Entrepreneurship: Traits, Characteristics, and Theory

This report discusses the traits and characteristics of an entrepreneur and compares them with the entrepreneurship theory. It includes personality traits, opportunity recognition approaches, attitude and approach towards risk, goals and aspirations, adaptability skills, and entrepreneurship theory. The report also includes a case study of David Strangis, co-founder of Bronze Snake Shop in Melbourne, Australia.

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Entrepreneurship
Australia
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Executive Summary
Entrepreneurship is to implement an idea and execute it as a start-up of any business.
Entrepreneurs are who think of an idea and fill the gaps in the market to earn profit and live
the life to the fullest. It is normal to accept that changes occur and failures happen but it is
important to adapt those changes and deal with the failures. This talent is preferred by an
entrepreneur who seeks an opportunity and makes a chance to apply their talent in which they
are good at. They have set goals and aspirations to achieve the target and keep their personal
and professional life separately; work rationally.

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Contents
Introduction................................................................................................................................3
Overview................................................................................................................................3
Personality Traits.......................................................................................................................4
Characteristics........................................................................................................................4
Opportunity recognition approaches..........................................................................................5
Attitude and approach towards Risk..........................................................................................5
Goals and Aspirations................................................................................................................6
Adaptability skills......................................................................................................................6
Entrepreneurship Theory............................................................................................................7
Conclusion and Recommendations............................................................................................7
Bibliography...............................................................................................................................9

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Introduction
Entrepreneurship is when someone creates a business to generate profit and transforming any
business by filling a gap and solving problems. It includes social change, innovative product
creation or to present a new solution for life-change. Basically, nowadays, youth think of
becoming an entrepreneur where they take career into their hands and make it lead into the
direction of their own choice (Kuratko, 2016). Entrepreneurs build a life on their own terms
where they are the only boss with no restrictions and orders to hear. They try to make the
world a better place for everyone and themselves too. An entrepreneur is the one who set up
the business aiming for profit as a start-up and fills the gaps slowly. They are the powerful
transformers where they start imagining the world differently. They look of possibilities and
solutions instead of looking at the problems and consequences. They seek struggle, bring
people together and building an advanced society; they act. Entrepreneurs take the idea and
execute on it whereas entrepreneurship is executing those ideas (Schumpeter, 2017).
In this report, the traits and characteristics of an entrepreneur are to be discussed comparing
them with the entrepreneurship theory. David Strangis, the co-founder of online retailer
Bronze Snake for men and women fashion with free shipping in Melbourne, Australia as
Bronze Snake Shop.
Overview
It is never easy to be an entrepreneur where who do not have to think about giving up even
when the things are getting tough to deal with. Even if they think to set back, learn and
experience for avoiding the same mistakes again. Bronze Snake, the fast-growing business is
an SME and David Strangis; an entrepreneur once said that it is fine to give your 110%
without earning anything for few years as David made his first payment on the 5th year after
the start-up of the business (Knowles, 2015).
David Strangis and his partner, Anthony Sacco was a teenager when they thought of Bronze
Snake, a fashion brand for offering the availability of new-trend items at affordable prices for
a short period. They saw the opportunity in the market for reasonable products to establish
Bronze Snake. When starting the business, they were little excited about it but the first four to
five years were hard to deal with as it was a real struggle at that point of time. Now, staffs of
42 employees work under the company with five stores and warehouse confidently achieving
success. They both enjoy well without any fixed schedules or routines for work, the
advantage of the growth in business is their low price and maintaining relationships. Their

