2.1 Entrepreneurship, Entrepreneur And Enterprise Skills.

Skills, traits or characteristics are essential ingredients in being a successful entrepreneur. Although these ingredients are numerous, an entrepreneur should develop the ones that are relevant to becoming successful. This paper will first examine skills, traits, and characteristics that are more important to have as an entrepreneur. Then, we researched and explored entrepreneurs who co-founded an intriguing online business that has gravitated to other countries and finally, we examine how they started the business and what they are doing to remain successful in their entrepreneurial venture.

that takes the risk in order to succeed. They are also the ones that boost and help the economy of a country. Last Friday, our teacher has invited guests to talk about being an entrepreneur. I learned many things and I was able to know how entrepreneur does things. The first speakers were Miss Archelle Ferrandiz and Arabelle Santamaria from Miriam College. They came up with a non-food business named Inabel that supports the dying industry of weaving. Sadly, Inabel was stopped because their other partners don’t have the same vision like they do. They stopped contributing ideas because they are not gaining money. According to Miss Archelle Ferrandiz, sometimes it is not only about gaining money it is also giving back to others. The way I think about on how business works were changed. Now, business for me is not all about money but being happy on what your business does to people around you. She said that we should be risk-takers in doing business. It simply means that we believe in our vision that it will hit the market. If ever the business fails, we will able to know what went wrong and with that if we start a business again the chance of falling again is decreased because we have the advantage of knowing what could possibly went wrong. She also quoted a quote from Martin Luther King “IF YOU CAN’T FLY THEN RUN, IF YOU CAN’T RUN THEN WALK, IF YOU CAN’T WALK THEN CRAWL, BUT WHATEVER YOU DO YOU HAVE TO KEEP

. ENTREPRENEURIAL COMPETENCIES: An entrepreneurial competency as defined by Baum at al. (2001) is the individual characteristics such as skills, knowledge, and the abilities required to perform a specific job. These abilities determine how the entrepreneur associates with the customers and also the employees. It allows the entrepreneur to perform his business operations successfully. Entrepreneurial competencies were divided into six categories by Man and Lau (2000): commitment competencies, organizing competencies, opportunity competencies, relationship competencies, strategic competencies, and conceptual competencies. Overconfidence is a negative characteristic of competency because it has been recognized as a major factor affecting the

Entrepreneurship is the action of taking the initiative to build up, organize and manage a business with the intend to attain profits overcoming the difficulties. The risk carried by the entrepreneurs willing to take advantage and take risk of the market opportunity and find better ways of the present processes to take out the new ventures. The task of the entrepreneur is to effectively and proficiently use the land, labor and capital to take out the business activities, according to the economical definition. Individuals get freedom provided by the entrepreneurship to take their own decision and the capability to plan and manage according to their own wishes but the procedure of doing business is not that simple.

Entrepreneurship is the activity of creating a new business or enterprise. It is an essential and significant action in the growing job market (Bednarzik, 2000). Entrepreneurship has become important to all the countries whether they developed or developing ones. It is a basis of economic growth and employment creation (Thurik, Carree, Van Stel, Audretsch, 2008). It involves opportunity recognition or creation, collecting resources to track the opportunity, and managing actions that bring a new venture into existence. Some ventures are complete start-ups, while other ventures are pursued within an existing organization (Enz and Harrison, 2010). Entrepreneurs accept the personal financial risks that drive with having their own business. On the other hand, entrepreneurs benefit directly from the

- One who creates a new business in the face of risk and uncertainty for

Entrepreneurs come from all over, of many different types, with many different talents and many different dreams. Not everyone, however, whom owns a small business, is an entrepreneur. We have a dream and we attempt to pursue it, yet end up finding ourselves working twice as hard attempting to make it work because we only trust ourselves. You go into business for yourself but spedn so much time working on the product and doing the chores that you lose sight on the business itself. In fact, according to Gerber, only a select few are true entrepreneurs and for the others it may have existed for a short period of time. From a newcomer’s perspective, one would think of course if they own their own business they are classified as an

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

There is no such thing as a typical entrepreneur (business case study, n.d.) and no standard and universal definition of entrepreneurship. It is derived from the French language, entreprendre, meaning assume duties or attempt. An entrepreneurship is a process of someone who has a capacity and willingness to develop, organize and manage any enterprise or business venture along with any personal financial risks in order to make profit. Entrepreneurship is a process or an activity of discovering new ways or ideas of combining resources to make profits. Besides owning a business, entrepreneurship also includes any entrepreneur or a person who is a business leader or an innovator of new ideas to process a business.

Entrepreneurship is an incredibly difficult thing to define. Throw the question, “what is an entrepreneur?” out to a group of people and the answers you get back from person to person will be from simple things such as making money to incredibly complex personal characteristics including being socially aware and having the ability to develop personal networks.

Most of the businesses are started by individual who live by their own. They dream about an opportunity and knock on every door of fortune to get their dream true. Such as: An individual sold milk door to door by his own and such direct selling. Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

This paper seeks to enlighten certain features of entrepreneurship on the basis of the following statement:“You need three things to create a successful startup: to start with good people, to make something customers actually want, and to spend as little money as possible.” ― Paul Graham

1) GiftZip, the company profiled in the opening feature for Chapter 1, makes money via:

Although it is a given that many research findings demonstrate an overall agreement on entrepreneurial education and that entrepreneurship can be learned and taught to a certain extent, agreements around the entrepreneurship education curriculum such as teaching methods, appropriateness of concepts and educational course content, are not quite in unison amongst scholars (Robinson and Hayenes 1991; Kuratko 2005; Pittaway and Cope 2007; Liñán et al 2011). Therefore it can be assumed that entrepreneurial education can be a step forward in impacting young individuals to develop their entrepreneurial intentions and propensity, but the extent of such curriculum and its impact on nurturing effective entrepreneurs remains uncertain.

Ahmad and Hoffmann (2008), summarise the role of entrepreneurship from different perspective; defining entrepreneurship as the mind-set and process to create and develop economic activity by blending risk-taking (with Knights), creativity (with Kirzner) and innovation (with Schumpeter) with sound management, within a new or an existing organization. However, the multidimensional aspects of entrepreneurship make it particularly difficult to find a measure that covers all of these dimensions. Therefore, measuring entrepreneurship has occupied scholars for many years, such ambiguity in the understanding of entrepreneurship is mainly ascribed to the dynamic and complicated nature of entrepreneurship (Baumol, 2002). Frequently used measures are, SME’s, Self-employment, Business Ownership, and New venture creation.