Entrepreneurial personality reflect
The top personality traits possessed by entrepreneurs include intuition and perception. A successful entrepreneur does not have to be book smart, rather street smart. Entrepreneurs see opportunities and take them up. They are good at locating new ways of doing things and how they can better the current methods. They develop new ideas for mostly they see things differently from others, and tent to think outside the box. Businesses built on new ideas which develop as a result of creativity. Entrepreneurs are not for the money but a passion. They do what they love, while money becomes a bonus. As a result, they work extra hours and work to ensure success. This group sticks to their passion, even during challenges.
Motivational drivers of successful entrepreneurs
Successful entrepreneurs are dedicated to their work and do not rely on colleagues and or managers to accomplish their tasks. The motivation for successful entrepreneurs comes from within, hence quickly motivate others. They can speak and get listened to, and their ideas are adopted by many. As a result, they easily inspire others to join them on their journey.
How aspect of entrepreneurial personality reflect entrepreneurial motivation and mindset.
Positive mindset defines a typical entrepreneur. Right from the start, entrepreneurs remain optimistic about the future and look forward to success. A new business can seem impossible, and with the many challenges surrounding new businesses, entrepreneurs need to remain firm to succeed. Entrepreneurs have a vision they share with the rest (Sujan, 2017, 1). The team understands their moves goals and roles. Everything the organization does must have a purpose guided by the set goals.
The necessity to achieve business goals is paramount, and entrepreneurs take risks to ensure success. Entrepreneurs do not allow fear, uncertainty or potential failures to stop them from doing business. Instead, they take challenges and risks as opportunities, not problems.
Entrepreneur mindset is a specific set of mind which controls human conduct towards entrepreneurial activities and outcomes. People with such mindsets often get drawn to opportunities, new value creation and innovations. This form of personality helps entrepreneurs to develop confidence and take risks without fear.
With an entrepreneurial mindset, it is easier to understand and manage personal skills and attitude and the impact it has on others. Setting goals and milestones for self-improvement is much easier if equipped with entrepreneurial skills and personality.
Being able to accommodate constructive criticism positively can only be developed through a continuous entrepreneurial mindset. It is better to receive criticism and work to improve than not getting any feedback.
Push and pull factors of entrepreneurial motivation.
Push factors represent either personal or external factors which force and entrepreneur into a business. Some of these factors include unemployment, famine, droughts, and conflicts, among others. On the other hand, pull factors draw people to start a business like new ventures or ideas.
(b) Explore and examine different lines of argument relating to entrepreneurial characteristics
Entrepreneurs are made not born. According to earnest & young report, while some are born with the desire to create ventures and have inherent qualities which make them successful entrepreneurs, some learn and acquire them on the way. An entrepreneur is a qualification rather than destiny, and all entrepreneurs share specific characteristics.
Studies show that, entrepreneurial knowledge or experience positive influence the intention of an entrepreneur hence the goals and perception (Miralles et al., 2016, p.791). Entrepreneurs have a positive mind, despite experience or outcome. There may be challenges, but such never kills the passion and motive of an entrepreneur.
An entrepreneur promotes social change in driving innovation. If the idea is successful, the innovations boost the living standards and create wealth with entrepreneurial ventures. They also create jobs and further contribute to growing the economy. As a result, countries which encourage entrepreneur tent to experience faster economic growth. According to Tracy (2005, p.1), Entrepreneurs occupy a critical position in any economy serving as the spark plug in the economic engine activating and stimulating the economic activities. There are personal values essential to an entrepreneur, including honest, confidence and determination. Customers and business partners shy away from selfish, arrogant and dismissive personalities.
How can background or experience Hinder or Foster Entrepreneurship
The individual environment can include family, economic, education level, and policies.
Policies aimed at encouraging an entrepreneur foster entrepreneurial experience.
