Are Entrepreneurs Born or Made? Skills Exhibited by Entrepreneurs

Principles of
Innovation and
Entrepreneurship

Contents
INTRODUCTION...............................................................................................................................3
MAIN BODY.......................................................................................................................................4
Are entrepreneurs born or made?.....................................................................................................4
What skills do entrepreneurs typically exhibit, and which do you think is most important?............5
CONCLUSION....................................................................................................................................6
REFERENCES....................................................................................................................................8

INTRODUCTION
Entrepreneur is referred to an individual who is interested and passionate about setting
a new business venture bearing all challenges and enjoy the rewards during journey. The
procedure of opening a new company by a person is known as entrepreneurship. The
personality traits that an entrepreneur possess in themselves include creativity, innovative,
organisable, risk-taker and many more. According to Peter E Drucker “Entrepreneur is
defined as a personality who always seeks for changes, respond to them and convert them
into an opportunity.” According to another author named Richard Cantillon “Entrepreneurs
are described as adventures who invest their resources to buy items and resources with
incentive of selling them in future.” There are various challenges that entrepreneurs face
while establishing their companies in the market (Bills, 2018). Some of these issues involve
funding, lack of support, cash flow management, hiring talented employees, delegating tasks,
market strategies and many more. These challenges sometimes demotivate their spirit of
doing business. Entrepreneurs are important as they are considered as the real risk takers
who utilize resources, labour and capital in an effective manner which results into
enhancement in economy of a country. They are important because they have contributed in
accelerating economic growth of a country, promotes creativity or innovation, encourage
social changes and many more. For instance, Oprah Winfrey who is an African-American
woman entrepreneur who owns a production company and is a talented actress as well as
anchor, she has contributed in eradicating child abuse from the society. Another entrepreneur
who has majorly contributed in the society is Bill Gates, he is an American computer
programmer and cofounder of Microsoft company. Through his charity foundation “Bill and
Melinda Gates Foundation” contributed in funding global health programmes. There are
various theories of entrepreneurship that defines the development of entrepreneur which
depends upon various factors (Dees, 2018). The different theories of entrepreneurship include
innovation theory, theory of need of achievement, theory of recover the withdrawal of status,
behaviour theory and many others. According to innovation theory which was proposed by
Joseph A. Schumpeter entrepreneur are born with desire to establish their own company. The
main objective to establish an empire is to earn profit through implementing creativity and
innovation of new products. According to another behaviour theory of entrepreneurship
which is behaviour theory that was proposed by John Kunkel it has been estimated that
development of entrepreneur depends upon passed in exciting economic social aspirations. It
has been evaluated that there are four types of entrepreneur that involves coasting,