Sunday, December 17, 2006

Management Lite & Ezy 19 – The Entrepreneur Mind-set

Do you have what it takes to be an entrepreneur?

For decades, scholars have been debating about factors behind the success stories of entrepreneurs. Kuratko and Hodgetts, for example, suggested that there are some common characteristics associated with entrepreneurs. These characteristics are given below:

  • Commitment, determination & perseverance
  • Drive to achieve
  • Opportunity orientation – Entrepreneurs focus on opportunities rather than on resources, structure, or strategy, as in the case of most managers.
  • Initiative & responsibility – Entrepreneurs actively seek and take initiative, and put themselves in situations where they are personally responsible for the success or failure of the operation.
  • Persistent problem solving – Entrepreneurs are not intimidated by difficult situations.
  • Seeking feedback
  • Internal locus of control – Successful entrepreneurs believe in themselves. They do not believe the success or failure of their venture will be governed by fate, luck, or similar forces.
  • Tolerance for ambiguity
  • Calculated risk taking – They are not gamblers, though.
  • Integrity and reliability
  • Tolerance for failure – Entrepreneurs use failure as a learning experience.
  • High energy level
  • Creativity & innovativeness
  • Vision – Entrepreneurs know where they want to go.
  • Self-confidence & optimism
  • Independence
  • Team building – Most successful entrepreneurs have highly qualified, well-motivated teams that help handle the venture’s growth and development.

Reference: Kuratko & Hodgetts, Entrepreneurship – Theory, Process, Practice, 7th edition

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