I did Business and enterprise course this year which expose me to so many academic literatures research about been an Entrepreneur. Many different academic point of view link personality with characteristics to be a successful entrepreneur. There cannot be entrepreneurship without entrepreneurs. (Poon,Aidudding 2006) These 5 characteristics do enhance and entrepreneur willingness to take some initiative, high tolerance for risk and uncertainty and they are persistent in the face of challenge, (e.g., Foo, 2011; Holland & Shepherd, 2011). An entrepreneur rise up after failure, continue innovating and venturing forth even after their success (Holland &Shepherd 2011). (Chell 2008) describe the need of locus of control and tendency to risk taking …show more content…
DR Caird (1999) has develop those 5 characteristic to create the GET Test to measure our individual entrepreneurial skills. I carried out this test myself and I will reflect those entrepreneurial trails to my own result. My overall score was 78%. Firstly those five characteristics consist of the need of achievement, need for autonomy, creative tendency, calculating risk, and locus of control.
In the in the need for achievement section, I scored 13 out of 15 points. As a Characteristic it includes to wish and consider testing enterprising ideas that fit with my lifestyle. I my group I demonstrated this task many times by motivating them to achieve the highest possible grade on our assignment. It is often describe as a highly determined individual, achievement oriented and efficient (Gosling
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Burns (2011 p41) states “entrepreneurs seek out opportunities and also see opportunities rather than problems”. My score was 10 out 12 Dr sally states that if I improve and develop my self-confidence I will make a success out my venture. With the maximum opportunities we have in Britain we could open and start up a business fairly easy. We just need to present our business plan to get a loan or you have government scheme that invest in your ideas too. That why I want to improve and gain more skills in being a successful entrepreneur in a near future after my
“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)
Everybody tries to be successful, yet not every person achieves this objective. There are those of us who comprehend that success comes from our individual conduct and there are those that decline to comprehend this idea. Conduct radically influences one's individual success and there are a few elements to call attention to when discussing this. Successful people realize that the establishment of individual and expert achievement lies in understanding yourself, understanding others, and understanding the effect of individual conduct on others.
Driven by an intense commitment and determined perseverance, entrepreneurs work very hard at what they do. They excel and want to win. Entrepreneurs are amazing people with a high respect of character. 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.
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
I am gratified to reflect on my Entrepreneurial Potential Self-Assessment. I have always enjoyed learning the concepts of running and managing a business. Personally, what I enjoy generally is implying these concepts in real life situations. Seeing the ‘real life’ effects are stimulating to me. I always saw myself running a stable/well- establish business; however, I never saw myself running my own business. For my part, I find that I do not have all the characteristics an entrepreneur should have. Therefore, the results are not surprising, but assuring of what my strengths and weaknesses are.
The success of a business is greatly dependent on its entrepreneur. 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. 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.
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.
Although no one has found the perfect entrepreneurial profile, there are many characteristics that show up repeatedly. Good health was a characteristic mentioned the most because they are physically resilient. In good health, entrepreneurs work extended periods of time.
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.
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
Majalah Niaga(2013); Super Entrepreneur Tip: Do not Ever Stop Trying- edition 26; available from [magazine] pp 30-32. Retrieved on 7 March 2014
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:
Even though the definition of “success” has a very nuanced meaning depending on its culture and context, highly successful people typically exhibit the same universal characteristics. For despite common belief, successful people are not affiliated with some exclusive club and it has to do more with attitude than superior I.Q intelligence. Therefore, many people have the ability to learn about how they can be successful and do better than they are now. Due to having the privilege of interacting with successful people on a daily basis, I gradually coined my own theory of success. In addition, interviewing successful college students for the basis of the EPE course project has managed to further support and strengthen my theory. Yet rather than just being applied to an academic setting like a college or school, theses theories can be slightly modified to be applied in other aspects of life as well. It should be worth emphasizing that exhibiting some of these traits are likely good indicators of being a successful person, however there are a lot more not mentioned. For due to their vast variety, it would be extremely difficult to talk about each of them individually. As a result, I have taken the liberty of grouping them into broader categories and have listed them in no particular order.
Risk-taking is one of the chief dimensions of entrepreneurship. Entrepreneurs are found to be more risk takers than the managers and salaried employees, such that, they are willing to put their homes on mortgage, jobless and can work for years without any earning (Burns, 2011; Masters & Meier, 1988). According to (Moore & Gergen, 1985), entrepreneurs always take calculate risk and always analyse the situation. Cognitive Psychology supports that the risk taking ability is just limited to their area of expertise (Sjöberg, 1978, Heath & Tversky, 1991). According to (Heath & Tversky, 1991), entrepreneurs take more risk in the area of their interest and expertise and not in those area, they have little knowledge about. But even then also, they take more risk than general population.
Entrepreneurship thus in effect is a way of thinking, reasoning and acting that is opportunity obsessed, sustainable, holistic in approach, and leadership balanced for the purpose of value creation and capture. (Timmons) Entrepreneurs rather than taking wild risks manage it by calculating the loss and try reducing the cost of failure by failing earlier and at lower level of investments. (Saraswathy “What makes Entrepreneurs Entrepreneurial?)