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Business Management

Timmons, Wickham and other contributors to the literature, have attempted to summarize the personality characteristics of "successful entrepreneurs" and to also categorize and measure these characteristics (often between innate ones and those which can be acquired). Discuss with criticality entrepreneurial characteristics that you believe can be acquired and developed by individuals and the problematic issues that arise from attempts to measure these characteristics. (1,200 words with adequate references)

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The response addresses the queries posted in 1229 Words, APA References.

Business Innovation & Entrepreneurial Characteristics

Introduction

Innovation is the vital component of any business, which provides competitive advantage to the business. In the present competitive business environment, it is essential for the business organizations to follow innovation tactics for coping and preventing the business from stagnancy. Business innovation induces change in the business practices of an organization. Innovation can be in form of new ideas or changes in the current business portfolio. For business innovation, the ability to manipulate new and innovative ideas into successful outcomes is necessary. Business innovation can be effectively done by establishing innovative channels of communication, finance and business models (Use innovation to grow your business, 2009).

Business innovation improves the efficiency and productivity of the business organization in the market. The business entrepreneurs should focus on the development of the capabilities of the business by increasing the synergy and efficacy for the creation of new and innovative business approach. The entrepreneurs become successful in their businesses because they implement their innovative ideas of conducting business in practice, within the business standards. For becoming a successful entrepreneur, a person requires various personality traits and characteristics (Bennett, Lance & Woehr, 2006). The paper will provide a detailed description about the acquirement of the essential traits and qualities of the successful entrepreneurs and the issues that come into existence while acquiring these characteristics.

Personality Characteristics of Successful Entrepreneurs

Entrepreneurs are the individuals who take risk in their business ventures and have optimistic capabilities towards solving the problems. Every entrepreneur possesses some personality traits and characteristics for becoming successful in the competitive business environment. The personality traits and characteristics of the entrepreneurs can be innate or acquired. Successful entrepreneurs focus on taking risk in their business ventures and maintaining positive attitude towards the condition of business (Albertson, 2008). The main characteristics of a successful entrepreneur can be described as follows:

Ø Optimistic behavior: It tends the entrepreneurs in finding the best opportunities out of the business situations.

Ø ...

Solution Summary

The response addresses the queries posted in 1229 Words, APA References.

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