Entrepreneurship: Traits, Qualities, and Strategies for Success

This document discusses the traits, qualities, and strategies required for success in entrepreneurship. It explores the importance of leadership, clear vision, risk-taking, effective decision-making, and innovative strategies. The document also provides recommendations for individuals looking to become successful entrepreneurs.

RUNNING HEAD: Entrepreneurship 0
Entrepreneurship
(Student Name)
1/16/2019

Entrepreneurship 1
Table of Contents
Part 1..........................................................................................................................................2
Introduction............................................................................................................................2
Literature review....................................................................................................................2
Traits for Entrepreneurship.....................................................................................................3
Qualities..................................................................................................................................5
Recommendation....................................................................................................................5
Conclusion..............................................................................................................................6
References..................................................................................................................................7

Entrepreneurship 2
Part 1
Introduction
Entrepreneur plays a prominent role in success of any business. The performance, as well as
the success of the business, highly depends on the action taken by the entrepreneur in a
particular situation. The entrepreneur uses the technique of innovation to exploit or create the
changes as well as opportunity for the purpose of making the profit (Scarborough, 2016).
They have done such things by shifting resources from the area of low productivity into an
area of higher productivity as well as greater yield by accepting high degree of risk and
uncertainty (Kirzner, 2015). The entrepreneur identifies the need of the marketplace as well
as they will hoard the provision or creation to light up that requirement in an effective
manner. Entrepreneurship is the method of consecutively the trade in a way or pattern to
achieve the targeted goal in an organization. Therefore, it is required for every business to
have an entrepreneur who is persistent, creative, goal-oriented, responsible, inquisitive, risk-
taking as well as self-confident to run the business in a more effective manner (Hitt and
Duane, 2017).
In the following context, there will be a detailed discussion on the quality, traits, as well as
characteristics required for an effective entrepreneur to run the business in more efficient
manner.
Literature review
Entrepreneurship is the process which is carry out by a businessperson to supplement their
concern in the business. It is one of the activities that include revolution as well as creativity
that would go towards establishing their business or enterprise. Entrepreneurship is a
combination of skills, the subsequent of a mix of many qualities as well as traits which cover

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tangible factors of imagination, readiness to take the risks (Kuratko, 2016). The entrepreneur
has the ability to bring the things together and put to use other factors of production, labor,
and land as well as also tangible factors such as the ability to mobilize the scientific and
technological advances in a more effective manner in the workplace. Therefore, an
businessperson is an individual who generates as well as bring about the changes by the
reorganization of prospects such as requirements, problems, needs and encounters with
developing people and handle the possessions to yield advantages of chance and makes a
scheme (Parker, 2018).
It has also been mentioned in the statement of Thompson that “Intent is something of a
slippery concept to pin down, but in the context of entrepreneurship it has been taken to mean
a conscious and planned resolve that drives actions necessary to drive a business” according
to such statement it has been analyzed that the intent of entrepreneurship plays a vital role in
the success of the business (Storey, 2016). The successful entrepreneurs can be founded all
over the world. They innovated unique products, create new ventures; initiate the
opportunities of a job for other that would help in making changes everywhere which help in
promoting the department of research and development through organizing funds for such
department (Burns, 2016). The organization faces risk regardless of industry, size, and
strategy and if the company would not able to calculate the risk may cause the loss of
investment opportunity, loss of brand image as well as also cause the risk related to finance.
Therefore, entrepreneur helps in understanding the risks that the company may face which are
essential for the growth and development of objective and strategy (Meyer, Neck and Meeks,
2017).

