Important Attributes in Entrepreneurship Essay Example | Topics and Well Written Essays - 4750 words

Important Attributes in Entrepreneurship - Essay ExampleThis essay discusses that pursuit of an entrepreneurial dream starts with a viable dream. Entrepreneurship begins with conceptualizing a unused idea, drawing a business plan, and making conclusiveness concerning the legal structure. Additionally, basic tactics such as pursuing an international opportunity or jump a new business venture, and financing issues are also considered before one can get into on the entrepreneurship journey. Most people, who venture into entrepreneurship, prefer a new business rather than already brisk business opportunities. Some people begin with a desire to begin a business and past look for an idea while others start by having an exciting idea and then consider entrepreneurship later. However, on that point are basic issues that one must consider when considering an entrepreneurial venture. Some of these basic issues include finances, patience concerned, legal issues and potential risks and r ewards. It is thus important for entrepreneur to consider various things that would boost or make believe their success in the pursuit of small businesses. Entrepreneurship refers to the undertaking of innovations, or business acumen with the aim of transforming the innovations into recyclable economic goods. The undertaking may result in a new business or new organization. Entrepreneurial activities differ substantially depending on the conceptualized business idea and they range from solo business projects to study undertakings that create job opportunities. (Reuvid, 2008, p. 16). Most successful entrepreneurs demonstrate certain person-to-person attributes such as dedication, creativity, flexibility, determination, passion, leadership, and self-confidence. creative thinking is a spark that drives development of new services and products and pushes for improvement and innovation. Creativity allows for continuous learning, thinking beyond prescribed formulas, and questioning va rious possibilities. Determination is a strong desire to attain success and it includes mightiness to continue pursuing even during difficult times. It also persuades the entrepreneur to remain motivated and not inevitably by money gained from the business venture. Dedication motivates entrepreneurs to work hard and drive their ideas and plans. Flexibility refers to the entrepreneurs ability to take a swift move in response to change in market conditions. Leadership is the capacity and ability to formulate rules, set goals, and ensure follow-through, and accomplishment of the established goals (Mariotti & Glackin, 2011, p. 63). Self-confidence rises from careful planning since effective planning reduces uncertainty and risk. Effective planning requires expertise and skills. A self-confident entrepreneur is not easily intimidated or discouraged by market changes or challenges faced in business. More often, an entrepreneur will not demonstrate all these attributes and may lack one of them or even seduce only one or two of the attributes. The important thing is that the attributes can be learned. The entrepreneur, for instance, could hire someone to help him build or strengthen weak areas and attributes. Of importance is to know the personal strength and build on it while putting effort to minimize the weaknesses (Boone & Kurtz, 2010, p. 32). It is however, critical for entrepreneurs to ensure that they have developed these attributes for successful entrepreneurship. For instance, it is futile to start a business venture with little or no confidence in workability of the venture. Self-confidence instills optimism, which resembles fearlessness to face difficult odds. Self-confidence and determination helps one to regain opportunities where other people see danger lurking (Bone & Kurtz, p. 240). Entrepreneurs conceive new ideas and devise innovative ways that helps pound the difficult situations and problems. Creativity is a common denominator in entrepreneu rship (Bone & Kurtz, p. 241). Besides the mentioned attributes, it is important to develop relevant determine and integrate them within the business culture. Such