Thoughts in the mind of entrepreneur to build their intellectual capabilities

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This study highlights conceptual thoughts in the mind of entrepreneur to build their intellectual capabilities by exploring self-centered work approach to achieve milestone edge, though visualizing their success in his/her life. The theoretical framework of entrepreneurial intuitions focused towards the business students with their innovative approach for establishing the micro firms. The small business concern organizations can improve their business via practices the tacit knowledge while assigning the task to each individual. A small business firm strives to face the uncertain environment and offer their product and services at lowest rates. In the era of 21st century, knowledge becomes an intangible asset for the business concern organization. While facing the global completion through digital networks, today's entrepreneur pay less attention towards the information source (Omerzel and Antoncic, 2008). Undoubtedly, the effective utilization of knowledge and wisdom by entrepreneur provide the smooth track of success for the small size firm with in a short span of time. Most preferable source for fight with the problematic situation in the organization is only intangible assets i.e. knowledge and wisdom. Proper utilization of resources which is available resources provides the ultimate solution of the problems and gives long term achievement to the micro firms (Nasar et al., 2010). Established organization strives to recruit the knowledge worker, and selection criteria based on the individual's brain rather his/her physical appearance. (Omerzel and Antoncic, 2008).

"Entrepreneurship is more than just starting new businesses. Entrepreneurial management may be seen as a mode of management different from traditional management" (Stevenson and Jarillo, 1990, p. 23). The family entrepreneurship reflect the distinguish attitude and behavior which provide the support to small and medium businesses for business development (Goffee, 1996). Entrepreneur plays a vital role for building a strong nation which leads the several industries. In the age of turbulence entrepreneurs can work for establishing the societies and transform the industries (Day, 2000). The incorporation of family entrepreneurship at domestic level highlights the relative significance of micro firm in huge numbers. (Cromie et al., 1999) The structural approach is recognized that for building entrepreneurial capabilities among the people. This process in not materialize from the vacuum, but it based on the awareness and word of mouth generate by the small business communities which located in their surroundings (Carson et al., 1995). The entrepreneurship concept carried out as "the process by which individuals - either on their own or inside organizations - pursue opportunities" (Stevenson and Jarillo, 1990, p. 23).

Most prominent way is to encourage people and groom their life styles by considering the business environment which reflects the cultural norm and values in entrepreneurs (Buick et al., 2000). The entrepreneur behavior is not measured by his/her activities; it varies to social and the economical agency norms (Bridge et al., 2003). It is also considered in the form of social entrepreneur that placed the challenging situation in front of traditional business organization for the purpose of relative competition. Thus, the contextual meaning is to establish the enterprise for social purpose of the nation rather to maximize the profit to investors (Bridge et al. (2003).

The suggestive path way for increasing the number of micro firm is to measure the entrepreneurial behavior and then classify in accordance to the sustainable business growth, add more creative ideas in existing business, and conversion of micro firm to large enterprises (Beaver, 2002).

An innovative ides generation and its transformation are known as a basic skill of an entrepreneur for the establishing the micro firm which is operated under the supervision of the family based employment. It also integrate the training programs which bases on certain problematic scenario normally faced by the entrepreneur on routine bases (Antonites, 2003). This is argued by the analyst that innovation comes under the personality trait of the individual's effort which performs their duties under micro firm while the business concern organizations facilitate the individual to work on creativity and polish the existing thoughts of experts (Bharadwai and Menon, 2000). The research significance is highlight the relative significance of the entrepreneur training and development program for building a enterprises culture and communities awareness program towards the small business opportunities in their surroundings. The implication for the study is to facilitate the entrepreneur with proper education and training session conduct at corporate level in accordance with the government institutions. The behavioral symptom of entrepreneur must correlate with knowledge transferring and acquiring the appropriate skills. The impactful factor exceeding the skills capacity of an entrepreneur with the help of input factors i.e. motivation after achievement, enhancement in business and social networking, groom their information skill in the category of micro businesses. (Man Yan, 2006)

The strengthen ability of an entrepreneur composite of the motivational force, which embedded the focus of an individual towards their desired goals and targets. In normal circumstances, motivation can observed as a prominent and selective behavioral aspect of human. The expectancy theory (Vroom, 1964) describes the significant impact of motivation towards entrepreneurial visionary success. The core emphasis of this theory is to evaluate the people through his/her attitude and behavior. ''An outcome is positively valent when the person prefers attaining it to not attaining it'' and ''an outcome has a valence of zero when the person is indifferent to attaining or not attaining it, and it is negatively valent when he prefers not attaining it to attaining it''(Vroom, 1964, p. 15). The differentiation of the concept is predictable satisfaction form the out comes and real satisfaction from the outcomes.