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Traits for Entrepreneurship
There is a certain type of risks that the company may face in their workplaces such as
strategic risk, operational risk, transfer risk, and financial risk. These risks can be overcome
with the help of effective decision taken by the entrepreneur. There are certain characteristics
need to be present in an individual for successful entrepreneur. These are explained in below
points:
 Leadership
One of the most essential things that the entrepreneur has is the power of leadership. The
successful leader can able to come in the category of a successful entrepreneur. With the help
of leadership power, the entrepreneur would able to target the resources in more effective
manner. With such power, the company would able to utilize the human resource in more
effective manner that helps them to motivate towards the targeted goals and objectives
(Harrison, Burnard and Paul, 2018).
The best example is Richard Branson; he has been considered as a virtuous frontrunner where
his attitude of leadership is depends on the requirements of considering other individuals with
pronounced esteem. Richard Branson is a famous British entrepreneur as well as CEO of
Virgin group who were born in the year 1950. He motivates their employees as well as give
satisfaction to them by behaving with them as an vital team performers that play a crucial
success for Virgin Empire. His efficient leadership power made the company as well as their
business more successful in the competitive market (Uggla, 2015).
 Clear Vision
For a successful entrepreneur, the individual should have a clear vision towards their goal. It
would help the organization to follow such vision in more effective manner. The clear vision

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helps the company to target the goal as well as in making the strategy. Vision is the desired
goal of the company which they want to achieve in near future. If the vision of the company
is not clear they would not able to achieve success in the market (Bajwa, Shahzad, and
Aslam, 2017).
The best example of clear vision is Bill Gates, he is an individual who are famous
businesspersons at the global level as well as he is the forefather of the leading company
Microsoft. Bill Gates has a clear vision as well as has a capability to nurture a corporate into
such a unexpected zone. Due to his clear vision, Bill Gates hired the employees or
professionals according to their requirement that made him more successful at the global
level. He believed that every single counter must have a PC as a instrument that will be used
in the forthcoming. His essential requirements are divided into 4 parts which are water, air,
earth, as well as fire. He has a influential smartness of administration as well as also
possesses efficient communication with their working group. His clear vision made him more
successful entrepreneur at the global level (Harms and Walsh, 2015).
 The trait of Risk Taking
The individual can be a successful entrepreneur who has a trait of taking the risk. Business is
known for the uncertainty. The person can get success in a market that has the ability to take
a risk in a business. Lots of unforeseen activities are indulged in the business process. The
individual has the ability to take risk according to the situation faced by them. It made the
entrepreneur more successful in the market. The risk is the part of the business which needs
to be taken by the entrepreneur. Every successful entrepreneur has taken the risk for their
business that made them and their business successful in the competitive market (Khosla and
Gupta, 2017).

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The best example is Dr. Bob Richards; he is the CEO of CERT group of companies as well as
University in United Arab of Emirates. He was the forefather of Genesis organic inc, in 1994
and he was also entitled as the Newfoundland as well as an entrepreneur of the academic
leader. Dr. Bob Richard is one of the hard worker as well as can able to take high risk where
he was not able to capitalize his undertaking around nine months when he was in progress.
Far ahead, he makes efforts over it to do whatsoever to raise the belongings up and he has
also amplified the risk in forbearance. With the help of taking the risk, Dr. Richard would
able to achieve the vision which is set by the company (Doherty, 2015).
 Effective Decision Making
Effective decision making is the key to get success in a market. The performance of the
organization totally depends on the decision taken by the entrepreneur. An individual can be
a successful entrepreneur if he has the ability of decision making according to the situation.
The business involves unforeseen activities if the entrepreneur has the ability to handle such
situation through their effective decision making made them successful entrepreneur in a
market. Decision making involved the decision of marketing, product production, funding,
selection of vendor and bunch of other decisions that need to be made. Therefore, the success
of the business highly depends on the decision making done by the entrepreneur according to
the situation. He should have the ability to mold the situation according to their wish through
effective decision making (Boudreaux, Nikolaev and Klein, 2019).
The best example is Jeff Griffiths; he is a well-known businessperson who operated in BP
Australia from the year of 1972-1993. He worked in numerous positions that are stretching
from worker to the planning manager. In the year 1995, Jeff purchased timeworn service
stations and remodeled with his idea as well as an observation from BP. Later in 1996, he
was permissioned for license of liquor where he purchased his retail store. The business skills

