The Entrepreneur Potential - Assignment Example

The Entrepreneur Potential An entrepreneur is defined as a person who organizes resources to start up and manage a business. Entrepreneurs are usually associated with initiating of unique and productive business ideas. They are also known to be risk takers in their work. All people who start businesses vary in their entrepreneurial talents and their temperament too. Therefore, in order to identify the key characteristics of an entrepreneur, six character themes have been identified which are referred to as the facets of entrepreneurship. The FACETS framework comprises of Focus, Advantage, Creativity, Ego, Team and Social characteristics (Bolton & Thompson, 2003, 82). According to my current level of assessment, all my six components of the facets are well polished though some are not yet well developed. For the focus trait, my current level of competence clearly indicates that I carefully assess the opportunities to be exploited in the business environment that am situated. It also shows that I focus on achieving my objectives and the goals that I set for myself and the business. My focus facet also shows that I analyze all the available ideas in order to choose which are essential for the success of the business. Advantage involves identifying the opportunities in which the entrepreneur will gain more if he invests (Bolton & Thompson, 2003, 89). My current analysis shows that I am able to identify the opportunities available for me to exploit. I am also able to choose the opportunities in which I will have a low opportunity cost when compared to the forgone opportunities. Creativity is a facet that involves innovativeness of the entrepreneur (Bolton & Thompson, 2003, 110). From the entrepreneurial creativity skills audit, it is clear that my creativity skills are excellent and well used. The audit also indicates that I have the skills of generating ideas and coming up with ways of improving the standards of the business. This is a skill which acts as a strength to me since I am able to use it all through the business and I can generate ideas which are only particular to my business. Ego is a facet that involves surety and confidence of the entrepreneur (Bolton & Thompson, 2003, 113). From the entrepreneurial creativity skills audit, it is certain that my self confidence skills are strong and excellent. My entrepreneurial skills show that I am accountable in all that I handle. I also have the courage to face any challenges and setbacks that I may face along the way. According to the diagnostic assessment I am also responsible for all my actions and I handle every item the way I am supposed to handle it as an entrepreneur. Ego is usually divided into inner ego and outer ego. Inner ego involves the inner drive of the individual that motivates him or her in his business. From the audit, it is also clear that I am a self driven person, I believe in myself and in my abilities. I am also self assured, with poise in my decisions. Team is a facet that involves finding the right people and working with them as a team (Bolton & Thompson, 2003, 72). According to the entrepreneurial creativity audit, it is clear that I am a team player. I am able to work with other individuals well in order to obtain help in my weaknesses and achieve the objectives. In addition, through team work, I can combine different forces with the other individuals and thus achieve more together. The social facet involves beliefs and values of an individual. From the diagnostic assessment and the audit, it is clear that my social facet is strong since I am able to express my beliefs and values to others clearly. My communication skills are also effective and well developed. This shows that I am able to speak out my ideas clearly, and I am also sociable with other people. Creativity and innovation are acutely closely related since they both involve coming up with new ideas in the business. However, creativity has to be supported with innovation in order to be fully implemented in the business. From the entrepreneurial and creativity test, my score totals to 62 points showing that I have strong entrepreneurial skills and I have the potential to succeed as an entrepreneur. From the test, it is also clear that I am a risk taker, since I am able to take chances. I also like experimenting with new ways to do things thus a high level of competence as an entrepreneur. Creativity and innovation indeed are hugely beneficial since they will help me increase the competitiveness of the business in the market. Through innovation, I will also overcome the challenges of obsolescence of technology. The beneficiaries of innovation are both the entrepreneur of the business and the customers of the business. The entrepreneur benefits by having the opportunity to enhance his operations through innovation while the customers benefit by obtaining new products of a high quality. They also benefit from quality technology innovated by the entrepreneur (Bolton & Thompson, 2003, 155). From the above analysis of the facets of entrepreneurship, it is clear that my present level of competence leans towards both basic and social entrepreneur. However, a number of key skills, knowledge and behaviors will be required in order to enhance my entrepreneurial potential. Such skills include innovation skills, creativity skills and managerial skills. I will also require knowledge to enhance my entrepreneurial potential. This involves knowledge in the market and the opportunities available for business. I will also require knowledge in the current technology and the competition posed by other players in the market. Behaviour involves reaction to different situations in the market, such as the competition and risks faced form the business environment. It also involves behaviour towards price fluctuations in the market and demand fluctuations. In conclusion, my entrepreneurial potential is indeed high. This is especially seen from the excellence in my entrepreneurial creativity audit which shows that I have three strengths to my SWOT analysis. These three include; self confidence, commitment learning and independence. However, I have weakness in my personal presentation and office skills. References Bolton, B., & Thompson, J. L. (2003), Entrepreneusr in focus, Achieve your potential, London, Thomson, Read More