Developing the entrepreneurial competencies and capabilities comes on a priority for the small and medium enterprises at initial stage. Thus, the on going learning process cope the critical situation and capable the entrepreneur to fight with the challenges. At the stage of high level competencies, the enterprises operations required information management system which comes under the development phase (Rae and Carswell, 2000). The learning process is get more importance for the entrepreneurial process in developing nations (Deakins et al., 2000). The successful entrepreneurship depends on the learning phase and conceptual understanding of entrepreneur development can occur via establishing the knowledge base enterprises (Minniti and Bygrave, 2001).

The empirical learning phase is developed from the experiments and observations at workplace, which is possible via small business networking approach (Gibb, 1997). This networking session highly obliging for the young entrepreneur that provides the contextual form of learning for the adults who are working for self employment (Knowles, 1990). The entrepreneurial relationship can play a significant role for the business development which is highly supportive for the early stage of business and led them till the smooth business growth (Boussouara and Deakins, 1999). Further more, the experience gain from the incident in business operations will strengthen the cerebral nerves of entrepreneur and capable them to make a prevention strategy for the hurdles and challenging situation. The structural and competency frame work, directly connected with the firm development process for constructing a confidence level of entrepreneur at peak level (Man Yan, 2006). Another distinctive feature about typical entrepreneurs that they browse the information and from which source or plate form, so far they should manage their small-size business successfully (Tajnikar, 2000).

There are several applications and a dimension which is consider for the competency of micro firm and family employed, and module description is usually derived by business achievement of entrepreneur and potential gain in business and success (Spencer and Spencer, 1993). The response of small business firms towards learning behavior (Chaston et al., 1999) leave the positive impact while building the organizational capability and focus towards the qualitative solution of firms challenges and operationalize the assign task technically. "Research to determine whether identifiable relationships exist between the performance of the firm, the learning mode of the organisation and organisational competence does not provide clear statistically significant relationships and further work is clearly needed" (Chaston et al., 1999, p. 197)..

Entrepreneurial competence find from the relative links which clarifies the relationship of competencies and birth of talent can support the growth of small business into corporate. This distinguish approach work for the specific period of time but the ultimate solution towards the mile stone achievement integrate the competency which polished with educate the adults and build an intellectual capability among the worker (Bird, 1995; Baum, 1994). Entrepreneur proficiency relay on the list of factors (Baum, 1994) which incorporate with its own description and recognition for the small business firms. The competency factor for the entrepreneur based on the information and knowledge of nature of business, self-management and ability of entrepreneur, connection of decision and leadership skills (Chandler and Jansen, 1992; Herron and Robinson, 1993). The core competencies focuses towards the administrative operation and managing the human resource, also recognize the opportunity in the market and work for the opportunity development. The challenging fact faced by the entrepreneurs, having less focus towards their vision and growth strategy in the industry. Industrial exposure and public relationship skills work out more for improving the performance of micro firms. The challenging situation will provide the direct support to entrepreneur for development of business competence while having evidence of challenging situations, slight turn, employed family have effect for victorious business growth (Churchill and Lewis, 1983).

The conceptual differentiation of the core words (Gibb, 1987 and 2002) entrepreneurship to entrepreneur, business owning, small business management in the dynamic industry that formally composed of the applications which relate with the personality attributes of an individual. The matter is discussed from another aspect which concern with the performance level of an intellect in accordance with the specific task (Colette et al., 2004).

As for concern of attractive personality trait, business owner have impressive attributes in his/her personality, though entrepreneur get inspiration from such type of people (Basu, 2004). On the other hand distinguish characteristics of entrepreneurship from business owner i.e. initiate towards the opportunity, ready to take risk, independence, freedom of though, insight approach, work for self-actualization and capacity to take decision will generate long term results and achievements in micro firms.

Micro-firms in their own right, despite multiple calls to study (Devins et al., 2005; Matlay, 1999; Roberts and Wood, 2001), academic research, which focuses specifically on the micro-firm, has historically been rare. From a resource perspective, calls for small firm research are also forthcoming (Barney et al. 2001, p. 634).

