Assignment Entrepreneurship and Business plan final piece Essay

2006 Words Mar 11th, 2015 9 Pages

Table of Contents
Coverseet 1
Table of Contents 4
1. Introduction: 5
2. Strengths: 5
2.1. Leadership 5
2.2. Internal locus of control: 5
2.3. Need for achievement 6
3. Weaknesses: 7
3.1. Risk-taker 7
3.2. Innovativeness 7
3.3. Proactivity 8
4. Conclusion: 9
References: 10

Personal reflection on entrepreneurial characteristics

1. Introduction:
Over the years, several attempts have been made in explaining the term entrepreneurship. Surprisingly there is still no universally accepted definition. Meredith et al 1982, quoted by Kirby 2003 define entrepreneurs as “people who have the ability to see and evaluate business opportunities; to gather the necessary resources to take advantage of them; and to initiate
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Some dominant cultural values and training encourage the need for achievement. Moreover, it is the inner drive of individuals that drives them to work more and to achieve something for their own interest by taking personal risk (McClelland, 1965). Although McClelland’s findings are important, there is no evidence if individuals actually perform better because of their higher need for achievement. There is no clear correlation between achievement motivation and the level of performance achieved (Littunen, 2000).
Example: Over the last two years I have done two unpaid summer internships. My desire to gain a greater and more in depth understanding of the workplace has been rewarded with the essential experience I gained. As a result, I am more aware of the environment I will have to work in, I am more employable and I am now able to set myself more realistic goals for the future.
3. Weaknesses:
3.1. Risk-taker
By the nature of their activities successful entrepreneurs have to be able to take calculated risks. Webster's Third New International Dictionary (1961) quoted by Robert and Brockhaus (1980) defines an entrepreneur as "the organizer of an economic venture, especially one who organizes, owns, manages, and assumes the risk of a business”. Knight (1921), quoted by Baum, Frese and Baron (2007), also supports that “entrepreneurs have a higher risk-taking propensity than other people because entrepreneurship is concerned with decision making under uncertainty”.
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