Characteristics Of A Successful Entrepreneur

Characteristics Of A Successful enterpriserentrepreneurs use innovation to exploit or attain change and opportunity for the purpose of making profit. They do this by shifting resources from an argona of lower productivity into an area of higher productivity and greater yield, accepting a high degree of gamble and uncertainty in doing so (reference Patricias lecture notes)An entrepreneur is a leader, a manager, a risk taker. However it is glib 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.LEADERMANAGERInnovatesDevelopsFocus on peopleInspires trustHas an eye on the horizon-long rangeDoes the right 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 enterprisership and small firms, propo se collar key competencies of successful Entrepreneurs namelyProactively gap and assertiveness.Achievement orientation ability to see and act on opportunities.Commitments to others.At a deeper level, Sue B. et al, (2000) refined this competencies, examining them in six critical dimensions of business sufficeStrategic orientation These stress the ability of an Entrepreneur to be driven only 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 appears.Commitment of resources The characteristics of a good Entrepreneur are a multi-staged commitment of resources, putting in minimum commitment at each stage or decision point.Control of resources the ability of Entrepreneur to know and decide what resources are needed over time both human and material.Management structure They contend that Entrepreneur is stereotyped a s egocentric and idiosyncratic thus unable to manage. To be a successful Entrepreneur it is essential to piss managerial skills.Reward philosophy A good Entrepreneur is focused on creating and harvesting 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 rational explanation of cause and effect relationship among a group of observed phenomenon. Previous bring and researches (McClelland, 1961 Komives, 1972 McClelland and Winter, 1969) help in developing three progresses to entrepreneurship, which is illustrated by Sue B. et al (2000) asPersonality speak to other writers called it the Trait approach (Summer, 1989)Social-behavioural approachThe economic approachEntrepreneurshipEconomic writers and theorists the economic approachThe psychological characteristics school personality approachSocial-behavioural approachSource David D. et al, 2003Personalit y 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 concern with testing and applying some perceived characteristics in individuals. This approach assumes that Entrepreneurship as well as lead consists of certain inherited characteristics or personality traits that make them more effective. These traits includeSelf confidence/controlInnovativeCreativityNeed for autonomy mental imagery tractablenessCalculated risk-takerSocial-behavioural approach to Entrepreneurship assumes that an Entrepreneurs behaviours affects and is affected by the environment (group of followers). Behavioural approach views the creation of an Entrepreneur as a contextual event, the outcome of some influences (Summer, 1989). This approach believes that the skills of an Entrepreneur send away be learnt developed and perfected.Econom ic approach to Entrepreneurship views an Entrepreneur as person who coordinates all the diametrical factor of production (David D. et al, 2003). This approach implies that an Entrepreneur indentifies and fills market gab combining lands, labour and capital in profitable ways.The above theories and approach also applies to leadership as it can be seen that most leaders are Entrepreneurs.SELF ASSESSMENTSelf assessment is extremely valuable as it propels me to evaluate myself in order to form judgements close my strengths and weaknesses. Self-assessment is the process of looking at the self in order to weigh up aspects that one may find important to their identity (Sedikides, 1993). After doing the Belbin police squad role test and taking the profiling for success assessment on the University of Bedfordshire career website couple with my personal skill awareness, I discovered the pastime say-soLeadership I have a natural attitude to lead, I am always happy to take the lead when ac tion 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 succinct reads You have indicated a preference 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 impact 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 player whilst working for A.C.S technologies, a Nigerian based company, leading a team of five profit engineers to install a virtual private network for a government organisation. Furthermore, the Belbin t eam role assessment I took in my first year shows the following result A supportive, sociable, flexible, adaptable, perceptive, listener, calming influence, mediator in team work. Other team role the test defined 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 sink 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 computer networks. I have also in the process, developed excellent listening and speaking skills.Organisation time management I can create short-term goals to complete class work and to explore personal interests.Computing/IT I am a proficient IT user, I am Competent with Word, pass an d PowerPoint and I can also design, build and maintain a computer network. I am a CISCO aware networking engineer.Adaptability/Flexibility I have shown in all my academic sideline and work experience that I can be flexible and can also adapt to new and gainsay environment. This is because I studied accounting on a diploma level, and I had two years practice, and then switched to study computer networking. I even got certified as a CISCO networking engineer. My coming to the UK to study 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 driveway force which am convince will be useful in any career path I may take. This can be seen in the result on value base indicator of motivation (refer to appendix).WeaknessesNegative personal characters I found out that in some cases I can be shy and indecisive when it come s to presenting my opinion to people I meet for the first time or those am not comfortable 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 swot analysis 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 internal 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 managementComputi ng/ITWEAKNESSWeak job lookup skillsNegative personal traits (shyness, indecisiveness, slow application of logic)OPPORTUNITIESLots of career option to chooseOpportunity for advancement in my field of studyOpportunity to fall out and run a business with the skills I have acquiredTHREATSCompetition from fellow graduates on job opportunitiesHigh number of graduates with less 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 improve on my weaknesses.