The Characteristics Of Entrepreneurs Business Essay


Entrepreneur can be defined as an indefatigable visionary with a clear goal; willing to take risk: willing to push boundaries to develop market; Persistent but patient and determination to succeed as a professional manager and a good communicator (Forbat, 2007). Entrepreneurship are often associated with individuals and small companies. Yet it is successful entrepreneurs who develop small enterprises into large corporations. The kind of spirit, leadership and determination to lead to successful enterprises. Entrepreneurs have many different motives, but usually an innovative entrepreneur will establish a venture primarily to create something new or to change something rather than to achieve independence or wealth although both of these may be allowed as a consequence. ( Forbat, 2007)

Entrepreneurship has attitudinal and behavioural components. Attitudinally, it refers to the willingness of an individual or organization to embrace new opportunities and take responsibility for effecting creative change. This willingness is sometimes referred to as an 'entrepreneurial orientation'. Behaviourally, it includes the set of activities required to move a concept or idea through the key stages in the entrepreneurial process to implementation. (Mirris, M.H., 1998)

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In attempting to answer Statement 2 which is " All you need is money to be an entrepreneur. "

Money may be just one of the factor that is needed by entrepreneurs when they just set-up their business.

For example, Nichoals Graham was only 24 and with only a $100, he went to a local fabric store, picked out some fabrics, and made $100 worth of ties. Having sold the ties to specialty shops, Graham was approached by Macy's to place his patterns on men's underwear. So Joe Boxer Corporation was born, and "six months into Joe Boxer's second year, sales had already topped $1 million in 1992. (Spinelli& Adams, 2012). This is a good opportunity that he uses little money to make big profit, he is using his creativity for it involves design to show the world his abilities. Although, the one thing they needed is money, but not only money can made one to be an entrepreneur. There are also other areas needed for one to be a successful entrepreneur. Literature have suggested lots of other characteristics to describe the nature and characteristics of an entrepreneur.

Entrepreneurs have many different personalities for example, a number never finished college education though they have a lot good ideas. Some entrepreneurs have grown up in the most difficult circumstances with determination- emerging with enormous determination to strive for greatness. Others are pleasant, compassionate renegades. Generally speaking, entrepreneurs have a life event, key power or a sources of inspiration, causing a person to create their own ideas rather than work in a larger company. Other times it is an "insight moment" where an innovation into how an industry.

Although no one set of characteristics can describe all entrepreneurs, however all entrepreneurs exhibit the same exact set of characteristics. However, there are some similar characteristics that seem to be present in most entrepreneurs. ( McDaniel, 2002)

The characteristics of entrepreneurs should be as follows :

Confidence and Self-Efficacy. Most entrepreneurs are confident of themselves and their abilities and really believe that they can and will be successful in what they are doing. If one believe in oneself, everything that they attempt would be half done. This does not imply arrogance, but rather a belief in oneself. Many entrepreneurs believed that if they work hard enough, long enough, push the envelope of success and do not think the act of succeeding was spectacular or extraordinary, but rather as another day's work. ( McDaniel, 2002)

Self-efficacy, which may be defined as, ' An individual's beliefs concerning his or her ability to perform specific tasks successfully.' (Greenberg and Baron, 2000). To achieve the goal of your heart, you have to perform it. Entrepreneurs who have no confidence are doom to fail. The basis of their success are who is self-aware entrepreneurs have confidence of their experiences, including various Mini-ventures. For example, like a musician, entrepreneurial skills are practice and refined over time by putting them into the stage. Legitimate entrepreneurial confidence is from one's ability to execute, just like a musician gain self-assurance by practicing their instrument.(John, 2011) Therefore, self-confidence for being an entrepreneur a necessary factor.

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Responsibility to accept control and willingness to accept result. Entrepreneurs have the characteristics that allows them to take control of a situation and then accept the end result. Entrepreneurs do not rationalize the situation in an attempt to blame the lack of success on someone else or some other event. The prevailing attitude is that "This is my responsibility; I will take control and success or the lack of it will remain on my shoulders." In choosing which of three actions people need to take-lead, follow, or get out of the road-entrepreneurs are the leaders who take the responsibility to push ahead. ( McDaniel, 2002)

Being an entrepreneur is not a profession and as a rule not a lasting condition, entrepreneurs do not form a social class in the teaching sense, as, for example, landowners or capitalists or workmen do. Of course the entrepreneurial function will lead to certain class position for the successful entrepreneur and his family. It can also put its stamp on an epoch of social history, can form a style of life, or systems of moral and aesthetic values; but in itself it signifies a class position no more than it presuppose one. The class position which may be attained is not as such an entrepreneurial position, but is characterised as landowning or capitalist, according to how the proceeds of the enterprise and used. (Swedberg, 2000)

Age and experience. Age and experience are not synonymous, yet a common practice is to measure 'experience' as current age minus school-leaving age. This measure is imperfect because it takes no account of breaks from labour force participation in individuals' work histories. (Parker, 2004) Companies are more likely to survive if entrepreneurs are older and has previous business experience, and is well capitalized.

