...“Entrepreneurs are born not made.” Critically analyse this statement with reference to the literature and to your experience of entrepreneurship. This essay aims to evaluate the various traits identified with entrepreneurs, and then establish whether entrepreneurs are born with these traits, or whether, they are shaped and developed through their life experiences. Put simply the purpose of this essay is to establish whether entrepreneurs are ‘born or made’. This essay focuses on two distinct schools of researchers in the field of entrepreneurship: The more traditional group of researchers has focused on the personality characteristics of the individual, the internal factors, whilst a second group of researchers have taken a social cognitive approach. They look at the relationship between an individual and his or her environment. The external factors include culture, role models, work experience, education, and environment. This essay looks at the early definitions of an entrepreneur, evaluates the literature which supports the theory that entrepreneurs are ‘born’, and also evaluates the proposal that there is a relationship between the individual entrepreneur and their social environment, that is, entrepreneurs are ‘made’. Cantillon (1756) defined the entrepreneur as engaging in business without an assurance of profits; thus the bearing of risk being the distinguishing feature of an entrepreneur. Jean Baptiste Say expanded on this by making the entrepreneur the pivot of the...
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...Armando Rodriguez Jean, Ocxanne ENC 1101 3 November 2015 Entrepreneur Most people might say that an entrepreneur is someone who starts a business and becomes an instant success. But the term entrepreneur has so much more of a definition and consists of different characteristics. The terms main definition is -a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. To me personally the term means someone who can run a business that is strong minded, a risk taker, and is not afraid of failure. This paper will tell you more about what these 3 characteristics mean. Being strong minded is so important for someone who is an entrepreneur for many reasons. You have to stay positive when things go wrong and stay focus when things are good. My uncle for example owns a business and is an entrepreneur himself, he tells me every day how hard it is to stay strong minded. This is one of the characteristics of the word entrepreneur. The term entrepreneur goes way back to the late 1700’s in which the term first appeared in the French dictionary in 1723 to describe a person who organizes and operates a business by taking a financial risk. Which shows you that taking risks is important in becoming a successful entrepreneur. You can look at successful business men who are entrepreneurs and I guarantee they have had to take so many risks. Shark Tank’s Barbara Corcoran turned a $1,000 loan into a $5 billion-dollar real estate business...
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...Nr 2/2009(10) WS P Ó Ł C Z E S N A E K O N O M I A Areti Stringa*, Saimir Sallaku**, Jorida Tabaku*** Individual Characteristics of Entrepreneurs in Transition Countries. The Albanian Case Summary The transition process in Albania, as in other ex-communist countries, stopped the enterprise development. The increasing number of small and medium enterprises is the most promising consequence of the transition process. Several researches in western countries have demonstrated that entrepreneurship involves objective and subjective factors and is interrelated with environmental objective factors and individual subjective ones. Our research examines clear characteristics of the businesses’ analysis, the performance of the entrepreneurs themselves (their background and personal characteristics), their motivation to start a business and the perceptions of the different characteristics and the aspects of the businesses they run. 1. Definition of Entrepreneurship and Entrepreneurs Storey (1994) argues that there is no uniformly acceptable definition of small firms due to a variety of factors, including: industry and sector influence on size; yardstick used; and subjective and conflicting statistical data on small and new firms. Bolton Committee (1971) tried to correlate the economic and statistical features and linked those with the industry factor while regarded small firms as: • with relatively small share of market; • managed by owners or part-owners in a personalised...
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...A primer in Entrepreneurship Prof. Dr. Ulrich Kaiser Institute for Strategy and Business Economics University of Zurich Spring semester 2008 Chapter 1: Introduction to Entrepreneurship Table of Contents I. II. Introduction to Entrepreneurship p p Changing Demographics of Entrepreneurs III. Entrepreneurship’s Importance IV. The Entrepreneurial Process University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 2 1 I. A. 1. 2. 3. Introduction to Entrepreneurship What is Entrepreneurship? “Entrepreneur” derives from the French words entre, meaning “between,” and p prendre, meaning “to take” , g Originally used to describe people who “take on the risk” between buyers and sellers or who “undertake” a task such as starting a new venture Inventors and entrepreneurs differ from one another: 1. 2. 4. Inventor creates something new Entrepreneur assembles and then integrates all resources needed to transform the invention into a viable business. needed to transform the invention into a viable business Entrepreneurship: process by which individuals pursue opportunities without regard to resources they currently control University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 3 I. A. 4. Introduction to Entrepreneurship What is Entrepreneurship? Established firms with an orientation to behave entrepreneurially practice ...
