Successful Entrepreneurs
INTRODUCTION
This topic describes the most common characteristics associated with successful entrepreneurs, entrepreneur self-assessment and the differences between the entrepreneur, the small businessman and the managers.
Topic 2 Identifying Entrepreneurial Characteristics
LEARNING OUTCOMES
By the end of this topic, you should be able to: 1. Identify sixteen characteristics of successful entrepreneurs; 2. Evaluate your entrepreneurial inclination potential using the entrepreneur self- assessment test; and 3. Describe at least three differences between businessmen, managers and entrepreneurs.
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
The following discussion provides a brief summary of characteristics most commonly associated with successful entrepreneurs. Even though new characteristics are continually being added to the list, it does provide important insights into the entrepreneurial perspective.
Figure 2.1: Characteristics of successful entrepreneurs
(a) Initiative and Responsibility Most researchers agree that effective entrepreneurs actively seek and take the initiative. They willingly put themselves in situations where they are personally responsible for the success or failure of the operation. Entrepreneurs feel a personal responsibility for the outcome of ventures in which they are associated. They like to take the initiative in solving problems where no leadership exists. (b) High Degree of Commitment Launching a venture successfully requires total commitment from entrepreneurs. This commitment helps entrepreneurs to overcome business-threatening mistakes and obstacles. EntrepreneursÊ commitment to their ideas and ventures determine how successful those ventures ultimately become. (c) Opportunity Orientation Entrepreneurs focus and start on opportunities rather than on resources, structure, or strategy. They begin with opportunities and let their understanding of them guide other important issues. Entrepreneurs have a well-defined
This topic describes the most common characteristics associated with successful entrepreneurs, entrepreneur self-assessment and the differences between the entrepreneur, the small businessman and the managers.
Topic 2 Identifying Entrepreneurial Characteristics
LEARNING OUTCOMES
By the end of this topic, you should be able to: 1. Identify sixteen characteristics of successful entrepreneurs; 2. Evaluate your entrepreneurial inclination potential using the entrepreneur self- assessment test; and 3. Describe at least three differences between businessmen, managers and entrepreneurs.
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
The following discussion provides a brief summary of characteristics most commonly associated with successful entrepreneurs. Even though new characteristics are continually being added to the list, it does provide important insights into the entrepreneurial perspective.
Figure 2.1: Characteristics of successful entrepreneurs
(a) Initiative and Responsibility Most researchers agree that effective entrepreneurs actively seek and take the initiative. They willingly put themselves in situations where they are personally responsible for the success or failure of the operation. Entrepreneurs feel a personal responsibility for the outcome of ventures in which they are associated. They like to take the initiative in solving problems where no leadership exists. (b) High Degree of Commitment Launching a venture successfully requires total commitment from entrepreneurs. This commitment helps entrepreneurs to overcome business-threatening mistakes and obstacles. EntrepreneursÊ commitment to their ideas and ventures determine how successful those ventures ultimately become. (c) Opportunity Orientation Entrepreneurs focus and start on opportunities rather than on resources, structure, or strategy. They begin with opportunities and let their understanding of them guide other important issues. Entrepreneurs have a well-defined