Some researchers view work experience as an important factor in entrepreneurial success, particularly if the experience is in the specific industry others have argued differently. Although some might justifiably supposed that more mature entrepreneurs will have more experience, therefore may be more likely to be successful. It has also been suggested that younger entrepreneurs are possibly more likely to take more risks in an attempt to grow their business. (Henry, Hill and Leitch, 2003)

Passionate and learning. Entrepreneurs are often "autodidactic" learners, which means that lots of them know it and they learned not in a formal classroom but instead on their own by seeking out information search, asking questions, and doing personal reading. They also quickly to learn from their own mistakes which means they are less prone to keep repeating them due to arrogance or a blindness to one's own faults, shortcomings, or wrong judgement. To teach is to learn. And to lead, train, and impart experience to others entrepreneurs are constantly working to learn more and get better educated. Because of the passion for education, true entrepreneurs with people around them who either know more than they do or know things that are different from what they know. They may accepted the views of others and perspectives that may not like their own, for example , in order to be better students of human nature. So they continue to enrich themselves with knowledge. At the same time, they also making a concerted effort to grow that knowledge by sharing it with others who are front row students of life's valuable and unlimited lessons. (Action Coach, 2011)

Education. The relationships between education and entrepreneurship are complex. The influences of the level and type of education seems to be different. From the general level of formal education, entrepreneurs tend to be less educated than the average of the population. (Bessant and Tidd, 2007) Barbara Lynch, chef, owner of the group restaurants, worth about $10 million in Boston. And he dropped out of high school. So not all entrepreneurs educated from colleges that they may learned by themselves. Education also is insignificant in longitudinal studies of the transition to self-employment and studies which included control for both human and financial capital generally find and education to play an insignificant role in the transition. (Georgellis and Tsitsianis, 2005) When in high school, college, it emphasize more practical aspects of running a business. Some teaches how to find financing, others teaches how to use internet applications. The one common aspect is teaching how to write a good business plan but that may can't be all that being an successful entrepreneur. And which of these aspects are very important that you need to either learn yourself or someone else with who has these skills or knowledge. As an entrepreneur, you need to know or you are setting yourself up for problems and know how to solve the problem.

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So, some of the factors proved that to be an entrepreneur not only need money, but also need the other aspects to performance in the real life. The characterises of entrepreneurs are always affect people who will be a successful entrepreneurship. Let's see one of the youth how to dependence on his creative to set up his business after he failure in first time and how does him become an young entrepreneur.

When Adam Horwitz was 15 years old, he was a high school sophomore growing up in the Pacific Palisades, a mean-spirited gossip blog founded by him and his classmates. So Adam's newfound desire to find and to do something online success would prove much harder to extinguish. He started set up a website which he posted music and the locations of parties in the area. But after few weeks there is too many people follow him to set up that kind of website, so he had to shut it down. Adam has learned from his mistakes, he began to preaches his courses, 'Mobile Monopoly' and 'Cell Phone Treasure' that teach who is 15 year old how to make money online. He had earned over $100,000 and Adam enjoys driving his newly-purchased 2010 Audi A5.

This is the story I want sharing with yours, everyone are have their own abilities and creative in the life, so we never easily to say "no, I can't do it." Or give up after failures. This is how we also can be an entrepreneur like Adam Horwitz. Thus, not only money we can to be an entrepreneur.

From the above writing one can argued that the statement "All you need is money to be an entrepreneurship" is not valid. Although money is only one of the factors to effect people to become an entrepreneur, but not everyone having the money can become entrepreneurs. Without money, one can still be an entrepreneur but may not be able to start it as a big business straight away. Even so, in such a large market it was highly desirable to apply some selling clout- enough feet on the ground to apply the necessary sales efforts for the wheel to start turning in short order. Never expect venture capitalists to really venture. For entrepreneurs, start- up are effectively a no- no and while a succession of companies looked seriously at the business plan and did not argue its validity, they all shied away in favour of larger fish, whose evaluation was no less onerous or costly by investment needed. Of course, entrepreneurs invests are from each different aspects like money, knowledge, experiences and so on. ( Forbat, 2007)