It was asserted by Nadkarni and Herrmann (2010:1050) that the personality traits of an entrepreneur influence the strategic decisions and actions of a firm which eventually have implications on the firm’s performance. Burger (2010) defined personality trait as the regular behaviour patterns and intrapersonal processes that is from within a person. In simply words, personality trait is characteristics that give someone their individuality. However, not much clarity has been given if personality trait participates in the business success as well. Business success which is defined as the accomplishment of the venture goals that was initially set by the entrepreneur , like the financial stability (Farrington, 2012).
Introduction to entrepreneurs Entrepreneurship refers to the concept of developing and managing a business venture to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business. Entrepreneurship has played a vital role in the economic development of the expanding global marketplace. An entrepreneur is willing to work for himself and by himself. There are several different meanings of the term entrepreneurship.
Although such a business firm may have a huge potential for acquiring large benefits later on and create itself into a bigger undertaking. Anyway the common investors are by and large unwilling to put their funds in them because of risk included in these sort of investments. To give financial support to such entrepreneurial ability and business skills, the idea of venture capital emerge. As it were, venture capital is a commitment of capital, or shareholdings, for the development and setting up of small scale enterprises at the early phases of their life cycle. Venture capitalists include experts of different fields.
Completing this degree and starting your own business doesn’t just mean that you are your own boss, but that you are also directly contributing towards job creation, which is very rewarding. It can provide you with independence as well as control over all of the business actions of your company. Additionally, while the focus of entrepreneurship is on creating your own business, it is also a degree that teaches you knowledge and skills that are useful when working at any type of small business. Finally, a degree in entrepreneurship can teach you a lot of lessons that other entrepreneurs had to learn the hard way. It can assist you with gaining valuable knowledge, which means you won’t later to have to spend a lot of money on consulting fees after your business is up and
An entrepreneur is an individual who rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and make the right decisions to make the idea profitable. An entrepreneur supplies risk capital as a risk taker, monitors and controls the business activities.
It is the individual’s interaction and reaction to these external factors that will distinguish an individual as entrepreneur. The first factor, work experience, can influence an individual to become an entrepreneur in the following two ways: dissatisfaction with a previous work experience can push you into wanting to become your own boss and the work experience itself, most of the time, helps to develop the entrepreneur in his/her area of expertise. The second factor which is support and role models proposes that an individual learns from observing other, referred to as role
'Refers to the internal controllable factors or forces which affects the ability of a company to serve its customers.' www.studymode.com Factors of the Micro Business Environment The factors of the micro business environment are: ⦁ Competitors- Your competitors affect the growth of your company, it means that you have to share your customers which also means a decrease in profit. But having competitors usually means your product is in demand and having no competitors simply means not a lot of people want your product. ⦁ Customers- customers are your only source to your profit, knowing who your target market is, is important. You should also make sure your adverts reach your target market in order to have a customer base.
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.
After that, it will suggest strategies can be adopted in pursuit of intrapreneurship culture. First of all, there are a lot of references to illustrate Intrapreneurship and there are various aspects to compare it with Entrepreneurship. Basically, Intrapreneurship is” the willingness or ability of people within a large company to take direct responsibility for turning ideas into profitable new products, services, businesses” (Cambridge Dictionary). Steve Ballmer the former CEO of Microsoft is the example of Intrapreneur he did not start the company but Bill Gates who launched Microsoft he brings Ballmer to leaders the company. Form another hand, Entrepreneurship is "skill in starting new businesses, especially when this involves seeing new opportunities”(Cambridge Dictionary).
2. No Guarantees of Success Entrepreneurs have to make some sacrifices along the way in order to have satisfaction and reach a feeling of achievement but it is also important to realize that success as a entrepreneur is not guaranteed. 3. Administration While making all the decisions can be a benefit, it can also be a burden. Being an entrepreneur comes with a lot of paperwork that can take up time and energy.