Attributes of Becoming an Entrepreneur - Coursework Example

Title Student name Subject Lecturer University Date Contents Attributes of Becoming an Entrepreneur 3 Traits and qualities of a good entrepreneur 3 ICT and social networks 5 Communication and industry interviews 7 Social and ethical responsibility 8 Reference List 8 Attributes of Becoming an Entrepreneur As entrepreneurs the greatest motivation is the realization of their dreams; given their pursuit for success. Arguably, while the The world’s famous entrepreneur stories, mostly from the Dot Com boom make everyone believe their dreams are valid. However, it is not always that a company that starts in the garage or basement grows into a multi-billion dollar enterprise. In fact, the number of new businesses, some with a lot of potential, that fail in the first few months or a year after they begin, is surprising. It is simply not enough to dream, one must cultivate the character traits, skills, knowledge and attributes required to become an entrepreneur. Traits and qualities of a good entrepreneur Starting off is one of the most difficult aspects of the entrepreneurship journey. Often, the company has, or involves the input of several people, collaborating to bring the business to fruition. The entrepreneurship journey requires strong leadership qualities for the entrepreneur. The best leaders must demonstrate their ability to value the goal over any distractions or difficulties involved in the course of doing the job (Bowser 2015). The journey will no doubt be risky, especially for those entering a completely new industry. For many entrepreneurs, they basically try to convince their customers that they need something they did not know they needed before. The entrepreneur must have the ability to navigate uncertain waters. They must be able to make progress and important decisions, even when they do not have the whole picture clearly. They must not only have a tolerance for ambiguity, but also a high degree of flexibility, ability to change with the demands of the market and their customers. Every good entrepreneur must be self motivated. From the literature and stories, the most popular entrepreneurial minds, the Steve Jobs caliber of businessmen, had very intense personalities. For some, reports by employees indicate that their intensity bordered on obsession. They had a clear vision of what they intended to achieve, and obsessively focused all their energies on it (Eadicicco 2014). In fact, this character trait is important in the continued success of business. When asked what makes Apple so successful, founder Steve Jobs replied that they maintained the start-up spirit. One of the fundamentals of the start-up spirit is the self-motivation and drive to see things happen. Entrepreneurs are highly driven, and work tirelessly to find solutions to the problems they face. To achieve the highest levels of success, though, one must have the drive to achieve more, above the desire for money. The entrepreneur should view the money as a confirmation of their success, and not as their end goal. The entrepreneurship journey is an emotional one. When one spends as much time as most entrepreneurs do, making plans and thinking up ideas, it is easy and normal to develop an emotional connection with the business. While this is important in motivating the entrepreneur, it must not get in the way of their rationality. They must be willing to make those difficult decisions when the time comes. A lot of lessons are learnt along the way, and one must realize the value of knowing that they will not always have the solutions and understand everything. A good entrepreneur must be willing to admit and recognize where they are deficient and where they make mistakes, and be willing to accept input to correct them. They must have good goal setting capabilities. Proper goal setting helps the entrepreneur stay on task, and be able to measure the progress they make. The most effective goal setting technique is the SMART goals system. SMART is an acronym for setting goals which are specific, measurable, achievable, realistic and time bound (MIT 2015). Every entrepreneur needs people around them that motivate, inspire and keep them accountable. They need mentors or advisors, older or peers, who guide them in the right direction. They should also have relationships with people who have gone through the same path to act as a sounding board for them. Building a good network of peers and mentors is important in keeping the entrepreneur grounded. Good entrepreneurs are only as good as the people who support them. Entrepreneurship often starts with an idea and a dream. The idea often does not grow into a dream without first passing through a self-reflection stage. A good entrepreneur must have the analytical capacity to gauge whether what they plan to do will bring them the fulfillment they need, and remain profitable. ICT and social networks The fact that networking is important in every entrepreneurial journey cannot be stated enough. However, not many realize the value of networks on the success of the startup venture. Globalization is one of the biggest drivers of the international businessworld today (Seretny & Seretny 2012). This is in no small part to the role of the internet and popular social networks like Facebook and Twitter. ICT and social networks have helped in several ways to improve the likelihood of success in start-up businesses. ICT and social networks are a source of opportunities. They can be used to gather information on market trends and gaps, which then help in molding ideas into business plans. A large percentage of start-up businesses identify ideas and market gaps from their social networks. It is also an ideal mode