The paper "Traits Necessary to Start, Manage and Develop Entrepreneurial Enterprise Using DUBS Model " is a perfect example of business coursework. There is a growing interest in entrepreneurship and the central characteristics and traits necessary for an individual to start, manage and develop an enterprise. In the Netherlands for instance, a number of researches over the last decade have attempted to establish a trend among people towards developing positive attitudes towards starting a business. A study estimated that 2.4 percent of the Dutch population, between the ages of 18 and 54 years, now consider starting a business of their own (Driessen and Zwart 1).
In which case, concerns over the traits and capabilities that can influence the success of entrepreneurship have increasingly become significant. Similarly, studies establishing a relationship between business success and traits or characteristics of entrepreneurs have become increasingly significant. This essay critically discusses the characteristics and traits necessary to start, manage and develop entrepreneurial enterprise using DUBS model and Competence theory. DUBS Model Stoof (36-38) summarized that traits and characteristics are practices where capabilities, competence, knowledge and attitudes accomplish behaviour.
Based on DUBS (Durham University Business School) model, significant traits and characteristics important for starting entrepreneurship include planning, being self-awareness, being creative and having the initiative to doing a business (van der Kuip & Verheul 12). Several studies have linked business success to effective and strategic planning (van der Kuip & Verheul 12; Otuya et al 204). In which case, it is critical to argue that effective and successful entrepreneurs are typically strategic planners. This trait is based on the DUBS model of enterprise, which distinguishes different types of entrepreneurial traits and characteristics to be around four components, namely planning, ideas, doing and self-awareness (Otuya et al 204).
Ideas comprise the traits of investigating, seeking and creating; planning comprise the traits of problem-solving and planning; doing entail the attributes of persistence, risk-taking and commitment while self-awareness comprises the qualities of having initiative, motivation and self-confidence (van der Kuip & Verheul 12). It can, therefore, be argued that starting a business requires one to be a strategic planner. A survey of the literature shows that in granting credit to start a business, banks and financial institutions have tended to focus on determining the existence of this trait as a prerequisite to giving consideration towards advancing credit.
Essentially, this is since banks judge applicants based on a written business plan. In which case, business starters view business planning to be of strategic important (Adegbite 10-12). Studies have shown that entrepreneurs without an effective business plan estimating financial projections disappear within five years (Driessen and Zwart 1). Strategic planning also has a second function, the trait is essential in managing and developing a business as it enables one to analyse the business situation, research on performance, compile useful data essential for decision-making and make end conclusions concerning facts revealed through research (Driessen and Zwart 3-5). Competence theory Competence theory designates characteristics as traits that make people be capable or incapable of entrepreneurship.
Based on competency theory, traits in entrepreneurship comprise the talents, a collection, characteristics or a set of knowledge and attitudes that enable one to be successful in business. Based on the theory, four components are suggested: motivation, characteristics, knowledge and capabilities (van der Kuip & Verheul 12).
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