The paper "Personal Requirements of Most Successful Entrepreneurs" is a good example of business coursework. Entrepreneurship is termed as the activities associated with organizing and managing a business and when operating the entrepreneur faces the risk of either making some profit or losses form his operations. An entrepreneur can, therefore, be termed as an individual who takes risks to organize and conceive ventures. The act of becoming an entrepreneur is quite demanding and has its associated drawbacks but the operations can also be very rewarding. Thus one ought to possess the necessary characteristics so as to succeed as an entrepreneur (Ries, 2011).
This report sets out to demonstrate the personal requirements of most successful entrepreneurs, it also offers a brief description of fine successful entrepreneurs from Australia and lastly it offers my own reflection in regard to entrepreneur learning, the strengths, and weaknesses that I possess that may assist me in becoming a prospective and a list of recommendations to solve the weaknesses that I have. Personal requirements of becoming an entrepreneur There exist certain common characteristics that are depicted by all successful entrepreneurs.
Naturally individual entrepreneurs have some characteristic that tends not to be common in all entrepreneurs despite that all entrepreneurs are said to have a kindred character, a constitution, and a viewpoint as well a drive and enthusiasm. Though there exist wide ranges of characters that are possessed by most successful entrepreneurs. This paper will only major on some of the most common characteristics possessed by most successful entrepreneurs they will include: internal locus of control, risk-taking, commitment, independence, and a leader by example and lastly effectual reasoning. Internal locus of control One of the major characteristics of a successful entrepreneur is the locus of control.
This entrepreneur characteristic necessitates a high level of personal belief. An individual ought to have a high belief and confidence in himself and his ability to control the current circumstance (Cunningham & Lischeron 1991; Hisrich & Peters, 1996). When an individual lacks this characteristic it becomes impossible for him to engage in the establishment of a new venture. Locus control assists in that if individuals are able to engage in risks and other exposures that are closely linked to the establishment of a new business venture.
The belief in one's inner control is termed as a vital factor for an entrepreneur to hold on to the drive as well the energy that is required in the establishment and management of the new business venture (Hisrich and Peters, 1996). Independence Another common characteristic of most successful entrepreneurs is independence. Its definition is closely linked to but to some extent different from that of internal locus control. While independence is more concerned with the belief that, for an individual to succeed in his venture, he must undertake things at his own designated time and in their own way locus control, on the other hand, mirrors personal confidence on their abilities (Hisrich & Brush, 1986).
An individual with these characters is faced with a lot of difficulties while working as employees of organizations. The aspect of individual responsibility for the results often leads to the development of entrepreneurial personality. Entrepreneurs are commonly attributed to the high need for personal achievement.
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