At one time, all large companies started out as a thought in the entrepreneur's mind. Just think of Ray Crock of McDonalds, Bill Gates of Microsoft, Larry Ellison of Oracle, Sam Walton of Wal-Mart Stores or Steve Jobs of Apple Computer and Pixar - all were ideas in their founders' minds, and look where the companies are today!
There are a number of personality traits, characteristics, and skills that sucessful entrepreneurs have including:
Sensitivity to market needs
In the first case, you are asked to examine and compare these.
Refer to the required and optional readings on entrepreneurship, the theme for this module. These articles will give you a good understanding of the traits of entrepreneurs, and the passion they have for building new enterprises. Pay careful attention to the articles on Steve Jobs (Apple Computer) and Jeff Bezos (Amazon.com); they (along with Bill Gates) are considered to be the three top entrepreneurs of their generation.
Case Assignment Expectations
Please write a paper, answering the following three questions:
What are the most significant traits of entrepreneurs?
What are the similarities and differences of business and social entrepreneurs?
Identify the major similarities and difference between the characteristics of business and social entrepreneurs.
Assess the practical value of classification schemes (typologies) focused on defining the traits of successful entrepreneurs.
Keys to the Assignment
The key aspects of this assignment that should be covered in your paper include:
Demonstrate good knowledge of the typologies, traits, and characteristics of entrepreneurs
List the significant traits of entrepreneurs, and relating these to the tasks that an entrepreneur must accomplish to be successful
Fully compare and contrast the characteristics of business and social entrepreneurs. How are they similar and how are they different? Are there generational issues which come into play, e.g., do entrepreneurs from Gen. Y tend to be more social entrepreneurs than business entrepreneurs?
Fully explain why using classification schemes (typologies) does or does not work when it comes to defining the traits of successful entrepreneurs.
Here are the articles:
Koehn, N., E. (2009). Steve Jobs's legacy. Fortune, 160(10). Retrieved from http://money.cnn.com/2009/11/03/technology/steve_jobs_legacy.fortune/index.htm.
Wartzman, R. (2011, January 21). A different Steve Jobs departs this time. Business Week (Online). Retrieved from http://www.businessweek.com/managing/content/jan2011/ca20110120_475242.htm.
Case Assignment Expectations. Please write a paper, answering the following three questions: What are the most significant traits of entrepreneurs?
Traits and characteristics of entrepreneurs blend with the needs and requirements of the business and helps business to grow and achieve success. Much academic research has been conducted to define the characteristics of a successful entrepreneur. Entrepreneur is drawn to the world of business and commerce because of their great desire for independence, innovativeness and their love of a competitive environment.
The important characteristics of an entrepreneur are identified as high energy, confident and creative. Successful entrepreneurs know how to control and discipline their gift. They blend their business knowledge (both formal and from the 'school of hard knocks') with perseverance and an enjoyment to craft their success in spite of the many preceding failures, disappointments and setbacks.
Following are the characteristics which I believe are the most important traits of entrepreneurs...
1. Innovation: Entrepreneurs are naturally curious, inquisitive, and highly flexible in their thinking. Their core competency is Innovation which sets them apart from other self-employed and successful businessmen. They always scan environment for new opportunities and new ways of doing it.
2. Risk taking: Entrepreneurs takes every risk as an opportunity. They are open to take risks and new challenges after carefully evaluating it, based on their ability to accommodate it. They are open to learn from failures of theirs and others.
3. Entrepreneur's thrive on change, have proactive approach, take initiatives and willingly accept personal responsibility for projects.
4. Strong sense of urgency: Entrepreneurs are creative, enthusiastic to develop and implement their ideas. They harness all available resources within their reach to achieve success on their own terms.
5. Self-confidence: Entrepreneurs are full of self-confidence, they are fan of themselves. They believe in themselves and their own way of performing their tasks.
6. Passion and zeal: This is an important character of entrepreneurs; they are full of passion and enthusiasm for creating, planning and implementing their ideas. They put in their whole energy and effort to make their ideas become reality.
7. Futuristic: They are futuristic in their outlook and they seek instant solution to solve problems.
8. Independence and Responsibility: Entrepreneurs are independent and feel responsible for performing their tasks. They don't seek support or help on every step. They believe in themselves, feel responsible to take the ownership of their success or failures. They do things their own way with the ...
The similarities and differences in business and social entrepreneurs are examined.