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Character traits of entrepreneurs
Character traits of entrepreneurs
Character traits of entrepreneurs
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Personality Traits and Characteristics
Carter, Gartner, Shaver & Gatewood (2003) found out that the main reasons that people create enterprises are self-realization, financial success, roles, innovation, recognition and independence and Hill (2002) stated that entrepreneurs are unique beings with equally unique set of features that motivate their entrepreneurial activities
In the psychological approach to entrepreneurship an entrepreneur is viewed as a set of personality traits and characteristics. Although a lot of research was done on entrepreneurial characteristics, there is still no definitive list. Jeffrey Timmons and colleagues (Timmons et al. 1990) in their review on personal characteristics and role requirements for entrepreneurs identified
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The need for achievement and risk taking propensity motivate entrepreneurs. (McClelland, 1961). Colton and Udel (1976) claimed that it is this risk bearing ability that distinguish entrepreneurs from others. Entrepreneurs believe that their destiny is determined by their actions and locus of control is the extent to which people believe that they are in control of their life. (Rotter, 1966) and is one key characteristics of successful entrepreneurs. They are different from people who felt their lives are dominated by external forces like luck or …show more content…
More and more countries are giving more and more importance to entrepreneurship studies and entrepreneurial programmes which have contributed largely to develop and shape an attitude and inclination towards entrepreneurship as a career in students. But still there is a popular question if entrepreneurs are born or made. There have been lot of research to determine if entrepreneurs are a special breed of human, with a need to achieve and succeed or if they can be created through education, training and
When analyzing the personality, cognitive, social, and behavioral features which differentiate successful entrepreneur and unsuccessful entrepreneur, one would have to look at the Bandura’s social cognitive theory in association with the triadic reciprocal determinism as a measure of determining behavioral, personal, and environmental factors which increases experiences which leads to critical thinking and observing every situation or challenges as a opportunity. I believe this theory is greatly associated with personality, cognitive, social, and behavioral aspects of an entrepreneur characteristic are linked to the bidirectional of influences bases on their behavior, environment, a different situational creations which increase learning and developing analyzing in a particular way. According to Gaimon and Bailey explains how one may adopt a dynamic learning perspective of entrepreneurship through gained knowledge’s and activities through life cycles and experiences. (p. 1429).
“There is no one definitive profile of an entrepreneur. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and smarts." (Principles of Entrepreneurship)
Other than that, behavior and attitude of an entrepreneur also can help for trying to determine the chances or any opportunity and provide some thought or plan and put into practice. This behavior and attitude will be complete successfully by individual, group, and usually this all are demand for ingenuity and the willingness to do something never done before that could be risky (4).
Entrepreneurship is the process of identifing opportunities in the market place, allocating the resources required to pursue these opportunities and investing the resources required to exploit the opportunities of long term gain. It involves creating wealth by bringing together resourses in new ways to start an enterprise that benefits the customers and the founder both.
"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.
The analytical framework above reveals the personality attributes that make an individual become an entrepreneur and the attributes are illustrated from conception to the end process. It is made up of a combination of entrepreneurial theories that allude to the psychological traits of an individual. A variety of entrepreneurial theories will be used to explain the framework. Conception of the personality attribute of an entrepreneur is the will to establish a kingdom, followed by the need for achievement, then internal locus of control closely followed by non-conformist and finally the culmination of all the personality attributes lead to an entrepreneur.
As proven in the second part, despite decision of choosing entrepreneur career depends on various factors, but the ambition to achieve autonomy or independence is the most appropriate explanation of why people prefer becoming self-employed to employee. Autonomy is essential non-financial work benefits (Matthias Benz, Bruno S. Frey, 2004). According to previous psychology literature, not only does autonomy provide motivated individuals a good opportunity to create and develop their new ideas, but they also experiment new ventures that they have not obtained in currently boring job or consider the work sectors they find more interesting (Baum, J. R. & Locke, E., 2006) (Matthias Benz, Bruno S. Frey, 2004). In related work, Rauch and Frese have indicated that entrepreneurs are people who always seek for independence in making their decision and flexibility to rearrange their work schedule,
Entrepreneurship - a special kind of activity. Its constant conditions are limited resources, competition and uncertainty of the situation. The main tools of the entrepreneur are: thrift, cooperation and innovation. Consequently, enterprise is the independent economic entity, with rights of a legal entity, which is based on the use of labor collective property produces and sells products, works, and provides services.
Some people accredit their success to fate, while others accredit it to their own achievements. I personally believe, good happens to people who work persistently for what they hunger. Being a successful entrepreneur is about sacrifice and hard-work. I assume I hold the qualities of a hard-worker. Scoring a twelve for action orientated was a shock. I find myself to be amply action orientated. I know whatever I require done, will not be completed unless I do it. I demand action in everyday challenges I am faced with. One structural characteristic of being an entrepreneur is being action-oriented. Willingness to utilize action and persistence are common traits of entrepreneurs.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
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.
Most successful entrepreneurs are have a passion for their product or service as well as a desire to solve a problem and make life easier, better, cheaper (10 Qualities of successful entrepreneurs, 2010). Their desire to be an entrepreneur is mostly due to in internal factor rather than an external such as money.
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
1. WHY? Develop your "why". As an entrepreneur, not all times you have in business will be perfect. In fact, there will be many, many difficulties along the way. However, if you can develop your why, you can achieve success. Your why must be this personal, passionate, emotional drive that keeps you going, when the world tells you to give up. It is the reason you commit and work so hard. Pushing on when it seems all the odds and world is against you. Your "why" becomes your driving will to wake up and do it again tomorrow.