2. Report of the Question(a)
a) Students are required to describe the entrepreneurial skills and personal qualities that highly needed to run the business successfully by the entrepreneurs. Based on the list provided below, explain each of the elements with relevant examples (If needed) in the business perspective.
Entrepreneurs who are opportunity-orientated will first and foremost focus on growth opportunity than the business and its resources. Entrepreneurs in the 21st century not only must be able to see and grab opportunity whenever there is but also must be able and sensitive in analyzing, formulate and taking action towards any opportunities. Entrepreneurs who grab any chances that they see and make the best out of it are the pre-condition to success. In order to be an entrepreneur who can predict and analyze opportunities, they will not give up on any chances that will bring profit to their organization. Entrepreneurs that have this characteristic or attitude is also known to be an unique person because they can foresee future better than others and aiming towards the opportunities that is going to come. To be a successful entrepreneur shall open eyes to opportunities. Be opportunity-oriented. Successful entrepreneurs are consistently looking for new opportunities. When you're stuck in a job, you are forced to fear loss - that is, getting demoted or let go. When you are an entrepreneur, the fear of missed opportunities is more than the fear of loss. Whether you're looking for discoveries that will allow you to create another source of income, or ones that will allow you to enhance your existing business, keeping a vigilant eye on new opportunities is important to your success as an entrepreneur. Opportunity-oriented entrepreneurs respond to the crisis of change in a totally different way. While seeing the dangers, they view change as a potential advantage to be explored rather than to avoid it. Each day, they assume that new opportunities will appear that will produce even more demanding challenges. When they face unexpected problems, they are able to regain themselves by readjusting with their sense of purpose. They view disruption as a required part of life. They produce creative ways to manage the implications rather than waste their resources to avoid the disruptions. One of the differences between an entrepreneur and an employee is employees are resource-oriented, while entrepreneurs are opportunity-oriented. For example, a Malaysian entrepreneur, Jimmy Choo, grab the opportunity to enter the Cordwainers Technical College in London although he had to work part-time at restaurants and also as a cleaner at a shoe factory.
Creative and Innovative
An Entrepreneur shall be creative and innovative. Creative and innovative entrepreneur is a person who is creative in their responses and innovative in their outcomes. Their courage and entrepreneurial pursuits move entire industries to new levels of achievement. Their efforts often result in progressing the economies of their countries. Creativity and innovation is also the tool of entrepreneurship. Creativity is the ability to make or bring something new, whether a new solution to a problem, a new method or device, or a new artistic object or form into existence. Creativity is also the act of seeing things that everyone around us sees while making connections that no one else has made (Wyckoff, 1991). Besides, creativity is marked by the ability to create, bring into existence, to invent into a new form, to produce through imaginative skill, to make to bring into existence something new (Harris, 1998). On the other hand, innovation is adding something new to an existing product or process. The key words are adding and existing. The product or process has already been created and has worked normally well. When it is changed so that it works better or for another different purpose, then there is innovation. All innovation begins with...
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