Characteristics Of Entrepreneurship

Gerber argues that anyone can become an entrepreneur and create a successful company, a departure from the conventional wisdom on the question of whether entrepreneurs are born or made. Using a frame work he calls the "Dreaming Room," Gerber identifies four dimensions of the entrepreneurial personality and recommends a pathway to conceive of and develop a small business.with focused attention and the intention of actually achieving something and understanding the market, your core customers, securing capital, preparing financials—those kinds of elements? Every one of those

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).

. 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

Psychological theory has been used to better understand an individual’s willingness and ability to become a successful entrepreneur in society. It is widely recognised that entrepreneurs are a major source of economic growth and financial benefit for society; as such it is useful to understand the psychological traits and drivers behind a successful entrepreneur to encourage more people to become entrepreneurs for the benefit of society. There are two major psychological theories that are useful and also criticised in the understanding of entrepreneurship; these are the trait approach and the cognitive approach.

According to Jensen & Luthans (2006), entrepreneurial leaders are capable of identifying opportunities and gaining advantage. They also successfully manage the change and gain advantage. I discovered this characteristic within me through a business challenge that was organised by university in which I was studying. The challenge included proposing a business idea and I managed to propose the business idea focused on niche market. I was awarded with the second price in the challenge that further strengthens my belief of identifying the opportunities and taking advantage from them, which is also one of the characteristic of entrepreneurial leader.

Entrepreneurs also require certain characteristics that are necessary for success. The characteristics of many entrepreneurs include spontaneous creativity and a willingness to make decisions in the absence of solid data. He or she may be driven by a need to create something new or build something tangible. As new enterprises have low success rates, a person in this role must also have considerable persistence. He or she may have the greatest chance of success by focusing on a market niche either too small or too new to have been dominated by established businesses.

A remarkable amount of people most definitely agree that an entrepreneur is someone who started his or her business. Understand that this bland definition does not quite give a full understanding of entrepreneurship. When launching any form of entrepreneurial leap, it will create circumstances that can make you better as a person mentally, physically, spiritually. By understanding your passion and visualizing the dreams you possess can push start your drive to become an entrepreneur. Entrepreneurship also requires a massive amount of trust in not only for yourself but your product and employees. At one point of most entrepreneurs life they have gone through the worst imaginable, having resilience most definitely sets them apart from the average. Even though it is extremely difficult to accept tough times, your dream should not go on pause. As an entrepreneur having patience and controlling the situation, especially tough ones is a major key factor on entrepreneurship. Thus being said there are 5 great qualities that describe a successful entrepreneur resilience, agility, Patience, trust, and passion.

I am working for EY (formerly Ernst and Young) in the past 3 years and I am assigned in the IT side, supporting both the IT infrastructure and applications used by one of the Service line in Assurance called Fraud Investigation and Dispute service (FIDS).

The Entrepreneur I have researched and written my report on is the world famous Walter Disney.

“I've known entrepreneurs who were not great salespeople, or didn't know how to code, or were not particularly charismatic leaders. But I don't know of any entrepreneurs who have achieved any level of success without persistence and determination” -Harvey Mackay.

In his view, the entrepreneur is a revolutionary innovator that “requires aptitudes that are present only in a small fraction of the population” (Schumpeter, 1946, p.132). These aptitudes include; a strong intellectual capacity, drive and determination, creativity, and leadership skills (Schumpeter, 1934).

The meaning of the word "entrepreneur" has a long history of transformation: from to do something, to work, and then to gradually include various attributes such as risk bearing, requiring skill sets, innovation and being profit-centered. (Cowdrey, 2012) The word changes. So does the group of people represented by the word and their mindset, which has become a research highlight over a decade. As scientists and researchers are making progress, the general characteristics of how expert entrepreneurs think have been summarized and professors have been making attempts to lecture people the essence of such mindset so that more individuals are able to contribute to the society. This essay is focused on the mentioned two aspects: features of typical mindset of successful entrepreneurs and how these can be developed.

This paper will explore the social, economic and environmental characteristics for entrepreneurship in the Olusosun rubbish dump as depicted in the movie welcome to Lagos. (LINES OF EXPLORATION???????)

Over time many definitions for the term ‘entrepreneurship’ have been given and interpreted, but there is continued discussion on its exact meaning. Blundell, Lockett, and Schumpeter have all offered their definition, and even with their statute in the academic community their definitions are interpreted in different ways. Although entrepreneurs may not be aware of these definitions, they engage in their own version of what entrepreneurship is, and researchers found that they show characteristics from one of two models (Gilad and Levine, 1986) that lead to how decisions are made in their enterprise. Despite having two different models, an entrepreneur may not always fall under either category, and the American entrepreneur Kim Bentham exhibits characteristics for both models. Kim a New Hampshire native, was born in New York, and attended Hardwick College. Since attending Hardwick College he has started several businesses over that time span. Most notable is Iron Gate Farms LLC, where he runs a successful Farm, Car Carrier Service, and Wedding Venue under that title. Mr. Bentham’s ability to make his businesses stand out in the New Hampshire market, as well as his character traits made him the perfect candidate for this study. But how was his role of the entrepreneur in this enterprise, affecting the enterprise itself?

Entrepreneurship involves many different things; from understanding the entrepreneur himself to the idea and running the business. Some people simply do not understand what entrepreneurship is and some people believe that all entrepreneurs have a certain skill set or psychological make-up. Others believe they have what it takes to begin a business but fall short. Through our research we answered the basic questions; who will become an entrepreneur, what is an entrepreneur and how do they run and grow their business.