Entrepreneur Characteristics

Mankind has thrived off of the dependability of ideas and the application of them for centuries. Moreover, humans have sustained healthy lives through developments and inventions that have improved the world around them. From the earliest Mesopotamian creation of the wheel to Apple’s recent release of the iPhone 7, groundbreaking revelations have perpetuated and molded human survival in some aspect. Anyone can generate an idea, but rather, it is the ability to transform that idea into a development that is valued by many--which is what makes being an entrepreneur remarkable. Entrepreneurs are some of the keenest, most creative, and passionate people that walk the earth.

Entrepreneurs are risk takers in the market. They are willing to gamble their hard work for a business that may fail or succeed. Many fail to keep their business alive, however; others are lucky to compete and survive in the market. Entrepreneurs like Maribel Galsim, owner of Maribel’s Daycare, were successful in their business. Maribel’s Daycare was successful because of hard work, patience, and being adaptable.

Steve Jobs for example, was a successful entrepreneur because he was able to spot opportunities in the market, and with his technical skills and creative abilities he was able to produce a successful product to fill the gap.

There has been extensive research conducted on the characteristics that successful entrepreneurs possess. These attributes vary widely across literature, however there are common key traits that are required to achieve any form of success. Frederick et al (2013) suggest entrepreneurs are risk takers, optimistic, have sound judgement and an ability to manage. While a review of literature relating to the psychology of an entrepreneur reveals a large variety of characteristics in a successful entrepreneur, these can be consolidated to a a few into only a few traits that are essential for a successful entrepreneur. Whilst taking into

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise (Merriam-Webster, n.d). Some characteristics of an entrepreneur are, the willingness to work hard, the desire for responsibility and the confidence in their ability to succeed. The person that I chose to interview for this paper is, Adama Kuyateh.

According to Saras D. Sarasvathy “All entrepreneurs begin with three categories of means: (1) who they are―their traits, tastes, and abilities; (2) what they know―their education, training, expertise, and experience; and, (3) whom they know―their social and professional networks. Using these means, the entrepreneurs begin to imagine and implement possible effects that can be created with them.” 2

Being an entrepreneur is difficult. Not any one can be a successful entrepreneur, there are some characteristics entrepreneurs must have to face the challenges and to rise again after every failure.

Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are open-minded, able to learn quickly, and skilled at conceptualizing.

Entrepreneurship is defined as the process of designing, launching and running a business. It typically begins as a business idea such as starting a small business, offering a product or service. What is unique about this venture is the possibility and level of risk involved for instance lack of funds, an unforeseeable economic crisis or poor business decisions. Entrepreneurship is about how people identify opportunities, evaluate whether they are viable and then decide to exploit them or not. The decision to exploit an opportunity or not depends on several factors that the entrepreneur is responsible for including cost versus how much the idea will generate, the market demand, and the risks involved. An entrepreneur is thus an innovator

Most successful entrepreneurs are have a passion for their product or service as well as a desire to solve a problem and make life easier, better, cheaper (10 Qualities of successful entrepreneurs, 2010). Their desire to be an entrepreneur is mostly due to in internal factor rather

Explain and critically analyze unique traits of an Entrepreneur, discuss these related to personal strengths and weaknesses

The latest study about entrepreneurs shows that about 400 million people in 54 countries are currently running or starting their own business, potentially creating more than a billion new jobs (“Global Entrepreneurship”, 2012). Entrepreneurs are their own bosses – nobody tells an entrepreneur what to do and they control their own destinies. Entrepreneurs can choose a business that interests them – they work in fields that interest them. Many combine hobbies and interests with business. Entrepreneurs can be creative. Entrepreneurs are always implementing creative ideas they come up with on their own. Entrepreneurs can make a lot of money if their business succeeds.

In the business world of entrepreneurs in South Africa there are some that are well established and known and some who are still emerging. In my research essay I will be discussing a well-known entrepreneur, an emerging entrepreneur and an entrepreneur from an Asian tiger country. This discussion will include the characteristics of a successful entrepreneur, the risks they face or have faced and the market and macro environment factors that impact on the running of their selected enterprises for each of them; the well-known entrepreneur I have chosen is Anton Rupert, the emerging entrepreneur is Siyabulela Xusa and the Asian tiger entrepreneur is Ricky Wong.

Entrepreneurs are the people who are not afraid of taking chances though knowing that the chances might be bad, but nonetheless they are always positive and hope for the best. The risks they take are well calculated so that when it succeed, it brings good results.

Entrepreneurship is not an easy job as it is one of the most risky and stressful careers in the market (“Entrepreneurs”). A successful entrepreneur may be living in a mansion inspiring and creating change every day, but a failed entrepreneur may be living in a tiny apartment with millions of dollars worth of debt behind him. The success of a business can make or break an entrepreneur’s life.