Entrepreneurs are a very, or perhaps the most, important boost in our economy. They do not only take the risk for the sake of a business, but also they provide our economy with employment opportunities and culture. A society can only be prosperous only when it rewards and encourages entrepreneurial activity because in fact, it is the entrepreneurs and their activities that are the critical factor for success, prosperity, growth and opportunity in any given economy. Entrepreneurship is not easy and it comes with its own risks and up and downs. On the last decade, entrepreneurship has rose and expanded, with this change and constant expansion, it has changed the rules of entrepreneurship once again. But I certainly believe that …show more content…
He or she must accept enough risk to innovate and create, but not so much that the business or activity is not profitable.
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.
One of the disadvantages of being an entrepreneur is that it has a lot of vulnerabilities. For example, entrepreneurs may face social risk if their innovations challenge societal norms, or they may face psychological risk as their hard work affects their families' peace of mind. Many find that the independence, notoriety, and feeling of contributing something valuable to society that often come with being an entrepreneur outweigh these dangers.
All of this values mentioned above are characteristics required in a great, perhaps on all successful, entrepreneurs. But everybody needs to find the characteristics needed in
Personal Characteristics: Under this category, it would be important for an entrepreneur to have optimism, the hopeful feeling that all is going to turn out well. An entrepreneur should have a vision, the ability to envisage a compelling future and articulate it to others. An
Those people that have an entrepreneurial spirit are those with balanced talents and willing to choose risky operations. Entrepreneurs must have creativity to succeed in a work place or in
Entrepreneurs are the people who are not afraid of taking chances though knowing that the chances might be bad, but nonetheless they are always positive and hope for the best. The risks they take are well calculated so that when it succeed, it brings good results.
2. Do you recognize any of the entrepreneurial personality characteristics in yourselves? Which ones? Do you think it’s possible for a person to develop the characteristics that he or she lacks? Why or why not?
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 belief and implementation of free markets and pro-business policies have allowed the American nation to become the strongest country in the world. The entrepreneur is a special type of business person that is hurt by the livable wage. Our nation’s economy is diverse and adaptable because entrepreneurs are always willing to take risks to make money and stay competitive. Entrepreneurs act as the catalysts for the American economy. They take the capital risks to create new products,
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
"Entrepreneurship requires departure from the comforts and security of "normal life" (Toren, "Entrepreneurship as the Hero's Journey"). Being an entrepreneur is a lifestyle, a way of life that's different from an ordinary "9-5" job norm that most workers are used too. Risks that must be taken in consideration with becoming an entrepreneur involve abandoning the steady paycheck, and donating personal time and health. (Demer, “Risks Entrepreneurs Must Take”) Entrepreneurs must be prepared knowing there isn’t a guarantee for personal income. Entrepreneurship takes a toll on the average person. You’ll spend countless hours doing work to make your company successful. (Demer, “Risks Entrepreneurs Must Take”) Bill Carmody, founder of the digital company
- One who creates a new business in the face of risk and uncertainty for
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.
The entrepreneurial competencies explain about entrepreneurs through their characteristics and qualities. This model is composed by Driessen (2005) that divided into six characteristics and three qualities. (van der Laan, Driessen & Zwart, 2011) Driessen & Zwart (1999) conducted the research to establish a “scanner” in order to measure elements of entrepreneurship and entrepreneurial traits. (Ismail, Zain & Zulihar, 2015) The findings from past research showed that high score of these traits from successful entrepreneurs compared those who failed in their venture. It is shows what is necessary to develop entrepreneurial attitudes, the seven characteristics such as:
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
According to Longenecker, Petty, Palich, and Hoy (2014), “an entrepreneur is a person who relentlessly pursues an opportunity, in either a new or an existing enterprise, to create value while assuming both the risk and the reward for her or his efforts” (p, 6). In other words, entrepreneurs are risk takers that are motived by profits, achievements, or success. This motivation helped Chairman Michael German (i.e., German) help grow his family business from startup to a forty-six employee company. Although German shared how the organization has successfully grown over the years, there are advantages and disadvantages of owning the corporation; therefore, his recommendations are important for future entrepreneurs.
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.