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...Entrepreneur: Entrepreneurs built and create the future and that they are to be found in every walk of life and in every group of people.”A person who habitually creates and innovation built something of recognised value around perceived opportunities”. In this definition there is some key word s to define. ‘A person’ can be a group of a people, a organization. ‘Habitually’ is an important characteristic of entrepreneurs. The true entrepreneurs just cannot stop being an entrepreneur habitually. ‘Creates’ is used to describe that an entrepreneurs are start from the scratch and develop new thing. Entrepreneurs are creator first and builders second. ‘Innovate’ means to build something new. For entrepreneurs every problem is aa new opportunities. ‘To build something’ describe the outcome. ‘Perceived opportunities’ is important to provide direction and focus. (Bill Bolton and Jhon Thompson) Characteristics of an entrepreneur: According to the Bill Bolton and Jhon Thompson entrepreneurs has some key Characteristics. Ability to take the calculated risk Need to achieve Initiative and taking responsibility Orientation to clear goals Creativity Honesty and integrity Independency Entrepreneurial attributes: Attributes are being considered as the best predictors of an intention to a particular behavioral act. The model is based on psychologists Fishbein & Ajzen (1980) to explain human action is a part of behavior. 1) Clarity of vision and...
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...------------------------------------------------- Myth 5: Entrepreneurs Must Fit the "Profile" Entrepreneurs and Entrepreneurship: An Introduction It is not easy to give a particular answer to the question: Why do people want to start and run independent businesses? Different answers may come from different people. Some people may start a business just because they love independence and hate to tolerate bossing in the jobs. Some may not have the capability and qualification to do a job and as job is not available to them, they go for independent businesses in order to survive. Some may have some special skills and love challenges to run an independent business. Several motivational factors like need for affiliation, need for power and need for achievement (McClelland, 1961) are also responsible for going for an independent business. Murthy, et al (1986) found that entrepreneurs are motivated to start a business because of the factors like ambitious factors, compelling factors and facilitating factors. Whatever may be the reason, it can be said that in most of the times of the history of human civilization, there were entrepreneurs who did independent businesses and this trend of history still continues. For the last few decades in all over the world, entrepreneurs are regarded as value adding people to the society. Holt (1992) says, “The term entrepreneur may be properly applied to those who incubate new ideas, start enterprises based on those ideas, and provide added value...
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...Characteristics of Entrepreneurs Introduction The entrepreneurs’ are a key element for enterprises developing, and also play the decisive factors role to decide the company’s success or failure. According to the view of Say(1834) whom French economist, that “entrepreneurs can be seen as adventurers, they are fourth factors of production to organize, manage and operate other three elements which are land, workforce and capital, but they has duty to bear the possible risk of bankruptcy.”(Kuratko&Hodgetts,2007). With the times developing, the concepts of entrepreneur are more focus on modern concepts. The view of Akhouri point that “entrepreneur as a character who combines innovativeness, readiness to take risk, sensing opportunities, identifying and mobilizing potential resources, concern for excellence, and who is persistent in achieving the goal.”(Mohanty, 2005) Hence, successful entrepreneurs should have the following characteristics: leadership, originality ability and self-confidence, the traits are independents, individuality and optimism, innovate, creative, flexible and leadership behaviour, they always task-oriented and future-oriented, and play role of risk bearer. From these characteristics, I can find some of the characteristics which I have or not, so in order to impact my ability, I will critic and analysis those characteristics by two parts which are three areas sufficiently developed and three areas require further development. 1. Three areas sufficiently...
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...------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- Date: 07.11.2015 Maria Nicoleta Guțui ------------------------------------------------- Chapter 1 ------------------------------------------------- Enterprise Chapter explains: * What the term ‘’ Enterprise’’ means and the important contribution it makes to the development of a growing economy. * Considers motives for becoming an ‘’Entrepreneur’’ * The Characteristics of an entrepreneur and their importance of their role in establishing new business * The importance of risk and rewards (E.g profit is examined and opportunity cost is explained). * Government and other support explained for enterprise and entrepreneurs. Enterprise and Entrepreneurs Enterprise is an important concept that is being actively promoted by the UK government (VIA its support for start-up businesses and its curriculum requirements in schools) Key Terms: * Enterprise-Any business and/or organization can...
