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According to the news, the president, Bens defined entrepreneur as people who are willing to be risks taker to be successful or failure. As an entrepreneur, many people think that they are able to create and as an owner in a new business, but that are one of a part as an entrepreneur and not the only one. They should have the ability to become innovator so that can be creating a new market for something existing goods and services to conduct their business in successful way. Moreover, they also needed to fully utilize the limited resources that we have in order to maximize the efficiency while minimize the consumption. (Global Entrepreneurship Week recognizes Thomas Riley Artisans' Guild). Another perspectives from these studies, the entrepreneur are much of personality trait which is "entrepreneurs are bond and not made" and traditional approach has "come to a limit since it could not be applicable to the dynamic nature of entrepreneurship development". (Lau and Chan, 1994) the culture influence
Entrepreneurship is one of the factor of production in economic with others such as land (natural resources), labor and capital. It can be regarded as capacity and willingness to undertake conception, organization, and management of a productive venture with bear the risks. In addition, entrepreneurship is related in the business ownership. It also defined as economic innovation and risk taking because it is an important ability to change and become a more competitive global marketplace. For the reward as an entrepreneurship would be profit. Besides that, they also needed trying to improve or innovation the product or services with the resources. In all this processes, they are assuming that will face the facts which are risk for success or failure.
From the Greg Watson, he state that the entrepreneurship can be simply as starting a business. In his definition, this entrepreneurship will be in the process via the individuals' identification the opportunities for change allocate resources and create value. For the entrepreneur, he show that as a entrepreneur must needed to see what are the problems they face and when is the opportunities so that can make the right decisions when taking the action and also the solutions for those problems they face. This also is one of the ability as an entrepreneur so that they can be easily to see the opportunities in the marketplace, take advantage of changes and create value throughout the solutions.
From our information, Cromie (1994, p. 64) pointed out the entrepreneurship is "unique occupation characterized by risk taking". Besides that, entrepreneurship has been literature that it is dominates the risk construct and the most challenges to do an entrepreneur are competency to attendance risk. (Knight, 1921) In the sociological (see Garavan et al., 1997) or behavioral view (Gartner, 1985) of entrepreneurship subscribes that the entrepreneur are interact with the environment. The Gartner outlines that the common behaviors or tasks to be performed by the entrepreneur are locating the business opportunity, accumulate the resources, produce and market the goods and services, build an organization and respond to the government and society. In 1992, according to Gartner et al. has urged the entrepreneurship as process of emergence. Another person states that entrepreneurship is a practice by doing the ultimately determines performance. (Drucker, 1985) the culture influence
Furthermore, the entrepreneurs as authentic leaders because of that is a "capable executive and more". The explanation is not only does everyone in the organization have positive contribution; also that ability to identify and help employees build those individual strengths is fundamental. (Sexton and Bowman, 1985)
According to statistics, more than 100 thousand people become millionaires each year in the United States alone! Overwhelming majority out of them is self-made and owners of business. This means, if you would like to pursue your goal of becoming rich, you have to start your own venture. For sure, becoming an entrepreneur is not an easy task! There are certain qualities and requirement that are absolutely necessary if you would like to become successful in your business ventures. Some of these qualities are built-in parts of your inherent personality, and some of them get developed over time. Knowing these characteristics and identifying your weak ones will eventually help you become a successful entrepreneur. If u better understand your business personality, then you can give your company the best part of you. There is a list of personality of a success entrepreneur and understanding each will help you enjoy the business more.
Adventurous is a very important traits for a success entrepreneurs. Businessmen always compare the business world to a jungle. Sometime it is more dangerous than a actual jungle. A successful entrepreneur is willing to take considered risks. They are not gamblers but those who asses the dangers and take measured decisions. When running the high tech and software business, risks must be taken every day. Successful entrepreneurs are persistent and hardworking. They master self-discipline to such extent that if a work is important and related to their goals, they will, eventually, complete it. Getting things done is the vital link between motivations and their outcome. At times, entrepreneurs force themselves to choose work over fun, a boring job against a pleasant one, working on tax papers rather than reading a glamour magazine. This requires a self-control that many people simply fail to develop in them.
Second, creativity is demanding in a business. This entrepreneur's personality is necessary to build the business with the unique ability and talents, also creativity. As we manage a business, innovate is the main thing. We can see that some of the businessman always trying to copy and do exactly what others do and behave. This is actually made things worse. Creativity is the ability to use your insights and come up with new solutions to old problems, get things done in a different way or find a totally different approach for conventional things to work together. Entrepreneurs need creative thinking ability virtually in everything. Each new product, each new marketing method, each business decision all these are fertile ground for creative thinking. Dare to make your business different with others; it makes your business unique from other competitors. Often, entrepreneurs become immensely successful thanks to one single creative idea.
