Discuss and Critically Evaluate the Most Commonly Cited Characteristics Found in Successful Entrepreneur?

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?

“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.

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.

Entrepreneur plays a vital role in the market, for a successful business entrepreneur one should have basic values & perceptions. The following are the qualities or factors leading an entrepreneur to a successful journey in the business

There is a distinct difference between entrepreneurs who are successful and ones who are not. The successful ones seem to have a better cognitive ability, and this skill helps serial entrepreneurs to identify further opportunities (Baron & Shane, 2008).

Many people have a complete misconception of what, exactly, makes someone an entrepreneur. Pop culture has bombarded us with the image of the money hungry businessman out to make a profit at whatever cost to his personal life and relationships, not all too far from Jesse Eisenberg’s portrayal of Facebook founder Mark Zuckerburg in 2010’s Social Network. However, having spent the last semester in my first entrepreneurial studies, it is clear that the real entrepreneurs of our society have qualities that go much deeper than a lust for money or fame. Entrepreneurship is defined by Bruce Barringer, of Oklahoma State University, as “the process by which individuals pursue opportunities without regard to resources they currently control,” and in order to fulfill this role an entrepreneur must possess the qualities of a leader as have been discussed in our time in Project LEAD thus far. Specifically, they must possess a mix of traits that has come to be known as emotional intelligence. The need for emotional intelligence can be clearly seen when analyzing its key components and how entrepreneurs use them.

Ability to establish, run and successfully conclude projects: An Entrepreneur’s key trait is passion and dedication. These abilities help Entrepreneur to be able to create and control a business. Skills like Organization, interpersonal, marketing, management, financing and administration are very important for an Entrepreneur. This is the most important for build self-confidence and avoids risk.

Based on Knight’s economics view (1921), risk-taking is crucial to entrepreneurism. This view is supported by many classical theorists like Cantillon and Richard (1755) who explore that entrepreneurs bear risks or uncertainty to keep supply-demand balance. Phan (2008) also support this positive relationship and assert that entrepreneurs are risk-takers, not gamblers. However, Bula (2012) argues that

A person belief their ability to successful in the specific task is called self-efficacy. People estimate of their basic capacity to adapt, perform and be successful and was found to be positively identified with occupation performance. Generalized self-efficacy is implied significant to impact an entrepreneur in taking part in inventive activity, adopting a proactive position and taking risks. Such capacity is frequently developed slowly through experience and is strengthened by past achievements. Entrepreneurial self-efficacy is the degree

First core characteristic is being an innovator, in here an entrepreneur introduces new ideas, products or methods that will be beneficial and will give entrepreneurial change to both organisation and the people they serve. An example of this within Auckland City Mission is that, they continue to strive hard to foster innovation based on research and practical experience of clients and knowledge from staff and other agencies in order to be effective.

First, in the chapter six assessment we learned about managing small business startups. This “Do You Think Like an Entrepreneur?” assessment measures the likelihood of me becoming an entrepreneur. The self-assessment questions to some aspect of improvisation, which is a correlate of entrepreneurial intentions. Entrepreneurial improvisation consists of three elements such as creativity, ingenuity, and the ability to produce novel solutions under constrained conditions. Successful entrepreneurs also have the ability to work well under pressure while also having action, persistence, and the determination to achieve goals and solve problems in the moment. Based on my personality, I would have assumed that I would was not fit to be entrepreneur because although, I am always

Concepts of taking risks have regularly been associated with behavioural characteristics of an entrepreneur. A study on intention of nascent entrepreneurs, Caliendo et al (2009) discovered individuals who are less risk adverse tends to enter self-employment but this only applies for those leaving regular employment. Risk attitudes however, do not affect the decision process for those moving away from inactivity or unemployment.

Explaining the importance of small business in our society and the basic characteristics of entrepreneurs is essential to define the position that these two play in today’s economy. To define the importance of small business and entrepreneurs we need to understand 3 main points, the definitions and examples of each, the position that they play in the economy, and the benefices that they bring to society. Even though some people still believes that big corporations are the big part of the economy, small business and entrepreneurship are vital for the US’s economy.

According to the first segments on the TSBDC training website, one does not have to have a certain personality in order to be a successful entrepreneur. One does, however, have to obtain certain personality traits, or characteristics, to truly have what it takes to become a successful entrepreneur. For example, a person who lacks confidence, is shy and uncomfortable breaking rules or not willing to work as hard to find opportunities will most definitely struggle in entrepreneurship. On the other hand, someone who has perseverance, integrity, drive and willingness for innovation has potential to make it unbelievably far. This is why if someone becomes interested in becoming an entrepreneur, it is a good idea to make sure they have what it takes. Comparing your personality traits to one of entrepreneurs is a great start. The lengthy list of characteristics ranges from competitive, positive, and good money management to confidence, accessibility and reputation. Where it gets tricky, though, is that someone might not have every personality trait listed. For that reason, one might want to ask themselves different questions to ensure their true ability. The main five questions one might want to ask them self are as listed: Are you comfortable breaking rules? Are you going to be able to handle making enemies along the way? Will you be willing to start off small in attempt to work your way to the top? Can you rapidly move and change your strategies? Can you close the deal? (TSBC)

ONE: What kind of person tends to be successful as an entrepreneur? In the book Small Business Management: An Entrepreneurial Emphasis, the authors portray an entrepreneur as confident of his or her abilities, as a "risk taker" because often they use their own cash, because if they have left a secure position with a company they are placing their family at some risk albeit the kinds of risks an entrepreneur takes is considered "moderate" (Longenecker, et al, 2005, p. 16). Moreover, the authors offer six categories to describe the traits, skills, and other aspects of the proto-typical entrepreneur. Those six categories include: a) commitment and determination ("entrepreneurs are tenacious, decisive, and persistent"); b) leadership (entrepreneurs are "team builders" and they are honest in their business relationships); c) "opportunity obsessive" (entrepreneurs are acutely aware of customer needs and market realities); d) "tolerant of risk, ambiguity, and uncertainty" (see "risk-taker" above); e) "Creativity, self-reliance, ad adaptability" (being flexible, open-minded, and uncomfortable with the "status quo" defines an entrepreneur); and e) motivated to excel (being goal-oriented and fully aware of their own flaws and weaknesses is important) (Longenecker, 16).