Entrepreneur Essay Conclusion

CLICK HERE >>>>> https://urllio.com/2t82c7

What personal traits are considered important to the entrepreneur? Find the answer here! This entrepreneurial personality essay focuses on the importance of characteristics necessary for a successful business career.

An entrepreneur is an individual who sets up and administers a business for the main purpose of making profit. In the present world, entrepreneurship is paramount in fueling the growth of the economy and providing employment opportunities.

Anyone can become an entrepreneur but not everyone is suited for successful entrepreneurship. Most successful entrepreneurs share certain personality traits that give them a comparative advantage over their competition. This essay explores the personality traits required to be a successful entrepreneur.

Determination is one of the personality traits that an entrepreneur should possess in order to increase their chances of being successful. Determination is a very intense longing to achieve success. The trait requires a lot of persistence and the ability to recover in case of a period of downturn.

Dedication is another important personality trait of a successful entrepreneur. Entrepreneurs should dedicate themselves towards the accomplishment of their objectives and visions. Having focus and being dedicated enables an entrepreneur to be more successful in his or her business ventures.

Starting a business requires hard work and a lot of effort. Regardless of numerous difficulties, an entrepreneur should be dedicated to all tasks by working towards a positive outcome and to be willing to ask for assistance once in a while.

Self confidence, being another personality trait enables an entrepreneur to be assertive in achieving their own interests in a way that is socially recognized. Self confidence usually results from thorough planning which decreases uncertainty rates and risk levels.

Self confidence should be sufficient enough in order to successfully achieve planned profits. When an entrepreneur is skilled and knowledgeable, self confidence comes naturally. The confidence also gives them the ability to listen to the opinions of other people without feeling intimidated .

Creativity and innovation are very important traits that an entrepreneur should possess. Being innovative enables an entrepreneur to develop fresh and improved products to be able to survive in the competitive world of business.

This trait also encourages the entrepreneur to constantly learn, question and think outside the box in order to be in line with the ever changing technology. With fresh and improved products and services, an entrepreneur is more likely to be successful in the world of business.

All business ventures have their fair share of upturns and downturns. Success does not come immediately to an entrepreneur instead it takes a lot of time. Every entrepreneur possesses the above personality traits but in different degrees. Every skill and trait can be achieved through practice and learning.

Therefore, any entrepreneur can achieve the above traits after some time. The entrepreneur can also hire a person who has the admirable strengths to take care of his or her business to better and greater heights.

This is IvyPanda's free database of academic paper samples. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. You can use them for inspiration, an insight into a particular topic, a handy source of reference, or even just as a template of a certain type of paper. The database is updated daily, so anyone can easily find a relevant essay example.

Every economy needs to be dynamic. To achieve this, there must be continuous innovation when it comes to the provision of services, products, and processes and also in establishing new business organizations. The formation of new businesses and innovation can be initiated at the individual level in what is referred to as individual entrepreneurship, or it can be done by existing organizations in what is known as corporate entrepreneurship. The latter is very useful as a tool for rejuvenating firms and giving them a new direction. It is adequately used by innovative managers to develop business, grow revenues, enhance profits and pioneer the development of novel products and processes.

Intellectual capital in corporate entrepreneurship is the collective embodiment of organizational knowledge while social capital is the asset acquired by the creation of synergistic and harmonious social networks. There is a need for the three forms of capital to collaborate to achieve an entrepreneurial goal. The organization that has an advantage is that which employs all its intellectual, human, and social capital towards the development of new strategies and attainment of greater goals.

Just like in any venture, there are barriers that seem to act against corporate entrepreneurship. Again, these barriers relate to the use of tangible assets and the employment of intangible assets. Barriers that result from tangible assets are; financial constraints e.g. low liquidity, insufficient assets, weak asset base, etcetera. The result of these barriers is the prevention of investments into new technology or ideas thus curtailing entrepreneurship. However, barriers related to tangible assets are not as serious as those related to intangible ones. This is because of the importance of the latter assets in enhancing entrepreneurship.

These barriers related to the intangible assets of human, social and intellectual capital include; poor communication, inefficient management, lack of creativity, inexperienced employees, and internal wrangles within the organization. These barriers prevent the effective coordination and implementation of strategic entrepreneurial plans in the company. Alternatively, they hinder the development of innovative ideas into a workable company strategy.

There are various ways to remove the above barriers. First, the organization needs to identify the particular areas that are holding back its forward movement. It is only after a comprehensive entrepreneurial health audit that the firm can establish the problematic areas and begin working them out. For problems related to tangible assets, the organization can employ the known financial resolution methods to improve liquidity or lower financial constraints. These methods may include cost reduction, corporate restructuring, debt maintenance, and strategic planning.

Another cause of entrepreneurial failure that is more common is the individual factor. Most of the poor entrepreneurial decisions are made by individuals who are exposing the organization to their own personal weaknesses. Arrogance, lack of cooperation, lack of faith in employees, unreasonable risk appetite, engaging in illegal practices e.t.c. are all individual weaknesses that usually bring down the entire organization. The only way to solve this problem is through behavioral therapy, training, and modification. In some cases, it would be better for the company to dismiss the employee accustomed to making reckless decisions that cost the organization or those who engage in illegal activities.

Failure may also be occasioned by production problems especially where technical problems arise and the company incurs huge costs in solving them. However, production problems are easily solved by the hiring of competent engineers and employees who are able to report problems early before they bring production to a halt. Financial problems are another major cause of entrepreneurial failure. They are solved by seeking assistance from financial institutions and employing cost reduction and profit maximization measures. Other problems are industry-related e.g. where government policies are not business-friendly or where there is stiff competition in the market. The best method would be to lobby the government and to hire aggressive marketing agents but at times the only option would be for the firm to venture into a friendlier industry.

As seen above, it is possible to effectively predict the likely causes of entrepreneurial failure. The organization should therefore make a point of auditing itself to establish whether there are signs of any of the above problems and put in restorative measures before the actual failure occurs.

There has been a lot of interest in the impact that culture has on the entrepreneurial capacity of a certain country or locality. The fact that different countries show different approaches to entrepreneurship has sparked debate on the causes of the disparity. Of all the reasons that could explain the difference, culture seems to be the most logical reason and the topic has received substantial scholarly interest as a result. The main areas that seem to be influenced by culture are innovation, risk taking, and the start-up of new business ventures. Data from different countries shows interesting results with regional, national and organizational cultures all having an impact on the entrepreneurial behavior of their members.

Most studies have employed unique research methods that attempt to capture different cultural variables that can be statistically tested against particular entrepreneurial habits. While there have been few studies showing actual correlations between cultural traits and entrepreneurial outcomes, a few have shown that there is indeed a remarkable connection between culture and entrepreneurship.

Certain cultural practices, norms, and values seem to have considerable effects on the individual entrepreneur. A good example of this is the fact that cultures that usually emphasize family unity and collective responsibility seem to do better when it comes to the aspects of entrepreneurship that require cooperation and teamwork. In contrast, individuals from cultures such as that of America that insist on personal and individual freedom seem to do much better in starting up businesses and coming up with new ideas and products.

It seems that culture plays a significant role in influencing the individual to make certain entrepreneurial decisions. While research may not yet be conclusive on the topic due to the susceptibility of studies to cultural bias and stereotyping as is common in most cultural studies, the initial results are a pointer to the fact that the relationship between culture and entrepreneurship cannot be ignored. Research studies are also limited in the sense that they do not give information on other control variables that may affect the seemingly different entrepreneurial behaviors such as poor economic development, unavailability of credit facilities, education e.t.c. 2b1af7f3a8