Entrepreneurship: Skills, Traits, Theories and Case Study Analysis

This report delves into the multifaceted world of entrepreneurship, examining the essential skills and traits necessary for success in the post-COVID era. It highlights crucial qualities such as self-regulation, optimism, creativity, drive, and courage. The report further explores entrepreneurial traits including discipline and tenacity, using Jeff Bezos as a case study to illustrate these concepts. Additionally, the report analyzes key entrepreneurship theories, including Schumpeter's theory of creative destruction and Kirzner's theory of alertness, providing insights into how these theories apply to real-world business scenarios and contribute to entrepreneurial success. The report emphasizes the importance of adaptability, innovation, and the ability to identify and capitalize on market opportunities.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Schumpeter's theory of creative destruction...............................................................................3
Kirzner's theory of Alertness.......................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Entrepreneurship is capacity and readiness to organise, develop and run a business
operation, through with any of uncertainties for making profit. It is a process of launching,
developing and running a new enterprise along with ability of taking risk. The people who create
or manages these types of firms are referred to Entrepreneurs (Ferreira, Fernandes and Kraus,
2019). These are individual which have capability to inspect and act on opportunities to interpret
technologies and inventions into products and services.
Venture is defined as new business project or activity that undertakes risk. It is also refers
to as short form of any adventure which is done by individual that have ability to undertakes
risks and main aim is to earn profit. These are established by small business man by inventions
of new products and services with aim of fulfilling needs and desires of customers, in addition
with social welfare.
MAIN BODY
Due to Covid 19, many entrepreneurs has been thrown in more competitive environment
against large business enterprise by huge financial and resources. For thriving and remain
resilient in post Covid 19 there are many skills and traits which are necessary for successful
venture. Due to this crisis demand of online delivery grocery and food is rapidly rising in all
cities as people face many critical situation due to lock-down. As definitely this is a time when
all entrepreneur have to take right decisions for come out as successful leader. So for this they
have to possess certain skills and traits will they should put them for thriving in post of this
pandemic situation. Skill is defined as ability to perform an action by set upon results by given
amount of energy, time. In this, it mainly requires certain situations and environmental stimuli to
attain level of success (Morozova, Popkova, E.G. and Litvinova, T.N., 2019). There are many
skills that are performed by individual as technical, life, labour and so on.
Self regulation, this skills plays a vital role by managing emotions that will respond in
rational manner than in emotional. By this individual have to think before they act. Optimism,
this is most important skill that one have to need in post pandemic era for becoming successful
entrepreneur that they don't let fail in any task or project (Ahsan, 2020). There thinking is
always positive and they work to always succeed in it. This is not easy to sustain but it leads to
most critical for them. Creativity, people have to be creative in communicating that will leads to
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boon in this situation and these skills and traits are inherently in build in these risk taking people.
So they have ability to answer to questions that asking by people. Drive, for many entrepreneur,
starting a new enterprise is not about how much profit they are make from it but in addition they
have passion in them to find solution to fill a gap where there is requirement. They should have
to stay strong even in this pandemic situation. For finish this line they have to be in strong sense
and passionate in their work. Brave, this is an incredible quality which is inbuilt in entrepreneur.
They have strength to hold a challenging situation and have courage to make right decisions.
Person should have skills and traits to risk for entering into new market or establishing their old
business so they have to be brave in all situation. Courage, leaders have this skill for try new
things, having trust with their employees and confidence in others which leads to solved
problems of difficult situations (Boudreaux, Nikolaev and Klein, 2019). Respectable, as when
managers and leaders have respect by and with their employees leads to motivation in employees
so that they work in most productive manner. As in case of managers they create an identity in
eyes of their employees leads to increase image in company.
Entrepreneurial Traits is defined as abilities, characteristics and thought patterns which
helps entrepreneur to become successful. As by born many have inherent but on another hand
they have to develop. Some of traits which are related to entrepreneur are: Being disciplined,
when entrepreneur is in disciplined this will leads to initiation in employees and covers all tasks
in timely manner. Leaders and managers develop a work ethic that fills determination in work
hard to achieve business goals. Tenacity, entrepreneurs have trait that they remain tough when its
goes in rough situation. They are not give easily on tough situation. They have ability to accept
rejections and have willingness to learn from their mistakes. They have capability to adapt and
modify their plan in such manner as be successful in next time.