Apart from creativity, leadership is essential for every businessman and entrepreneurs. Ability to lead the employee is the essence of a successful entrepreneur. Successful entrepreneurs are capable of leading people and get work done by them. They use a combination of various methods - effective motivation, planning, coaching and evaluation - to lead people. They are concerned about the wellbeing of others and easily get along with people. By the way, as we mentioned the leadership is so important in an entrepreneurship, a good leader also have the ability to communicate. Successful entrepreneurs are great communicators, they communicate frequently, they communicate in a timely manner and they have systems set up to support themselves in achieving and maintaining it.Â
Next, I will be talking about meticulous traits. There are many aspects to a business and entrepreneurs need to be extremely thorough, and meticulous, or else they risk failure. This entrepreneurial personality trait will help new business owners in remembering to check each and every detail. If we want to have a success business or be a success entrepreneur, we have to go through all these. Those who possess this trait tend to be very successful and happy in an entrepreneurial environment. They will succeed because they will always make sure that every base is carefully covered all of the time.
From the previous reading, I realized that flexibility is highlighted. This entrepreneurial personality trait is beneficial because it helps entrepreneurs "go with the flow". Though, business owners will have a business plan, they cannot expect everything to go exactly as planned. Sometimes the business never ever goes as we anticipated, that is the reason why a successful entrepreneurs need to be ready for 'off the script' and improvise. We have to mentally ready such things happen unexpectedly. So, being flexible will allow them to overcome the various issues that often challenge new business owners. In many cases, flexibility and creativity go hand in hand.
Last but not the least, I would like to say that patience is the necessary traits should the entrepreneurs behave. This entrepreneurial personality trait is arguably the most important. When starting a new business, it is uncommon for it to rake in major profits right away, so entrepreneurs need to have patience. Most of the entrepreneurs would like to have a success business in a short time, they want results immediately. Lack of patience make them don't have sufficient time to have the complete framework before start the business. Business would be failed if we don't know exactly what we going to do for the rest of our life. So, during the first year, it is important to focus on perfecting how the business is run, learn as much as possible about the industry, and build a solid base of clients and/or customers. It often takes a few years for a business to really start taking off financially.
In a nutshell, after reading some research and study, I clearly figure out the personality of a success entrepreneur. It is not everyone can simply achieve it, certain traits are absolutely necessary to be successful entrepreneurs.
What influences the entrepreneur to success??
A successful entrepreneur is providing good services with the growth in their income or profit is known as measure of success of entrepreneur. As we all known that women nowadays is keep increasing. No matter at school or working place, most of the employees are female. As a result, women are starting business is twice more than the male. From the pass study, The Small Business Administration estimates that at the end of 2000 there are more than 40% of all the business might be owned by the women (Bygrave, 1997). Due to the environment changes women nowadays more to independent and have their own perspective, therefore they have their own motivation to be an entrepreneur rather than just stay at home being a housewife. Women on 20 century have more desire to become a successful entrepreneur.
From the pass study, we know that female and male their working experiences and their formal training are significant in explaining the entrepreneurial orientation. For the male entrepreneurship, they are more particular in extra-curricular training which related to their entrepreneurial orientation. Training for the male entrepreneur is to abroad their thinking and also develop their entrepreneurial spirit. Nowadays information technology are growing fast, as an entrepreneur, they should have the computer skill during do their business. However for the female, they more suitable internships in a firm and volunteer work very important for fostering entrepreneurial orientation. This action may bring women more closer to the working environment which can help them develop their entrepreneurial skill. It is very important that female entrepreneurs having this kind of working experience at early age in their working life.
Besides that, from our secondary resources that we get, the researcher say that female entrepreneurs are significantly more open than the male counterparts. It is also because from the research they have done, female entrepreneurs are more sociable and agreeable compare to the male entrepreneur. However male entrepreneurs are more cautious and less impulsive compare to female entrepreneurs. Therefore gender have been become a factor to become a successful entrepreneur.
Besides gender factor affect the success of entrepreneur, an entrepreneur education levels also another factor that we like to discuss in our study. From the pass study that I found out say that a success of an entrepreneur have a positive relationship with the education level. Entrepreneur with high education level and experiences have greater chances to success compare with the entrepreneur with lower education level. Besides that, Lussiers and Pfeifer also say that entrepreneurs with high education level and experiences will have greater chances of succeeding compare with the people without education and also experiences. (quoted in Rose et. al., 2006). This factor is being considered as an indicator of entrepreneurial success. However, there also got some of the researcher say that, an entrepreneur not actually has high education level. It is because they can learn the skill from their family or friends. As a successful entrepreneur, behind them also need family and friends to support them. This also a factor to lead the people to become a successful entrepreneurs.
Bygrave, W.D. (1997). The portable MBA in entrepreneurship. New York: John Wiley & Sons, Inc.
Rose, R.C., Kumar, N. and Yen, L.L. (2006). The Dynamics of Entrepreneurs' Success Factors in Influencing Venture Growth. The Journal of Asia Entrepreneurship and Sustainability.2(2).
AboveWater, posted nov 22, 2010 at 1.43pm - http://www.naplesnews.com/news/2010/nov/22/global-entrepreneurship-week-recognizes-thomas-ril/