Characteristics of an Entrepreneur - Essay Example

The world business is continously witnessing growth in entrepreneur due to the wide opportunity that the business presents. This has made people look towards using their skills in such a manner that the skills of the entrepreneur are used to the best advantage. This has resulted in increased research being carried out in this direction. It has been identified that 90% of the people belonging to age 25 to 44 look towards having their own business and have a desire to be entrepreneur (Casto, 2011). This makes it important that people looking into entrepreneurship have the required skills which will help them to make changes in the manner the business perform and will thereby transform into improved business. This paper thereby looks to present the manner in which entrepreneurship skills have to be used in the successful implementation of the business. Further, the paper looks to examine some examples from real world so that important highlights can be identified. This paper thereby will look towards ensuring the learning from the course which will help to understand the strengths and weakness that I possess and can be used in a manner to ensure maximum efficiency of my skills. This helps to define entrepreneurship as skills which entrepreneurs possess and are able to use it during the course of their business. Entrepreneurs are able to ensure a vision and look towards motivating themselves by looking into various options so that the best possible one is picked and the business is able to ensure maximum efficiency on their business (Givens, 2012). Thus, an entrepreneur performs different roles and functions which help him to develop new ideas. This is basically due to the fact that the entrepreneur has certain skills and characteristics which ensures best possible development opportunity which are as The ability of an entrepreneur to demonstrate leadership quality (Fritz, 2012) is a big trait which an entrepreneur shows. The fact that the entrepreneur is able to differentiate himself from others as being able to act in situations when a common man might find difficulties differentiates him from other. This makes the entrepreneur look towards challenges and face them instead of passing the blame to other ensures more opportunity of growth. Entrepreneur also highlights the ability to be ambitious and take decisions which will help the business to accomplish bigger goals (Fritz, 2012). Since, an entrepreneur is able to demonstrate confident skills which look towards highlighting different ideas and abilities look towards identifying the different abilities that will help to improve the business is an area which entrepreneur shows bigger chances of the goals to be accomplished. Another skill which an entrepreneur is able to demonstrate is vision (Lusi, 2010) where the entrepreneur looks towards identifying the goals that they are looking to accomplish over the next 10 to 15 years. This will help the entrepreneur to ensure that the resources are being used in the most effective manner. This will ensure that the entrepreneur is able to use the resources in the most effective manner. Entrepreneurs are also able to ensure that they have a passion towards working and ensuring that the business is able to develop and present the manner in which they are able to develop new business ideas (Wadhwa, 2009). The entrepreneur is thereby able to ensure that they are able to motivate the people towards inciting them and ensuring that the goals of the business are accomplished. Another characteristic which an entrepreneur shows is the ability to motivate them and doesn’t require any external forces to motivate themselves (Bornstein, 2012). The entrepreneur is able to ensure that a larger picture of the scenario is developed which will thereby help to ensure that the business is able to motivate the workforce and ensure that the different direction of the entrepreneur is able to develop the business. Another strong factor contributing towards the growth of the entrepreneur is the ability to ensure that a strong networking is developed which will help to develop the business (Kimmons, 2012). Since, an entrepreneur looks towards understanding the external environment and based on it looks towards ensuring that they understand what the others are communicating and based on it looks towards ensuring that the best strategies are adopted has helped to develop an entrepreneur. The entrepreneur looks towards developing a network through which a strong network is accomplished so that the business is able to ensure maximum efficiency for the business. The entrepreneur also looks towards ensuring that the decisions that are taken is wise and will look towards using the most effective way that will help the business to grow (Hannu, 2000). The entrepreneur looks towards different factors which will help to understand the mechanism through which they will be able to ensure that decisions taken multiplies profit and is a core characteristics which an entrepreneur needs to demonstrate. Thus, an entrepreneur needs to look towards ensuring that they have different characteristics and qualities which will help to bring a change in which the business is conducted. Further, it is important to ensure that the entrepreneur is able to use the skills which looks towards motivation oneself and others and also look towards developing the business so that the different value of the business is better achieved. The following example so some of the emminient personalities in the entrepreneurship business highlight the manner in which they were able to use their skills An entrepreneur in this direction is Iris Lustig Mar who has used her skills and ensured that the business is able to grow (Sam, 2012). Iris Lustig Mar has ensured that using her skills to develop property builders and is one of the renowned known names in the industry. Iris Lustig Mar has also ensured that she has used her vision skills and motivation skills to ensure growth for the business and has thereby enabled them to ensure that the business is able to grow. Iris Lustig Mar has also ensured that they are able to use their skills and ensure growth for the business Another example in the entrepreneurship business is Charlotte Vidor who has ensured development of the property development business on the large scale (Sam, 2012). This has thereby ensured that the company has grown to over $285 million where she has used her skills to develop the business. Charlotte Vidor has ensured that she is able to use her skills where she has looked towards using the vision and ensured that she is able to identify the different areas where they are able to ensure better efficiency in the business. Maxine Horne another entrepreneur in Australia has shaped the manner in which the mobile industry looked to work and has thereby transformed the telecommunication