Organizational Qualities Of An Entrepreneur Essay

To organize and prioritize the current and future projects in the pipeline in a way that fits into the PMB budget of $5B, and ensures projects that increase sales, growth, and stockholder value are of top priority, whereas projects that are not beneficial are either put on hold or discarded.

Adaptability – This is the ability to cope in any situation you find yourself as a successful business leader. So, it is very essential to adapt to any condition you find yourself. Initially, starting up a business might be tedious to adapt; but, bearing in mind that business is a risk. You either succeed or fail. So, in any situation the business dribbles you, you should keep striving for survival. Although, you will stumble into things that you did not expect but, don’t give up. Even people may deceive or try to frustrate your organization never give up. With perseverance, you will succeed.

In the changing business environment, leaders of all organisations may face unprecedented uncertainty, especially the technology advancement and changes among the employees. To survive and succeed, leaders should have some necessary attributes. Meanwhile, some changes for leadership skills have to be made to confront the challenges.

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?

. 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

Leading change involves an individual's ability to bring about strategic change within and outside an organization to meet the goals of that particular organization. This executive core qualification should establish an organization's vision and implement it in a continuously changing environment (OPM, 2006). Some of the competencies involved here include creativity and innovation, external awareness, flexibility, resilience, strategic thinking, and vision. Creativity and innovation helps an individual to develop new insights into situations, question conventional approaches, and design and implement new or cutting edge programs (OPM, 2006). A flexible individual will always be open to change and new information and rapidly adapt to new information. Resilience helps one to deal effectively with pressure and remain optimistic and persistent. Strategic thinking competency is critical in formulating objectives and priorities and implements an organization's long term interests.

Because of rapid economic growth in XXX over the past years has increased the fear of major business failure, risk has become an overwhelmingly dominant business topic. As a result, top managers are now focusing on risk management in their companies. As each business entity struggles with its own set of needs and circumstances, the need and flexibility to address this continuously changing and volatile economic environment, would be extremely challenging and fulfilling to me.

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.

The business has to establish specific and achievable goals because otherwise the risk management team and the individuals in it will have no direction, nothing to aim for. Goals provide a focus and purpose for action.

There are different factors that can influence the success of a business. For each entrepreneur, the factors might be different depending on their knowledge, skills, and personal traits. However, I will mention a few key points that I consider are relevant and every entrepreneur should take into account in order to succeed. The most critical factors are execution, knowledge and skill, honesty and integrity, passion, hard work, and persistence (Sutevski, n.d). An entrepreneur needs to execute his or her ideas. Only actions lead to success, it doesn’t matter how great the ideas or plans are if there is no action there

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

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

At least two different organizational structures are identified, described, and compared in terms of their design principles.

Have you ever had a miraculous idea? The kind of idea where your head keeps on spinning with intriguing questions, so many that your head might spin right off. Where to start and whose going to pay for it? Is the idea even possible to make? These are a couple of the question racing through your mind. The adrenaline is rushing through your blood steam. You want to tell everyone in the world, but in the real world there are people out their looking to steal those great ideas. Which in turn leads to secretiveness of the idea. In a sense it would be like spilling the beans on the Manhattan project.

It is widely agreed that certain personality traits are important to being a successful entrepreneur. If we are not born with those innate characteristics, psychologists believe that we do have some ability to adopt new ones or influence ourselves to a certain degree.