"Being innovators and idiosyncratic, entrepreneurs tend to defy aggregation. They tend to reside at the tails of personality distributions, and though they may be expected to differ from the mean, the nature of these differences are not predictable. It seems that any attempt to profile the typical entrepreneur is inherently futile" (Low and MacMillan, 1988, p. 148).

The measurement to identify the situational and environmental involvement that in entrepreneurship research that forecast the enterprises activities, consists of job displacement, area of interest, work experience, availability of resources, governmental and legal issues, etc. These observational studies of the factors having their background related to entrepreneurship found a very lower explanatory power and able to make better forecast (Krueger et al., 2000).

Other personal characteristics that supposedly differentiate entrepreneurship from owner-manager ship include initiative, a willingness to take risks, self-confidence, perseverance, resourcefulness, independence, persuasiveness, tolerance for uncertainty and ambiguity (i.e. seeing ambiguous situations as challenges rather than as problems), imagination, high need for achievement, and a strong belief in being in control of one's own destiny (Gibb, 2002; Louw et al., 2003). The traditional entrepreneurship typically focuses towards the technical skills, rather focus towards the external and internal knowledge, marketing, finance and know-how about management related tasks (Tajnikar, 2000).

Enterprises largely contribute for the economical development and contribute in growth rate of economy. It facilitate the nation of the specific country by offering the cost effective products, innovation in the existing product demands the leaders knowledge and insight (Hansemark, 1998). Entrepreneurship are logically describe as some one having confidence to tackle the problematic situation with confidence. Entrepreneur produce the most demanding and high quality work at lowest rates t their clients and commit their services for future business confidently (Cromie, 2000). There are several factors that influence on the entrepreneurial performance and success. The external factors may disturb operation and create the barriers in front of entrepreneur. Political, cultural and economic environment leaves positive or negative effects on enterprises performance (Covin and Slevin, 1989).

Performance analysis and its impact on strategic planning are widely exercised in large firms (Schwenk and Shrader, 1993), but in context of SMEs and micro firms its relationship is not getting much focused in the research domains. The possible reasons may be the inconclusive definitions of strategic planning (Kraus et al., 2006). The greater part of micro firms have not applied performance management and measurement system and do not significantly used in the enterprise management, but it is realized that the performance management is importantly recognized, showing the inconsideration and lacking of applied theoretical understandings (Sousa et al, 2006). Problem solving process and decision making are the basics for performance measurement work practices that allow the involvement of people to their performance. Some of the commonly applied work practices are quality assurance, team management, job descriptions, TQM, knowledge management and human resource practices (Rowden, 2002). The observance showed that enterprise financial goals are not considered while measuring performance and the negative correlation between the highlighted financial achievements and enterprise performance (Alavi & Karami, 2009). The valuable point is what process of deciding adapting to measure business performance. It manages the performance priorities and main concerns to be very explicitly in front of management teams (Neely et al., 2000).

Majority of micro firms have limited sources, indicates that wastage level of critical concerns of enterprises i.e. quality and time kept low whether the quality and performance of production to be much higher. Criticality of financial aspect of performance is palpable for micro firms but lack of financial safety is given (Hudson et al., 2001). Sink and Tuttle Model (Sink and Tuttle, 1989) describes a classical approach of performance measurement which argues about the composite interrelationship between six performance criteria of organizational system based on effectiveness, efficiency, quality, productivity, innovation and profitability (Rolstadas, 1998). This multidimensional approach originally situational-based, in which performance measurement is apply to improving the accountability, competitiveness and profitability of different manufacturing sector organizations. Some business managers choose productivity measurement system rather than performance management on the basis of environmental requirements and continuously changes in industrial attributes (Gaynard, 1997).

To improve the organizational performance, micro firms having financial difficulties by focusing the customer perspectives, tend to establish dependent relationships to ensure short-term survival. A model of three core variables i.e. financial, organizational and value creation, by considering the logistical importance, proposed to improve the organizational performance of micro firms (Halley & Guilhon, 1997). Performance of micro firms are also analyzed in terms of enterprise growth and financial stability, directly related to the different types of innovational introductions. Results and findings are very supporting that the innovation is surely engaged with the utilization of observation and different kinds of information and mutual relationships (Freel and de Jong, 2009).

