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Self-efficacy:Toward a unifying theory of behavioral change - Essay Example

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introduction An entrepreneur is someone who starts a new venture to make the most of the benefit of an opportunity that he sees. Apart from this, an entrepreneur takes several calculated risks in the process of starting and managing his venture (Lundstrom, and Stevenson, 2005)…
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Self-efficacy:Toward a unifying theory of behavioral change
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Download file to see previous pages Their attributes, characteristics and behaviour are not the same as of any other individuals. The most important attributes, characteristics and behaviour of entrepreneurs have been mentioned below: Ability to take Risks: It is the characteristic of an entrepreneur to take risk which is not found in everyone and it is one of the characteristics that make entrepreneurs successful. Entrepreneurs have the ability to take calculated risks and because of their attribute to take risks throughout their lives they are more successful than others. As it is said that high returns are associated with high risks (Khan, 1986). Determinant: Successful entrepreneurs are determinant and focused towards the end goals and objectives. This enables them to achieve these goals and objectives. It is important for the entrepreneurs to be dedicated and focused in order to accomplish the set targets (Deakins and Freel, 2009). Passionate and Ready to sacrifice personal goals: The passion and dedication of an entrepreneur are the factors that motivate him. An entrepreneur is very passionate about achieving his goals and for this reason he is even able to sacrifice his personal goals. Self-Directed: An entrepreneur knows what he has to do and what he has to achieve. Entrepreneurs have great planning skills and with this, they are able to plan short term as well as long term goals. He knows his mission and his objectives and in order to accomplish his mission he works hard. A successful entrepreneur does not require directions and initiates the processes himself (Lundstrom, and Stevenson, 2005). Hard Worker: Hard work is one of the main attributes of an entrepreneur and he is ready to work day and night to achieve the objectives. An entrepreneur is never afraid of giving his best efforts and he is ready to achieve his objectives and mission, with his hard working characteristic (Deakins and Freel, 2009). Enjoy Work: The important characteristic of an entrepreneur is that the he enjoys whatever he does and this distinguishes an entrepreneur from others and because of this characteristic he is not tired of working for long hours day and night. This also facilitates the entrepreneur in the putting endless efforts for accomplishing the set targets and goals (Deakins and Freel, 2009). Optimistic and Positive: An entrepreneur is very positive, confident and optimistic and this is the reason why he is able to devote everything that he has to achieve the objective and help his business to win the competition (Lundstrom, and Stevenson, 2005). The optimistic approach of an entrepreneur is helpful in making different decisions as well throughout his professional careers. Theories related to the personality factors of the entrepreneur Psychological Entrepreneurship: There are certain psychological characteristics that accelerate entrepreneurship. If those are possessed by any individual then it can be very helpful for him to be an entrepreneur. Those characteristics include need for high achievement, a broader and constructive vision, and capability to be able to face all sorts of challenges. These are few characteristics that are incorporated in an individual during his upbringing. All of these qualities not only affect individual’s productivity but also the quality of work he delivers, self-determination and his morale. Innovation theory Entrepreneur plays a very important role in the development and progress of any economy. His ...Download file to see next pagesRead More
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