For many years, entrepreneurs have been generally characterized by common traits which are at hand in every person. Moreover, it is interesting how these traits and other environmental processes formed the decision-making and strategic basis of entrepreneurs. However, trait-based theories of entrepreneurship are increasingly being called into question as they do not explain reasons for certain traits and their effects on entrepreneurs and their enterprises.
This paper aims to explain the characteristics and traits beyond the classical approach of examining the traits and characteristics of entrepreneurs. The character and behavior of entrepreneurs are influenced by many factors. In particular, entrepreneurs are, like every person, a creation of their environmental influences. Therefore, I will go more into detail and explain these factors with the help of empirical researches combined with recent theories.
In the first part, I will discuss the process of how life issues and legacies of past history influence the strategy-making process and priorities of entrepreneurs. The following part will examine the topic of opportunity identification and development which is basically the key element of successful entrepreneurship. The last part will deal with the cross-cultural similarities and differences apparent in entrepreneurs in Turkey, the U.S. and India.
The entrepreneur’s character, life issues, and strategy making
With regard to strategy making in entrepreneurial firms, researchers have found that entrepreneurs tend to engage little in formal planning and to seemingly rely on “muddling through” to effect change (Behara & Gundersen, 1995, quoted by Kisfalvi V., 2002) and that in general the strategy tends to be more opportunistic (Minzberg & Waters, 1982, quoted by Kisfalvi V., 2002). Nevertheless, it seems like the strategy in such firms... [continues]
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