Characteristics of a Successful Entrepreneurial Management Team

Topics: Entrepreneurship, Entrepreneur, Joseph Schumpeter Pages: 4 (1278 words) Published: September 15, 2011
Ronald Wirtz, (2008) makes the statement, “All the world loves an entrepreneur”. They are role models for kids, they are perceived as being honest, bright, hard-working and successful. People want to be entrepreneurs; policymakers are busy trying to find, encourage and grow entrepreneurs because of their positive effect on jobs and productivity. Greg Watson (2011) writes, “The entrepreneurial mind thrives in environments of uncertainty, diversity of culture, talent and opportunity. These three areas of characteristics provide broad insights into the mindset of the entrepreneur; perhaps the genetic makeup of the entrepreneur”. So, what are the personal characteristics required to be a successful entrepreneur? Dingee, Haslett, and Smollen (1997) found that to answer this question, there has to be some personal introspection. “Begin by studying the following characteristics that successful entrepreneurs, venture capitalists and behavioral scientists say are important for success . . . However, before making personal sacrifices required to start to build a major enterprise, would-be entrepreneurs should engage in serious soul-searching to be sure they have what it takes to thrive in the toughest jungle of the business world”. In the past 10 years much work and research has gone into the study of entrepreneurship, and the entrepreneur. The result offered a better understanding of certain traits and other descriptive characteristics, however, large gaps still remain as researchers carefully avoided a definition of the very thing that they set out to define. (Ronald Wirtz, 2008)

Nevertheless, the authors, Dingee et al, (1997) have listed some common characteristics of a successful entrepreneur: • Drive and energy level: The ability to work long hours for sustained periods with less than the normal amount of sleep. • Self-confidence: A belief in yourself and your ability to achieve your goals. • Setting challenging but realistic goals: The ability to set...

References: Dingee, A., Haslett, B. & Smollen, L. Characteristics of a Successful Entrepreneurial
Management Team. Annual Editions: Entrepreneurship, 6th edition. pp. 142-146
Timmons, J. A., & Spinelli, S. (2009). New Venture Creation: Entrepreneurship for the 21st
Century. New York, NY: McGraw-Hill.
Watson, G. (2011). The DNA of an Entrepreneur. Retrieved, June 5, 2011, from the website:
Wirtz, R. A. (2008). Wanted: Entrepreneurs (Just Don’t ask for a Job Description). Annual Editions: Entrepreneurship, pp. 3-8.
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