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Characteristics of an ideal entrepreneur
Characteristics of an ideal entrepreneur
Importance of creativity and innovation to a business enterprise
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What is entrepreneurship?
Entrepreneurship, this is an important role which is the creativity and innovation organization describe that entrepreneur that the ability to start from a small business with under a list of conditions of hazard or risk and unpredictable (1). Entrepreneurship was defined as that it is one of the process that entrepreneur will go and chase after any chances that they can get without considering any resources that they are controlling right now, example like capital, assets or funds as well (2). Well, definition of entrepreneurship this word also can become more directly and openly. Entrepreneurship, are also a process that can turn any ideas into the business no matter the ideas are brilliant, creative, typical or even just an ordinary idea. As long the entire concept is capable of making the business become successful or growing more and fast (3).
Other than that, behavior and attitude of an entrepreneur also can help for trying to determine the chances or any opportunity and provide some thought or plan and put into practice. This behavior and attitude will be complete successfully by individual, group, and usually this all are demand for ingenuity and the willingness to do something never done before that could be risky (4).
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First, entrepreneurs need to have a passion for the business but not just only money. Passion actually had been stems inside the entrepreneur mind and belief that the business will be successful and can be able to influence the other people thoughts or lives. Entrepreneurs always wish, or can be said like is the motivator for entrepreneur to work success, so that they can be remembered and make some differences in other's people lives. Passion is also really significant for these both organizations, which is for profit and non for profit, an entrepreneurial organization. This is just because starting a business is really difficult
“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)
An entrepreneur is an individual who is willing to develop, manage and organize an enterprise with the aim of profit making along with the risks involved. The word entrepreneur has its origin from the French word ‘entrepreneurs’ which means ‘to undertake’. In the business context entrepreneurship is the act of starting a business with the aim of making profits. According to Baumol et al.,. 2008, there are different types of entrepreneurs. Innovative entrepreneurs bring new products and services in the market and use new marketing techniques. On the other hand, replicative entrepreneurs bring new selling propositions to an existing market. Many capitalist societies encourage their citizens to start their own businesses to boost individual, as
India is being considered as the Land of rising Entrepreneurs and with this trend of people wishing to have their startups, we often think of the personality traits a person hold to become an entrepreneur, how successful can one be, startup means failing more times than you can think of. In this paper we are comparing personalities of individuals falling under different categories. We will compare personality of people falling in the following four categories: a.) wants to do job, b.) aspiring entrepreneurs, c.) owner of successful startups and d.) people who had failed startups. The personality traits
In the United States, approximately one in eight adults are self-employed. In their minds exists a one common dream. This is the entrepreneurial dream of self-employment. It is the freedom to start, grow, and cash in a new business. Most of the extravagant millionaires of today build up their wealth in this way. An entrepreneur is someone who has the ability to build and develop his own business. In today's fast paced world of business, many people chose to work for themselves. A career as an entrepreneur is a risky, yet personally rewarding endeavor.
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
In regards to successful entrepreneurs, Karsten Strauss wrote, “Entrepreneurs have a greater capacity for pain and discomfort than most. They can stay up later, work longer hours, stay more focused and, somehow, are able to set so much aside in deference to their dreams and visions. But there’s so much more that sets them apart.” Successful entrepreneurs are distinctly different but all have a parallel set of personal attributes. Each personal characteristic is a key to the overall success of an entrepreneur. The core traits an entrepreneur must display are passion, persistence, integrity, flexibility, curiosity, and ability to network. These core values must be inherently inside an entrepreneur if they plan to succeed. Education can enhance
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.
One of the controversies is relating to their behaviour. Among others is entrepreneurial motivation, which is an output of a variety of environmental factors as well as the founder’s individual characteristics (Suzuki et al. 2002). Oakey (2003) further elaborated that motivation shapes the attitude of the entrepreneur towards his chosen mix of business management skills, the amount of external resources accessed and the level of personal control that he or she exercises on running the business. Abetti (1992) detailed key social factors that affect entrepreneurial behaviour: family and social support system, financing sources, employees, customers, suppliers, cultural, political as well as economic environment.
The main argument asserts of entrepreneurial intention as the pre-condition for undertaking entrepreneurship education is that signs that people show to behave in a particular way can help in telling the ways in which people will end up behaving. Entrepreneurship education is an important method encouraging entrepreneurship because education 1) gives a feeling of independence and self-confidence to individuals, 2) enables the recognition of alternative career options, 3) broadens the individuals’ horizons by enabling them to better perceive the opportunities, and 4) provides the knowledge that individuals will use in developing new business opportunities. Entrepreneurship education potentially
Entrepreneurship can be defined as the ability and desire to create, sustain and manage a business entity, which includes accepting any risks that are involved in order to generate a profit for the entrepreneur/s. Entrepreneurship is an
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.
There is no such thing as a balanced work- life when you decide to be an entrepreneur
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.
•Knowledge- Knowing what they are doing is crucial to the business world, if an entrepreneur opens up a business because they want to, then they will lose that business in a second as they do not have the skills to keep finances and products afloat.
Entrepreneurship focuses more on profits while Social Entrepreneurship itself is using the business as a means or strategy to achieve a goal of solving societal problems. The thing with social entrepreneurship is that, the aim of the activity is helping a community or an individual by creating jobs or empowers them with skills that can help them sustain themselves without focusing only in profit.