Concept of Entrepreneurship and Entrepreneurs - Literature review Example

Name : xxxxxxxxxxx Institution : xxxxxxxxxxx Title : xxxxxxxxxxx Tutor : xxxxxxxxxxx Course : xxxxxxxxxxx @2010 Introduction According to Stolze (1999), what makes an entrepreneur appears to be a complex issue. This issue has for a long time been a subject of great study and research. On the whole, the assumption that certain unique intrinsic characteristics are of significance to entrepreneurial culture is clear of any dispute. However, according to Nandan (2007), the differing views expressed as regards the number as well as the nature of individual characteristics needed to make competent entrepreneurs are open to question. This particular report will therefore provide an analysis of an entrepreneur’s characteristics, skills and attributes including relevant examples of their characteristics, skills and attributes. Concept of Entrepreneurship and Entrepreneurs Entrepreneurial role calls for particular distinctively unique attributes and skills. Individuals desiring to develop into successful entrepreneurs are supposed to have distinctive abilities, somewhat the vital attributes and skills, to attain the preferred goals. For reasons of practical significance, a number of questions have more often than not been asked as regards what in particular are the essential attributes (YHP, 2010). Nandan (2007) highlights that a number of research studies have been conducted, but no standardized conclusions have been achieved. This asserts therefore that no one could establish with extreme accuracy the full range of distinctive attributes as well as skills that make entrepreneurs successful. Even so, studies have showed that a large numbers of entrepreneurs credited with achievements do not and need not to compulsory have specific range of exactly same attributes. On the other hand, a strongly held belief by majority suggests that a number of entrepreneurs generally share relatively few distinctive attributes and skills that are not with the average people. Intrinsic characteristics that identify entrepreneurs as unique Comprehensive Awareness Successful entrepreneurs are able to handle difficult situations such as planning, formulating strategic decisions in addition to carrying out several business ideas at the same time. They are insightful and sensitive to essential details and are therefore able to continuously review all the possibilities to enable them realize their business goals. They are known for their strategic abilities as well as their ability to look at things through a long-term perspective. Through their ability to identify as well as capitalizing on the demand for products and services, their visionary rides their financial waves to success. For instance, Jorge Lemann and his associates are known to have founded the Banco Garantia; a banking investment firm during the 1970s.Rather than remaining with the success of this firm, Banco Garantia saw potential within the liquor industry. Consequently, he bought a Brazilian brewery which is currently part of InBev. Banco Garantia is currently among the richest individuals in Brazil (Khachatryan, 2010). Risk Taking Without risks, there cannot be rewards. Entrepreneurs are often passionate as well as obsessive in their pursuit for business success. Some of the world’s famous billionaires for instance were known to have taken huge risks before attaining success. Bill Gates is an example of such entrepreneurs who risked dropping out of Harvard to start Microsoft. Countless of others have also known to trade their established lives so as to risk everything on their own ideas. Perhaps nobody is a greater risk-taker as George Soros, the globe’s most creative currency trader. Soros bet $ 10 billion on currencies strengthening or weakening making billions out of this lucrative transaction. In simpler terms, entrepreneurs’ determination to be successful is as a result of their strong will and setbacks do not stop their pursuit for success. They are in this case relentless in their pursuit for success. Being a risk-taker is a natural characteristic. In general, entrepreneurs are attracted to various challenges and approach them cautiously. Creativity Creativity is also another significant intrinsic characteristic that identify entrepreneurs as unique class. It gives room for ideas as well as innovation. Ideas and innovations more often than not lead to money and achievement. Sergey Brin and Larry Page form a pair of well-known prolific entrepreneurs whose creativity trait as entrepreneurs as enabled them achieve great success as far as entrepreneurship is concerned (Khachatryan, 2010). The two are known to have found Google in their huge quest to understand the Internet search engine. Steve Job and Apple on the other hand, developed the gadget industry with iPhone, iPods as well as Macbooks. In majority cases, a single innovative idea is able make billions to an investor (Khachatryan, 2010) Sense of Urgency Entrepreneurs possess an inexhaustible sense of urgency to build up their business ideas. Inactivity according to them creates impatience as well as making them feel uneasy. They possess that drive and high energy levels, are goal-oriented and are