Characteristics Of A Successful Entrepreneur

Characteristics Of A Successful enterpriserEntrepreneurs use institution to exploit or bring out change and probability for the purpose of qualification profit. They do this by shifting resources from an eye socket of lower productivity into an area of higher productivity and greater yield, accepting a high point in time of risk and uncertainty in doing so (reference Patricias lecture notes)An entrepreneur is a soupconer, a manager, a risk taker. However it is plausible to say that not all managers are entrepreneurs. Robinson, (1999) proposed key differences between a leader and a manager to back up the assertions that not all managers are leaders. attractorMANAGERInnovatesDevelopsFocus on peopleInspires trustHas an eye on the horizon-long rangeDoes the rectify thingAdministerMaintainsFocus on systems and structuresRelies on controlKeep an eye on bottom line-short rangeDoes things rightSource Robinson (1999)McClelland, (1961) as cited by David D. et al, (2003) in their book Entrepreneurship and small firms, propose three key competencies of successful Entrepreneurs namelyProactively initiative and assertiveness.Achievement predilection ability to see and act on opportunities.Commitments to some others.At a deeper level, pee on B. et al, (2000) refined this competencies, examining them in six critical dimensions of business practicestrategic orientation These stress the ability of an Entrepreneur to be driven whole by the perception of the opportunities that exist in his environments and not constrained by the resources at his disposal.Commitment to opportunity the ability of an Entrepreneur to pursue opportunity quickly as soon as it push throughs.Commitment of resources The characteristics of a ethical Entrepreneur are a multi-staged commitment of resources, putting in nominal commitment at each stage or decision point. chasten of resources the ability of Entrepreneur to know and decide what resources are needed everyplace time both human and material.Management structure They contend that Entrepreneur is stereotyped as egocentric and idiosyncratic thus unable to manage. To be a successful Entrepreneur it is essential to gestate managerial skills. recognise philosophy A good Entrepreneur is focused on creating and glean values.Theories/Approaches to EntrepreneurshipTheories as define by Business dictionary, are set of assumptions, prepositions, or accepted facts that attempt to provide a plausible or intelligent explanation of cause and effect relationship among a group of detect phenomenon. Previous go bad and researches (McClelland, 1961 Komives, 1972 McClelland and Winter, 1969) help in stimulateing three turn upes to entrepreneurship, which is illustrated by Sue B. et al (2000) as nature approach other writers called it the trace approach (Summer, 1989)Social-behavioural approachThe economic approachEntrepreneurshipEconomic writers and theorists the economic approachThe psychological characteristics school soulfulnessality approachSocial-behavioural approachSource David D. et al, 2003Personality approach to Entrepreneurship, as argued by David D. et al, (2003) is identifying certain personality and traits in individuals that appear to be possessed by successful Entrepreneurs. Furthermore, they explain that the approach is mention with testing and applying some perceived characteristics in individuals. This approach assumes that Entrepreneurship as strong as leadership consists of certain inherited characteristics or personality traits that delineate them more effective. These traits includeSelf confidence/controlInnovativecreative thinkingNeed for autonomyVision tractabilityCalculated risk-takerSocial-behavioural approach to Entrepreneurship assumes that an Entrepreneurs behaviours affects and is touched by the environment (group of followers). Behavioural approach views the creation of an Entrepreneur as a contextual event, the outcome of m whatever influences (Summer, 1989). This approach believes that the skills of an Entrepreneur empennage be learnt developed and perfected.Economic approach to Entrepreneurship views an Entrepreneur as person who coordinates all the different factor of production (David D. et al, 2003). This approach implies that an Entrepreneur indentifies and fills commercialize gab combining lands, labour and capital in profitable ways.The above theories and approach too applies to leadership as it push back out be seen that most(prenominal) leaders are Entrepreneurs.SELF ASSESSMENTSelf sound judgement is exceedingly valuable as it propels me to evaluate myself in order to form judgements roughly my effects and weaknesses. Self-assessment is the process of looking at the self in order to campaign up aspects that one may find important to their identity (Sedikides, 1993). afterward doing the Belbin group role test