Entrepreneurship Management and Innovation

Running head: ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
Entrepreneurship Management and Innovation
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1ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
Experts are of the view that entrepreneurs are the individuals who recognise the
business opportunities and establish their business ventures from this identification of
business opportunities (Schaper 2016). Successful entrepreneurs add up in creating wealth in
the society with the help of their entrepreneurial ventures. The entrepreneurship firms also
generate employment in the nation and turn helps in creating a prosperous society. As opined
by Teece (2014), Entrepreneurial action can be termed as a theory of continuous operation
and evolution of innovation. This statement can be supported by tending to state that an
entrepreneur has to continuously thrive not only for earning the internal goals and objectives
of the business firm but also have to acquire some essential entrepreneurial traits that help the
individual in making their business success (Frese and Gielnik 2014).
Perhaps to be considered as one of the essential characteristics, being passionate is
crucial for every entrepreneur to turn the business into a successful and renowned one. In this
connection, I indulge the nature of being passionate about whatever I do. I have a mindset of
learning and implementing things that would help me achieve my dreams I am passionate
about. This statement can be proved by setting an example of Bill Gates, a known
entrepreneur of America who introduced Microsoft Corporation (Barringer 2015). He was
passionate about setting his dreams into his interest in computer systems. He was not forced
to work for his passion, instead created an opportunity for himself and his passion.
A business firm may take risky twists and turns at any moment. This requires the need
to change in the business process at any point in time. Keeping this in view, the essential trait
an entrepreneur should exhibit is the trait of flexibility. Not only at the times of uncertain risk
but also during good times rolling in the business, an entrepreneur should be flexible.
According to my personality traits, I inherit the quality of being flexible. I can easily adjust
myself as per the situations and take flexibly work according to the requirements. This
statement can be verified by taking the example of Sir Richard Branson, the founder of the

2ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
Virgin Group, who because of the flexible nature was a successful young entrepreneur (Read
et al. 2016). He was flexible enough to diversify in many other sectors of business which
made him be recognised a man of a net worth of 5.1 billion in the Forbes magazine.
Every single entrepreneur should have parameters set for themselves and should be
motivated to work hard first on their own than to command. In this connection, I manifest the
motivational trait within me. According to my personality trait, I do not need to be forced to
perform any task. I indulge in performing with my wish and will. Let's take an example of
Mark Cuban, an American businessperson who owned the National Basketball Association
(Leeds, Von Allmen and Matheson 2018). He always believed in himself and his ideas of
working with the motivation of just working with his best. He never thought of winning or
losing because he believed that the fear of failing would hamper his work. Rather than
thinking about the result he always was motivated to work with complete positivity.
A successful entrepreneur has to be someone who owns special skills of creativity.
The entrepreneur should frequently focus on innovating new and creative ideas about the
company. In this connection, I feel myself to be excluding this field of creativity since I lack
a high power of imagination. This lack of imagination may lead to the failure of generating
an idea about my start-up of a business firm. This may cause to my inability to innovating a
successful business. This can be strongly proved by taking an example of Walter Elias
Disney, the owner of the famous Walt Disney Company, which was claimed to be a failed
production company because of its lack in creativity (Hon and Lui 2016).
A business entrepreneur should always inherit the ability of a risk-taker.
Entrepreneurial risk is termed to be a complex risk, and in this term, the entrepreneur should
be active and able enough to make necessary changes in the strategic plan made before-hand
if certain risks pop up into the working environment. In this connection, I examine myself as