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...In the world there are a lot of people with all different types of characteristics. Some of those people open their own businesses, provide services and make money in doing so. Entrepreneurs of all different business industries carry a lot of the same types of characteristics. In fact, it is probably why they become successful in the first place, but people are motivated by different things which are what drives them in the first place. Some people are motivated by pure profits. Donald Trump is an example of this type of entrepreneur. He entered a business that he was very comfortable with in order to tap the market and make money. The other type of entrepreneur is one that makes money while serving their community. Oprah Winfrey is a perfect example of this type of entrepreneur. Her goal is to be socially responsible and puts her community service in front of money making. Although both of these people are rich and share similar characteristics, their business principals and leadership strategies are very different. Donald Trump was born into the real estate business. His father raised him in the lifestyle and prepared Trump with the tools he would need in order to be successful. When it comes to business Trump has a pretty straight forward out look on things. If it made him money he would dive in full force and once he took on a project there really was no stopping him until her reached his goals. Trump’s style was based off of his own intuition and charisma. “He has mastered...
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...INTRODUCTION Entrepreneurs are unquestionably not like most of us.Entrepreneurs are one who creates their own product.Nevertheless,the truly successful entrepreneurs are focusing on their opportunities and proceed them with great dedication.Among the most popular properous entrepreneurs on the earth surface,Steve Jobs and Bill Gates are those who have successfully built their own label.Steve Jobs was an American entrepreneur that find out something new,marketer and CEO of Apple Inc.Apple Inc product now are popular use in worldwide while Bill Gates is the cofounder and the chairman of Microsoft Corporation,has been astonishingly successful in many thing.The characteristics of these both successful entrepreneurs are they are similar in learnt from their mistakes and both of them have their own ability to be outstanding. BODY PARAGRAPH 1 Firstly,both of them are similar characteristics in learnt from their mistakes in all thing that they do. Sub-Point a: Both of them not easily down when encountering any problem. Evidence1:Heller(2008) describes the Gates regarding his mistakes: Remember that there is no such things as perfection in the management and mobilization of knowledge –and Gates and Microsoft do make mistakes.But as Gates demonstrated in his annual memo listing the company’s great mistakes,you can always learn to do better.(p.45). ...
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...In my opinion, as an entrepreneur the first and the principal step is feeling responsible for the Business I run since I want to control the resources I used to achieve my goals. On the other hand, being irresponsible means the end of the business because there are creditors that wait for me to pay them back for example. Preference for Moderate Risk: an Entrepreneur must manage the risk in a wise way; he or she must not be risk taker 100% and not risk eliminator 100%. But, in my opinion Entrepreneurs are calculated risk takers. A successful entrepreneur must prepare a business plan to avoid risk. Confidence in Their Ability to Succeed: as an Entrepreneur confidence in the ability to succeed is very important that why Entrepreneurs must be optimistic about their chance for success. Otherwise, Entrepreneurs with no self confidence on their abilities may result to fail to make their businesses succeeding. Desire for Immediate Feedback: An entrepreneur is doing a big effort to take care about him or her business. As a result, he or she is looking for feedback on him ideas to see if he’s or she’s doing well. In other words, entrepreneurs need feedbacks on their daily activities. High Level of Energy: Entrepreneurs are more energetic than the average person by making more efforts and showing the hard working capacities. In addition, they must be giving a perfect example to the other workers by working long hours than others. Future Orientation: Entrepreneurs are able to visualize...
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...factors related to successful and failure of entrepreneurs of small industrial business with emphasis on their level of education and training Yadollah Mehralizadeh (PhD)1 & Hossain Sajady (PhD)2 (With Ahmad Zandavanian and Yaser Timoury) Abstract This paper examines the determinants of business start-up, long and short-term success, and failure of small businesses. Entrepreneurs and small firm success and failure have been the subject of extensive research. It is important to understand the external, internal, and motivational factors responsible for business start-up, the barriers faced during the initial and continuous stages of trading and the advice and assistance available to entrepreneurs. This paper is aiming in explaining the main factors are related to successful, and failure of entrepreneurs in small industrial business in Ahvaz city3. Based on a random sampling 51 enterprisers marked as successful and failures are selected. The data collected based on a triangulation method (interview, questionnaire, and observation). The results show that: a- from the failure entrepreneurs point of view the following issues were important effects on their weak performance and failure their business: weak managing technical skills, financial issues, planning and organizing of their business, economic issues, informal issues, weak managing conceptual skills, personnel skills, education and low training, and weak human relation. b- from the successful entrepreneurs point of view the...
