Assignment Entrepreneurship and Business plan final piece

Topics: Entrepreneurship, Entrepreneur, Locus of control Pages: 9 (1991 words) Published: February 26, 2015

Table of Contents
Table of Contents4
1. Introduction:5
2. Strengths:5
2.1. Leadership5
2.2. Internal locus of control:5
2.3. Need for achievement6
3. Weaknesses:7
3.1. Risk-taker7
3.2. Innovativeness7
3.3. Proactivity8
4. Conclusion:9

Personal reflection on entrepreneurial characteristics

1. Introduction:
Over the years, several attempts have been made in explaining the term entrepreneurship. Surprisingly there is still no universally accepted definition. Meredith et al 1982, quoted by Kirby 2003 define entrepreneurs as “people who have the ability to see and evaluate business opportunities; to gather the necessary resources to take advantage of them; and to initiate appropriate action to ensure success.” Harwood (1982), quoted by Chell, Haworth and Brearley (1991) further defines that an entrepreneur may also be the founder of a new business venture since he “takes initiative, assumes considerable autonomy in the organization and management sources, shares in the asset risk, shares in an uncertain monetary profit, and innovates” 2. Strengths:

2.1. Leadership
“Entrepreneurship is simply a type of leadership that occurs in a specific setting” as it is defined by Vecchio (2003), emphasizing the importance of being a leader in order to be a successful entrepreneur. In addition, an entrepreneurial leader must be cognitively ambidextrous, secondly must have a social, environmental, and economic responsibility and sustainability, and finally has to be self and socially aware. (Greenberg, McKone-Sweet and Wilson 2011). Example: My leadership skills as well as my ability to lead have considerably improved over the last three years. I have been assigned the role of group leader from my peers numerous times because of my ability to communicate effectively with other group members and to organize work efficiently. As a result we have managed to achieve our goals efficiently without facing any major difficulties.

2.2. Internal locus of control:
According to Rotter (1996) locus of control is when an individual perceives the result of an event within or beyond his control. An “internal” believes that he can influence the outcome while the “external” believes that there are forces outside of his control, such as luck that have an effect on the outcome. A strong relationship forms between entrepreneurial behaviour and internal focus of control when put together. Brockhaus (1980) research was based on entrepreneurs that started up a new venture and it was still successful three years after. Entrepreneurs that were considered to be successful demonstrated a higher locus of control than those entrepreneurs that companies closed down. Although in most of the studies the locus of control was assessed with Rotter’s (1966) I-E scale. This could have been a possible reason for inaccurate results. More recent empirical studies from Bonnett and Furnham (1991) using the economic locus of control scale have endorsed similar results. The results have shown that students that became involved in running a company under the British Young Enterprise Scheme tend to have a higher internal locus and stronger belief in hard work from those who choose not to get involved. Example: As an individual with dyslexia I have chosen not to let it restrain my academic studies. By working harder for longer periods of time and maintaining my organisation throughout the year, I have managed to accomplish my goals. This has had a direct reflection on my grades in the first and second year; currently on a 2:1.

2.3. Need for achievement
According to McClelland (1965) a person with a high need for achievement “is more self-confident, enjoys taking carefully calculated risks, researches his environment actively, and is very much interested in concrete measures of how well he is doing”. The need for high achievement is a personality trait of an...

References: Baum, R.J., Frese, M. and Baron, R. (eds.) (2007) The Psychology of Entrepreneurship. New Jersey: Lawrence Erlbaum Associates, Inc.
Bonnett, C. (1991). “Who wants to be an entrepreneur? A study of adolescents interested in a Young Enterprise scheme”, Journal of Economic Psychology, Vol.12, pp. 465-478.
Brockhaus, R.H.  (1980). Psychological and environmental factors which distinguish the successful from the unsuccessful entrepreneur: A longitudinal study.   Academy of Management Best Paper Proceedings, pp.368-372.
Bull, I. and Willard, G.E. (1993) “Towards a theory of entrepreneurship”, Journal of Business Venturing, Vol.8 No.3, pp.183-195.
Burns, P. (2008) Corporate Entrepreneurship: Building the Entrepreneurial Organization. 2nd edn. Basingstoke: PALGRAVE MACMILLAN.
Byrnes, J.P., Miller D.C. and Schafer W.D. (1999) “Gender Differences in Risk Taking: A Meta-Analysis”, Journal of Psychological Bulletin, Vol. 125, No. 3, pp. 367-383
Chell, E., Haworth, J.M
Chell, E. (2000) “Towards researching the ' 'opportunisticentrepreneur ' ': A social constructionist approach and research agenda”, European Journal of Work and Organizational Psychology, Vol.9, No.1, pp.63-80.
Dyer, J.H., Gregensen, H.B. and Christensen, C. (2008) “ENTREPRENEUR BEHAVIORS, OPPORTUNITY RECOGNITION, AND THE ORIGINS OF INNOVATIVE VENTURES”, Strategic Entrepreneurship Journal, Vol.2, pp. 317–338.
Entrepreneur (2004) Mark Zuckerberg. Available at: (accessed on: 25/10/2013).
Greenberg, D., McKone-Sweet, K. and Wilson, J.H. (2011) The New Entrepreneurial Leader: Developing Leaders Who Shape Social & Economic Opportunity. California: Berrett-Koehler Publishers, Inc.
Kickul, J. and Gundry, L., (2002) “Prospecting for Strategic Advantage: The Proactive Entrepreneurial Personality and Small Firm Innovation”, Journal of Small Business Management, Vol. 40, No. 2, pp.85-97.
Kirby, D.A. (2003) Entrepreneurship. Maidenhead: McGraw-Hill Education.
Kon, H.C. (1996) “Testing hypotheses of entrepreneurial characteristics”, Journal of Managerial Psychology, Vol. 11, No. 3, pp. 12-25.
Littunen, H. (2000) “Entrepreneurship and the characteristics of the entrepreneurial personality”, International Journal of Entrepreneurial Behavior & Research, Vol. 6, No.6, pp. 295-309.
Markman, G.D., Balkin, D.B. and Schjoedt, L. (2001) “Governing the innovation process in entrepreneurial firms”, Journal of High Technology Management Research, Vol. 12, No.2, pp.273-293.
McClelland, D.C. (1965) “N. Achievement and entrepreneurship”, Journal of Personality and Social Psychology, Vol.1, No.4, pp.389-39.
Pendergast R.W (2003) “Engineering Conferences International Year 2003
Entrepreneurial Contexts and Traits of Entrepreneurs”, Teaching Entrepreneurship to Engineering.
Rotter, J.B. (1966) “Generalized expectancies for internal versus external control of reinforcement”, Psychological Monographs: General and Applied, Vol. 80, Whole No. 609.
Tverksy, A., Kahneman, D. (1992) “Advances in Prospect Theory: Cumulative Representation of Uncertainty”, Journal of Risk and Uncertainty, Vol. 5, pp.297-323.
Vecchio, R.P. (2003) “Entrepreneurship and leadership: common trends and common threads”, Human Resource Management Review, Vol.13, No.2, pp.303-327.
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • business plan for entrepreneurship and innovation Essay
  • Essay on BUS Final Business Plan
  • my business plan Essay
  • business plan Essay
  • Entrepreneurship Essay
  • Entrepreneurship And Business Essay
  • Final Marketing Plan Assignment Essay

Become a StudyMode Member

Sign Up - It's Free