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Entrepreneurial characteristics - Essay Example

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Entrepreneurial characteristics Name Institution Introduction Entrepreneurs play an important role in the society through developing innovative ideas; an aspect that improves the living conditions of the people in a society. Nevertheless, not all entrepreneurs are successful…
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Entrepreneurial characteristics
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Download file to see previous pages Risk taking Risk taking is defined as a factor thing or element which exposes a person to a certain danger or which has negative impact on the person. Risk taking in business entails venturing into an idea or activity that might have negative impact on entrepreneur yet the same idea can bring positive outcome to the entrepreneur. Successful entrepreneurs need to have the ability to take risks in order to gain maximum benefits in case the idea succeeds. In many condition, opportunities are full of uncertainties as there are no ways to confirm if the move will be beneficial or not. As a result, many entrepreneurs are unable to venture in such ideas an aspect that makes them lose the ability to succeed. This enables an entrepreneur with this characteristic to fully own the idea and reap its benefits without intense competition (Gerber, 2009). If the idea succeeds, other business people utilize the idea but the entrepreneur who invented it will have created customer trust and barriers for the competitors to make use of the idea. This helps him in succeeding in the markets through gaining the largest market share and creating loyalty of the target customers towards the idea or product. One of the entrepreneurs who had taken risks in venturing in business is Michelle Moan. Despite her age she took a risk of investing in making bras that were more comfortable. As a result of going against all odds, she became successful and established MJM international which is one of the leading businesses in the world. The success of Moan was as a result of risk taking in an area that looked unpromising for many entrepreneurs. In 2000 she was awarded a world business achiever award which is a prestigious award given to entrepreneurs who has shown outstanding performance and innovation. This puts a challenge to entrepreneurs to be innovative and create ideas out of a challenge that they might be experiencing or a challenge facing the society. For a successful entrepreneur, an idea despite how challenging it looks must be analyzed to look at its potential. Response to change Response to change is the act of reacting as a result of a certain change that has occurred in the sector, government or country at large. The world has become dynamic with many changes being experienced each day. For an entrepreneur to be successful he must monitor these changes as they might create an opportunity. New government policies are some of the changes that might create an opportunity for an entrepreneur. When an opportunity unveils an entrepreneur must be quick to respond to it through investing. This provides the entrepreneur with the opportunity to retrieve maximum benefits from the opportunity (Gerber, 2009). Response to change in case of an opportunity is determined by the flexibility of an entrepreneur. A flexible entrepreneur is one who is ready to shift from one way of doing things to another in order to fit in the new procedures that might be of great benefit. The best strategy for an entrepreneur to become flexible is through setting aside capital that could be used to invest in a new opportunity. Such an act creates a difference between successful entrepreneurs and those who are not successful. In an example, changes in technological levels in the world created an opportunity for Steve Jobs to start Apple Inc which deal with various electronics such as iPod, iTunes, Mac laptops, desktop etc. His reaction was first despite the risks that faced investing in a sector that recorded major failures from previous ...Download file to see next pagesRead More
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