Entrepreneurship Analysis: Traits, Limitations, and New Venture Ideas

This report delves into the multifaceted world of entrepreneurship, providing a comprehensive overview of the key elements involved in launching and managing new ventures. It begins by defining entrepreneurship and its core principles, emphasizing the significance of innovation, risk management, and profitability. The report then explores the essential character traits of successful entrepreneurs, such as independence, achievement drive, internal locus of control, determination, creativity, and risk acceptance, while also acknowledging the limitations and challenges that entrepreneurs often face, including funding constraints, taxation issues, stress, and the need for strong leadership skills. A detailed case study of the start-up HMA! (Hide My Ass!) is presented, illustrating how innovative strategies and market analysis can contribute to business growth. The report concludes by summarizing the critical aspects of entrepreneurship, highlighting the importance of market research, self-assessment, and a proactive approach to minimize risks and maximize opportunities. The report references books and journals that provide further information on entrepreneurship.

Entrepreneur

Table of Contents
INTRODUCTION...........................................................................................................................1
1 a. Research on an entrepreneur.................................................................................................1
1 b. Character traits of Entrepreneurs..........................................................................................1
1 c. Limitations of traits...............................................................................................................3
1 d. ideas for growing a new venture...........................................................................................4
Conclusion.......................................................................................................................................4
References........................................................................................................................................5

