Entrepreneurship in Emerging Economies: An Interview-Based Report

This report examines the motivations and personality traits of entrepreneurs, particularly in emerging economies, based on an interview with the company Sensor works. It discusses the reasons individuals choose entrepreneurship, such as the desire for freedom, passion for their work, and the opportunity to innovate. The report also identifies key personality traits common among entrepreneurs, including passion, risk-taking, hard work, adaptability, and effective decision-making. The study concludes that successful entrepreneurs possess unique characteristics that differentiate them and enable them to overcome challenges in the business world. Desklib provides access to similar assignments and study tools for students.

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ENTREPRENEURSHIP AND INTERNATIONAL EMERGING
ECONOMICES

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Table of contents
1.0 Introduction..........................................................................................................................3
2.0 Methods................................................................................................................................3
3.0 Discussion............................................................................................................................3
3.1 Reason for becoming entrepreneurs.....................................................................................3
3.2 Personality traits of entrepreneurs........................................................................................4
4.0 Conclusion............................................................................................................................5
Reference:..................................................................................................................................6

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1.0 Introduction
Entrepreneurship is a business activity wherein an individual establishes his own venture in
order to supply products and services which previously did not exist in the market. Generally,
entrepreneurs are full-time individuals who take most of the responsibilities of the new
organisation. Entrepreneurship, in general, is very tough and hence requires different traits
and skills of the individual in order to succeed. The objective of this report is to examine and
assess the reasonableness of entrepreneurship and the traits and skills of the entrepreneurs.
2.0 Methods
The study uses the primary data in the form of an interview with entrepreneurs. This
information, along with the information collected from the journals and articles related to the
topic has been used for the analysis of the paper.
3.0 Discussion
3.1 Reason for becoming entrepreneurs
One of the biggest motivations for an individual to become an entrepreneur is to do
something different than the current market does. According to Akar & Üstüner (2017), one
of the major characteristics which are common to most of the entrepreneur is the passion and
love for the job. The interview with the company Sensor works, which is a software
development company, also stated that it is the passion for their job is what keeps them
going. One of the main reasons why they started their own venture despite working for other
companies is that they wanted to provide a new service to the other businesses of the market.
Another reason for individual becoming entrepreneur is that they do not want to work under
the guidance of someone and seeks more freedom. Royo, Sarip & Shaari (2015) stated that
one of the common characteristics of the entrepreneurs is the work freedom and autonomy
that enhances the performances of the individuals. In addition to that, entrepreneurs also like
taking a risk in order to gain more from the work they do. Klotz & Neubaum (2016)
highlighted that, regular professional jobs do not provide the opportunity to grow against the
security that they provide. Entrepreneurs also have the knack of brainstorming ideas in order
to proceed forward with the business. In the regular jobs as an employee does not provide the
scope to brainstorm ideas in order to mitigate daily challenges.
Furthermore, not having other options is also another reason for choosing entrepreneurship as
a career. According to the information collected from the interview, sometimes the
individuals are left with no option due to the lack of opportunity as well. They mentioned
about the big industry in the southern part of the country and lack of opportunities in other
areas. Miller (2016) highlighted that higher education often makes the individual less likely

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to work professionally under the guidance of others. This can also be the case for the owners
of Sensor works which has been interviewed for the study of this paper. The trait to control
their own destiny drives most of the entrepreneurs towards a different venture rather than
becoming an employee of an organisation.
Lastly, the emerging markets also motivate the individuals to become entrepreneurs. This is
due to the fact that, emerging markets and its government always provides a lot of
opportunities to the new businesses (Shamsudin et al. 2017). The government of many
developing economies has understood the importance of entrepreneurship and their impacts
on different sections. This also pushes individual to become entrepreneurs as their traits push
them to fetch success.
3.2 Personality traits of entrepreneurs
There are many of the characteristics or personality traits which are common among the
entrepreneurs. Kolb & Wagner (2015) stated that these traits and characteristics are different
from other personality of other people of the society. The entrepreneurs generally go through
a lot of ups and downs. Therefore, these traits are important for them to be able to go on with
the process. One of the important traits of the entrepreneurs is the passion. These individuals
love their job and hence can provide more working hours for the development. In the case of
Sensor works, the owners have the passion for the software development and machine
learning. They have done their Ph.D. in computer science and related studies. The love for
the technology and the subjects keep them going.
Another trait of the entrepreneurs is that they are not afraid to take risks in order to go
forward with an idea. Alsu, Karahan & Gozek (2016) noted that it is inevitable for these
individuals to take the risk as they start as a small unit. The fact that these businesses
generally do not have anything to lose pushes them to take the risk. The same has been seen
for the case of Sensor works. Hard work is also another characteristic that ensures success as
an entrepreneur. The owners of Sensor works have mentioned about they work for the
venture tirelessly in order to get recognition in the market. The hard work adds value to the
products or the services of the venture and sometimes it becomes necessary as owners cannot
afford to employ a worker in order to take care of the operation of the organisation.
In addition to that adaptability and flexibility is also common among the entrepreneurs. These
individuals do not have planned career paths. The owners of Sensor works have stated that
they have adapted to the changed situations and shaped their career accordingly. The
adaptability and flexibility need to be there in case of the operation of the company as well
(Premand et al. 2016). The technology which is an important part of most of the modern

