Entrepreneurship: Personal Characteristics and Venture Development

This essay provides a personal assessment of entrepreneurial skills, focusing on the strengths and weaknesses that influence venture success. It highlights key characteristics such as innovation, creativity, family background, and independence as strengths, while also acknowledging weaknesses like inflexibility, slow decision-making, and poor listening skills. The essay underscores the importance of self-development in mitigating weaknesses and leveraging strengths for successful venture creation and management. The student reflects on how these personal traits can impact entrepreneurial endeavors, emphasizing the need for continuous improvement and adaptability in the dynamic business environment. Desklib offers similar essays and study resources for students.

Running head: Entrepreneurship 1
Entrepreneurship
Student’s Name
University
Course
Date

Entrepreneurship 2
Table of Contents
Introduction....................................................................................................................................3
Characteristics for Strong Entrepreneurial skills......................................................................3
Weak Characteristics Hindering Entrepreneurial Skills...........................................................5
Importance of self-development...................................................................................................6
Conclusion......................................................................................................................................6

Entrepreneurship 3
Introduction
Entrepreneurship is the process of filling gaps in the market. Many opportunities are
existing in the marketplace, and they need to be utilized by opening new ventures and offering
service and products to the consumers. Innovation and creativity are required to fill these gaps
using entrepreneurial skills. New ideas are very important in the market since it enhances the
provision of unique products which satisfied the customer’s needs in a different way. An
individual known as an entrepreneur is the one who is responsible for developing and
implementing all these new ideas in the market (Fitriyadi, A'inurrosyidah and Djati, 2018). An
entrepreneur is a very important person in the community and in the economy of the country.
This is because when a new venture is established there is a big possibility of it to grow and
create job employment for others in society.
When the entrepreneur establishes a new venture, he/she is required to exploit some
characters for the venture to be successful. Success or failure of a new or existing venture is
always contributed by a several and different personal traits of an entrepreneur. These key
characteristics are like personal traits, trained and educative traits and acquired traits from the
environment. In this paper I am going to express my personal characteristics which will make my
new venture to be successful in the market (Bernal and Liñán, 2018). This will be the strongest
part of my entrepreneurial skills. Also, I will handle the weakness side which can hinder the
growth of the venture from my personal trait. The first area to handle will be key personal
characteristics which will make the venture to be successes and grow.
Characteristics for Strong Entrepreneurial skills
Personal characteristics are very important in managing new or existing venture in the
market. The following are some of the personal traits one can express for the success of the

Entrepreneurship 4
venture, these include, being creative and innovative, need of for achievement, being
independent, need for power and become own boss, family background, hard and being honesty
and decision-making capacity (Kamis, Hussain and Rahim, 2018). The list of a personal trait
which can be expressed to the new venture is endless. Among all those characteristics, in this
section, I will express my strongest traits which I will use in operating a successful venture in the
market. The following are the three traits:
- Innovative and Creativity. My spirit of being creative and innovative will help me
to establish and run are a successful venture in the market. These characteristics will
help me to develop new ideas on products and service in the market which will be
having unique characteristics (Trang and Mintardjo, 2018). The market is demanding
entrepreneurs who having this kind of trait since, this trait has a high capacity of
thinking and doing things. For example, being creative and innovative in developing a
product, this will help me to make product unique in packaging style and product
marketing techniques. This characteristic will lead to the originality of the product in
the market. By exploiting this characteristic of being creative and innovative will face
any problem without fear.
- Family background. Family background is a very vital aspect of building a personal
trait for a person. The family background can make someone to be very successful
entrepreneur in the future life. Families which depend on entrepreneurship for their
life in raising up families will be having influence on children in building up
entrepreneurial personal trait. For example, my families depend on business to raise
up our family, therefore, this environment has motivated me to develop personal traits
which will enable me to successes in the business (Le and Sarason, 2018). If any

Entrepreneurship 5
challenges come across me, am having a field to consult for free that is my family
members who are entrepreneurs.
- Urge for being independent. Am an individual who likes to be independent in my
life. I dislike depending on others people money when it comes to my personal issues.
I always depend on my creativity, this will motivate and make me be able to start a
venture and manage it successfully thus gaining some revenue. This revenue will help
me in achieving my personal issues on finance. Being independent motivates me to
focus on achieving my personal goals in life like starting new venture in the market.
Those three characteristics and among others, will help me to use them as my strength to
establish and run my successful venture.
Weak Characteristics Hindering Entrepreneurial Skills
I also have some personal characteristics which are weak and can my entrepreneurial
project collapse. These characters are always against the entrepreneurial skill of being innovative
and creating new products which will fill the market gap (Darmadji, 2018). I have much
weakness also but I will alight only three aspects.
- Flexibility. A successful entrepreneur always needs to be flexible in dealing with a
different situations. When it comes to the changes in the event and other issues in life,
I am not flexible in adapting to the changes. Entrepreneurs are required to be willing
and ready flexible in accepting any changes which will occur in the process of
entrepreneurship. Am not flexible in urgent situations as required by an Entreprenur.
- Slow decision making. When it comes in decision making am always slow.
Entrepreneur needs to be an individual who always able to make a strong decision

Entrepreneurship 6
with a short period of time. Is my weakness in making speed and quality decision
which is against the entrepreneurial skills (Naranjo-Valencia, Calderón-Hernández
and Sanz-Valle, 2018).
- Poor Listening skills. Am poor in listening and following other people’s advice. I
like depending on my knowledge and skill in decision making. To be a successful
entrepreneur, an individual should be ready to listen to advice from different people
and analyze them before making the final decision.
Importance of self-development
It is very important for an individual to express entrepreneurial skill in developing
and implementing the new product in the market. Being self-development is very
important in life since this will motivate a person to be more creative, innovative and so
depending himself in life. This will make most people to become self-managers thus
exploiting the limited resource in the community and creating job opportunity for others
(Sabitha, Krishnan and Gloria, 2018).
Conclusion
Personal traits are very important in life while developing entrepreneurial skilled
activity in the market. This personal trait always have a negative and positive influence
on the decision making of the entrepreneurial ideas. Focusing only on the strong trait will
help an individual lot in establishing a strong and successful venture in the market.

Entrepreneurship 7
Reference
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approach from the Spanish basic education context. In A research agenda for entrepreneurship
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Darmadji, D., 2018. Entrepreneurship as new approach to increase business performance:
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Fitriyadi, J., A'inurrosyidah, A. and Djati, A., 2018, September. The Influence of Discovery
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Trang, i. And Mintardjo, C.M.O., 2018. Entrepreneurial attitude, entrepreneurial social
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