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... DEPARTMENT OF DEVELOPMENT STUDIES NAME : KALUBA PHIRI QUESTION: ENTREPRENEURS ARE BORN. DISCUSS The main objective of this essay is to discuss whether entrepreneurs are born or made. It will start by giving an elaborate definition of an entrepreneur and also highlight the characteristics which they possess. It will thereafter discuss with valid points raised on both angles of whether entrepreneurs are born or made. It will therefore justify with persuasive evidence that entrepreneurs are made. Finally a conclusion will be drawn. The entrepreneur character is one of the characters which strongly influence business around the world. This explains the need to understand the profile of such a character. An entrepreneur is a person who creates a new business, taking risks in achieving the objectives which they propose, to make profits and growth by identifying some important opportunities. An entrepreneur manages important resources, which he or she draws from different sources on a major power to persuade those who hold them. Many experts have sought to understand and describe the personality of the entrepreneur, because, although many people have good ideas to start a business, some turn these ideas into concrete businesses (Shapiro 1975). Burdus (3, 2007) An entrepreneur is said to be "a person with leadership qualities, able to take risks in order to exploit certain opportunities, their enthusiasm is based...
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...3.) CHARACTERISTICS, TRAITS, AND BEHAVIORS OF EFFECTIVE LEADERS Characteristics and Traits of Effective Leaders Understanding leadership requires an understanding of leaders as individuals. This section will highlight findings about the personal characteristics and behaviors of effective managerial leaders. An assessment of the characteristics and behaviors of leaders translates into the idea that these same positive attributes of a leader will facilitate his or her effectiveness in comparable settings, such as customer service departments in different companies. Possessing certain characteristics and traits does not in itself guarantee success. Yet effective leaders differ from others in certain respects. Studying leadership traits is also important because a person who is perceived to embody certain traits is more likely to be accepted as a leader. Here we present a sampling of factors relevant to many work settings. 1. Drive and passion. Leaders are noted for the effort they invest in their work and the passion they have for work and work associates. Carol Bartz, the CEO of Yahoo, observes, “If you’re not excited, how can you get others excited? People will know. It’s like how kids and dogs can sense when people don’t like them.” 2. Power motive. Successful leaders exhibit power motivation, a strong desire to control others and resources and get them to do things on your behalf. A leader with strong power need enjoys exercising power and using...
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...Introduction a. b. The Continuing and Evolving Research on Entrepreneurs The Importance of Successful Entrepreneurship Today and Tomorrow 3 4 4 5 2. Literature Review a. Introduction i. Definition of Entrepreneurs Previous Areas of Entrepreneurship Research i. Personality Traits • Motivation • Risk Propensity and Uncertainty ii. Cognition • Intention and Opportunity Seeking • Innovation iii. Population Ecology c. Topic for this Study/Theoretical Framework i. The Broad Research Problem 5 5 7 9 9 10 10 10 11 12 13 13 13 14 14 15 16 16 16 16 18 18 19 22 24 27 27 29 30 b. 3. Hypothesis for Research a. Hypothesis Statements 4. Methodology 5. Analysis of Survey Data a. b. Data Compilation Analysis & Findings i. Background Data of Respondents ii. Findings 1. 2. 3. 4. 5. Cognition in Basic Business Areas Do Emotions Figure? Preferences for Source of Funds Preferences in Knowledge Acquisition More Specific Business Aspects i. Holding Company Together ii. Growth Factors iii. Continual Growth . HELP University College, 28 October 2009 Page 1 of 43 Entrepreneurship Research, April 2008 KC Lim 6. Limitations 7. Recommendations 8. Conclusion 9. Appendix 10. References 32 32 33 35 36 . HELP University College, 28 October 2009 Page 2 of 43 Entrepreneurship Research, April 2008 KC Lim Abstract This paper presents the findings of a general opinion survey on successful small entrepreneurs in Malaysia and some of the factors (both psychological and...
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