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goal is to open multiple stores in every country to earn profit with the same growth they
achieved till now (Richards, 2016).
Personality Traits
Not everyone born with thinking of bringing a change in the surrounding or world to be an
entrepreneur. The personality traits include the human characteristics, abilities, motives,
attitudes, and values according to the experience and actions which causes the mental and
behavioural process of an individual. The personality traits of an entrepreneur are desire,
elasticity, flexibility, vision and a strong sense of self (Johnson, et al., 2018). Desires are
when any entrepreneur work for long or nothing to get what they want with a thought of
solving a problem or make it easier where they do not work for money but to achieve at the
time when they are motivated and everyone tells them to quit. Elasticity is when
entrepreneurs just think of success with the ability to deal with failures and not stopping with
the thought of losses for another step with enthusiasm. As starting the business as an
entrepreneur, it is an unfortunate fact that they are going to fail at least for once. They do not
give up and learn from their failures as they never stay out at the rough times, they ignore the
negativity and concentrate on positive factors. Flexibility is when entrepreneurs are able to
adjust with changes and challenges which are important for every business, as an idea can be
great but that does not mean it can be effective. They are flexible to make adjustments for
making and modifying the idea possible and executing plan when new information is given
and circumstances are changed. Vision is for entrepreneurs seeking an opportunity
everywhere as they are the innovators who either develop a new idea or make improvisation
in an existing product which is the main reason for them being called entrepreneurs. They
have the power to see the future as they are inspired by the things which are yet to be
discovered. Lastly, strong sense of self where every entrepreneur can easily tell various
problems which they can help to overcome with even if it now helping them with funds
security or competition; it is never an easy task to be an entrepreneur but is worth the time
and growth to earn money as they can make their idea a reality (Klotz & Neubaum, 2016).
Characteristics
Not every entrepreneur is successful; sometimes there are failures with the start-up businesses
in generating profit and growth with hard work and commitment. The focus is the main key
which helps the entrepreneurs to ease the pressure. So there are some characteristics of an

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entrepreneur familiar with the personality traits like firmness, desire, the ability of risk-
taking, hard work, vision, communication skills, and self-belief (Nam & Lee, 2018).
Opportunity recognition approaches
Opportunity recognition is when entrepreneurs connect known products with exiting demand
to achieve the previous familiar chance. It is for starting an innovative business and process
in the field of entrepreneurship concept (Hulbert, et al., 2015). The first approach of an
entrepreneur to recognize opportunity is to observe trends or gaps of differentiating between
availability and possibility for new business products and service ideas which includes
economic, social, technological and political factors. The second approach is to solve a
problem as identifying opportunities also involves noticing a problem and find a way to solve
it. After observing the trends or by chance, these problems can be noticed; even business
ideas are developed sometimes to solve a problem. The third approach for identifying
opportunities is to find a gap in the marketplace; in short, it covers environmental trends and
personal characteristics of an entrepreneur (Hanohov & Baldacchino, 2018).
Attitude and approach towards Risk
Entrepreneurs calculate risk on the basis of their capital, talents and time, as risk is
everywhere in current management. The approach needs to be rational to analyse with which
to commence, there should be a gut factor to deal with the risks. Entrepreneurs are the one
who never gives up no matter how hard the struggle is. Even if they face failure at first and
they will get up to work with the same attitude and positivity on second with their skills and
talent. There are an encouraging environment and culture in Australia for entrepreneurs. It is
easy for entrepreneurs to eliminate systematic risks involved in business but the external
factors are out of control (Cacciotti & Hayton, 2015). Entrepreneurship is more about art and
gut, more than calculating; some risks cannot be computed in real life at a large extent; in
short, they are bold enough to face risks. Risk observation and the tendency of entrepreneur
are the scopes of risk attitude. The four types of risk attitude can be low-risk observation and
low-risk tendency; high-risk observation and low-risk tendency; low-risk observation and
high-risk tendency and high-risk observation and high-risk tendency (Omorede, et al., 2015).