Jeff Bezos, is an American internet industrialist, entrepreneur, investor and proprietor,
and in addition he is well known founder, CEO of famous multinational technology company
Amazon. He in early age started a garage and then renovate it in recognized portal which is deal
in online shopping. Due to his knowledge and skills this leads to reach him at peak of success
and he is also known as king of internet (Brush and et. al., 2019). He have ability to take risk
and cruel boss who does not tolerate self approval at any cost. Some of skills and traits of Jeff
Bezos which helps in thriving his company in pandemic situation. Hardcore realist, he consist of
most crucial personality traits and skills that must inspire entrepreneur. The man is real in
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thinking all possibilities and probabilities. Due to pandemic, his company help society by
offering them proper facilities by sanitizing there products and services. Flexible, as due to crisis
Jeff Bezos working in flexible environment as protecting their employees by regular check-ups
as this leads to keep people safe and help economy to running and back up. Staff members of
Amazon helps people by supplies directly to doorsteps of individual who need them. Highly
competitive, Jeff Bezos is competitive man, he is not craving competition, he only eliminate
them. In this situation, they down prices of their products to fulfil needs and desires of
customers. Persuasion and influencing skills, he is one of transformational leader in world with
set of values, principles and beliefs for his company and then he motivate his employees to
follow these rules (Chowdhury, Audretsch and Belitski, 2019). In addition, he has skill of
influence their employees by strengthening and developing their skills for improve performance
of their staff members.
So it is clear from above Jeff Bezos has creating sustained growth of his organization. In
addition he is remember by his innovative and visionary leadership style. In reflection with this
there are many entrepreneurship theories which are discussed below:
Schumpeter's theory of creative destruction
Creative destruction may be described as deconstruction of practices which are from long
period for making them innovative. This theory is developed by Joseph Schumpeter in 1942, in
which he defines creative destruction as transformation in process of manufacturing that leads to
increase in productivity. This is a dynamic and organic process results in economic development
which creates opportunity to seek the profit. In this theory he argues socialism, capitalism and
democracy that leads to entering into new markets and new products by sees new innovations.
This theory describes process that see innovation by replacing the existing one and leads to
obsolete over the time (Guzman and Stern, 2020). As Jeff Bezos have skill of creative new
products and services that can fetch a considerable price in market segments. This theory links
closely with importance of dynamism in economic system. According to this theory it assumes
the long standing assumptions and arrangements must be demolish to free resources and energy
for create new innovation products. In addition, this theory describes as process of industrial
alternation that constantly revolutionizes structure of economy in destroying the old one
repeatedly creating a new one. This theory is assumes as long term arrangements and
assumptions must be eliminated for deploying innovation. As by word destruction, process
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generally defines results in winners and losers. Entrepreneurs and staff members work with
innovation of new technologies will automatically design disequilibrium and defines new
opportunities for managers. The leaders or managers who are engaged with old technology will
stand backward. So by this theory, economic development is defines as natural assumption of
factors of which are internal in market and creates opportunity for profitability. This creative
destruction theory is used by Jeff Bezos, as by using new technology like by lowering price of
products for satisfy all types of customers which face problem in this pandemic situation. As
internet is most all encompassing example of this theory so this leads to numerous opportunities
for company to enjoy productivity and profitability. The main point from this theory is, it is
evolutionary process which rewards in improvements and innovations for efficient areas for
organizing resources (Henrekson and Sanandaji, 2020). Furthermore, this theory refers to
phenomenon of changes in economy by creation of new ways by doing things destruction of old
machinery or services and introduces new one. By creation of new products this will create
capitalist economic development. This theory is usually used to highlight flexible nature of
modern system of economy and this leads to positive evolutionary process. There is also
criticism of this theory as when new unit is implement this can leads to engagement of new
technology and financial system.
