Building the Entrepreneurial Organization - Research Paper Example

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The paper presents the field of entrepreneurship which has always held the argument that entrepreneurs have certain distinctive characteristics that are psychologically oriented. Entrepreneurial behavior and dimensions have also taken over the description of who an entrepreneur is…
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Building the Entrepreneurial Organization
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Download file to see previous pages Confidence is always thought to be exuded by an entrepreneur in the face of high risks, uncertainty, and opportunities as well (Palich & Bagby, 1995, pp.425-438). Entrepreneur ends up assuming certain risks associated with failure or loss and creates a new business venture while at the same time ensures other ventures by guaranteeing them specific returns (Sternberg & Wennekers, 2005, pp.193-203). Intrinsic personality traits have formed what might be commonly referred to as the big five personality dimensions of an entrepreneur. The five-factor model of personality related to an entrepreneur takes a very descriptive view of these five dimensions considered being major dispositional factors relating to the personality of an entrepreneur factor (Burns, 2008, pp.34-43). These big five dimensions that characterize an entrepreneur are the need for achievement where the person has a huge ambition of meeting certain goals in life; need for independence or autonomy and by these the person creates a future for him or her; locus of control, which is normally internal in nature; risk-taking where the entrepreneur is able to weigh risk magnitude against the potential returns based on opportunity and takes the latter; and self-efficacy in which he or she holds a high personal opinion and is not discouraged by rejection (Palich & Bagby, 1995, pp.425-438). Indeed, a set of personal attributes, principles, and beliefs influence the behavior portrayed by the person and in turn lead him or her into creating and managing personal businesses (Sternberg & Wennekers, 2005, pp.193-203). These issues act as motivators for taking such a venture in their lives. The societal factors have also been viewed as having some influence on the choices made by an entrepreneur. The availability of opportunity in a certain setting could still be an important trigger for starting up a business venture (Shane, et al., 2003, pp.257–279). However, the entrepreneur is thought to have certain unique opportunity identification and analytical skills that not all people have them. Thus, they are able to see opportunities in places where others consider as ‘deserts’. Trigger factors for entrepreneurial ventures have been pointed out by GEM as being opportunity and necessity (Ardichvili, et al., 2003, pp.105-123). Other scholars have had to use different approaches in describing what pushes one to become an entrepreneur. The rationale for having this interview with an entrepreneur, Mr. Fahad Al-Hanaki the owner of Leham Company, is to establish the dimensions that result in the creation and management of a business venture. This will be done by asking questions which are pertinent and related to how he feels about the business, the challenges experienced, and how he has managed to overcome them, and what he thinks is the future of his business. The extent of success the company owned by this interviewee is also another factor that influenced choosing him for this study. 2.0 Evaluation of your entrepreneur Fahad was asked what the company is and the business it does. He outlined that Leham Company is for the trading industry and also takes part in contracting. It is based in Riyadh, Saudi Arabia. It deals in many things such as the provision of construction and maintenance materials, manpower, steel and aluminum fabrications, and manufacturing, among others. ...Download file to see next pagesRead More
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