Innovation & Entrepreneurship: Born vs. Made? Essential Skills?

This essay delves into the fundamental question of whether entrepreneurs are born with innate qualities or developed through experience and education. It examines various theories of entrepreneurship, including innovation theory and behavior theory, to understand the factors that contribute to entrepreneurial success. The discussion covers the different types of entrepreneurs, such as coasting, conservative, aggressive, and innovator, and analyzes the skills they typically exhibit, including business management, communication, risk-taking, leadership, and problem-solving. Ultimately, the essay concludes that while some individuals may possess inherent traits that predispose them to entrepreneurship, the development of essential skills through education, experience, and a passion for innovation is crucial for achieving success. The essay highlights the importance of leadership, management, communication, and creative thinking skills in navigating the challenges and uncertainties of establishing and growing a business venture. Desklib offers similar solved assignments and study resources for students.

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,

conservative, aggressive and innovator. Coasting entrepreneurs are defined A personality
who do not look for opportunities but focus on present scenarios. Conservative entrepreneur
is the type of entrepreneurs who mainly focus on future and works on principle of resources
are limited. Aggressive or proactive kind of entrepreneur are defined as those individuals who
focus on using opportunities as many as possible to accomplish their objectives. Lastly
innovator or revolutionary type of entrepreneur are referred to as individuals who pay their
attention to introduce innovative business in the market (Nambisan, Siegel and Kenney,
2018). In the following essay the discussion about whether Entrepreneurs are born or made.
Furthermore, it has also been explained in the report that what skills do entrepreneurs exhibit
and among those abilities which are considered as most important.
MAIN BODY
Are entrepreneurs born or made?
Entrepreneur refer to a person or an individual who develops business that could be small or
big. It has been an age-old question which is our entrepreneur born or made? This single
question has Clank the minds of many leaders, professors, industry authorities and even
entrepreneurs themselves. At some extent this is right that entrepreneurs are born with certain
abilities and personality traits (Portales, 2019). The capability to implement those traits in the
right direction and in the right space is what makes them a successful entrepreneur.
According to great man theory Leaders are born with required attributes that makes them
unique from others. These traits are accountable for other motivation to accomplish their
goals and become financially independent.
There are three pillars behind the success of entrepreneur which includes high fluid
intelligence, openness and moderate agreeableness. It has also been observed that some
entrepreneurs are made through their positive and powerful self-confidence. Entrepreneurs
are not growing overnight but they grow with time(Omri, 2018). Some intrapreneur I born
with their abilities and some develop capabilities through their education. Entrepreneurs take
challenges and risk throughout their journey which makes them successful. Over the time
they develop good leadership skills which further help them in mentoring and guiding their
subordinates. The passion of entrepreneur to create or innovate something new motivates
them to bring change in society. Furthermore, education help them in discovering their skills
and natural talent which assist them in building their own business (Ateljevic and Li, 2017).

They do not fear failure rather they focus on improving their skills and gain knowledge about
their desired field in order to bring growth as well as profitability to their company.
Entrepreneurs are committed towards their work and der continuous efforts makes them
successful in their lives. It could be said that entrepreneurs are born add made according to
their capabilities as well as passion to do something different. Entrepreneur’s good start a
new business venture even with general idea by offering something innovative to their
potential customers (Sousa and de Fátima Ferreiro, 2020). They could also utilise their
natural capabilities to learn from their failures and make better decisions in the future. There
are various challenges that entrepreneurs face while establishing a new business venture.
Both born or made entrepreneurs face these types of risk in their journey which includes
financing, capital investment, self-doubt, uncertainties, limited budget, recruiting talents,
making decisions and many more. Failures or mistakes touring the journey of establishing a
new company good motivate entrepreneurs which might develop self-doubt in themselves
(Wagner, 2017). No matter weather entrepreneurs are born or made they might face criticism
in the society which quit also result in demotivating their spirit. The personality of
entrepreneur is different from other people which makes them unique and passionate.
What skills do entrepreneurs typically exhibit, and which do you think is most important?
Entrepreneurs pauses various skills such as business management, time management, critical
thinking, problem solving, leadership and many more. The skills help them in operating their
business smoothly and effectively. An entrepreneur must have Business management skills to
run a company and ensure that all business aims are being fulfilled. Entrepreneurs having this
skill are able to manage activities of different department as they knew how to delegate
responsibilities. Effective communication skills are another important ability which an
entrepreneur must possess (Pounder, 2019). As communication skills help an individual in
understanding opinions of others and are able to put their point of views in front of clients,
team members and all other shareholders. risk taking skills is also considered as an essential
ability which help a person in calculating what challenges they could face.
People having this ability is able to convert risk into opportunities and grow their business
more successfully. Among various skills leadership abilities are also considered as an
effective entrepreneur capability. As this skill help them in mentoring and guiding their team
members into the right direction which could help them in accomplishing their organizational
objectives. An entrepreneur must be creative as it is considered as invaluable asset and

