This unit state that you are working with consultancy firm that is providing advice to small business for this new website to be developed for analyzing different ventures and their impact on economy
- Define characteristics, skills & traits of successful entrepreneurs that differentiate them from others
- Determine which aspects of entrepreneurial personality reflect their motivation and mind-set
- Determine ways in which background & experience of entrepreneur can foster or hinder entrepreneurship
Entrepreneurial Ventures can be referred as a firm that places opportunism and innovation at its heart to create social and economic value. Entrepreneurship is identified as an activity of starting new business and take up financial risk with the aim of earning high profits. These ventures emphasized on administering advisory services to mid stage firms (What is Entrepreneurship?. 2017). The present assignment is based on “The Mind Set of the Entrepreneur” which includes various examples of entrepreneur. This report defines about key aspects of entrepreneurial mind set along with examination of various environments that may foster or hinder entrepreneurship.
P5 Characteristics, skills & traits of successful entrepreneurs that differentiate them from others
Entrepreneurs are the individuals who have an ability to set up their own venture with a innovative idea, excellent skills or knowledge. In starting any venture, high risk is associated which is taking up by entrepreneurs with the hope of earning high profits. Bill Gates & Jeff Bezoz are 2 well known and successful entrepreneurs who have created history in business world. They possess different characteristics and traits which are the main reason behind their success.
The founder, chief executive officer and chairman of one of the well known company Amazon.com is Jeff Bezoz. In year 1994, they established their firm. Initially, they start their career as online book merchant and then expanded to wide range of goods and services. As a rapid growth is seen in internet use, Jeff take it as opportunity (Baum, Frese and Baron , 2014). They start their own business and left their job. Some traits possess by them are defined below:
Risk taker: Jeff takes high risk for the purpose of fulfilling their own dreams and desires. He left his job to start their own venture. He calculated all the risks that are associated with setting up their own venture. He accept the fact that there is a high chance of failure but his determination did not let him down.
Hardcore realistic: It is the quality that necessarily be possessed by an entrepreneur. This trait is possessed by Jeff. Before starting their venture, he carefully assess all the factors and thinks about all the issues that may hampers business operations and leads it towards downfall. He accept all such facts that may cause failure of business.
He is the founder of Microsoft corporation and one of the most successful entrepreneur. He is one of the drop out and believes in hard working. He said that if a person wants to gain something, he or she will end up to attain that. Courage and strong determination are the things that only requires to attain anything (Dacin, Dacin and Tracey, 2011). Some characteristics possess by them are:
Voracious reader: Bill Gates believes that reading assists in improving an individual's skills and abilities. So, he prefer to read books which helps him in increasing his knowledge related to diverse areas.
Know to prioritize things: For managing all the work on time, it is essential for an individual to know how to prioritize things properly. This characteristic is possess by Bill Gates which helps them in managing things and their work properly. This is one of the reason behind their success.
P6 Way in which aspects of entrepreneurial personality reflect their motivation and mindset
An entrepreneur have some distinct features and attribute which made them differ from others. It is really essential for a person to remain motivated towards working as well as maintain positive mindset so that they used to compete at define market world in more determined manner. If an entrepreneur do not have any kind of positive attribute and mind set then they not used to become successful in life period of course. Thus, for managing and maintaining things better as well as to implement a successful business venture, a positive attitude is must. A new business option define and consider as major risk taking experience which need to convert into successful one only with implementation of better determined experience in frame (George and Bock, 2011).
To manage such aspects and consideration, one of a famous tool could be utilise which made an individual motivate towards work as well as going to reflect appropriate mind set. This technique term as OCEAN acronym where 5 elements represent a person better and its mind set. Henceforth, chances of deriving beneficial and suitable gain could become possible in nature of frame. These factors are openness to experience, neuroticism, conscientiousness, extraversion, agreeableness which facilitate and enable in managing things better and support in accomplish all major targets in determined manner of frame. Jeff Besos and Bill Gates are one of a most appropriate example of such consideration attribute:
Openness: Before executing operations or to start a venture, major thing which required in an individual is openness. A person need to be open minded in frame where they used to focus on creativity better as well as curious about consideration (Grimaldi, Kenney, Siegel and Wright, 2011). Without a open minded thinking chances to get sustain at such market world is not possible. Hence, one of an attribute in such relation could be openness in working and aspects. Both of these entrepreneur are open towards their target where they never feel ashamed in front of anyone and try to convenient them as well. This reflect that they are open to bear any kind of risk in better and determined manner.
