Answer To: ENT101 INTRODUCTION TO ENTREPRENEURSHIP AND INNOVATION Assessment 2: Written Response (Individual –...
Somprikta answered on Oct 22 2021
Entrepreneurship 2
ENTREPRENEURSHIP
Table of Contents
Introduction 3
Characteristics 3
Importance of Passion in Entrepreneurial Success 5
Conclusion 6
References 7
Introduction
Entrepreneurship can be aptly described as the dynamic procedure of innovating value as well as creating the opportunities of incremental wealth. Entrepreneurship is extremely significant for society as well as the economy. Entrepreneurship opens several avenues of new job opportunities, it also brings about innovation which brings in new products, services, technologies, and so on. Entrepreneurship is also significant for the purpose of community development and social welfare, which are of great importance.
Characteristics
The four most prominent characteristics of successful entrepreneurs are listed below as follows:
Ambition and Self-Confidence
Entrepreneurs are by nature, extremely active from the perspective of intellectual aspects, as a result of which, they view problems everywhere around them. Entrepreneurs strongly believe in the need for fixing those problems. However, finding problems should not be the goal of an entrepreneur. It is important to possess a certain sense of ambition which will help and encourage him/her to bring about a solution to the problem. In addition to that, according to Boldureanu, Ionescu, Bercu, Bedrule-Grigoruță and Boldureanu (2020), it is essential that entrepreneurs possess a sense of self-confidence, which makes him/her believe that he/she is uniquely positioned to solve the specific problem or difficulty that comes in the way. It is also extremely significant to be curious about seeking new opportunities. An ambition to learn new things and a sense of self-confidence to believe in the individual abilities to master certain new opportunities are qualities that are highly valued in successful entrepreneurs.
Risk-Taking Abilities
Along with self-confidence and ambition, it is important to possess certain other essential qualities, which allow an entrepreneur to make the most significant leap of faith. Entrepreneurs need to figure out the ways in which they can conduct structured experiments in order to pursue the new opportunities that come their way. Risk-taking abilities are also inclusive of the capability of facing new and different challenges that accompany...