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planning of Jeff assisted him to convert a most fruitful businessperson. He had not faced any
difficulty in decision making as well as in problem-solving. The philosophy of Jeff is very
tactical as well as he also recognizes that in what way to apply those approaches. His
decision-making power made him a successful entrepreneur in global level (Shockley and
Turner, 2016).
 Innovative and Creative Strategies
Strategies are the process that helps in achieving the targeted goal in an effective manner.
Every organization needs to apply effective strategies to compete in a competitive market.
The individual can be a successful entrepreneur if he has the ability to introduce and apply
innovative strategies in their organization. The innovative and creative strategies made the
entrepreneur unique from others which helps them in making their identity in more effective
manner. The innovative and creative strategies are the essential element for the success of the
business. Most of the entrepreneurs entered in a market with the innovative strategies that
made them unique in the market (Johnson, Madole and Freeman, 2018).
The best example is Conrad Hilton; he has a unique personality as well as become an “icon”
for his time. He applied innovative as well as creative strategies in this business that made
their business more successful in a competitive market. Conrad Hilton has purchased
unprofitable hotels and turned them into the profitable ones through their innovative
strategies. The magic formula of Hilton was to do with the hotel cost control. He used to ask
to calculate the department cost from department directors and at the end, they evaluate the
actual cost. His tactic of purchasing the hotels, renew and redecorate them was known as
“mining for gold.” The innovative and creative strategies of Conrad Hilton made him more
successful as well as unique in a market (Chathoth, 2016).

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Qualities
Other than the characteristics there should be some qualities in an individual to achieve as a
successful entrepreneur. These qualities are explained in below points:
 Goal Oriented
The individual should be goal oriented to become a successful entrepreneur. The efficient
entrepreneur set goals for their business and review them on regular basis until they achieve
their goals. It made them more goal-oriented towards their business (Hoogendoorn, van der
Zwan, and Thurik, 2017).
 The ability to manage human relation
An entrepreneur must have a quality of managing and maintaining good relationships with
their customers. The effective relationship encourages them to endure to support his trade.
The entrepreneur should also uphold healthy relationships with their staffs by motivating
them towards the goals at the individual and organizational level in an effective manner
(Mamabolo, Kerrin and Kele, 2017).
 Communication Skills
For a successful entrepreneur, the individual should have effective communication skills
which lead them to enhance their performance in an effective manner. An entrepreneur who
effectively communicates with their consumers, suppliers, employees, as well as creditors
will be further prospective to prosper than the individual who does not (Oziegbe, Oleabhiele,
and Adeyemo, 2015).
 Versatile Knowledge

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A successful entrepreneur must have a versatile knowledge about the market and other things
that help them to prepare effective strategies to compete in a market. Most of the successful
entrepreneur such as Bill Gates, Steve Job get succeeds in a market due to their knowledge
and skills (Esmi, Marzoughi, and Torkzadeh, 2015).
Recommendation
From the above analysis, it is recommended that:
 For the successful entrepreneur, the individual should have a quality of leadership,
innovative and creative strategies, confidence, communication skills, the ability to
manage relationships, effective decision making.
 The individual should concentrate on enhancing their knowledge to enjoy the traits of
versatile knowledge. The individual can enhance their knowledge through the
newspaper, news channels, analysis, and personal experience. It would help them to
lead as a successful entrepreneur in a market.
 The individual can enhance their communication skills with the help of various tools
and techniques. The pattern of communication is inherent in nature. If any individual
has poor communication skills then they should start work on such skills due to the
reason, it is an effective tool of influencing any individual which is essential for the
business.
 It is also highly recommended that the individual should use the motivational tools to
become successful entrepreneur. They can motivate themselves by reading the
success stories as well as technique of successful entrepreneur which will help in
increasing the chance of innovative ideas for their business.