Personal experience and background can have a high effect on business and either hindering or fostering the company. Such environments include support from family and friends, motivation and one’s financial background. Arguably, family background and entrepreneurship education have an impact on promoting entrepreneurship. Family members involved in entrepreneurial activities can influence an individual’s intention in venture creation. There is also an impact on personal traits, skills and motivational drivers. Zac William, the owner of grand touch organization helping students and consultancy services to organizations, has been motivated by his background. He has excellent communication skills and can take risks. As a result, he can run the business smoothly, giving out competent employees to his clients.
Ms Rana Harvey, the owner of Monster Group, is highly passionate and motivated. She is used to being busy and avoids boredom by running this business as a laboratory. She has developed hard work and resilience from childhood hence she can run the business alone without failing.
Analyze the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs
The personal back ground and experience can allow an individual to set up a successful business. For example, MS Rana Harvey is a chemist who sets up a business by the name monster group. She starts the business, recruits the employees and set the goals and strategies for marketing and risk handling. She is self-motivate and further utilizes her office as a chemistry lab to boost her business activities. She participate sin business programs for experience interacting with other business people. She is seen to plan her financial planning.
Zac on the other hand, owns Grand Touch, a consultancy agency. He is also self-motivated with great communication skills. He develops a good experience for the students and later gets them suitable jobs in different organizations. Zac William was pushed into business after missing a job opportunity at accentor farm.
Q4 Critically evaluate how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting examples (D4). (200 Words)
The background and experience of an individual can affect the entrepreneurship in both positive and negative ways. MS Rana Harvey and Zac Williams have motivation to set up a business and deal with different problems to grow. They get efficient support from team members to be motivated and run the organization. As argued by Dees (2017), there are many businesses that cannot survive for longer time due to inefficient team and lack of motivation to keep the growth. The past experience of failure can affect the entrepreneurship negatively. An individual with strong financial background and support can take higher risk to set up a business and run effectively.
Personal background like poverty, unemployment lack of education sometimes acts as puts into staring businesses. People look for source of income by operating small shops, kiosks and offices depending with skill and finances available. In the long run, successful entrepreneurs work hard and set goals growing the businesses further.
Provide examples of 3 successful Entrepreneurs. Your example should include:
Local entrepreneur: Duncan Bannatyne, who started the Bannatynes health club chain with a motive of keeping fit, and helping the society as well. Duncan values the society well-being and that has motivated him to success as an entrepreneur.
International entrepreneur: Bill Gates founded the world’s largest software business becoming one of the most successful entrepreneurs in the world. Together with his partner Paul Allen, Microsoft was formed through technological innovation a keen strategy and aggressive business tactic. Bill gates claims to sacrifice little compared to doing hard work making him progress.
Social entrepreneur: Bill Drayton, possess many characteristics of entrepreneur but seek more on social impact not business to succeed in the industry. Drayton is motivated in bringing people together a skill he started practicing from college. He supports environmental, social and cultural practices and implements the solutions.
Reference list
Sunjan, P. 2017.entrepreneur and marketer; co-founder of web profits. Aug.2017.
https://www.entrepreneur.com/article/298650, Accessed on 31 march 2020.
Earnest and young, 2011. Nature or Narture? decoding DNA of the entrepreneur. Kauffman entrepreneurs for people growing great ideas. Sept. 2011. https://www.entrepreneurship.org/articles/2011/06/eoy-nature-or-nurture-report, accessed on 31 march, 2020.
Miralles, F., Giones, F. & Riverola, C.2016. Evaluating the impact of prior experience in entrepreneurial intention. Int Entrep Manag J 12, 791–813. https://doi.org/10.1007/s11365-015-0365-4,accessed 31 march, 2020.
Tracy B. 2005. The role of the entrepreneur.by understanding your place in the economy, you can better position yourself. https://www.entrepreneur.com/article/78478, Accessed 31 march 2020.
Dees, J.G., 2017. The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability (pp. 34-42). Routledge.