Answer To: GSBS6012 Entrepreneurship an Innovation Assessment 1: Marking Criteria for the Individual Written...
Sayani answered on Jun 10 2021
Running Head: GSBS6012 ENTREPRENEURSHIP AN INNOVATION 1
GSBS6012 ENTREPRENEURSHIP AN INNOVATION 2
GSBS6012 ENTREPRENEURSHIP AN INNOVATION
Table of Contents
Introduction 3
Key Characteristics of an Entrepreneur 3
Positive Characteristics of an Entrepreneur 4
Darker Side of an Entrepreneur 5
Models to Describe the Characteristics of an Entrepreneur 6
Opportunist Model 7
Advocate Model 7
Applied Examples of Entrepreneurs 8
Critical Analysis of Topic with Validation from Academic Literature 9
Conclusion 10
References 12
Introduction
“The best way to predict the future is to create it” is a famous quote by Peter Drucker who signifies the importance of entrepreneurship. It is a sense of willingness to start a new business or a tendency to be creative and a wish to work for yourself in your own venture. The nature of being entrepreneur means that you fully embrace ambiguity and are comfortable with being challenged regularly. This paper will highlight both the positive and darker characteristics of the entrepreneur and it will be described with the help of two model and examples. A critical analysis with the validation from academic literature will also be presented in this paper.
Key Characteristics of an Entrepreneur
Some scholars believes that entrepreneurs are born rather than made. Everyone should learn the characteristics that makes an entrepreneur what he or she is. There is no such clear or proper definition of what entrepreneurs is, but the term refers to someone who spearhead a venture, makes decision on how to proceed, when to proceed, secure the capital needed to create a venture and shoulders most of the responsibilities along with the associated risks. There are certain characteristics of entrepreneur, which really are astonishing.
As indicated by Krstic, Aleksic-Miric and Zarkovic-Rakic (2017), motivation is the major characteristics that are most common among the entrepreneur. They are by nature motivated and put their effort day and night to create a venture and invest almost everything to pursue their dream. They are usually a strongly motivated person who remains stick with the ventures over the long haul. Passion is yet another characteristic, which is usually found in an entrepreneur.
They always tend to more driven by a passion for any offering as well as by a desire to make difference. This passion helps an entrepreneur to sustain during those periods where discouragement might occur. Another important characteristic is having a clear vision. The entrepreneur has a clear vision of what to achieve, how to accomplish the goal, what are the requirements to achieve those goals and whom you need to be your side to reach the goals. Their vision act like a compass, which point them in the direction of opportunity.
Through networking opportunities, the entrepreneur can choose the people they want to align with. As stated by Ahn, Han and Kang (2019), an entrepreneur must be confident both in themselves and in the product or the services they sell. As the awareness of the importance of the start-up increases, the number of entrepreneurs who decided to start their career also seems to be increasing. This is a result of confidence. Decision-making skill is yet another characteristic, which an entrepreneur must possess to make ethical decision quickly in order to avoid the missing opportunity.
Positive Characteristics of an Entrepreneur
“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” This an important quote by Albert Schweitzer who believes that an entrepreneur must cease to dream in order to live. The positive characteristics of an entrepreneur are firstly, the creativity, which highlights the nature of an entrepreneur. Entrepreneur usually have the knack to pin down a number of innovative ideas and act on them. Creativity helps to come up with new solution to the problems at hand and allows thinking about the solution that are out of the box.
Secondly, professionalism is the basic quality, which all the entrepreneurs possess. An entrepreneur’s behaviours and mannerism towards their employee determines the culture of the organisation. As described by Lee (2019), the characteristics of professionalism lead their role towards hard working and disciplinary life and makes them to understand the relationship between entrepreneur human capital and venture success.
Thirdly, entrepreneurs are usually a knowledgeable person. As we all know, that knowledge is the key towards success, therefore, knowledge helps to keep the track of the development and thereby changes the requirement of the market. In order to establish a healthier organisation, an entrepreneur must recognise the strength and weaknesses comes on their way.
Fourthly, an entrepreneur possesses the social skills, which includes their relationship building with their employees, hiring as well as talent sourcing and finally the team strategy formulation. Fifthly, an entrepreneur is usually an acceptable kind of person who utilises the open-mindedness attitude towards understanding the opportunities and the scenario. An entrepreneur should be determined about their goals and target and should learn from the failures and persons around them.
Sixthly, as stated by Kozubíkova, Dvorsky, Cepel and Balcerzak (2017), an entrepreneur takes all the risk associated with the business and solve the problems arises in the market. Finally, empathy is that characteristics, which every entrepreneur must possess in order to understand what goes on in someone’s mind. A good entrepreneur must know the strength and weaknesses of each employee working under them and should satisfy their requirements.
Darker Side of an...