Traits and Skills for Successful Entrepreneurship

This essay discusses the fundamental traits and skills necessary for a successful venture in entrepreneurship. It explores the reflection of key entrepreneur theories such as Schumpeter's theory of creative destruction and Kirzner's theory of Alertness. The essay also highlights the importance of traits like vision, passion, commitment, and flexibility, as well as skills like leadership, problem-solving, and budgeting in entrepreneurship.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Fundamental traits and skills necessary for a successful venture:...............................................1
Reflection of key entrepreneur theories:......................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is an activity to being an entrepreneur, the owner of a firm or enterprise,
who contributes its efforts or funds to run a business in order to make profits is known as
entrepreneur. An entrepreneur is the person who organize, manage and control all the activities
or assessment of risk in a business. Entrepreneurship is important in creating a living standard
and wealth not for only entrepreneurs but also for business (Nambisan, Wright and Feldman,
2019). These helps in innovation in such a way that new product is developed for fulfilment of
customers needs. The entrepreneur which is selected for this file is Steve Jobs. It is was an US
inventor and entrepreneur who was the co-founder and chairman of Apple computer and its
products such as iPod, iPhone and iPhone. It was not just a man, an inventor or a teacher or a
entrepreneur whose working for modern technology. This report covers topic such as
fundamental traits and skills necessary for successful venture, reflection of key entrepreneurship
theories such as Schumpeter's theory and Kizner's theory.
MAIN BODY
Fundamental traits and skills necessary for a successful venture:
According to Choudhary (2020), there are various traits and skills necessary to be within
an entrepreneur to build and manage a successful venture. A successful venture takes hard work,
dedication, traits and skills but some qualities that is important are creativity, power of facing
challenges, social skills and team building. To starting a business or become an entrepreneur
there are requirement of proper traits and skills. Steve jobs as an successful entrepreneur he had
all the set of skills that helped him to create a successful venture or create a brand image of its
Apple's products (Ram, Jones and Villares-Varela, 2017).
Traits of an entrepreneur indicates its qualities and characteristics towards their work and
shows a person's behaviour. Everyone has character traits that defined in every person in
different manner. It considers ideal personality for an entrepreneur who makes it's venture
successful (Muñoz and Cohen, 2018). One of the required trait for successful venture is vision.
For a successful venture it is needed to create a vision, purpose and goal that helps entrepreneur
to gain long term profits and create a right path where he wants to see itself in some years.
Entrepreneur must be not only restrict to plans for one or two years. Rather, an entrepreneur is
characterised for long term vision through which they start small and slow to reach the last
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destination. The other trait is passion that says a good leader or successful entrepreneur who
passionate about their business. Being a passionate entrepreneur leads hard work and putting
long term efforts and doing activities that help it to achieve its vision or purpose. The passionate
trait helps an entrepreneur, for example, Steve Jobs to build last and by setting stronger why
which makes it easier to make successful venture.
The next trait is commitment which is necessary in any business, as Steve jobs putting
efforts towards his business. Without commitment a person cannot achieve anything, if an
entrepreneur committed towards his work it will help it to achieve its target or goals efficiently
(Henrekson and Sanandaji, 2020). For a successful venture, commitment for listen, learning and
pivot turns most unhappy customers into loyal ones. Track progress in effective manner is also
an entrepreneurial trait to drive business in successful aspect. An entrepreneur needed to track its
activities in timely manner. They need to assess their progress that where business is. To stay
committed with work helps entrepreneur to measures and track firm's progress that includes daily
operations or day to day activities. Another is Flexibility. An entrepreneur should be flexible,
they learn from their mistake and adapt the changes according to the situation. Its not necessary
that things always going as planned manner so that entrepreneur should ready to adapt change.
As Steve jobs were ready to adapt any changes even he was working for innovation or creating
something new. Analysing what other or competitors are doing in market is also essential
required trait within an entrepreneur for successful venture. An entrepreneur must have
knowledge about its competitors who is its competitors and analyse the activities and strategy
adopt by competitor firm. After the analysing competitor’s strategy or market it should change
strategy accordingly. In case of Steve jobs he was working for innovation as Apple is an
innovation that is founded by his (Ghezzi, and Cavallo, 2020). Listen to customers and
predicting their requirements is key for successful venture. It is about to know about target
market or firm's customers. An entrepreneur must know about its target market and customers
needs what they want and take steps towards to fulfil their needs. All these traits makes Steve
Jobs successful in establishing, managing and running a successful venture.
