Understanding Entrepreneurial Characteristics - Assessment Report

This report provides insights into entrepreneurial characteristics and their comparison with theories. It also includes the characteristics of a successful business and opportunities available for entrepreneurial endeavors.

ASSESSMENT REPORT
UNDERSTANDING
ENTREPRENEURIAL
CHARACTERISTICS

EXECUTIVE SUMMARY
Entrepreneur characteristics is associated with having different ability to conduct
business activities in efficient manner. It includes curiosity, structured experimentation,
adaptability, decisiveness, team building , etc. Present study is based on Kay Leslie Katie Page
is an Australian business executive and the CEO of retailer Harvey Norman who is one of
successful female entrepreneur. Current report has involved different entrepreneur and its
business characteristics along with comparing it with different theories. It has given emphasis
on providing different opportunities available for mentioned entrepreneurial endeavor.

INTRODUCTION.........................................................................1
MAIN BODY...................................................................................................................................1
Section 1....................................................................................................................................1
Section 2....................................................................................................................................2
Section 3....................................................................................................................................3
Section 4....................................................................................................................................4
Section 5....................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
APPENDIX......................................................................................................................................9

INTRODUCTION
Entrepreneurial characteristics helps an entrepreneur to take decision in effective
manner so that accomplishing business objectives can become possible. In the current era,
complexities related to business processing has increased which require an entrepreneur to
develop distinct characteristics in turn higher ability to coordinate with changing scenario can
be derived. The current report is based on Kay Leslie Katie Page is an Australian business
executive and the CEO of retailer Harvey Norman. The specified entrepreneur has been ranked
in the list of 50 most power full woman in business who has been part in promoting sport.
Present report will pay attention on explaining crucial information regarding the
entrepreneurial characteristics interviewed and comparing them to theories and concepts to
analyze difference. Current study will involve entrepreneurial feature required in business.
Present report will comprise reflection for explaining learning obtained form interview. It will
shed light on new opportunities entrepreneurial endeavor.
Section 1
An entrepreneur is a person who sets up business by taking few crucial action and
taking on financial risk so that profitability can be derived. In addition to this, it can be
identified that an entrepreneur is a person who take responsibility to accomplish goals through
mitigating risk by gaining competitiveness. entrepreneur basically focuses on organizing,
managing and controlling actions of business. Katie Page is one of the successful woman who
comprises various characteristics that contribute it to meet its all business requirement. As
being business executive CEO it becomes essential for Katie Page to give much emphasis on
developing distinct level of attribute that can contribute in attaining her roles & responsibilities.
The key practices of retailer Harvey Norman includes offering hug range of products
available to buy online. It is an online store that mainly offers household, electrical goods&
appliances in its online store. The crucial responsibilities of specified entrepreneur is to
organize, handle and manage business actions. History of Harvey Norman were two person
who used to sell door to door vacuum cleaner and then they both started their retail group.
Section 2
From the prepared checklist of interview answered by specified entrepreneur various
information has been gathered. It can be articulated that there are variety of attributes possessed
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by her that contributed in achieving different heights for her business. From the formulated
questions it can be articulated that each question answered by Kay Leslie Katie Page has given
opportunity to understand how well she is meeting her roles & duties.
The entrepreneurial characteristics that are possessed by mentioned personalty
includes team building, persistence, strategic decision making and adaptability,
creativity ,problem solving, etc. There are number of reasons which require an entrepreneur to
be prompt and effective in decision making so that higher capabilities to handle prevailing
situation can be identified (Huarng and Yu, 2021.). In online retail store there is major
requirement in building coordination among team so that errors and mistakes & duplication
can be avoided. Business environment keeps on changing which enable higher level of
competition and complexity that required to be handled by keeping strategic approach for
handling challenges.
To become able to overcome prevailing challenges entrepreneur has given emphasis on
having persistence quality in her personality. In addition to this, persistence is useful in
continuing operational practice in difficult time as well. There are number of circumstances in
which taking effectual decision becomes essential in turn higher productivity and sustainability
can be derived. Adaptability to make sure that required level of ability to overcome
prevailing challenges so that smooth functioning can be derived (10 CHARACTERISTICS OF
SUCCESSFUL ENTREPRENEURS, 2021). Data analytic is one of the major professional skill
that aids company to consider relevant information required to take appropriate decision and
eliminating irrelevant component for proper utilization of resources to meet standards.
According to the opportunity based entrepreneurship theory, entrepreneur excel at
seeing & taking crucial benefit from prevailing possibilities formulated by social, technological
and cultural changes. From comparing the derived outcomes from conducted interview with
specified theory it can be articulated that an entrepreneur is required to be efficient in dealing
with its business processing through maintaining appropriate balance between internal and
external practices. As per the creative theory of entrepreneurship it can be stated that much
