Entrepreneurial Skills and the Entrepreneurial Instinct

1387 Words Jun 19th, 2018 6 Pages
Sir Alan Sugar famously once said regarding entrepreneurship and entrepreneurial skills “The entrepreneurial instinct is in you. You can't learn it, you can't buy it, and you can't put it in a bottle. It's just there and it comes out” (Mail online, 2010). Surprisingly enough this is a view not shared by everyone. Whilst it cannot be denied that entrepreneurs are all ultimately unique in some way empirical evidence suggests that they all do share some common characteristics and skills, some of which can be taught (Colette, et al., 2005). This essay attempts to define those characteristics and skills that enable entrepreneurs to realise the business potential in their ideas. In addition it explores the difficulties entrepreneurs may come up …show more content…
Whilst Vipin, et al., (2004) argues that in addition successful entrepreneurs need the ability to communicate the vision and build a relationship of mutual commitment between the entrepreneur and a group of followers in pursuit of a collective goal.
A common misconception is the secret of being a successful entrepreneur is to come up with a truly original idea (Barrow et al., 2005). Even with the right skills, characteristics and a truly great idea, entrepreneurs face many external business environmental influences and potential difficulties along the way to having a successful business venture. Many new business ventures fail despite adequate resources, excellent ideas, good business opportunities and charismatic entrepreneurs. One common cause is the underlying business model driving the venture. (Morris et, al., 2005). A ventures business model and the practical business skills of the entrepreneur required to develop it are key to the ventures success. At a basic level the business model defines the ventures revenue sources, pricing structures and expected sales (Stewart and Zhao, 2000). At an operational level the focus is on internal processes and including production delivery methods, administrative processes, resource flows and logistical streams (Morris et. al., 2005).
A Lack of market awareness and marketing knowledge can pose particular problems. Entrepreneurs who create a venture with

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