Essay on Common Traits of Entrepreneurs

What do entrepreneurs do that distinguishes them from any other person involved in business? Why is it that personality characteristics may be good predictors of who will be a successful entrepreneur?

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise (Merriam-Webster, n.d). Some characteristics of an entrepreneur are, the willingness to work hard, the desire for responsibility and the confidence in their ability to succeed. The person that I chose to interview for this paper is, Adama Kuyateh.

Entrepreneurs are risk takers in the market. They are willing to gamble their hard work for a business that may fail or succeed. Many fail to keep their business alive, however; others are lucky to compete and survive in the market. Entrepreneurs like Maribel Galsim, owner of Maribel’s Daycare, were successful in their business. Maribel’s Daycare was successful because of hard work, patience, and being adaptable.

“The fact that most new businesses fail is hardly a secret”(James Surowiecki). In this quote, Surowiecki is saying that all entrepreneurs know that when they start a business, it can either prosper or fail. Building a successful business takes time and money. However, it also takes a lot of commitment. One has to be focused on his or her goals, and they must do whatever it takes to accomplish them. The most important characteristic of an entrepreneur is determination because it can help a businessperson accomplish any goals they set and build a successful business.

This article talks about how it can be difficult to be an entrepreneur but it’s worth it. An entrepreneur is when one lives off their own business. Eades talks about how by starting your own business you can make a positive impact no matter the risk that exists of failing. The author mentions a few people that are well known that became very successful; for example, Steve Jobs and Bill Gates. Following their footsteps is very extreme; it can be a goal but it is something

Entrepreneurs a good ability within themselves, a knowing that they can accomplish may they take their minds as well. Most people in society have a settling mindset; they accept what life deals to Entrepreneurs on the other hand, the ability to see the obstacle in front of them as Markets. to accomplish something great. This is a Major Life-Changing Mindset.

Entrepreneurship roots from the word entrepreneur, which according to www.wikipedia.com, it can be defined as one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line in support of an idea or enterprise. They willingly assume responsibility for the success or

Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are open-minded, able to learn quickly, and skilled at conceptualizing.

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.

An entrepreneur is “a person who organizes and manages a business with considerable initiative and risk”. In other definitions an entrepreneur “identifies an opportunity or a gap in a market and evaluates the risk related to the establishment of the business and is prepared to take the associated risk to start the business in the quest for making profit; and has the ability to obtain the resources to establish and grow a business”. Entrepreneurship exceedingly relies on entrepreneurs to start-up, develop and produce companies across the use of their

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.

Explain and critically analyze unique traits of an Entrepreneur, discuss these related to personal strengths and weaknesses

They are the four main characteristics which keep an entrepreneur elevated from an ordinary owner manager. In addition to them, I found some more behaviours, skills and attributes that a person should possess as an entrepreneur. They can be shown as in Table 1.

There has been extensive research conducted on the characteristics that successful entrepreneurs possess. These attributes vary widely across literature, however there are common key traits that are required to achieve any form of success. Frederick et al (2013) suggest entrepreneurs are risk takers, optimistic, have sound judgement and an ability to manage. While a review of literature relating to the psychology of an entrepreneur reveals a large variety of characteristics in a successful entrepreneur, these can be consolidated to a a few into only a few traits that are essential for a successful entrepreneur. Whilst taking into