Entrepreneurship and its Traits in International Business - Essay

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International Business
Essay
6/8/2018
Student Name

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Contents
Task 1.....................................................................................................................................................1
Task 2....................................................................................................................................................2
References.............................................................................................................................................5

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Task 1
Entrepreneurship is nothing but the process of launching, designing and running a new
business, normally a small business. The people who created this type of business are called
the entrepreneurs. An entrepreneur is the persons who take the initiative to start the business
rather than working as an employee, and he is awarded all the returns and is liable for all the
risk of the business. Entrepreneurs are commonly the innovator, a source of new ideas, good,
service and business. The entrepreneurs have certain personality and characteristics which
are shown by their behaviour and workings. As all the entrepreneurs have different thinking
and thought process but still the traits are found to be common in all the entrepreneurs
(Busenitz, 2014). These traits show the confidence, innovations and a positive attitude
towards the work. They not only support the business innovation but also try to contribute
their initiative towards the society and community they are living in.
There are some traits of the entrepreneur which make them different from the others. These
traits include that entrepreneur are the critical and creative thinkers, as they think different
and unique from other ideas and thoughts. An entrepreneur has seen many problems and now
trying to find out the more creative, simpler or more effective way to go about doing
something. These are the person who takes the action to convert the dreams into reality
(Arend, Sarooghi and Burkemper, 2015). Firstly they listen and then analyse the needs,
problems and requirements of the market and finding the best solution for the same problems.
Those people who have the entrepreneurial mindset think about the bigger frame and things
to achieve in their lives. They learn from their experiences and problems faced when
introducing some new and big ideas into the reality. They do not get demoralized from the
failure but tries to take the learning from every success as well as failures in life. Having this

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mind-set is not by born in the entrepreneurs; it is an attitude which is developed by the
individual (Zott, Amit and Massa, 2011).
Entrepreneurship is an economic activity as it involves the creation and operation of an
enterprise with a view to creating value or wealth by taking into consideration that the
utilization of the resources can be done optimally. Optimum utilization resources can be done
while achieving the highest profits, entrepreneurs take the initiators in the market and are
taking the high risk of imp0lementing it. So they are rewarded with the huge profits of the
firm. Without getting the profit in the business, the efforts of the entrepreneur would remain
only an abstract and a theoretical leisure activity. Entrepreneurs are also liable for taking the
risk associated with the business. Business will get success or failure will all be for the
entrepreneurs (Coviello, McDougall and Oviatt, 2011).
The environmental factors are responsible for the development of the entrepreneurs. If the
environment is favourable in nature then entrepreneurs have more chances to grow in the
market. There are some environmental factors which are affecting the growth prospects of the
entrepreneur. These factors include the economic, political, legal, socio-cultural and other
factors. The economic factor includes the economic policy prevailing in the market, a trend of
national income in the country, trade and transport policies. All will be responsible for the
growth and development of the entrepreneurs. If the entrepreneurs start its business in the
region where there are less governmental intervention, fewer taxes and duties are applied,
subsidies provided by the government then the business has more chance to enhance. Using
the unfair trade practices, irrational monetary and fiscal policies etc. are also the roadblock to
the growth of entrepreneurship (Bauer and Becker, 2014).
Entrepreneurs have to work in the defined legal structure framed by the legal system and
within the political boundaries. Entrepreneurs should take into consideration the societal and