and taking the profiling for success assessment on the University of Bedfordshire move website couple with my personal skill awareness, I discover the followingStrengthLeadership I piddle a indispensable attitude to lead, I am always happy to take the lead when action is required. I am able to assert myself to get other people involve if necessary. The result on type dynamics indicator proves this to be true, a quote from the summary reads You have indicated a orientation for the Executive style. This style tends to be direct and focuses on end-results. Executives generally have a vision of the future and will work hard in order to gain the necessary influence required to have pertain on the world around them (refer to the appendix).Team work I am able to contribute effectively to the work and development of a team. I am able to carry out different roles within a team including those that require a practical task focussed approach. I showed these skills in my various group works in the course of my studies. I also proved to be a good team thespian whilst work for A.C.S technologies, a Nigerian based company, leading a team of five meshwork engineers to install a virtual private network for a government organisation. Furthermore, the Belbin team role assessment I took in my first year shows the following result A supportive, sociable, flexible, adaptable, perceptive, listener, calming influence, go-between in team work. Other team role the test delimit is that I am a completer-finisher, it reveals that I have attention to details, am accurate, having a high standard, I am quality oriented and I deliver to schedule and specification. (Refer to the appendix).Communication I go across with clarity and purpose. Whilst working for A.C.S technologies Nigeria, I developed good communication skills which enable me to advice problems solve and communicate effectively with a wide range of people from different organisations whilst troubleshooting their calculator networks. I have also in the process, developed excellent listening and speaking skills.Organisation ti me management I can create short-term goals to complete class work and to explore personal interests. computer science/IT I am a proficient IT user, I am fitting with Word, Excel and PowerPoint and I can also design, build and maintain a computer network. I am a lake herring certified networking engineer.Adaptability/ tractableness I have shown in all my academic pursuit and work experience that I can be flexible and can also adapt to new and challenging environment. This is because I studied accounting on a diploma level, and I had two years practice, and then switched to register computer networking. I even got certified as a CISCO networking engineer. My coming to the UK to resume also demonstrates how flexible and adaptable I can be.Motivation My passions are my motivation. I have a passion to develop and grow as a person and to succeed in life. I have a passion for integrity and legacy, these are my driving force which am convince will be useful in any career path I may tak e. This can be seen in the result on value base indicator of motivation (refer to appendix).Weaknesses veto personal characters I found out that in some cases I can be shy and indecisive when it comes to presenting my opinion to people I meet for the first time or those am not cheerful with. Sometimes I find myself to be so nervous when I really need courage to apply logic very fast. I can sometimes be easily distracted.Using the wonk outline I will elaborate on my strengths and weaknesses as well as demonstrating my understanding of their use in the pursuit of career.Swot analysis This is a planning method use to evaluate the strength, weaknesses, opportunities and treat to an individual or a business. It involves specifying personal goal at the same time identifying the national and external elements that can affect me both positive and negative in the race to attain my stated objectives. In order for a swot analysis to be useful, desire goal or objectives must be first stated .STRENGTHLeadershipWork experienceEducationFlexibilitymotivationPersonal traits (self-discipline, ability to work under pressure, optimism and creativity)Team workOrganisation time managementComputing/ITWEAKNESSWeak furrow hunting skillsNegative personal traits (shyness, indecisiveness, slow application of logic)OPPORTUNITIESLots of career option to chooseOpportunity for advancement in my field of studyOpportunity to start and run a business with the skills I have acquiredTHREATSCompetition from fellow graduates on job opportunitiesHigh number of graduates with little jobs offersWith this analysis, my best strategy in reaching my goals would be by exploiting my strength and opportunities available to me, while finding ways to neutralize the threats and working to rectify on my weaknesses.