As per statements of Choudhary (2020), Skills of an entrepreneur has a wider range that
includes technical skills, leadership skills, management skills, problem solving skills and
financing skills. Every entrepreneur should develop all those skills in order to make successful
venture. Steve jobs who is founder of Apple has some skills sets he was innovator and creates an
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proper vision because without the setting vision Apple would not be where it is today. Hire
correctively or making adequate recruitment decision is required skill necessary for successful
venture. An entrepreneur should know about firm's structure and hire employees according to it,
he should hire only required candidates. According to Steve jobs entrepreneur should hire less
candidates but efficient those helps business to grow up. In the video, it is explained that
Budgeting smartly or accounting skill is keyu to set and operate successful organisatio. Budget
allows entrepreneur to know its income and expenses and help them to assess daily performance
according to planned budget. It should be easier to understand so that there will be no
complexity to understand it. As per Steve jobs budget is making for managing money smartly
and assessing operations (Dwivedi and Weerawardena, 2018). Moreover, Focus on the process
not the result is another ability of an entrepreneur to run business venture successful. An
entrepreneur need to focus on business operations done by daily routine so that what is
accomplish he can change in fast manner. After the assessing process it will help entrepreneur to
achieve more than he ever thought. In case of Steve jobs he was focuses on its activities what he
done and asses them on time so that it will improve quality of his work and help to get better
results. Skill of problem solving is also necessary skill as it gives an entrepreneur such as Steve
Jobs a mechanism to identify things, figuring out why they are broken as well as determining a
course of action for their fixtures. Entrepreneur have the ability to understand the problems and
know how to overcome with this. Problems or challenges can be arise from the internal and
external environment of the firm. In internal environment its can be arise from employees or
work and in external environment it includes competitors, government, social factors etc.
according to Steve jobs he was facing many internal and external challenges during its activities
but he solved out that by adapting new strategies (Coulibaly, S Erbao and Mekongcho, 2018).
Reflection of key entrepreneur theories:
In every venture entrepreneurs plays main role, without entrepreneurs venture is nothing.
Because he is the person who runs all the activities and procedures into the business. For a
successful venture there are some key theories that helps entrepreneurs to make decisions and
runs business. These theories includes Schumpeter's theory of creative destruction and Kirzner's
theory of Alertness. Schumpeter's theory is about that long term arrangements and goals must be
destroyed all free up resources and use them for innovation. This theory deals with dynamic
situations Steve jobs used this theory as equilibrium is no longer to end of goal. Netflix is the
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best example of creative destruction as it provides rental media industry. In Kirzer's theory of
Alertness, the basic concept of this theory is alertness. It leads entrepreneurs to make efforts that
are valuable for satisfaction of human wants (Carraher, Welsh and Svilokos, 2016). An
entrepreneur should alert all time so that they can discover thing according to market needs.
Gibbs's reflective cycle used in entrepreneurship theories that tells experience of
entrepreneur during the acceptance or using these theories. It was developed by G. Gibbs in 1988
that tells a structure for learning from experience. It has six stages such as description, feelings,
evaluation, analysis, conclusion and action plan. While using the Schumpeter's theory of creative
destruction Steve job sees that to produce a new product it destruct the old strategies. It happens
when the personality was producing something new product over old product it destruct old
values such as what was used in past. At that time, main focus was made on new product only
because it gives core value of business and in creative theory, under this, an entrepreneur is
always being alert about market and used discoveries such as changes in features and versions
according to market needs. During producing something new, a entrepreneur is quite happy and
thought it was smart work like change in products or producing something new will help me to
capture market and creates an brand image. However, they are frustrated also while theyfaced
challenges related to destruction of old products or strategies (Bergmann, Geissler, Hundt and
Grave, 2018). Then, they ended up that process with motivation to actually done work according
to plan. But at the time of running business, the personality is always alert about new discoveries
that market wants and satisfied consumers. While following alertness theory, it was felt like they
will be the market leader for the products. When, entrepreneur processes task or activity under
destruction theory they felt some bad experience and some good. Bad experience is that produce
something new it destruct their old efforts and they had face some challenges related to internal
and external factors. And good experience such as creating new things in new ways and gaining
new knowledge. Persons who was working with entrepreneur, it was typical to manage team but
it helps to do work in fast manner. At the time of using creative theory being alert for all time
gives me better result and helps to target new market. Creativity helps through build brand image
and it increases their motivation.
