Topic two
NATURE OF ENTREPRENEURSHIP
Entrepreneur
Some of the characteristics that are exhibited by the successful entrepreneur are listed below. However,
it's important to draw a distinction between personality 'characteristics' and the character someone
displays when working. The former is regarded as innate and a permanent part of their personality. The
latter is just the way they approach a particular set of tasks. This is just as much a product of theory
commitment, interest and motivation to the tasks at hand as it is a predisposition.
i. Hard work: Entrepreneurs put a lot of physical and mental effort into developing their
ventures. They often work long and antisocial hours.
ii. Drive to achieve: Entrepreneurs do not need to be told what to do. They identify tasks for
themselves and then follow them through without looking for encouragement or direction from
others.
iii. Goal oriented: They set high but attainable goals that enable them to focus their energies. Their
goals orientation helps them to define priorities and provide them with measures of how well
they are performing.
iv. Resilience: Entrepreneurs must not only pick themselves up after things have gone wrong
but also learn positively from the experience and use that learning to increase the chances of
success the next time round.
v. Initiative and Responsibility: Successful entrepreneurs actively seek and take the
initiative. They like to take the initiative in solving a problem or in filling a vacuum where
no leadership exists.
vi. Creative and innovativeness: Creativity was once regarded as an exclusively inherited trait
although it can be learned.
vii. Self- confidence: Entrepreneurs must not demonstrate that they do not only believe in themselves
but also in the venture they are pursuing.
viii.Vision: Entrepreneurs know where they want to go. They have a vision or concept of what their
firms can be.
ix. Independence: The desire for independence is a driving force behind entrepreneurs. Their
frustration with rigid bureaucratic systems coupled with a sincere commitment to make a
'difference adds up to an independent personality trying to accomplish tasks in their own way.
1
, x. Internal locus of control: Successful entrepreneurs believe in themselves. They do not believe
the success or failure of a venture will be governed by fate, luck or similar forces. They
believe their accomplishments and setbacks are within their own control and influence and they
can affect the outcome of their actions.
xi. Persistent problem solving: Entrepreneurs are not intimidated by difficult situations, their self-
confidence and general optimism seem to translate into a view that the impossible just take a little
longer.
xii. Risk taking propensity: Successful entrepreneurs are not gamblers. When they decide to take to
participate in a venture, they do so in a very calculated, careful thought manner. They are
also characterized as risk takers who instinctively know that gains do not accrue to those who
always play safe
xiii.Self-efficacy: It is an individual's belief in their ability to undertake and accomplish some
particular tasks or activity
xiv.Opportunity orientation: The entrepreneurs focus more on opportunity than the resources,
structure and strategy. They are goal oriented in their pursuit of opportunities.
Other characteristics often attributed to entrepreneurs
a.
b. Confidence r. Honesty and integrity
c. Perseverance, determination s. Foresight
d. Energy and diligence t. Profit orientation
e. Resourcefulness
f. Ability to take calculated risks
g. Dynamism leadership
h. Optimism
i. Need to achieve
j. Ability to influence others
k. Initiative
l. Orientation to clear goals
m. Positive response to challenges
n. Independent and Time conscious
o. Courageous
p. Aggressiveness
q. Commitment
2
NATURE OF ENTREPRENEURSHIP
Entrepreneur
Some of the characteristics that are exhibited by the successful entrepreneur are listed below. However,
it's important to draw a distinction between personality 'characteristics' and the character someone
displays when working. The former is regarded as innate and a permanent part of their personality. The
latter is just the way they approach a particular set of tasks. This is just as much a product of theory
commitment, interest and motivation to the tasks at hand as it is a predisposition.
i. Hard work: Entrepreneurs put a lot of physical and mental effort into developing their
ventures. They often work long and antisocial hours.
ii. Drive to achieve: Entrepreneurs do not need to be told what to do. They identify tasks for
themselves and then follow them through without looking for encouragement or direction from
others.
iii. Goal oriented: They set high but attainable goals that enable them to focus their energies. Their
goals orientation helps them to define priorities and provide them with measures of how well
they are performing.
iv. Resilience: Entrepreneurs must not only pick themselves up after things have gone wrong
but also learn positively from the experience and use that learning to increase the chances of
success the next time round.
v. Initiative and Responsibility: Successful entrepreneurs actively seek and take the
initiative. They like to take the initiative in solving a problem or in filling a vacuum where
no leadership exists.
vi. Creative and innovativeness: Creativity was once regarded as an exclusively inherited trait
although it can be learned.
vii. Self- confidence: Entrepreneurs must not demonstrate that they do not only believe in themselves
but also in the venture they are pursuing.
viii.Vision: Entrepreneurs know where they want to go. They have a vision or concept of what their
firms can be.
ix. Independence: The desire for independence is a driving force behind entrepreneurs. Their
frustration with rigid bureaucratic systems coupled with a sincere commitment to make a
'difference adds up to an independent personality trying to accomplish tasks in their own way.
1
, x. Internal locus of control: Successful entrepreneurs believe in themselves. They do not believe
the success or failure of a venture will be governed by fate, luck or similar forces. They
believe their accomplishments and setbacks are within their own control and influence and they
can affect the outcome of their actions.
xi. Persistent problem solving: Entrepreneurs are not intimidated by difficult situations, their self-
confidence and general optimism seem to translate into a view that the impossible just take a little
longer.
xii. Risk taking propensity: Successful entrepreneurs are not gamblers. When they decide to take to
participate in a venture, they do so in a very calculated, careful thought manner. They are
also characterized as risk takers who instinctively know that gains do not accrue to those who
always play safe
xiii.Self-efficacy: It is an individual's belief in their ability to undertake and accomplish some
particular tasks or activity
xiv.Opportunity orientation: The entrepreneurs focus more on opportunity than the resources,
structure and strategy. They are goal oriented in their pursuit of opportunities.
Other characteristics often attributed to entrepreneurs
a.
b. Confidence r. Honesty and integrity
c. Perseverance, determination s. Foresight
d. Energy and diligence t. Profit orientation
e. Resourcefulness
f. Ability to take calculated risks
g. Dynamism leadership
h. Optimism
i. Need to achieve
j. Ability to influence others
k. Initiative
l. Orientation to clear goals
m. Positive response to challenges
n. Independent and Time conscious
o. Courageous
p. Aggressiveness
q. Commitment
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