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 Every individual has some quality of entrepreneurship, they only need to recognize on
time to get success in a market. They should continuously experiment with their ideas
that would lead them as successful entrepreneur at a global level.
 The individual should be passionate towards their goals that would help in achieving
the desired goal in more effective manner. The passion in an individual would help in
generating all the quality of entrepreneurship which increases the possibility of
success in their business.
Conclusion
From the above, it can be concluded that entrepreneurship plays a crucial role in success of
any business. The efficient entrepreneur helps in achieving the desired goal of the
organization through their effective decision making. Business involves various kinds of
risks such as operational risk, financial risk, transfer risk, competitive risk and so on. The
effective entrepreneur helps the business to cope up from such challenges through effective
planning and organizing which would help the company to lead in such a competitive and
fluctuating market. In the fluctuating market, it would be tough for the individual to lead as a
successful entrepreneur that causes the main issues in the market. The individual should have
effective leadership power to compete in the market. It would help the company to lead in
more effective manner. Other than that the individual should have a clear vision to achieve
such goal with effective decision making it would help the individual to run their business
more smoothly that help in leading as a successful entrepreneur in the market. Bill Gates,
Jeff, Dr. Richard, Conrad Hilton are the best examples of successful entrepreneurship. They
lead in the market through their innovative strategies, effective decision making and trait of
risk-taking as well as with other characteristics that motivate others to become a successful
entrepreneur.

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References
Bajwa, S.U., Shahzad, K. and Aslam, H. (2017) Exploring Big Five personality traits and
gender as predictors of entrepreneurs’ cognitive adaptability. Journal of Modelling in
Management, 12(1), pp.143-161.
Boudreaux, C.J., Nikolaev, B.N. and Klein, P. (2019) Socio-cognitive traits and
entrepreneurship: The moderating role of economic institutions. Journal of Business
Venturing, 34(1), pp.178-196.
Burns, P. (2016) Entrepreneurship and small business. Basingstoke: Palgrave Macmillan
Limited.
Chathoth, P.K. (2016) Historical evolution of hotel chains. In The Routledge Handbook of
Hotel Chain Management pp. 53-66
Doherty, B. (2015) Social Enterprise Journal 2015. Social Enterprise Journal, 11(1) pp 48.
Esmi, K., Marzoughi, R. and Torkzadeh, J. (2015) Teaching learning methods of an
entrepreneurship curriculum. Journal of advances in medical education &
professionalism, 3(4), p.172.
Harms, R. and Walsh, S.T. (2015) An introduction to the field of technology
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Harrison, C., Burnard, K. and Paul, S. (2018) Entrepreneurial leadership in a developing
economy: a skill-based analysis. Journal of Small Business and Enterprise
Development, 25(3), pp.521-548.

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Hitt, M. and Duane, R. (2017) The intersection of entrepreneurship and strategic management
research. The Blackwell handbook of entrepreneurship, pp.45-63.
Hoogendoorn, B., van der Zwan, P. and Thurik, R. (2017) Sustainable Entrepreneurship: The
Role of Perceived Barriers and Risk. Journal of Business Ethics, pp.1-22.
Johnson, S.L., Madole, J.W. and Freeman, M.A. (2018) Mania risk and entrepreneurship:
Overlapping personality traits. Academy of Management Perspectives, 32(2), pp.207-227.
Khosla, A. and Gupta, P. (2017) Traits of successful entrepreneurs. The Journal of Private
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Kuratko, D.F. (2016.) Entrepreneurship: Theory, process, and practice. New York: Cengage
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Mamabolo, M.A., Kerrin, M. and Kele, T. (2017) Entrepreneurship management skills
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Meyer, G.D., Neck, H.M. and Meeks, M.D. (2017) The entrepreneurship‐strategic
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Parker, S.C. (2018) The economics of entrepreneurship. Cambridge: Cambridge University
Press.

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Scarborough, N.M. (2016) Essentials of entrepreneurship and small business management.
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Shockley, J. and Turner, T. (2016) A relational performance model for developing innovation
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