ENTREPRENUERS

Characteristics of Entreprenuers

Characteristics of Entreprenuers

Introduction

In this era of rapid advancements and evolving technologies, it is important that in order to be successful an individual stands out of the crowd and makes his own repute. For this an individual needs to have certain characteristics and qualities. Some of these characteristics and qualities are in born while there are some that an individual requires to learn. Individuals desirous of making their repute indulge in different activities including startup of own businesses. Such individuals are known as entrepreneurs. In order to understand the process of entrepreneurship and the factors that make it successful, it is essential that the characteristics of these individuals are studied and explored. A careful analysis of the entrepreneurs, the characteristics held by them and the businesses that they are into can help others to understand the process in detail and gain an insight to the various aspects of entrepreneurship.

Entrepreneurship

Entrepreneurship a word derived from French language and refers to a person undertaking risk for a new enterprise. (Mohanty, 2005). On the topic of entrepreneurship much debate has been made in the last centuries, but authors have found it difficult to reach consensus on a similar definition. Entrepreneurship is a concept having several dimensions such as innovation, management, uncertainty bearing, opportunity seeking, and enterprising individuals. This can be exemplified by the introduction of personal computers to meet the demand of growing technology. Opportunities were developed for the introduction for several related products which were taped by the entrepreneurs who introduced their own chips, processors, mice and other products. (Iverson, J. et.el. 2008).

Controversies lie in whether entrepreneurs are individual or can groups be also considered as entrepreneurs. According to Cole, any purposeful activity whether undertaken by an individual or a group of associated individual for initiating, maintain or aggrandizing a business for profit making by production or distribution of economic goods and services.

Characteristics of an entrepreneur

Entrepreneurship requires a combination of skills and qualities in order to ensure that ideas turn out in a profitable business. The traits and personalities of entrepreneurs may differ considerably however the key to success lies in their ability to capture ideas and develop it to make it a profitable offering in the market. Evidence has shown that a number of characteristics are likely to be occupied by successful entrepreneurs. businesscasestudies.co.uk) According to Edel (1960), the personality characteristics that are possessed by an entrepreneur are more important for success than the technical knowhow or skills.

Self confidence, motivation and ambition

In order to be successful, it is important that en entrepreneur is highly motivated and believes in his abilities. According to McClelland (1961), whether an entrepreneur's performance is a success or a failure depends upon his personality and motivation. Ambition that is considered as an inner concern underlies the theory of needs proposed by McClelland. According to this theory proposed by McClelland, pressure for achievement id builds in an individual due to ambitions. Ambition is referred to as a strong desire for success, fame, honor, wealth and other kind of ...