for seeking the feedback on ideas and their probability of success, and testing them. Social networks and ICT resources are an ideal path to the provision of resources. Most entrepreneurs never have all the resources they require to seize the opportunities that their ideas present them. This means they have to mobilize resources from other sources. Social networks foster a close social support network, which may provide the entrepreneur with the resources they require. The reach of social networks today means there is access to a wide range of possible critical asset providers, who can provide financial help and knowhow. ICT and social networks also guarantee the start up venture reaching a critical resource, the market. The internet is open the whole day and night, all through the year. In fact, many start-ups today operate purely online, without the need for brick and mortar premises. ICT and social networks also help start up ventures achieve legitimacy. When making sure a new product or business is the real deal, many, especially the millennial generation, turn to the internet or social networks (Fromm, et al. 2011). Just the fact that a company has an up to date website or social networking page adds a lot of credibility to their cause. Many potential customers look at the ratings and comments of other on social media or online to gauge the legitimacy of products or companies they have not seen. Communication and industry interviews The best leaders are strong communicators. In the entrepreneurial journey, there are different types of communication that are not only effective but also essential. There has to be adequate communication between the leader, founder or entrepreneur, and their team. Hey must make sure everyone on the team understands and is on the same page with what they are doing. Good and regular communication is important in tracking the success of the implementation of any project. Employees will feel involved and part of the overall goals of the start-up venture depending on their communication with the leaders. The second important communication dimension is the communication with peers and industry professionals. For the beginner, even in an industry where they have considerable access to information, there is still a need for guidance. Entrepreneurs must create a network of peers to provide constructive criticism, and mentors who guide them to the right path. It is especially important to have an individual who has gone through the same or similar entrepreneurial journey. The mentorship relationship must not be just formal or superficial. The entrepreneur and the mentor must have a personal relationship, where they truly understand each other’s needs and motivations (Scivicque 2011). The third important communication one must do as a startup business person is the communication to the target market. Word of mouth, social media, online communication and the traditional methods of marketing help. Staring up means solving a problem, and sometimes the target market neither knows about the dimensions of the problem nor that a solution exists. The amount of targeted communication the entrepreneur does will determine how much the situation changes. Social and ethical responsibility There has been considerable academic focus on the subjects of entrepreneurship and business ethics. However, most literature explores the entrepreneurial ethics topic on a micro-level, dealing mainly with the ethical decisions that the entrepreneur makes when they are just beginning (Harris, et al. 2011). Several dimensions affect the ethical environment of a startup, including competition, availability of startup capital and resources, technological innovation and industry trends. However, the best entrepreneurs must focus on much more than just the micro-level. They must seek to establish an ethical direction for their company as a whole, with everyone involved understanding the ethical values of the company. Customers today associate themselves with companies and brands that demonstrate capacity for ethical responsibility. Even shareholders in large companies, originally thought of as profit oriented, are now some of the biggest proponents of ethics and responsibility in business. Executives are increasingly pursuing moral leadership traits (Howard , 2012). A business that establishes and maintains a strong sense of ethical responsibility will attract and keep a loyal group of customers. Reference List Bowser, J., 2015. 8 traits of successful entrepreneurs--Do you have what it takes? [Online] Available at: www.mbda.gov/blogger/starting-business/8-traits-successful-entrepreneurs-do-you-have-what-it-takes Eadicicco, L., 2014. Working with Steve Jobs, Summed up by a Former Employee. [Online] Available at: http://www.businessinsider.com/what-its-like-working-with-steve-jobs-2014-10[Accessed 12 May 2015]. Fromm, J., Lindell, C. & Decker, L., 2011. American Millennials: Deciphering the Enigma Generation, Boston: Barkley. Harris, J. D., Sapienza, H. J. & Bowie, N. E., 2011. Ethics and Entrepreneurship. Journal of Ethics and Entrepreneurship, 1(1), pp. 407-418. Howard, A., 2012. It's Time for Moral Leadership, Sydney: The Confidere Group. MIT, 2015. Performance Development: SMART goals. [Online] Available at: http://hrweb.mit.edu/performance-development/goal-setting-developmental-planning/smart-goals[Accessed 12 May 2015]. Scivicque, C., 2011. How to Start a Mentorship Relationship. [Online] Available at: http://www.forbes.com/sites/work-in-progress/2011/06/18/how-to-start-a-mentorship-relationship/[Accessed 12 May 2015]. Seretny, M. & Seretny, A., 2012. Sustainable Marketing -A New Era in the Responsible Marketing Development. Foundations of Management, pp. 63-76. Read More