Kirzner's theory of Alertness
This theory is invented by British American economist and elderly professor in New
York University was Israel Kirzner. According to this theory, he argues that entrepreneurs
balances demand and supply by removing market defections and exploiting them. In terms of
him, profits which are earned by entrepreneur by their enterprise are their appraisal for their
tolerance of uncertainties as they are eliminating opportunities which is created by incompetence
and ignorance of mandatory firms. As Jeff Bezos is alert in terms to achieve economic
opportunities that yet not examines by any competitors. Opportunities are only examines when
other managers ignore them (Martin-Rojas and et. al., 2019). This leads to increase in
productivity and profitability of company. As entrepreneur which is undertaken is believes in
grasping opportunities for their business. However, this is also analysis as market researcher and
customer engagement can clearly examine certain type of opportunities for business operation.
As CEO of amazon have skill to buying resources or innovate new products and services for
taking economic actions. This theory argues as entrepreneurial innovation process is associated
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with manager's stock of knowledge and interpretation framework which is undertaken by
experience which is faced in daily life. Alertness make individual to create discoveries that have
value in it which satisfy human wants. Entrepreneur's responsibility is to create alertness and
exploit situation in which they have ability to sell high prices that which they can purchase at
low prices. It plays an important role in process of exploitation, opportunity and exploration. In
this theory it examines entrepreneurial alertness at individual level (Horst and Murschetz, 2019).
Alertness to opportunity is leads to subconscious learning. When it is realise it becomes
positivity to entrepreneur to utilise exploit profit. By alertness it creates explore of opportunity
nu utilising all aspects as human resources and financial aspects. In this theory there is obstacle
of grasping unnoticed profit opportunities by decision makers which leads to ignorance in
existing prices. In addition, there is also logic of discoveries by entrepreneurial is compatible
with strategies of intentional search and creation of new opportunities that leads to uncertainty.
CONCLUSION
From above analysis, it is conclude as entrepreneur is a person to undertakes a small
business venture with motive of earning profit and welfare of society. They are individual who
have skills and traits in them which leads to increase profitability and productivity in business
operation. Various skills of individuals which leads to successful of ventures are as they have
ability to manage & raise money, be productive, identify strengths and weakness when they hire
people. In addition, they have also traits which leads to increase productivity of ventures such as
they should be good leader, learning from experience, developing an approach which leads to
increase goodwill of firm.
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REFERENCES
Books and Journals
Ahsan, M., 2020. Entrepreneurship and ethics in the sharing economy: A critical
perspective. Journal of Business Ethics. 161(1). pp.19-33.
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.
Brush, C. and et. al., 2019. A gendered look at entrepreneurship ecosystems. Small Business
Economics. 53(2). pp.393-408.
Chowdhury, F., Audretsch, D.B. and Belitski, M., 2019. Institutions and entrepreneurship
quality. Entrepreneurship Theory and Practic. 43(1). pp.51-81.
Ferreira, J.J., Fernandes, C.I. and Kraus, S., 2019. Entrepreneurship research: mapping
intellectual structures and research trends. Review of Managerial Science. 13(1).
pp.181-205.
Guzman, J. and Stern, S., 2020. The State of American Entrepreneurship: New Estimates of the
Quantity and Quality of Entrepreneurship for 32 US States, 1988–2014. American
Economic Journal: Economic Policy. 12(4). pp.212-43.
Henrekson, M. and Sanandaji, T., 2020. Measuring entrepreneurship: do established metrics
capture Schumpeterian entrepreneurship?. Entrepreneurship Theory and
Practice. 44(4). pp.733-760.
Horst, S.O. and Murschetz, P.C., 2019. Strategic media entrepreneurship: Theory development
and problematization. Journal of Media Management and Entrepreneurship
(JMME). 1(1). pp.1-26.
Martin-Rojas, R. and et. al., 2019. Technological antecedents of entrepreneurship and its
consequences for organizational performance. Technological Forecasting and Social
Change. 147. pp.22-35.
Morozova, I.A., Popkova, E.G. and Litvinova, T.N., 2019. Sustainable development of global
entrepreneurship: infrastructure and perspectives. International Entrepreneurship and
Management Journal. 15(2). pp.589-597.
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