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Goals and Aspirations
Entrepreneurs who dream big work single-mind and are focused on personal goals with no
distraction for living their good life but satisfaction or dissatisfaction impacts all the aspects
so they have to decide their personal and professional goals rationally to make life more
meaningful rather than thinking of one way. They are good in prioritizing their personal and
professional goals working successfully and fulfilling lives; personal and professional goals
are interdependent which do not bear the cost of each other (Austin & Garnett, 2018).
Entrepreneurship is hard work but living the best life with working is possible until they are
maintaining the balance between personal and professional goals to achieve the state of
satisfaction they look for. They work in a way which never leads to overtiredness or stress
and helps them to stay long. David Strangis worked smartly at the time of his start-up which
saved his time with the thought of earning maximum returns in a business where he was able
to save the time for achieving his personal goals with Anthony Sacco. They just needed to
increase the activities need to be performed in the business with speed to make the thing work
progressively; warming up slowly and bucking up faster but respecting the body and work
accordingly without any stress or pressure. Never think that being an entrepreneur is only
about failure and facing risks, achieving and being successful is also possible according to the
way of working at the time of start-up; be workable and focussed rationally on personal and
professional goals which bring out the best (Mort, et al., 2015).
Adaptability skills
Adaptability is a skill is the ability of a person to change the actions according to the
situations. It does not mean to change something or adjust to a situation but to make the
action work smoothly with less time consumption. It includes observing and monitoring
changes in the environment, always willing to learn, avoiding hesitation and acknowledging
that the changes are certain to arise in an SME (Bajwa, et al., 2017). They need to be open-
minded, brave, bold and always ready for new things; keep the welcoming change. The
benefits of being an adaptable entrepreneur can be that you are valued, be a better leader,
satisfied with life, able to handle changes and lesser stress (Obschonka & Hahn, 2018). David
Strangis had an adaptability skill to be a successful entrepreneur as he worked with the
changing needs in the market trends, customers and environmental factors which kept him
strong against to the conditions he faced with his start-up and struggled to make it grow. He
made his company worked with the change in his actions according to the new situations. He

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assured to get more appreciation, not to get panic, to keep growing, pushing creative thinking
to the best extent and to produce an advantage. He was always ready for new changes and
challenges. David Strangis made his company, Bronze Snake a leading one with the change
in trends and make it up to fulfilling the needs of the customer for their satisfaction (Sousa &
Wilks, 2018).
Entrepreneurship Theory
According to the start-up of David Strangis, the entrepreneurship theory used by him is
Opportunity-based theory where he aimed to be successful by grabbing an opportunity
available by covering the changes like technology, society or culture (Léger-Jarniou &
Tegtmeier, 2017). As the change occurs, there is a change in consumer preferences where
David Strangis took an opportunity and entered into the market for succeeding in the
business. He always looked for an opportunity to earn profit and increase growth by filling
the gaps. He took advantage of possibilities created by social, technological and cultural
changes (Di Muro & Turner, 2018).
This theory of entrepreneurship and entrepreneurs traits and characteristics if compared state
that the entrepreneur personality is full with abilities, flexibility, and values which shows
their actions and ready to face failures at the time of starting business for generating profit
with growth by seeking an opportunity in the market which keeps on changing on the basis of
preferences and social and economic factors. David Strangis was one of them, focussed by
rationalizing his personal and professional goals to ease the pressure and stress, who worked
hard with his self-belief to earn the position and increasing trends of Bronze Snake.
Conclusion and Recommendations
To be concluded, for every entrepreneur, it is important to take a rational step for the start-up
of a business. They need to be focussed with a single mind-set that changes occur and
adaptation is important. In this case of David Strangis as an entrepreneur of the company
Bronze Snake, faced a lot of issues in the starting four to five years of business where he
always focused on the growth rather than profit but after ten years, he took a legit growth
following the trend and earned revenue for his company. He kept his personal and
professional goals differently by making his work and personal life a meaningful one. He
never thought of giving up against the risks and challenges he faced and took a stand by

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looking at the opportunity to fill a gap including the social and economic environment in a
living environment.
It is to recommend that it is important to think creatively and keep on changing according to
the environment and needs of the customer to become a leader in the new emerging markets.
It is important to be flexible and indulge in every change activity they can and praise the
uncertainty instead of losing hopes and not to give a second chance. They have to work on
their abilities and shift their focus on something else if the present idea is not working as they
thought; hire the right capable employees who can minimize the negative emotions and try
for innovation. They should be confident enough to sell what they got.

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