Cognitive Approach

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An exceedingly strong need to achieve, as opposed to a need to be liked, or to exercise power. The trait of following through on a commitment, not quitting half-way through when the going gets tough. In short, perseverance. Positive mental attitude, or the ability to remain optimistic in difficult situations, which is the result of being self-confident about one’s abilities. Objectivity. The ability to accurately weigh and assess risks associated with a particular course of action, as well as being realistic about one’s own abilities and limitations. A respectful attitude toward money, but a tendency to look upon it as a means for accomplishing things, or a way of keeping score in the game of business, rather than as a thing to be sought as the end in itself. The tendency to anticipate developments and to make things happen, rather than waiting to react to problems as they arise. Resourcefulness. The ability to solve problems in unique ways, to be able to handle things that come even without having previous experience to rely on as a guide. Personal relations. The successful entrepreneur usually has an emotionally stable personality, is cheerful, cooperative, and usually gets along well with (without necessarily being close to) employees and associates. Communication skills are well developed, both in oral and written presentations. Technical knowledge is usually well-rounded, and the successful entrepreneur generally is knowledgeable about the specifics of providing their goods and services.

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Why are some entrepreneurs so much more successful than others in starting new ventures? Previous efforts to answer this question have generally focused either on the personality traits or susceptibility to various cognitive errors of individual entrepreneurs or on such external factors as the number of competing businesses. We suggest that entrepreneurs' social skills--specific competencies that help them interact effectively with others--may also play a role in...
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