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 against along the way towards having a successful business venture.
Meredith et al. (1991) describes an entrepreneur as someone who has the ability to see and evaluate business opportunities, gather resources to take advantage of them and undertake the necessary actions to ensure success. When reviewing literature we find we can characterise entrepreneurial characteristics and skills into three distinct key groups, personal characteristics, interpersonal skills and practical skills. According to Locke (2000) one of the most common personal characteristics shared by successful entrepreneurs is their work ethic or ‘love of their work’. Timmons and Spinelli (2006) support this view suggesting that it is this ‘passion for work’ that allows entrepreneurs cope with the extreme levels uncertainty and resources shortages when launching a new venture. Others such as Bass and Stogdill (1993) suggest that it is perseverance that pushes the entrepreneur through difficult business start-up process.
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It started by watching a video that described ‘The Millionaire Fast lane’, and introduced us to the 3 lanes in our life: The sidewalk: in where people live each moment in their life to the fullest, not saving money till times of need. The slow lane: in where Time is Money. People save up money and work hard till the time they retire. The fast lane: Rather than waiting for retirement to obtain what you desire, you want to do it now. Later, we discussed why to become an entrepreneur. Whether it was to be your own boss, pursue own ideas, or for the sake of earning financial rewards. Characteristics of an entrepreneur were also discussed. Such as: The passion for the business, having persistency, product/customer focus, and execution intelligence.
Over the centuries, civilization has had a prevailing number of successful entrepreneurs. From Steve Job’s technology revolution to Walt Disney’s lucrative entertainment business; such are those who revolutionize their own self-made businesses, cultivating it to reside in today’s thriving marketplace. But beyond this substantiality lies an even more intriguing question: “Are [such] entrepreneurs a special breed, born into this world with a drive and need to succeed […], or can they be created through education, experience and mentorship?” (Daley 2013, p. 65). Evidently, this deep-seated debate over whether successful entrepreneurship stems from nature or nurture has resulted in a division of sentiment.
Throughout this course, I have gained knowledge to help me gain a higher chance of success within my life. Through class discussions as well as the required text, Servant Leadership, I have been able to increase my comprehension regarding entrepreneurial thinking. In order to utilize my new found understanding, I must therefore apply the knowledge to my current path, which is set to lead me down a road with stops at law school as well as the Peace Corps. Furthermore, in order to properly walk such a path, I must also address my strengths and opportunities that have the ability to give me a competitive advantage within the job market. As I have weaknesses and threats to consider too, I must set forth a plan that will properly utilize and prepare
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
Yet because of the very nature of entrepreneurship, top down policies may well facilitate enterprise; but are less able to promote the individual skills, knowledge and attitudes that characterise successful enterprise (Dodd and Anderson, 2001). (176), Increasing the number of small businesses is important, more is better because having more businesses increases the number of all innovations. Yet innovation involves more than merely managing, it encompasses attitudes, values as well as practices (Pyysia¨inen et al., 2006). To be an innovator in a competitive environment requires not only a growth strategy (Anderson and Atkins, 2001) but skilled practitioners. I consider how universities can capitalise on there own unique capabilities of knowledge creation and knowledge dissemination to better enable these nascent entrepreneurs. Entrepreneurship’s current popularity as an economic solution is matched by the variety in how it is conceived. (177), At a national economic level, the sum of successful innovation represents a competitive advantage of that country. (178), So promoting more new business seems a good thing to do; more new firms are more likely to develop products or services that “fit” the rapidly changing environment. But as well as the shifting environment (Anderson et al., 2011b), the entrepreneurial evolutionary model also needs to take account the skills and abilities of the entrepreneurs to adapt (Irvine and Anderson, 2004). Harbi and Anderson (2010) show how different environment produce different types of entrepreneurial outcomes, but a key point is that entrepreneurs can challenge and even change institutions and environments (Anderson and Warren, 2011). Necessity
By understanding ones entrepreneurial identity or to be able to construct ones identity can help to develop the capacity of a person’s entrepreneurial learning in study or in workplace.
The entrepreneur is defined differently across many platforms they all share some commonality (Davison, 2008). This commonality consists of certain traits such as risk taking, innovative thinking, and an opportunity-seeking mindset to create, improve or expand a business (Davison, 2008). The entrepreneur functions as a promoter to the generation of wealth (Davison, 2008). The entrepreneur is important for the movement of the market and constant challenge to the status quo, indirectly improving all related business involved.
There are several skills associated with the three core entrepreneurial competencies. These skills are more characteristic of successful than average entrepreneurs. Table 1 summarizes the three entrepreneurial competences and the corresponding skills.
When considering entreprenurship, I reckon it’s vital to consider the contrast between the skills and genuinely being an entrepreneur. Being an entrepreneur is much more
Entrepreneur's should have a strong drive to successes and overcome obstacles. Confidence and strong will are must. An entrepreneur should be sharp and always think of ways to run their business flexibly .Another important quality of a successful entrepreneur is being adaptable to
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
Studies have found that there is a deep link between Entrepreneurship and Need of Achievement. According to Begley and Boyd (1987), those who have founded their own companies had a higher need for achievement than non-founders or owner managers. Also, (Stewart et al., 1998) responded that need for achievement is higher in entrepreneurs than the corporate manager and owner managers. Need for Achievement is usually high in entrepreneurs than the general population. It provides them with motivation to go ahead and achieve their next target easily. Entrepreneurs showing this tendency usually are good planners, sets their goals, always look for information and learning (Miner, 2000). They accept success and failure of their work and this need of achievement help them to overcome failure, obstacles and setbacks.