Entrepreneurship and Innovation: Resources and Skills for Success

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Entrepreneurship and innovation 1
Part 1
An entrepreneur is a person who establish business and takes an initiative by taking several risks
with a motive to earn profit. He is responsible for managing all the business activities. There are
several resources and skills needed to be a successful entrepreneur like management, capital,
marketing product and many more (Bridge, 2012).
Resources required are mentioned below
 Financial resources
Funding is one of the most important resources which is required to set a business. Today every
small business needs startup costs. These financial resources can be generated using huge
number of sources. One of the easiest way to generate fund is to use personal bank accounts. An
individual if wishes to start up a new business can also take loans and grants from friends,
relatives and investors (Entrepreneur, 2011).
 Human resources
Human resource here denotes the employees in an organization who will help an organization to
fulfil the mission and vision of the company. The employees must be experienced and well
trained (Furgison, 2014).
 Educational resources
An entrepreneur can gain education by establishing a new business. According to me,
understanding the competitive market and taking smarter decision is only possible when one has
a deep knowledge about the particular industry (Kuratko, 2016).
Skills required are listed below
 Skills to Manage money
It is very important to manage fund in order to start a business. One must struggle a lot to
manage the budget of the business (Patel, 2015).
 Skills to raise money
Once the fund is managed, then it should be invested in such place where will generate profits.

Entrepreneurship and innovation 2
 Interpersonal skills
Interpersonal skills include communicating skills, negotiation skills and leadership and
motivation skills which plays a major role to start any business. An entrepreneur must know how
to communicate well in order to set the vision of the company and solve all the problems in an
efficient and positive way (Doyle, 2017).
 Practical skills
Practical skills is comprised of goal setting, planning and organizing, decision making and
knowledge regarding business, entrepreneurship, venture capital and many more. An
entrepreneur must have skills and abilities to achieve the desired goals (Drucker, 2014).
 Creative and critical thinking skills
An entrepreneur must think and get fresh and new ideas in order to make best decisions and also
create better opportunities. He/she must be able to look the situations with every perspective and
come up with new ideas. He/she must also be able to solve the problem with the sound solutions
and evaluate the causes and effects of the specific problems. Recognizing opportunities can also
be an advantage and an opportunity as well (Doyle, 2018).
 Personal characteristics
All the personal traits must be examined wisely in order to become a successful entrepreneur.
Some personal traits that are required to be entrepreneur are optimism, vision, initiative, desire
for goal and ability to tolerate the risk i.e. risk bearing capacity. An entrepreneur must be self-
motivated and able to take the risk which will make his/her business run successfully. He/she
must think in a positive way and also have a clear vision and picture if the goals, objectives and
targets set by the company (Kim, 2014).
Part B