backbone of innovation (Machado and Davim, 2020). Entrepreneurs with creative thinking
abilities are always open to try new solutions without any fear of failure. Problem solving
skills is also considered as necessary capability open individual who wants to become
entrepreneur. These skills assist an individual in handling challenging and unexpected
situations. These abilities assist them in solving stressful situation in a very calm way which
results in achievement of their business goal (Gifford and McKelvey, 2019).
From the above-mentioned skills and entrepreneur must have leadership,
communication, management and creative thinking abilities. Leadership capability of an
individual is very essential skill because it helps them in controlling and managing a team.
Leadership quality also assist a person in providing a right direction to people which could
contribute in achieving their business goal. It is also very important that that entrepreneurs
must have effective communication skills because they help them in understanding opinions
of other. Effective communication skills create a clear pathway which assist in minimising
possibility of conflicts and misunderstanding among people (Serrat, 2017). Management
skills are also considered as an important skill which entrepreneur must pause is because it
helps them in organising their business activities effectively. Another essential skill includes
creative thinking abilities because it helps them in developing innovative ideas that could
bring change in the market. These capabilities in an individual assist them in making their
personality unique and ensure their growth.
CONCLUSION
From the above discussion it has been concluded that entrepreneurs are responsible
for bringing changes in the society and in market. entrepreneurs are defined as a person who
always look for challenges or opportunity's and convert them into a successful business
venture. From the above-mentioned definition of Peter east drunker it has been estimated that
a person who always seeks for modifications and try to convert them into a business are
known as entrepreneur. It has also been observed from another definition of Richard
Cantillon that person who is adventurous and invest their resources in buying items which
could which they could sell in future. From the above-mentioned examples of Oprah Winfrey
and Bill Gates it has been observed that entrepreneurs not only bring changes in business
sector but also in society. They take effective measures and steps which help society in
overcoming various challenges such as poverty are human abuse. From the above discussion
I have analyse that entrepreneurs are with their born with some capabilities which makes
them which makes them unique and different from others. I have concluded that they develop

these capabilities or abilities through their education and efforts. They are passionate about
their dream which further helps them in becoming successful entrepreneur. I have also
examined from great man theory of leadership that Leaders are born with abilities which they
further develop or improve. I have also concluded that some entrepreneurs Face challenges in
their journey which sometime develops self-doubt and uncertainties among them. I have
observed that a passionate entrepreneur does not fear failures or does not hesitate to face risk
in life. From the above discussion about important skills that entrepreneurs must poses I have
analysed that leadership, management, effective communication and critical thinking skills
are most important among many skills. I have evaluated that these skills help in individual in
encountering challenges and uncertainties as well as help them in solving any problematic
situation. An effective entrepreneur is described as a personality who is capable of mentoring,
managing, innovating and risk taking. In the end it could be concluded that entrepreneurs are
very important in the society because they bring innovation and modifications which lead to
new business ventures. From the above overall discussion in this report, I have concluded that
to become an entrepreneur it is very essential to follow passion and work towards improving
capabilities. It is also very necessary to seek for opportunity’s that could help an individual in
developing their personality and lead to introduction of new business venture. I have learnt
that I have learned from this report that if someone is born with unique capabilities or
thinking abilities, they must improve them continuously so that they could bring change in
the society.

REFERENCES
Books and Journals
Ateljevic, J. and Li, L., 2017. Tourism entrepreneurship–concepts and issues. In Tourism and
entrepreneurship (pp. 30-53). Routledge.
Bills, S., 2018. The Five Hundred and Forty-eighth Report of the Curricular Affairs
Committee: Creation of an Innovation and Entrepreneurship major in the Bachelor
of Science in Business Administration degree program (Doctoral dissertation,
University of Rhode Island).
Dees, J.G., 2018. The Meaning of Social Entrepreneurship 1, 2. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 22-30). Routledge.
Gifford, E. and McKelvey, M., 2019. Knowledge-intensive entrepreneurship and S3:
Conceptualizing strategies for sustainability. Sustainability, 11(18), p.4824.
Machado, C. and Davim, J.P. eds., 2020. Entrepreneurship and organizational innovation.
Springer.
Nambisan, S., Siegel, D. and Kenney, M., 2018. On open innovation, platforms, and
entrepreneurship. Strategic Entrepreneurship Journal, 12(3), pp.354-368.
Omri, A., 2018. Entrepreneurship, sectoral outputs and environmental improvement:
International evidence. Technological Forecasting and Social Change, 128, pp.46-
55.
Portales, L., 2019. Social innovation and social entrepreneurship: Fundamentals, concepts,
and tools. Springer.
Pounder, P., 2019. Examining interconnectivity of entrepreneurship, innovation and sports
policy framework. Journal of Entrepreneurship and Public Policy.
Serrat, O., 2017. Harnessing creativity and innovation in the workplace. In Knowledge
solutions (pp. 903-910). Springer, Singapore.
Sousa, C. and de Fátima Ferreiro, M., 2020, September. Innovation and Development: The
Role of Social Innovation. In European Conference on Innovation and
Entrepreneurship (pp. 623-XXI). Academic Conferences International Limited.
Wagner, M. ed., 2017. Entrepreneurship, innovation and sustainability. Routledge.