Characteristics of Successful Entrepeneurs Essay

Characteristics of Successful Entrepeneurs - Essay prototypeSignificance of the Research When it comes to care, what makes one and only(a) successful enterprisership is undoubtedly one of the most significant topics because successful entrepreneur finds business opportunity, seizes it and creates a market of his own by beating the competitors and achieving sustainable competitive advantage. Studying and exploring in to the essential characteristics of an entrepreneur would be helpful to understand what makes an entrepreneur and how he brings success to enterprises. As Volery, bunk down and Mazzarol (p. 1) noted, entrepreneurship remains to be a driving force in the modern parsimony more than ever. Its because, entrepreneurs meet the economic motivations through the creation of thousands of business every years. Many businesses in recent days started downsizing or outsourcing processes, but entrepreneurs are those who create new ventures and new jobs that help gird the econom y as a whole. Entrepreneur has played pivotal roles in todays business developments, technological advances and all the radical changes that brought renaissance in business environments. People all over the adult male are able to meet their varying requirements and specific individual needs only because entrepreneurs in various parts of the world, no matter how smaller or larger they are, have found opportunities, thought creatively, innovated and formal an enterprise to provide nearthing valuable to the people. Characteristics of Successful Entrepreneurs Many researchers have obviously agreed with the very heavy view of entrepreneurship as described by the father of entrepreneurship, Joseph A Schumpeter. According to him, entrepreneurship is innovation (Carsrud and Brannback , p. 7). Entrepreneur is one who perceives or finds an opportunity to be seized and then to create a new product or helping or changes an existing one in order to create new marketable contribution to the economy (McDaniel, p. 57). An entrepreneur is not only an opportunity finder, but be a good manager with staple fiber managerial skills like direction, coordination, supervision, decision making, risk bearing, control and problem solving etc (Brockhaus, p. 1). An entrepreneur doesnt need to be a manager or not to function as a manager, but he must be skilled in managerial qualities and functional areas like those mentioned above. A basic dissimilarity that most literatures have described is that a manager is not always the owner of the enterprise and and so he is relatively less obligated where as the entrepreneur is the owner of the business and more responsible too. The most essential and basic characteristics of entrepreneur are detailed below Entrepreneur as an trailblazer Innovation is one of the fundamental qualities of an entrepreneur. As Drucker (p. 17) noted, innovation is very specific tool that an entrepreneur is essentially required to have and with this he can fi nd chances and make them opportunities for various business purposes. Finding opportunities for some thing new and bringing a vision in to reality through innovation is therefore critical element to the success of an entrepreneur. Entrepreneur needs to be innovator for major innovations, start up of business, developing new products or services for a presently