emphasis on building innovative strategies so that higher level of capabilities to get
differentiation skill can be obtained to have smooth proceeding. In current competitive business
environment there is major need to comply and build different strategy that is capable of
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making customers satisfy (Bawakyillenuo and Agbelie, 2021). It provides assistance improving
performance of firm so that greater competitiveness.
From the analysis of theories and actual characteristics consisted by Kay Leslie
Katie Page is fit to these concept. The main reason underlying the fact is associated with ability
of specified entrepreneur to adapt the changing circumstances that is highly beneficial
according to opportunity based entrepreneurship theory as it mainly give emphasis on
developing proper cope up with social, economical, etc. On the basis of this, it can be
depicted that Kay Leslie Katie Page comprises relevant skill, tactics, etc.
Section 3
To become successful in modern business environment it becomes essential for the enterprise
to have certain characteristic so that higher effectiveness can be achieved. Characteristics of
entrepreneurship includes proper availability of resources, adoption of advanced technologies,
compliance with industrial rules and regulations, mitigating risks, etc. There are variety of
characteristics that specific company has which involves optimum utilization of resources,
skilled labor, team collaboration, appropriate forecasting of market forces, compliance with e-
commerce business legislation, quality management, etc (Lee, 2019). From the assessment of
Harvey Norman it can be articulated that these are characteristics of the
entrepreneur’s business. In order to handle the prevailing circumstances it becomes essential
for the organization to highlight these major aspect that are required to developed for gaining
competitive benefit as compared to similar firm operating in retail sector.
The specified enterprise in one of successful firm that deals with domestic and internal client.
To provide them effective purchasing experience it becomes essential for company to have
such staff that are capable of understanding customer needs and problems so that relevant
processing can be achieved (Feng, Allen and Seibert, 2021.). Customers in present business
environment has many platform for accomplishing their goals with low switching cost and
availability of similar cost, etc. For this purpose business required to prompt and effective in
meeting customer requirement in efficient manner. For this reason, company has given larger
emphasis on getting competitive advantage of maintaining prices of its offering lower as
compared to other operators. The specified entrepreneur has focused on developing these
characteristics in its business so that smooth functioning of the functional area can be achieved.
Business can become successful only when it is able to organize, manage & control its all
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segment in efficient pattern. With help of this these characteristics in entrepreneur business it
can be specified organization si highly capable of maintaining and controlling its overall
proceeding with ensuring good profitability & sustainability.
There are various theories that can be used by business in order to compare its standard
level of characteristics with actual feature of business. Systematic management theory offers an
alternative approach of planning and management of enterprise. It indicates that business
comprises different functions just like human body which requires systematic managements so
that optimal functioning can be derived. As per this theory there are number of characteristics
which involves coordination, efficient supply chain, managing overall practices in appropriate
manner. Contingency theory articulates that management effectiveness is dependent on
application of tactics according to situation so that outcome as per existing scenario can be
maximized (Mayr and et.al., 2021). From comparing entrepreneur’s business characteristics
with specified management theory, it can be interpreted that it is essential for the entrepreneur
to have appropriate monitoring, coordinating and controlling activities so that significant level
of growth & progress can be achieved. There is need to ensure that these mentioned
characteristics of business allows to have sufficient capabilities attain goals and objectives.
With help of these eliminating elements hindering organizational growth & development.
From the assessment of mentioned characteristics and theory it can be stated that there are
number of benefits which can be attained by business through available features in enterprise
and entrepreneur. These benefits can be higher profitability,sustainability, optimum utilization
of resources, implementation of strategic approaches for continual operational practices. On
the basis of this evaluation it can be articulated that particular business is efficient and fit as
comprise variety of characteristics that are relevant as per the mentioned theories.
Section 4
Gibbs model of reflection comprises different stages that includes description, feeling,
evaluation, analysis, conclusion and action plan. The particular model helps in deeper
knowledge regarding particular experience (Narisetty, Shen and He, 2018). I have taken
interview of Kay Leslie Katie Page for gaining knowledge regarding entrepreneur
characteristics. In this few questions have being asked by me from business executive & CEO
of Harvey Norman which has given deeper in sights about the same. The questions answered by
specified personalty has given sufficient knowledge to explore relevant & non crucial aspects
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for beings successful entrepreneur. I have felt that there are various characteristics that are
required to be possessed by entrepreneur for making decision so that improved performance can
be derived. In addition to this, i came to know that overcoming challenges for accomplishing
business goals, need of continuous professional development plan and assessing skills to
gain profitable situations. There are number of reasons for which business environment keeps
on changing that need an entrepreneur to be effective and bold so that higher productivity can
be derived.
I have evaluated from the presented interview that there are various characteristics that are
required to be consisted by entrepreneur so that gaining competitiveness can become possible.
I have evaluated that there are features essential to become successful entrepreneur includes
problem solving, analytical, adaption, team building & coordinating, decision making, risk
tolerance, persistence, curiosity effective communication, etc are important. From this, i have