As governments and economies around the world change, the real extent of the resources available to the welfare system rises and fall. When financial support is cut back, as has happened recently in the USA, the shortfall issues become more acute, increasing the relative significance of the voluntary sector. Moreover, priorities among different sectors also change. This accord with the commonly-held view that the welfare system cannot, and almost certainly never will, meet all the demands placed on it. It is necessary to encourage newcomer entrepreneurs to the sector and to identify everything, need to make sure about the current progression and financial data (Thompson, 2002). Although social entrepreneurship is in evidence in many profit-seeking businesses - sometimes in their strategies and activities, sometimes through donations of money and time - the main world of the social entrepreneur is the voluntary sector. While it is difficult to determine the true size of the voluntary sector, we know that in terms of hours "worked" the sector as a whole is the third largest employer in the UK, behind the National Health Service and "government". It is clarified that costed at a minimum wage level, the corresponding US voluntary sector equated to 5 per cent of gross domestic product. It is not thought to be as high in the UK (Drucker, 1989).

Prospective entrepreneurs possess as many personality differences as they do similarities and experience a varied interplay of push and pull factors as they pursue their career goals and preferred life situations. The multiplicity of variations would make a comparative study of entrepreneurial personality and business success difficult. Many different factors pull and push prospective entrepreneurs to create a new business venture without a prescriptive combination that can characterize every unique individual (Alstete, 2002). Consulting, delegating and monitoring the behaviors of employee varied towards the leadership activities. For the future study concern, these practices are likely to have an impact on both employees' generation strong ideas and application behaviour. To get a positive and safety and atmosphere, continuous encourages openness and risk taking seems to encourage wealthy ideas and application. Resulting that the leaders trying to enhance individual innovation among their employees could attempt to consult them more often, ensure that employees have sufficient autonomy in deciding how to go about their task, and support and recognize people's initiatives and innovative efforts (Jong & Hartog, 2007).

These factors suggest that future research needs to explore the role that contingencies play in the relationship between leadership and employees' creating ideas and application behaviour. Moderators for some of these leader behaviours may exist in that they have a stronger or weaker impact on employees' innovative behaviour in a given context. Leadership may also have indirect effects on outcomes, for instance, through creating a context in which innovative behaviour can flourish. For example, leadership may be crucial only in creating a work climate in support of employees' innovative efforts. Usually the setbacks have to be overcome and risks are management or understood. Client and customer faced the new value of the resultant figures. A combination of financial, social, aesthetic or environmental capital or other relevant variables involves in these figures. This scenario defines the social capital of perceiving benefit to individual and communities. Another term social value is also used in this regard. The value of social networks and social capital sometimes termed as human capital (Thompson & Doherty, 2006).

The most influential factors in the entrepreneurial competencies are managerial skills. The demographic, psychological and behavioural with regarding to the managerial and technical fitness are significantly impact on the performance measurement of micro firms. But observations reported the contradictory results, however (Chandler and Hanks, 1994; Cooper, 1993).

The significant resource is very important for an individual entrepreneur like to be apprehend that are must be reflect in their professionalism, knowledge, skills, abilities, experience and qualification (Edelman et al., 2002). The entrepreneurs have the good quality to perform as a decision maker, while making business strategies. Entrepreneurs are solely responsible to set the pathways of their enterprises moving towards the organizational objectives and goals (Masurel et al., 2003). It is suggests that the entrepreneurs having their own firms and business owners involve themselves to the development and growth of their firms (Yu, 2001).

Strategic competency involves strategic thinking which reflects the ability of the organization's leader to develop future vision and take strategic action which requires them to think beyond day-to-day operations (Stonehouse and Pemberton, 2002). Accordingly, being engaged in each role demands possession and application of certain knowledge, skills and capabilities (competencies) among entrepreneurs. Entrepreneurs must equip themselves with competencies that allow them to perform effectively in their business, which may subsequently lead to business success (Ahmed et al., 2010). Having this vision allows entrepreneurs to focus their actions and decisions more strategically and when achieved will give their firms significant advantages over the competitors. Also by having a set of clear goals and an overall picture of where and how the firm is going to compete entrepreneurs are able to formulate appropriate strategies and implement them to achieve the preset goals. These strategies serve as a bridge that links firm's resources and their capabilities to gain competitive advantage Fand to overcome organizational uncertainty (Pamell et at. 2000).