Conscientiousness: This personality trait element define that an individual have higher level of thoughtfulness which enable and facilitate them to think about aspects more properly as well as always try to work with goal oriented behaviour. An entrepreneur define and frame a set of schedule which enable and facilitate them to bring and perform things better and effective in nature. Entrepreneur become more motivated towards thing when targets get accomplish on time basis which used to created by such personality. This also signify a kind of motivational individual for deriving beneficial gain. Besos and Gates both of them prepare regular schedule so that targets would get accomplish in better frame (Abu-Saifan, 2012).
Extroversion: If a person wants to become successful then they have to be more extroversion rather than introvert. If a person is introvert in nature then chances to deal with more people tend to decline as well as chances to define things better and effective become impossible in nature. Thus, an entrepreneurial mindset define positive in nature and stated to be more motivated towards work when they become extroversion in nature. Jeff Besos and Bill Gates both of them are extroversion in nature where they always try to handle situations properly with skills as well as used to communicate with others properly so that hesitation to come in front of others would not work as a barrier (Martin, McNally and Kay, 2013).
Agreeableness: This trait dimension simplify a personality where a leader used to cooperate with others. A true dimension of a leader standardise feeling of cooperativeness. Hence, entrepreneur required to support others as well in negative situation so that they could craft a team. This facilitate them to become motivate as well as define their positive attribute in nature. Hence, this lead to support them in managing things better and effective in nature.
Neuroticism: This personality dimension restrict an individual to grow and create problem while development take place. This dimension required to be low in tenure so that stability and emotional resilience could be promoted better. Hence, such kind of individuals need to be less neuroticism in frame so that they could become successful in near future course.
P7 Way in which background & experience of entrepreneur can foster or hinder entrepreneurship
An entrepreneur is an individual whom used to come up with a new idea so that they could sustain in define market world for long period of course (Naudé, 2014). Such individual have some desire and expectations which they really want to achieve in long period of course. Thus, for such consideration, background and experience of an individual hinder and foster them to accomplish their targets in better and signified manner. Such aspects would enable them to become competitive in nature at define market world so that more and more opportunities could be grab in a definite course of moment. Various motivation or aspects which used to foster an entrepreneur is social experience where society enable and support such person to grow properly as well as take risk in a define manner.
On the other hand certain aspects and attribute which used to hinder an individual could be related with background area. Here, certain time, an individual treat not equally and properly with others and used to boycott as well. This facilitate and restrict to grow properly as well as chances to become competitive in nature get reduce.
Such attribute of hinder and foster get understand properly by using some real life example. There are many personalities get evaluated whom face so many problems in their life but still determine as famous personalities in the world so that they could deal at define world in more effective and beneficial manner. The two famous individuals for this define criteria are Bill Gates and Jeff Bezoz. Both of them have definite pattern of working and always used to get motivated their work but certain things get determine in their real life which used to hinder them as well while working on such aspect (Storey, 2016).
Bill Gates and Jeff Bezoz are not begun their profession as a business visionary. In coming to at the present position, they both defy different obstacles. Jeff Bezoz left his business to seek after his interests or dreams. Bill Gates is a drop out of school as he is enthusiastic towards his fantasies. They both are the best business people today and falls in the classification of wealthiest man of the world. Their adventure towards progress isn't simple as they confront different obstacles so as to accomplish the situation of an effective business visionary. Substantial number of populace can learn by them that an individual can satisfy his fantasies in the event that he have boldness and potential to do it. The foundation of an individual helps with cultivating business in a person. In the event that the foundation of an individual is certain then it encourages the movement of enterprise in legitimate way and on the off chance that it is negative then it can not cultivate business enterprise among people. Their experience is additionally essential in cultivating enterprise (Welter, 2011). It is critical for a person to gain from their contrary experience and keep on taking up dangers. This expansion their capacity to deal with circumstances in viable way and accomplishing achievement.
Such aspects signify that Bill Gates is a college dropout where social experience was not good as well as society always used to demotivate him badly. This aspect might used to hinder him but not taking place properly. As he made such criticise as strength and start towards working in a better and definite manner. Although, with such strength, he become one of a most successful and richest man in the world.
On the other hand, Jeff Besos is another college dropout whom do not used to utilise senses better. His experience was not good as well as family not going to support him more. But such barrier not worth any more else start working as a motivation for such individual (Wiklund, Davidsson and Karlsson, 2011). Henceforth, this become one of a biggest reason behind opening a biggest telecommunication company in the world.