Understanding Traits and Skills in Entrepreneurship

Entrepreneurship
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Table of Contents
INTRODUCTION ...........................................................................................................................................3
Understanding of the difference between traits and skills and their role in establishing a successful
entrepreneurial ventures.........................................................................................................................3
Fundamental traits and skills of entrepreneur........................................................................................4
Entrepreneurship Theories......................................................................................................................5
CONCLUSION...............................................................................................................................................7
REFERENCES ................................................................................................................................................8
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INTRODUCTION
Entrepreneurship is defined as the procedure of designing or launching a new business
venture by using new or innovative ideas through which a plan can be developed. An
entrepreneur is a person who undertakes risk of initiating a new venture for the major purpose of
making profit and proving ease to people (Burns, 2016)
Entrepreneurship is associated with risk and rewards, the entrepreneurs are having various traits
in their personality which makes them differentiated form others and provide them a reason to
grow. There are various factors which need to be consider while planning to start a business.
Faiza J of Slync has given the knowledge about various situations and points to be consider
before starting business.
Understanding of the difference between traits and skills and their role in establishing a
successful entrepreneurial ventures
Traits
Creation of idea: Entrepreneurs are having traits of creativeness through which they
propound varied ideas which are emerging and capable to attract people as well. This trait of
entrepreneurs provides them a reason to get success and enhance their career opportunities as
well. One should simple don't belief on the idea, should focus on its implementation that is
consider various distribution channels, traffic multiplier and many more.
Mission, Vision and value : Entrepreneurs always keeps long term vision due to which
they have sense to identify challenges in very prompt manner. This trait of entrepreneurs
provides them more options to deal with challenges that may create barriers in their succession.
(Mitra, 2019). The clarity in the mission, vision and value helps in effective planning and
conduction of operations which drives effective results to the business.
Small start : The major personality trait of an entrepreneur is that they are risk taker, as
entrepreneur is associated with some new and emerging concept which is having high degree of
risk. So a successful entrepreneur is laced with the power to bear risk in appropriate manner. The
individual who want to start a business is taking risk where as they should start from small that is
first must complete the paper work, related legal documents, focus on budgets and must hire
correct employees.
Skills
Communication: Communication is the primal skill which is held by an entrepreneur.
Communication is the major aspect by which idea can be explained by entrepreneur to their
stakeholder in order to get investments and understand their employees as well. With the help of
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