The job description of the entrepreneur in the small business firm is required to look after the whole department, while the owner manager has responsibility to control overall in the organization. The assign task to the manager based on the routine base activities i.e. planning, organizing, monitoring and controlling the tangible and intangible resources. Managerial approach is to involve in the systematic process for accomplish the targeted goals and preparation of work performance report. (Chandler and Hanks, 1994). Proper workout and a strategic management for attaining the enterprise goals, by organizing and involving the necessary resources with proper arrangement are essential factors to carryout the organizational plan.Human resource, modern technological equipments, supplies and materials, proper knowledge and money are the key resources to involve. This role identifies the key activities to perform such as planning, organizing, directing and controlling over the firms resources. These functions help them moving towards their organizational goals relatively. Entrepreneurs play as a business owner and having full rights and overall control of the firms. This designation requires a managerial role to play by entrepreneurs.

An entrepreneur is someone with a vision who spots a new opportunity and is minded to act on it and start something and enterprising behaviour relates to starting a new venture which requires setting out ideas obtaining resources and making things happen (Thompson, 1999). Extending this view, it has been suggested that the ability to select high quality opportunities and devise appropriate strategies to turn these opportunities into reality may have a considerable impact on venture performance (Wang and Ang. 2004).

Micro firms manifested towards the individual's specific behavior, which are an expression of characteristic differentiation (Boyatzis, 1982). Entrepreneurs focused towards the exhibition of entrepreneurial competencies and carry out changes or start business, helping them to meet their visionary goals and opportunistic efforts either in existing organization or in shape of SMEs (Bird, 1995). Use of scales is an alternative betterment to measure the micro firm performances with the help of actual figures, which are commonly hiding be SME owners / managers in case of sensitive figures. From the perspective of investment efficiency and business growth the framework of SME competitiveness and measurements of performance are considered (Grupta and Govindarajan's, 1984).

SMEs' competencies could not be analyzed specifically in the firm and its background, through the standard approaches and methodologies with fully consideration of the related literature of large firms (Spencer e Spencer, 1993). Besides this, an inductive approach is required to analyze the SMEs competencies which based on the variety of situational case studies and the strategies and procedures experienced by entrepreneurs (Capaldo and Zollo, 2001). Being firm-specific and context-specific SMEs' competencies cannot be analysed through the standardised methodological approaches suggested by the literature for large firms (Boyatzis, 1983; Spencer e Spencer, 1993). On the contrary, the analysis of SMEs' competencies requires an inductive approach, based on the analysis of the wide range of situations experienced by entrepreneurs and his/her collaborators (Capaldo and Zollo, 2001; Sandberg, 2000) made through an in-depth investigation of the context in which firms operate.

A micro firm is high impacted and affected from its financial and non-financial returns. It affects the value of the enterprise or its products or services. It is necessary to establish a strong relationship between the non-financial and financial values of enterprises which are essential condition for the assessment of the enterprise value. Non-financial returns are sometimes not beneficial for the enterprise, but they highly considerable for the financial growth and enterprise stability and to achieve the organizational targets.

There are number of reasons, counting the importance of non-financial returns. Social aspects prompt the organizations to perform non-financial activities. The level of environmental and social challenges me the enterprises able to make proper decision regarding the adoption of non-financial concerns. It seems that the poor performance in non-financial aspects considering the specific enterprises. It is quite important that the long-term financial objectives are meeting by these aspects with association of financial risks and the management of non-financial returns. Furthermore, the good management of non-financial aspects showed a better quality of goods and services offered (Bennett & James, 1999).

On the basis of manager's satisfaction with the accomplishment of specific objectives, the effectiveness was measured. The performance based estimation of changes believed to be a consequence of the quality program. High level of achievement on quality measurement is indicated towards the managers' performances. It is significantly highlighted that the TQM programs leaves very highly positive effects. Particularly, increasing in profit and sales were lesser value rather than the non-profit returns (Moreno-Luzon, 1993). "Although proponents of TQM argue that it can successfully be applied to organisations of all sizes" (Powell, 1995). To identifying traits and focusing towards the characteristics that distinguish entrepreneurs from the common people is an early entrepreneurial research area. But current researchers focusing the development based research on entrepreneurship (Segal et al. 2005). Some evidence suggested the higher quality in gross performance measures according to employee for the firms, prior to the demographical differences.