Entrepreneurship: Traits, Qualities, and Strategies for Success

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

Entrepreneurship 3
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).