This step is about chance to understand what happened during the implementation of
theories. It helps Steve jobs to analyse the situations he faced during the implementation of
theories and how he was overcome with this. In my example when they were using discoveries
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in their product they enjoy working in that areas which match their strengths and assigned task to
team mates according to their strengths that seems neutral to me (Belitski and Heron, 2017). It is
felt that this approach is time saving as well gives different ideas but they also had stress of re-
happening of work. At the time of approaching Alertness theory it helps for fulfilment in
customers’ needs and satisfied them that give them better experience that market alertness should
be there. From the above situation entrepreneur have learned that creativity or discovery in new
things destruct old practices but it helps venture in order to success. Also it develop their y skills
to working in new manner and how to approach the team for work (Acs and et.al.,2019 ).
Moreover, during alertness theory it help in assesses the market and to know about the
customers. An entrepreneur faced some challenges but it teach them how to solved out them and
work divided into team makes our task successful. As Steve jobs when he was launching iPhones
new series learning the innovation and understand the market needs.
As per Schumpeter's theory of creative destruction and Kirzner's theory of Alertness,
there are certain skills which needs to be develop. The weak skills within an entrepreneur
includes team working, risk taking and critical thinking. The actions to improve team working
includes better communication or daily communication, clarify purpose and creating team rules.
Similarly, to improve risk taking skill, an entrepreneur is required to create the right culture and
use suitable reward system (Acs, Szerb and Autio, 2017). Moreover. For critical thinking,
continuous learner and analysing self is necessary.
CONCLUSION
From the essay, it is concluded that entrepreneurship is not any learning rather it is
practice that makes successful venture. Entrepreneurship refers to ability or skill of a person to
develop and organize business along with risks or uncertainties with the motive of profit making.
Hence, entrepreneur is a person who identifies and grabs opportunity and further develops a
business idea for the purpose of earning profit. This report consists analysis of traits, skills and
theories of entrepreneur. An entrepreneur has several traits that encourages and motivates them
to take risk and develop business models. Such traits are commitment, track progress, flexibility,
and analysis of competitors. Further while considering required skills of entrepreneur it can be
identified that collectively hiring, smartly budgeting, focus on process instead of result and
problem solving are some vital skills of entrepreneur. Along with it, destruction and alertness are
theories of entrepreneurship.
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REFERENCES
Books and journals:
Acs, Z., Szerb, L. and Autio, E., 2017. The global entrepreneurship index. InGlobal
Entrepreneurship and Development Index 2016(pp. 19-38). Springer, Cham.
Acs, Z. J. and et.al.,2019 National systems of entrepreneurship.Small Business Economics.46(4).
pp.527-535.
Belitski, M. and Heron, K., 2017. Expanding entrepreneurship education ecosystems.Journal of
Management Development.
Bergmann, H., Geissler, M., Hundt, C. and Grave, B., 2018. The climate for entrepreneurship at
higher education institutions.Research Policy.47(4). pp.700-716.
Carraher, S. M., Welsh, D .H. and Svilokos, A., 2016. Validation of a measure of social
entrepreneurship.European Journal of International Management.10(4). pp.386-402.
Coulibaly, S.K., Erbao, C. and Mekongcho, T.M., 2018. Economic globalization,
entrepreneurship, and development.Technological Forecasting and Social
Change.127.pp.271-280.
Dwivedi, A. and Weerawardena, J., 2018. Conceptualizing and operationalizing the social
entrepreneurship construct.Journal of Business research. 86. pp.32-40.
Ghezzi, A. and Cavallo, A., 2020. Agile business model innovation in digital entrepreneurship:
Lean startup approaches.Journal of business research.101. pp.519-537.
Henrekson, M. and Sanandaji, T., 2020. Measuring entrepreneurship: do established metrics
capture Schumpeterian entrepreneurship?.Entrepreneurship Theory and Practice. 44(4).
pp.733-760.
Muñoz, P. and Cohen, B., 2018. Sustainable entrepreneurship research: Taking stock and looking
ahead.Business Strategy and the Environment.27(3). pp.300-322.
Nambisan, S., Wright, M. and Feldman, M., 2019. The digital transformation of innovation and
entrepreneurship: Progress, challenges and key themes.Research Policy.48(8).
p.103773.
Ram, M., Jones, T. and Villares-Varela, M., 2017. Migrant entrepreneurship: Reflections on
research and practice.International Small Business Journal.35(1). pp.3-18.
Online:
Choudhary. F. 2020. [Online]. Available through:
<https://uwtsd.hosted.panopto.com/Panopto/Pages/Embed.aspx?id=3edecadd-d414-
42fc-9c41-ac5d010944e8&start=3.986167>
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