industry (Sam, 2012). Maxine Horne had used her skills and ensured that she was able to guide people. Also her ability to take decisions and ensure that the entire efforts of the business were directed towards a common goal has ensured successful development of the business. Julia Ross another entrepreneur even after the difficulties she faced in her personal life was able to use her entrepreneurship skills to develop a largest recruitment and HR service provider in Australia (Sam, 2012). The ability of Julia Ross to identify the manner in which the different skills of the entrepreneur were used has ensured that the business was able to deliver quality performance in the business. Julia Ross ensured that the skills were used in such a manner that the business was able to ensure maximum efficiency. Another entrepreneur named Naomi Milgrom was able to ensure that she used her entrepreneurial skills in ensuring that her business grew and was thereby able to establish her name in the fashion industry (Sam, 2012). Naomi Milgrom was able to use her skills and ensure that she was able to make people look towards the fashion industry which has thereby ensured better policies which has helped to shape the fashion industry. The manner in which Naomi Milgrom was able to use her entrepreneurship skills ensured better return and growth for the fashion industry. The lecture program on entrepreneurship was a great learning curve for me as the program was designed in such a manner that it laid emphasis on each and every small aspect of entrepreneur. This course provided immense knowledge and information to me which I was unaware of. I previously had an assumption that business was just about selling the products and earning profits but this course made me understand that entrepreneurship includes different areas and the manner in which the organization works gets shaped with the external environment. I realized the importance of team work and communicating so that the desired sales can be achieved. I also understood the fact that entrepreneur look towards both the internal and external situation while looking to decide on the method or product most profitable for the business. The manner in which the program was developed and knowledge imparted helped me to understand the subject better. The use of case study methods which allowed us to look into real world examples and present our views and solutions to the situation helped me understand the manner in which decisions in the business is taken. This strategy broadened my horizon as it helped me to understand the importance of other factors which are external to the organization. I realized that being able to deal with the external conditions and using the strengths and core competency of the business to its strengths helps the business to succeed. This aspect also helped me realize the importance of working in a team. I was of the notion that individuals shape the performance of the organization but while working on the project I realized that everything was about team effort. Members who are able to come together and work towards a common purpose and ensure that their core strengths are used help the organization to ensure better strategies (Ralston, Hallinger, Egri & Naothinsuhk, 2005). I also understood the importance of financial management which the professor used to continuously say during the entrepreneurship lectures. I understood that being able to manage the finances and developing a strategy through which the business is able to ensure regular flow of funds helps the team and other players to develop the business accordingly. This understanding will help me in the future as it will help me to use the learning experience to further enhance my knowledge during my professional life. The mechanism which was adopted during the course was also very effective as in the beginning the course focused on theoretical knowledge and then looked towards the practical application of those (Ross & Eeden, 2008). This helped me to understand the subject better as I was able to use the learning and substantiate my work. This helped me understand things better and being able to use the learnings and using its application has helped me a lot. It has made me understand the practical application of the theories and in the future I will be able to ensure that I use to develop my knowledge further and will greatly benefit me in my professional life. Another interesting part of the course was the regular feedback that we used to receive from the professor. In the beginning I didn’t give much importance to it and thought that it was useless. Thus, the overall learning from this course has been great as it has concentrated on different areas which have helped me to understand the subject marketing better. This will help me in the future endeavour and help me to deliver better and superior results in my professional life and help me to deal with things in a better way. References Bornstein, D. 2012. 6 Characteristics of Successful Social Entrepreneur. Retrieved on April 26, 2012 from http://unreasonableinstitute.org/blog/6-characteristics-of-successful-social-entrepreneurs/ Casto, M. 2011. Characteristics of an Entrepreneur. Retrieved on April 26, 2012 from http://www.4-small-businesses.com/characteristics-of-entrepreneur.html Fritz, J. 2012. 10 Characteristics of Social Entrepreneurs. Retrieved on April 26, 2012 from http://nonprofit.about.com/od/socialentrepreneurs/fr/entrepreneurcha.htm Givens, K. 2012. Top 10 qualities and characteristics of a successful entrepreneur. Retrieved on April 26, 2012 from http://www.kevingivens.com/characteristic-of-an-entrepreneur/ Hannu, L. 2000. Entrepreneurship and the characteristics of the entrepreneurial personality. International Journal of Entrepreneurial Behaviour & Research, Vol. 6 Iss: 6, pp.295 - 310 Kimmons, R. 2012. What are the Basic Concepts & Characteristics of Entrepreneurship? Retrieved on April 26, 2012 from http://smallbusiness.chron.com/basic-concepts-characteristics-entrepreneurship-18526.html Lusi, O. 2010. 5 Great Characteristics of Successful Entrepreneur. Retrieved on April 26, 2012 from http://epiclaunch.com/5-great-characteristics-of-successful-entrepreneurs/ Ralston, D., Hallinger, P., Egri, C. & Naothinsuhk, S. 2005. The effects of culture on work place strategy of upward influence. University of Bangkok, Elsevier Inc Ross, W. & Eeden, R. 2008. Relationship between motivation, job satisfaction and corporate culture, Journal of Industrial Psychology, Volume 34, Number 1 Sam. D. 2011. Top 10 Female Australian Entrepreneur & Business Woman. Retrieved on April 25, 2012 from http://www.mytopten.com.au/2011/07/top-10-female-australian-entrepreneurs-and-business-women/ Wadhwa, V. 2009. The True Characteristics of Entrepreneurs. Retrieved on April 26, 2012 from http://www.strategy-business.com/article/re00095?gko=9bc62 Read More