managerial and psychological factors than the economic theory. Having different perspectives to the concept of entrepreneurship was common early on as the different views regarding it made the entrepreneurship very difficult to progress and develop in international trade. According to Misses (1998) it is not possible to neglect the role of the entrepreneur in the market of economy as the different complementary components of the production is gathered and embedded by the entrepreneurs. Entrepreneurship is about the identifying and creating opportunities. Entrepreneurship is major drivers of present and future welfare. Entrepreneurship can cause economic growth, the idea of starting a new business that involves innovative ways such as improving the quality of a product and decreasing its price so they attract customers and also save the customers extra spending on a product will lead to economic
Being a student of success you will find there are varying traits but consistent ones, that lean toward success. It is your personality, your inner drive that will make you successful. Once you identify those traits, your journey as an entrepreneur will lead to success. Here now is THE list. See what you have and what you will need to acquire to achieve:
Studies have found that there is a deep link between Entrepreneurship and Need of Achievement. According to Begley and Boyd (1987), those who have founded their own companies had a higher need for achievement than non-founders or owner managers. Also, (Stewart et al., 1998) responded that need for achievement is higher in entrepreneurs than the corporate manager and owner managers. Need for Achievement is usually high in entrepreneurs than the general population. It provides them with motivation to go ahead and achieve their next target easily. Entrepreneurs showing this tendency usually are good planners, sets their goals, always look for information and learning (Miner, 2000). They accept success and failure of their work and this need of achievement help them to overcome failure, obstacles and setbacks.