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business compels the individuals to upgrade their knowledge. These owners have done Ph.D.
in computer science and keep on studying recent topics regarding the subject.
Furthermore, right connection in terms of business is also important for becoming a
successful entrepreneur. The business connections help in attracting projects in the initial
days of the business. Espíritu-Olmos & Sastre-Castillo (2015) highlighted that successful
entrepreneurs not only brings a project for the business they also seek experiences from
veterans of the industry. As a result of their skills for marketing finance and another
department of business also improves. The owners of Sensor works have mentioned that right
connections have allowed them to grab suitable projects for the organisation. In addition to
that, right connections with friends and people also ensure financial flow into the business.
Lastly, the effective planning and decision making is also important for an individual to
become a successful entrepreneur (Nie, 2016). Decisions need to be made at each stage of the
venture and sometimes the owners may not have a lot of time to take calculated decisions.
The owners of Sensor works stated that they analyse the problems and take decisions only
when they have a long time for it. In other cases, instant decision making becomes necessary
and hence contributes to the success of the entrepreneurs.
4.0 Conclusion
Therefore this study has changed the way I perceived entrepreneurship. The personality traits
and the characteristics of entrepreneurs are different from other human beings of the society.
Passion and love for the work keep them going despite the struggles and failures that they
experience. Apart from that successful entrepreneurs are also equipped with adaptability and
flexibility so that they can deliver their value in any situation. Right connection and hence the
communication is also important in order to develop a new business. Lastly, the decision
making and analysing capabilities of these individuals are also common traits among the
successful entrepreneurs. These traits and the characteristics have also been seen in the
owners of Sensor works.

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Reference:
Akar, H., & Üstüner, M. (2017). Mediation role of self-efficacy perceptions in the
relationship between emotional intelligence levels and social entrepreneurship traits
of pre-service teachers. Journal of Education, (12), 95-115.
Alsu, E., Karahan, M., & Gozek, S. (2016). Determinants of the Entrepreneurship Trends of
University Students (A Field Study for Gaziantep). International Journal of Academic
Research in Business and Social Sciences, 6(12), 552-579.
Espíritu-Olmos, R., & Sastre-Castillo, M. A. (2015). Personality traits versus work values:
Comparing psychological theories on entrepreneurial intention. Journal of Business
Research, 68(7), 1595-1598.
Klotz, A. C., & Neubaum, D. O. (2016). Research on the dark side of personality traits in
entrepreneurship: observations from an organizational behavior
perspective. Entrepreneurship Theory and Practice, 40(1), 7-17.
Kolb, C., & Wagner, M. (2015). Crowding in or crowding out: the link between academic
entrepreneurship and entrepreneurial traits. The Journal of Technology
Transfer, 40(3), 387-408.
Miller, D. (2016). Article Commentary: Response to “Research on the Dark Side of
Personality Traits in Entrepreneurship: Observations from an Organizational Behavior
Perspective”. Entrepreneurship Theory and Practice, 40(1), 19-24.
Nie, Y. (2016). PAEI as Predictor of Entrepreneurship: A Focus Group Approach (Doctoral
dissertation, INTI International University).
Premand, P., Brodmann, S., Almeida, R., Grun, R., & Barouni, M. (2016). Entrepreneurship
education and entry into self-employment among university graduates. World
Development, 77, 311-327.
Royo, M. A., Sarip, A., & Shaari, R. (2015). Entrepreneurship traits and social learning
process: an overview and research agenda. Procedia-Social and Behavioral
Sciences, 171, 745-753.
Shamsudin, S. F. F. B., Mamun, A. A., Nawi, N. B. C., Nasir, N. A. B. M., & Zakaria, M. N.
B. (2017). Factors Influencing Entrepreneurial Intention and the Moderating Role of
Entrepreneurship Education: A Conceptual Model. Advanced Science Letters, 23(4),
3006-3008.

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Appendix
a) Questions and the summary of the answers
Question 1: what kind of business it is?
This is a software development company that provides software solution on a B2B platform.
Question 2: Why you chose to become an entrepreneur rather than doing a job?
The entrepreneurship is also a job; it is the will of to provide a different solution to the other
businesses is the reason for the entrepreneurship.
Question 3: What is the name of the company?
The name of the company is tensorworks, where Tensor represents the high dimension
vector.
Question 4: How did you arrange the funds?
The business currently runs on very low budget and most of the support comes from the
family and friends.
Question 5: How much risk do you take and how fast do you take decision?
The time of taking decision depends on the importance and we analyse before taking any
kind of big decision.