Entrepreneurship and Venture Creation - Essay Example

Entrepreneurial behaviour is needed, and it is through the individual characteristics of entrepreneurs that enterprises and organisations occur. For the first section, this essay analyses the individual characteristics of three types of entrepreneurs, namely, small-business entrepreneurs, serial entrepreneurs, and social entrepreneurs. Then the second part presents a comprehensive debate on the role of individual characteristics in entrepreneurial choice or preference. Small business entrepreneurs are the powerhouse of the private business world.

They create the competitive drive; enhance economic development and social backbone; generate employment, new enterprises, and prospects for others. Small business entrepreneurs are idealistic self-beginners who are fond of taking the risks of building new businesses (Chen et al., 2012, p. 1314). They possess the boldness, creating an environment of dynamism, ingenuity, and opportunity to develop. Primarily, they initiate change and are dedicated, tireless, and opportunity pursuers—agents who discern a market demand and fulfil that demand by transforming it into a profitable venture (Walker et al., 2013, p. 186).

The act of disentangling oneself from the crowds of the employed to start a small business exhibits commitment and resolve. However, numerous other characteristics of small business entrepreneurs, such as confidence, flexibility, and adaptability, bring them success as entrepreneurs. A large scale research by the Guardian Life Small Business Research Institute discovered that there were specific characteristics that showed up among the most profitable, successful small business entrepreneurs (Walker et al., 2013, p. 186-8).

Roughly 1,100 small organisations took part in the Guardian research. Generally, the research discovered several major characteristics that distinguished successful small business entrepreneurs (Baum et al., 2014, p. 94). First, small business