INTRODUCTION
Entrepreneurship refers to designing, innovating, launching and running a new idea in a market.
which is often a small business. The capacity to develop, organise and manage a new business
including all the risks and making profitability.
This study defines us about the way an entrepreneur can improvise on his study to start a new
business what are its pros and corns about the business strategy. Which all fields we need to
focus on defining our strengths and weaknesses as an entrepreneur. The traits we need to keep in
mind in developing our business, a complete knowledge about our business must be attained
before stepping in the business. Traits have a brief about how an entrepreneur must be the
capabilities we must have. You must have a complete knowledge about your competitors so as
to keep ourself out of competitors reach. Limitations or problems which entrepreneur faces is
studied in detail.
1 a. Research on an entrepreneur
Hide my ass! a start-up which was introduced by a young talent Jack Cator. He was sixteen when
he came up with this idea to provide a personal space which gives access to the blocked sites for
games and music to the school and collage students as it was a free access it gained popularity I
the entire UK. They have a high revenue generation of about $1000-$2000 per month in their
earlier period. Later on cater focused on his venture and started a new service of VPN which
boosted company's' capital from which they started hiring full time employees for the firm.
Later on they introduced new software for mobile phones which reduces a internet traffic which
helps you to change your location while calling which was a success to the company this was
done because a freelancer added a competition against the company. By 2015 they became a
largest VPN provider(Kirzner. 2015).
Later on they became a subsidiary for a cybersecurity company Avast.
1 b. Character traits of Entrepreneurs
1.Need for independence: To be a successful entrepreneur we must be focused towards our goal
and must be aware of all the pros and corns which a company needs to face, as an entrepreneur
we will be able to set our own goals and achieve it. To be independent we must be a risk taker
and a master of our own dreams. Entrepreneur must be capable of motivating his own workers .
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He must be able to have a self control towards his own perspectives and must not be dependent
on others for tasks. entrepreneur must be able to take risks and must be stubborn towards his
goals. as an entrepreneur you must be self focused and self motivated. Entrepreneur must be able
to take unconventional things from the established firm. he must be able to take challenges and
must not be liable on others for his work.
2.Need for achievement: An entrepreneur must be self motivated towards his goals must be
enthusiast towards what his business is all about. He must have a complete knowledge about his
work so as to face any challenges which comes in between. His task must be defined and
accurate so as to get results and earn profitability. He must be defined towards the goal and must
be a helping hand towards his workers. His decisions must be precise and accurate because of his
decisions it may leads to profit and loss of his organisation which will affect his livelihood. He
must be optimistic towards the problems rather than pessimist toward his job. Flourishing his
clients is a key to his success(Kuratko. 2016).
3.Internal locus of control: Entrepreneur believes in his own way they work for their own
destiny. They are the masters of their own game. They must be optimistic towards their own
problems. Entrepreneur must be ready to face challenges as every step is a risk. Their self
confidence must be high so as to boost his workers. They must be capable to complete task
successful. Self trust is a must as you may not believe anyone completely for your work.
4.Drive and determination: Entrepreneur must be well determined and must have a positive
approach towards the goal, his working ability must attract others his approach towards the
problem must be unique. A well focused leader always motivates his fellows, he must be a
helping hand rather than a leader. they must be able to lead from the front rather than staying
back. Capability to convince a client must be strong, a strong client base will lead you to heights.
All the negativity will lead you to destruction. Being patience is a key to success(Burns. 2016.).
5.Creativity,Innovation and Opportunity: Creativity in the work must be seen which will provide
a flexible way of working as flexibility will open up ways of expansion. Creativity will bring
more of clients and the existing clients will trust you more. Innovation in your strategy will help
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your organisation to achieve height and built a strong work base. Opportunity must be grasped as
soon as you can, as an entrepreneur opportunity is always required to establish yourself.
6.Acceptance of risk uncertainty: Uncertainty can be anytime as an entrepreneur, you must be
capable of handling all the things. As uncertainty can risks everything like capital, position and
personal standings etc. entrepreneur always try to minimise the risk. They always try to think
other way out for the solution their approach towards the problem solving is different. The risk
of government surveillance is high in computer security(Barringer. 2015).
For the success of the an Entrepreneur these key points will help for the growth and nourishment
of the business. Entrepreneur must fulfil all the qualities to make his work efficient.
1 c. Limitations of traits
As an entrepreneur there exists an ample of risks in establishing yourself and your firm in this
wide market. Any risk can hinder your performance anytime which they must be able to
overcome to minimise the risk and feasible working of the firm. If an entrepreneur lack skills
which he want to choose as a career he would be destructed . Traits provided above gives a
closed loop to work on. For a start-up there are many challenges any ways to work on. Traits
were given for a narrower view about the scenario of the entrepreneur(Ács, Szerb and Autio. 2016).
Some of the limitations of Entrepreneur are:
1. Funding can be a major issues as many of the ideas needs a wide capital and a broad
amount of workers which a person cannot do in personal.
2. Taxation and registration is an another issue faced by start-up as they are necessary and
are imposed on entrepreneur.
3. There are many facilities you need to provide to your workers such as medical facilities,
payrolls etc. which must be delivered on time(Tolbert and Coles. 2018).
4. You cannot work in many countries if you are not enrolled.
5. Stress levels are high as you are working for yourself risks are higher as the world of
entrepreneur is vast nowadays; risk of loosing clients, less of innovation, stress of
completion of task etc. are cause of risk.
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6. It requires a leadership skills if you are not capable of taking step forward you will loose
or set back somewhere. This will hinder your performance and may result in loss of
clients(Julien. 2018).
7. Entrepreneur does not have a regular payroll on the first day of the month they need to
adjust on the payrolls it depends on your performance and satisfaction of clients.
1 d. ideas for growing a new venture
For creating a venture you must be aware of all the pros and corns before establishing as a firm.
As an entrepreneur you must be capable of taking all the risks involved, to establish yourself you
must be financially stable and confident with your idea of innovation. You must be able to attract
your customers with your skills and ability to establish yourself. You must be aware of all the
competitors their strategies to flourish which can hinder your performance. By innovating with
respect to time can help you to reach heights and make you popular. You must satisfy your
clients as they will give you platform for appraisal.
Like HMA! which provided a platform to all the youngsters to access blocked sites which they
cannot access at homes with their own IP address, it was a unique idea in year 2005 which
attracted so many of the youngsters as this access was free of cost through which they built a
strong customer base which helped them established later on they moved on from their original
idea and provided a paid VPN service to many of the companies which hiked their growth rate
and they established as a firm later on they introduced many mobile phones apps which helped
them to flourish. This innovation strategies helped HMA! To establish in the market. Their
market strategies were clear which helped them to established, their vision was clear which kept
away from their competition(Brown. 2016).
Conclusion
The above study stated that the approaches used by entrepreneur, and the study which needs to
be done before opening a new venture for an entrepreneur market research which must be carried
out is studied in detail. This study includes the detailed research about strengths and weaknesses
of the entrepreneur areas which needs to be improved. Limitation and risks an entrepreneur faces
in establishing himself. It gives us about the detailed study about the traits an entrepreneur needs
to follow for his own existence to minimise the risk.
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References
Books and journals:
Kirzner. I.M.. 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko. D.F.. 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Burns. P.. 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Barringer. B.R.. 2015. Entrepreneurship: Successfully launching new ventures. Pearson Education India.
Ács. Z.J., Szerb. L. and Autio. E.. 2016. Global entrepreneurship and development index 2015 (p. 1).
Springer.
Julien. P.A.. 2018. The state of the art in small business and entrepreneurship. Routledge.
Tolbert. P.S. and Coles. R.. 2018. Studying entrepreneurship as an Institution. In Knowledge and
Institutions (pp. 271-299). Springer, Cham.
Brown. R.A.. 2016. Capital and entrepreneurship in South-east Asia. Springer.
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