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).
Excellent customer service promotes customer satisfaction, employee motivation and gives the business a competitive edge among other businesses. (Adam Toporek, 2012). Excellent customer service is about creating a relationship of trust and loyalty with customers that transcends the interaction of the firm. Customers should be an organization’s number one priority. After all, without customers there will be no business and no income.
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.
Innovation time is an advantageous policy for two reasons: it can facilitate the creation of new revenue streams, and it exemplifies the positive aspects of academically accepted motivation theories, in particular the job characteristics model (JCM). Google and 3M, two highly successful companies, attribute much of their success to their use of this motivation technique. Allowing employees time to innovate and work on projects not directly assigned to them by management is an effective way to motivate staff in today’s competitive economy. Before examining the advantages of innovation time, it is important to understand the fundamentals of the theory. At its core, the idea of giving employees time to self-direct themselves in the pursuit of creative projects involves supporting the innovator’s personal interests and entrepreneurial spirit (Dackert, Looke, & Martensson).
Business people normally have the capacity to express their thoughts to others, and to listen to the thoughts and criticism of others in a way that can offer them some assistance with generating viable future endeavors. Fearlessness is one more of the identifiable qualities of what is an entrepreneur. This is regularly important in light of the fact that business people usually endeavor to succeed with new thoughts. Effective entrepreneurship recognizes potential business opportunities. Superior to a great many people, they concentrate on circumstances rather than issues and attempt to gain from disappointment.
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.
Factors such as these needs to be considered when starting up a business because the main aim of having a business is to generate profits and most importantly is to make your business as sustainable as possible. I’m sure no one wants to run a business short term, so therefore Ethical issues like Code of Conduct and whistle blowing to name a few, will be discussed further in detail. What will also be discussed is the role that Corporate Social Responsibility plays in ethical conduct, fair and sustainable business. Ethical behaviour of businesses is observed through them being socially responsible. A successful business becomes a success when it has good leadership.
They use their mistakes as something to learn from rather than a failure. No matter the outcome, they believe in themselves and have an extreme confidence not only in themselves, but also in what they do. "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.
The more details you put into your business plan the more successful you will be in achieving your goals. Important things that should be included in your business plan would be an explanation of your business, an analysis of your competition, estimates of income and expenses, and different types of strategies. (pg. 104). 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.
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. Clear Vision Successful entrepreneurs have a clear image of what they want their future to be like. They hold a clear picture of the direction the company should take and have a clear plan of how they will make their vision a reality (9 essential traits of successful entrepreneurs, 2013) Confidence an entrepreneur will never be uncertain of whether or not they will succeed. They are confident with the knowledge that they will make their businesses succeed (10 Qualities of successful entrepreneurs, 2010).