analyzed that communication, team coordination, decision making and risk tolerance skills
are consisted in me. Lacking areas that I need to work on includes problem solving, analytical,
adaption and persistence so that coordinating with changing scenarios can become possible
(Gibbs and Wood, 2021). Having such features in entrepreneur are essential for me so that i
can built good career. It has as well provided me understanding regrading features of business
that play crucial role in gaining competitive benefits. This can be articulated that from
interview my understanding and communication skill has been built up that is crucial for
building successful business.
It can be concluded that there are variety of characteristics that an entrepreneur should
comprised includes problem solving approach, effective communication, systematic planning &
decision making, risk tolerance. From the conducted interview it i have summarized that there
is higher level of competition in present working environment which required me to have
proper knowledge regarding management study and crucial features top coordinate with
changing circumstances so that higher profitable situation can be derived. There are few
lacking areas such as problem solving, analytical, adaption and persistence which i need to
improve.
Action area that can be taken by me in order to modify lacking areas so that becoming
successful entrepreneur can become possible. The major action which can be used by me for
improving these lacking area includes participating in case study and management program that
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can be helpful me improving my inability of problem solving. Performing different roles,
responsibilities, subscribing to online program teaching these skills, etc can aid me to enhance
my performance in mentioned lacking parts to be become successful entrepreneur.
Section 5
 There are various opportunities regarding this entrepreneurial endeavor includes several
different options. The one of the significant opportunity for this includes opening
franchising. The reason behind this is associated with its successful nature of business that
can allow it to gain higher profitability & comfort ability. For this purpose there are variety
of options for raising funds which includes angel investors, crowdfunding, etc to
accomplish requirement of organization.
 The another opportunity used by firm include network marketing for expanding its
operational practices so that greater stability & profitability can be derived (8 ways to
identify opportunities in the market, 2021). Quality content can allow to attract higher level
of customers to incline profitability. The main reason underlying fact is concerned with
marketing benefits that can be achieved by business for gaining competitiveness.
 Other opportunities that are available for entrepreneurial endeavor involves offering
different product line, opening new retail outlets in different regions, etc. The specified
firm can offer consulting services for selection of offerings so that users confused with
purchasing decision so that advised to client for making appropriate buying can be done. It
will provide assistance in achieving higher stable and sustainable position in sector. These
opportunities can be useful for the specified organization in turn higher productivity and
effectiveness is derived. These mentioned course of action can be largely useful in inclining
competitiveness to meet organizational objectives.
CONCLUSION
From the above report it can be concluded that understanding entrepreneurial
characteristics is essential for gaining deeper insights about the same. The current study has
given emphasis on including key practices of entrepreneur’s specified business. Present report
has comprised information regarding entrepreneur characteristic and its comparison from
theories that has analyzed that it fits according to mentioned criteria. In addition to this, report
has comprised characteristics of the entrepreneur’s business and compared with theories that
has helped to understand effectiveness. Gibbs model has been applied to specify experienced
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gained from the conducted interview. The current report has paid attention on exploring
opportunities available to this entrepreneurial endeavor comprises conducting network
marketing, launching new product lines, opening new retail outlets, etc. In turn higher
productivity & effectiveness can be achieved.
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REFERENCES
Books and Journals
Bawakyillenuo, S. and Agbelie, I.S.K., 2021. Environmental Consciousness of Entrepreneurs in
Ghana: How Do Entrepreneur Types, Demographic Characteristics and Product
Competitiveness Count?. Sustainability, 13(16), p.9139.
Feng, J., Allen, D.G. and Seibert, S.E., 2021. Once an entrepreneur, always an entrepreneur?
Entrepreneurial identity, job characteristics, and voluntary turnover of former
entrepreneurs in paid employment. Personnel Psychology.
Gibbs, B. and Wood, G.C., 2021. How can student partnerships stimulate organisational learning
in higher education institutions?. Teaching in Higher Education, pp.1-14.
Huarng, K.H. and Yu, T.H.K., 2021. Complexity theory of entrepreneur
characteristics. International Entrepreneurship and Management Journal, pp.1-12.
Lee, B., 2019. Human capital and labor: the effect of entrepreneur characteristics on venture
success. International Journal of Entrepreneurial Behavior & Research
Mayr, S. and et.al., 2021. Entrepreneur characteristics and differences in reasons for business
failure: evidence from bankrupt Austrian SMEs. Journal of Small Business &
Entrepreneurship, 33(5), pp.539-558.
Narisetty, N.N., Shen, J. and He, X., 2018. Skinny Gibbs: A consistent and scalable Gibbs
sampler for model selection. Journal of the American Statistical Association.
Online
10 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS. 2021. [Online]. Available
through: <https://online.hbs.edu/blog/post/characteristics-of-successful-
entrepreneurs>.
8 ways to identify opportunities in the market. 2021. [Online]. Available through:
<https://productmarketingalliance.com/8-ways-to-identify-opportunities-in-the-
market/>
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APPENDIX
Checklist
 What type of skills allow you to make strategic business decision?
 How long you take to understand to build new tactics for improving your performance?
 How do you overcome prevailing challenges in market for accomplishing business goals?
 Do you feel continuous professional development to cope up with changing requirement is
essential and why?
 What tactics are suitable for making your business to achieve higher profitable situation?
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