Entrepreneurship

An Entrepreneur is a person who forms and operates a business. Entrepreneurs form and start companies by themselves, or with partners. Most of the time companies which are started by entrepreneurs are relatively small in size, but some grow into huge corporations, such as Microsoft which is owned by Bill Gates. Entrepreneurs have four different options when starting a business, which include a sole proprietorship, Partnership, limited liability company, and also a corporation. Each form has its advantages and also disadvantages depending on what the type of business is, and also what service it provides.

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.

. However avoiding failure and improving performance, can be achieved through adapting the entrepreneurs behaviour and characteristic, as long as the entrepreneurs is willing to learn. In microbusiness, organisational outcomes however are likely to be profoundly influenced by founders (Hannan et. al., 1996). The characteristic and attributes of individual entrepreneurs which can influence the organizational behaviour such as employment status and personality traits have been found to be relatively poor predictors of even survival and success, let alone of specific organizational behaviour such as innovativeness (Cooper and Gascon, 1992).

Entrepreneurship involves entrepreneurial skills to develop, organize and manage a business venture by focussing on opportunities along with any of its risks in order to make a profit. Entrepreneurship is also an approach to management that can be applied in start-up situations as well as within established businesses. (Business Management: a contemporary compilation)

An entrepreneur is someone who starts a new company to produce a product or service. An entrepreneur is usually a risk taker and an opportunist. Entrepreneurship is a positive change in our society. Entrepreneurship is combined with land, labour, resources and capital in order to make a profit.

Entrepreneurs come from all over, of many different types, with many different talents and many different dreams. Not everyone, however, whom owns a small business, is an entrepreneur. We have a dream and we attempt to pursue it, yet end up finding ourselves working twice as hard attempting to make it work because we only trust ourselves. You go into business for yourself but spedn so much time working on the product and doing the chores that you lose sight on the business itself. In fact, according to Gerber, only a select few are true entrepreneurs and for the others it may have existed for a short period of time. From a newcomer’s perspective, one would think of course if they own their own business they are classified as an

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

Not to mention, entrepreneurs are the Adventurer the Opportunist and the Asset Allocator. It’s someone who seeks success or money through daring exploits. A supervisor in a company will be motivated about the people they supervise and the tasks set ahead. Being an adventurer is also important because it shows you are willing to take risks for the company. This characteristic can be viewed as an asset to the company. Another characteristic of a good entrepreneur is being an opportunist. This is someone who is willing to invest their time and energy on a product, even if people don’t agree with the plan. This is a trait that every entrepreneur should have and is very crucial to the success of a company. Often times this kind of leader is known as limitless. They are known for going above and beyond to get a specific task done in detail. They always believe in the greater good and offer brighter prospects to the table. An opportunistic view is helpful when conducting business in a professional setting. This leader remains to the basic course while capitalizing on ways to improve his products and service.

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.

An entrepreneur is someone who starts, operates or sets up a business and is usually the main shareholder in the business venture. They take on financial risks with the hope of making a profit

To understand the key differences between intrapreneurs and entrepreneurs in terms of personalities, we should go over three main points which are the person risk-tolerance, personal skills, and the ability to recognize market opportunities.

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

These theories of enterprise consider that it is the personality / traits of the entrepreneur that defines their actions. The traits most often proposed by various approaches are achievement motivation, risk-taking behaviour and the desire for control. However there are traits such as need for autonomy, determination, initiative, creativity, self-confidence and trust, which have also been observed.