An entrepreneur is defined as a person who is a business founder, owner and manager and the main goal is to grow. Personality is the nature of the entrepreneur, will affect his interaction with the environment. Personality is a personal difference, influenced by personal development, such as values, attitudes, conduct, social relations, way of thinking, habits and skills. The followings are personal characteristics of entrepreneurs which is self-confidence, willingness to take risk, Type “A” and Type “B” personalities, proactive and locus of control. Self-confidence is a sense of trust in someone or something.
Entrepreneurs are the people with the outlook of business and it is a combination of business wisdom, innovation and determination. Entrepreneurs are rare pressure of leaders and compounds for economic change. They are searching for changing and respond to it. They consider
Being fearless doesn't mean being reckless; you simply take calculated risks backed up by research and an understanding of business timing. Collaborative When you hone your collaboration skills, you open yourself up to increased business opportunities. Other companies are more willing to work with you on mutually beneficial projects and your employees tend to work better as a team. Become known as a collaborative individual and you'll be amazed at how your opportunities increase. Ethical Like collaborative individuals, those known as ethical tend to go far in business.
So entrepreneurs are identified by a set of behaviors which connect them with organization creation. Also an entrepreneur is principally by innovative behavior and will employ strategic management practices in the business. Theme 3: identifying business
Admittedly, managing a small business require a lot from the owners. In addition to the character traits mentioned, an owner needs the skills and knowledge necessary to run a successful business. Therefore, it is crucial that the owner realistically: • Able to balance the demands between your business and your family • Assess the personal attributes significant for your success as an entrepreneur and which could spell the success of your business; • Assess your managerial skills • Perform a personal financial assessment Entrepreneurs are central to the success and failure of a beginning small business. The ability to overcome obstacles with equanimity is essential for the owner. Below are descriptions of what successful businessmen are: • Sensitive to the needs of the customers through keen observation.
IFA – MBA CFD: ENTREPRENEURSHIP & FINANCE Silvère Kembakou 1 UNIT 1: INTRODUCTION TO ENTREPRENEURSHIP What is your understanding of being an Entrepreneur? I. Being an Entrepreneur 1. What Entrepreneurs do: - Entrepreneurs create businesses or own them. - They develop their vision about their business and take decisions to achieve their goals.
Hisrich (1990) defined that an entrepreneur is someone who have the ability to organize social and economic mechanisms to turn resources and situations to practical account, and accepts risk and failure by demonstrating initiative and creative thinking. From the above definition, we can understand that being an entrepreneur is not just starting a business, it is about having attitude and the drive to succeed in business. So, all the successful entrepreneurs have certain qualities in common. Santhi and Kumar (2011) has highlighted
Observant is also a trait that successful entrepreneur always use. In this context, observant is used by the entrepreneurs to search for the problem in the community and create a product or services that can be used by the people. They also will analyze the strength and weakness of the organization to improve their quality in planning, organizing, leading and controlling. The advantage of entrepreneurs that have this feature is their ability to predict things before they happen whether the matter will give profits or losses on them. It says that the best entrepreneurs are very aware of the world around them.
Entrepreneurship refers to all those activities which are to be carried out by a person to establish and to run the business enterprises in accordance with the changing social, political and economic environments. Entrepreneurship includes activities relating to the anticipation of the consumers likes and dislikes, feelings and behaviors, tastes and fashions and the introduction of business ventures to meet out all these expectations of the consumers. Entrepreneurship is the ability of entrepreneurs to assess the risks and establish businesses which are risky but at the same time suits perfectly to the changing scenarios of the economy. “Entrepreneurship as the function of seeking investment and production opportunity, organizing an enterprise to undertake a new production process, rising capital, hiring labor, arranging the supply of materials, finding site, introducing new techniques and commodities, discovering new sources of raw materials and selecting top managers of day to day operations of the enterprise”. According to Schumpter, “Entrepreneurship is the purposeful and systematic innovation.
They can create a new business by infusing their tacit knowledge, dynamic capabilities and innovative ideas at that extent, that even their initial idea collapse they will come up with another solution. So why does a vast amount of start ups fail? The answer lies on their disability to combine and imply their entrepreneurial activities both in the internal and the external environment of their business. Strategic entrepreneurship is the combination of planning and management the internal environment of a firm as well as the ability to adapt into markets needs. Successful risk takers are the ones who challenge their capabilities, trust their intuition, analyze the environment and jump to every opportunity.