My Entrepreneurial Characteristics and Tendencies

My Entrepreneurial Characteristics and Tendencies

Introduction

Entrepreneurship refers to a connection between entrepreneurs and important opportunities in business. These opportunities facilitate creation of goods and services in future such as promoting creativity, problem-solving ability, and utilization of existing entrepreneurial ideology. Entrepreneurs not only engage in profitable opportunities but also take risks in identified opportunities. Entrepreneurship is important because it allows enterprising individuals to examine their own entrepreneurial behaviour, attributes and characteristics that encourage people to develop entrepreneurial skills. However, evidence indicates that not all entrepreneurs are likely to succeed due to another of factors such as lack of essential entrepreneurial skills. Entrepreneurship is has comprises of both economic and non-economic benefits and it is found in different settings including corporate organizations, new organizations and informal economy. Entrepreneurial activities foster development of new or improved services or products in the business market (Jayawarna, Rouse & Macpherson, 2014, pp. 282-312).

This paper seeks to assess my own entrepreneurial characteristics and tendencies by focussing on sociological factors, traits, and cognition. Additionally, the paper will discuss and conduct an analysis of the entrepreneurial theories and how they apply to an entrepreneur.

Entrepreneur Characteristics and Tendencies

I have worked as an intern in various organizations such as an insurance company in Malaysia and a law firm. I have also worked as a volunteer in various students union activities while taking my undergraduate degree at the University of Essex. While working as an intern and a volunteer, I was able to acquire and learn some characteristics and tendencies of an entrepreneur. I learnt that sociological factors, traits and cognition are crucial elements that determine and measure the characteristics and tendencies of an entrepreneur.

1. Sociological Factors

As an entrepreneur, my aim was to amass private wealth and use it to develop other business projects to increase my income generation in future. However, various studies have indicated that social entrepreneurs ventures into businesses in an innovative way and use the acquired wealth to address social issues. The study reveals that in entrepreneurial activity, profit is not a means to an end (Sud, Vansandt & Baugous, 2009, pp. 201-216). Tackling social problems promotes improvement of communities, environment, and life of individuals I society (Austin, Stevenson & Wei-Skillern 2006, pp. 1-22). The social change function provides two views of entrepreneurship which include it is virtuous whereby it allows people to practice their freedom by building economic growth. The second view indicates that the positivity of entrepreneurship can be reflected through taking its social responsibilities to reduce negative impacts on society (Dacin, Dacin & Tracey 2011, pp. 1203-1213).

Social entrepreneurship focuses on promoting the social value of different stakeholders to obtain profits through efficiency or innovation with the keeping the profits for social mission (Smith, Gonin & Besharov 2013). An individual’s ability to pursue their entrepreneurship goal depends on the matters of social context such as policies or religion. The social context has significant effects on a person such as accumulation of capabilities and access to finance (Autio, et al 2014, pp.1097–1108). I obtained the understanding of the different characteristics of a social enterprise of which I realized l lack most of them. The characteristics of a social enterprise include reinvestment of a large percentage of profits in local community, are autonomous, have clear environmental and social mission and are accountable and transparent (Zahra, Gedajlovic, Neubaum & Shulman 2009, pp. 519-523).

2. Traits

Entrepreneurs’ posses’ specific types of personal traits that makes individuals be classified as entrepreneurs (Ucbasaran et al 2008, pp. 153-173). I believe that certain aspect such as arriving at workplace on time, respecting others people’s ideas, encouraging participation and thinking critically characterizes me as an entrepreneur. However, some academic articles that describe personality traits of an entrepreneur suggest that I may be lacking in some characteristics that I may not just acquire yet. For instance, a study by Ucbasaran, Westhead and Wright (2009, pp. 99-115) state that the traits that classify a person as an entrepreneur include creativity, need for autonomy, self-confidence, tolerance of ambiguity, determination, locus of control, risk-taking propensity, and strong need for achievement. According to Zahra and Wright (2011, pp.67-83), an entrepreneur identifies and exploits opportunities; they create new businesses and new businesses.

3. Cognition

According to Delmar (2012), cognition involves areas that concerned with thinking, individual memory, information processing and perception. Haynie, Shepherd and McMullen (2009, pp. 337-361) defines entrepreneurial cognition as structures of knowledge that are used by individuals in decision making, judgments or assessments of economic growth, opportunity, creation of ventures and evaluation. I have always had a passion in becoming an entrepreneur and working in those organizations as an intern motivated me to become an entrepreneur. I believe I qualify to be an entrepreneur because of my willing to be an entrepreneur, I have the ability to recognize an opportunity and exploit just as stated by Sarason, Dean and Dillard ( 2006, pp.286-305) .