tireless in pursuit of excellence. A large number of entrepreneurs have had to contend with at least one unsuccessful enterprise to their own name (BusinessTown, 2003). This has mostly been as a result of low-quality ideas or poor planning. Others are also known to have risen from poverty but have been able rise above this hurdle on their way to becoming successful entrepreneurs making billions. Ingvar Kamprad, IKEA founder, was for instance known to move from door to door using his bicycle selling matches to his neighbours before moving on to sell fish, pens and pencils. Karl Albrecht, the richest man in Germany and who is worth more than $23 billion was for instance a miner and a baker’s son (Khachatryan, 2010). Attributes that identify various entrepreneurs as distinctive Major attributes that are very much associated with the most enterprising individuals include: Inquiring Mind Entrepreneurs are able to study given business environments looking out for various opportunities in order to enter the market. They are, in particular, foresighted and are therefore able to discover various market trends as well as having the ability to weigh up consumer needs and wants for purposes of change (Isami, 2002). They are always alert to seize unexploited opportunities meaning that it is necessary to get out of the traditional mould and provide new as well as useful things. For instance Richard Brandson, the current chairman of Virgin Group Ltd diversified operations of the organization through massive expansion into international markets, establishment of joint ventures and utilization of technology. Dreamers and Doers According to Reid (2011), Successful entrepreneurs are dreamers and doers. They are often known to break new grounds and develop new ideas. Karl Albrecht, the richest man in Germany and who is worth $23 billion was for instance a miner and a baker’s son (Khachatryan, 2010).Having dreams and visions, it became easier for him to put in the effort required and get where he wanted to be. Communication and Networking Possession of good communication as well as interpersonal skills acts too as essential attributes of successful entrepreneurs. An essential part of running a flourishing enterprise entails networking with other individuals and also being able to communicate well with clients, financiers and other team members (Lim, 2007). Skills that identify various entrepreneurs as distinctive Skills refer to certain abilities acquired through experience and developed through practice. Major skills that are very much associated with the most enterprising individuals include: Managerial and Technical Skills According to Nandan (2007), lack of managerial skills and in particular technical skills makes difficult the forward progress of any business. For instance, electronic engineers may have the professional or technical expertise for independent practice, but lack of knowledge in addition to business experience in matters of business may lead them to fail in entrepreneurial endeavours. An entrepreneur with a combination of essential entrepreneurial attributes with good managerial as well as technical skills and one with a better understanding of business strategies may well find a better and quicker access to the market (AffiliateTips.com, 2008). Conclusion It is clear from this report that enterprising individual’s exhibit particular personal attributes, characteristics in addition to business skills which delineate them from their peers. Moreover, a number of academic studies based on various successful entrepreneurs have recognized some of these outstanding features. References AffiliateTips.com, 2008, Five Most Important Characteristics of an Entrepreneur, Retrieved on February 15 from http://www.affiliatetips.com/characteristics-of-an-entrepreneur.html BusinessTown, 2003, Profile of an Entrepreneur, Retrieved on February 15 from http://www.businesstown.com/entrepreneur/article1.asp Entrepreneursuk, 2010, Entrepreneur Skills, Retrieved on February 15 from http://entrepreneursuk.net/entrepreneur-skills.php Isami, A, 2002, Attributes you need to be Successful as an Entrepreneur, Retrieved on February 15 from http://www.helium.com/items/456654-attributes-you-need-to-be-successful-as-an-entrepreneur Khachatryan, K, 2010, 5 Common Characteristics of the World’s Most Famous & Successful Entrepreneurs, Retrieved on February 15 from http://www.moneycrashers.com/characteristics-of-famous-most-successful-entrepreneurs/ Lim, A, 2007, The 7 Attributes an Entrepreneur should Have, Retrieved on February 15 from http://alvinlim.wordpress.com/2007/06/10/the-7-attributes-an-entrepreneur-should-have/ Nandan, 2007, Fundamentals of Entrepreneurship, PHI Learning Pvt. Ltd. Reid, J, 2011, Essential Qualities and Attributes of Successful Entrepreneurs, Retrieved on February 15 from http://www.buzzle.com/articles/essential-qualities-and-attributes-of-successful-entrepreneurs.html Stolze, W, 1999, Entrepreneur Characteristics: Personal Qualities of an Entrepreneur YHP, 2010, Entrepreneur or Small Business Owner, Retrieved on February 15 from http://yourhiddenpotential.co.uk/2010/11/10/entrepreneur-or-small-business-owner/ Read More

 

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