Methods
Write a report detailing what you learned about entrepreneurs and entrepreneurship. What conclusions do you make? Has this interview impacted how you will approach your project? Your career.
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.
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.
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.
Discussion
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 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.
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.
Reason for becoming entrepreneurs
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 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.
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.
References:
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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