Kautonen, Van Gelderen and Fink (2013) indicate that for an individual to be a classified as an entrepreneur, they must have a stable pattern of actions, feelings and thoughts. As for my case, I am steady in my actions, feelings and thoughts about becoming a successful entrepreneur and these factors characterizes me as an entrepreneur. According to Shane (2008), the society has a general belief about entrepreneurs. For instance, they believe that entrepreneurs are doers not thinkers, are always inventors, they are extreme risk takers and are driven by intrinsic motivation and self-efficacy to perform better. Based on the general perception of society about entrepreneurs, I believe I have the characteristics of an entrepreneur since I am self-motivated person, I am a risk takers and I take action on implementing my feelings or thoughts about a discovered opportunity.

Entrepreneurial Theories

Entrepreneurial theories provide different perspectives of entreneurship have enhanced my understanding of the different theoretical perspective. Having an understanding of the theoretical perspective has enabled me to effectively evaluate my entrepreneurial characteristics and tendencies. The theoretical perspective of entrepreneurship includes economic, sociological and psychological approaches.

The economic theory involves two major approaches to entrepreneurship. First, the economic approach perceives an entrepreneur as a person who destroys the equilibrium in a creative way. In this approach, an entrepreneur is seen viewed as a driver of economy and a radical innovator. The second economic approach views an entrepreneur as a person who restores the equilibrium. For instance, such an entrepreneur is an opportunity-spotter, addresses the economic inefficiencies and an incremental innovator (Acs, 2006, pp. 97-107).

The economic theories of entrepreneurship has provided me with information on the perception of entrepreneurs, the public discourse and the economic and social role of entrepreneurs that are enhanced my effectiveness in evaluating my entrepreneurial characteristics and tendencies. Through economic approaches, I have learnt that although l lack some characteristics of entrepreneurship such as boldness to face risk and uncertainty, I believe I have the potential to acquire these attributes because I know that entrepreneurs are not made but rather they are made. Therefore, through understanding and obtaining necessary knowledge and skills, I would be able to acquire the entrepreneurship characteristics and tendencies that I lack (Shane & Venkataraman 2000, pp. 217-226).

The two psychological approaches to entrepreneurship include trait and cognitive approach. The trait approach indicates that nobody is born an entrepreneur but rather they become one. The approach points out that entrepreneurs have certain personality traits that makes them qualify as entrepreneurs. Additionally, the trait approach has enabled me to determine whether I will become an entrepreneur and become successful or not. The trait approach to entrepreneurship has enabled me to understand that entrepreneurs are not special people but rather are people who posses specific characteristics that make them successful entrepreneurs.

I have learnt that the cognitive approach to entrepreneurship is important because it has allowed me to easily measure my entrepreneurial traits. Similarly, it has enhanced my understanding on how to address certain entrepreneurial questions such as opportunity, choice; exploitation, recognition and success that are essential in enabling me acquire the entrepreneurial characteristics that am short off. Having knowledge on how my traits measure and how to address different entrepreneurial questions would enhance my ability to acquire the necessary entrepreneurial characteristics (Baron 1998, pp. 275-294). The psychological theory has enhanced my understanding that it is easier to change the way people think and react towards entrepreneurship and risk taking. Changing people’s perception positively would help them acquire the specific entrepreneurial characteristics and tendencies that they lack thus assisting them to become entrepreneurs (Delmar 2012).

The sociological approaches to entrepreneurship consist of different views towards roles of individuals in entrepreneurship. The approach indicates that entrepreneurship is facilitated by the surrounding context of a person such as social networks and society. Additionally, it entrepreneurship as an industry structure, personal wealth or polices. Therefore, through this approach, I have learnt that socialization is an important characteristic of an entrepreneur that allows an individual to seek and identify opportunity through social networks and society in general (Cheah 1990, pp. 341-347).

From the three theoretical perspectives of entrepreneurship, I have gained understanding that in order to be a successful entrepreneur; I need to combine people and opportunities. People play an important role in fostering creativity and identifying opportunities. Moreover, the theories have contributed significantly towards enhancing my understanding of the characteristic and tendencies that promote entrepreneurial success.

Conclusion

Entrepreneurship is important because it allows enterprising individuals to examine their own entrepreneurial behaviour, attributes and characteristics that encourage people to develop entrepreneurial skills. The theoretical perspectives including economic, sociological and psychological  have played an essential role in influencing my understanding of the important characteristics that an entrepreneur is required to posses and how to measure personal trait. Evaluation and assessment of my entrepreneur characteristic and tendencies has enabled me to determine whether I qualify to be an entrepreneur. Through this assessment, I have realized that although I posses some characteristics and tendencies of an entrepreneur, there are some characteristics that am yet to acquire. However, although I lack certain attributes of entrepreneurship, I have the potential to achieve the necessary characteristics.

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