Wk2 DQ1

Discussion Question 1 - (CLO1, CLO2)

What are the seven (7) major themes that characterize entrepreneurs? Which are most important

and how can they be encouraged and developed?

In order to become a successful entrepreneur an individual is required to have some of

the basic characteristics. According to (Spinelli & Adams, 2012), the seven major themes that

characterize entrepreneurs are as follows: -

Commitment and Determination:

With having commitment and determination, an entrepreneur can handle difficult

situation and find out their weakness. Good entrepreneur completes their commitment with

strong determination. They do not afraid of their personal reputation though they fail. An

entrepreneurs shows willingness to invest a substantial portion of his or her net worth in the

venture and take a cut in pay.

Courage

Courage is defined as an entrepreneur ability to face danger, difficulty, uncertainty, or

pain without being overcome by fear or being deflected from a chosen course of action. The

other scholars explain it as the ability to do somethings dangerous, or to face pain or opposition,

without showing fear (Sekerka & Baqozzi, 2007). In particular, courage is a character trait built

up by practice that allows one to persist willingly in the face of fear and pain for the sake of

goods ends.

Leadership

Leadership is taken as one of the main tools that characterize entrepreneur. Successful

entrepreneurs had ability to exert influence to others without formal power. They can know how
to lead and influence other to follow them (Ensley, Pearce, & Hmieleski, 2006). They know

when to use logic and when to persuade, when to make a concession, and when to exact one.

Successful entrepreneur doesnot back off their hands in conflict situation and able to think

critically to solve conflict. The entrepreneur had learned skills from their experience to hold

their third parties such as customer, supplier, the financial broker, and creditors to operate their

venture smoothly.

Opportunity Obsession

Successful entrepreneurs look towards market based opportunity and gives less

importance to the money, resources, contacts and appearances. In others, the entrepreneur value

opportunity first and cash last. Even though entrepreneur had highly successful venture, they

will start up another company. Just like artist, scientist, athlete, or musician sacrifice their

personal life in order create new history, entrepreneur search another opportunity for business

after they owned successful ventures. (Spinelli & Adams, 2012)

Tolerance of Risk, Ambiguity, and Uncertainty

Successful entrepreneur had capacity to tolerate risk, ambiguity and uncertainty. They

can calculate risks and put their reputations on the line. They can minimize negative reactions of

exhaustion and frustrations and increase motivation of their people in work performances. Good

entrepreneur manages their stress and help their follower to hander difficult situation in the

organization.

Creativity, Self-Reliance, and Adaptability

Successful entrepreneur has the ability to look forward about their ventures goal. They

can easily adapt to changing environment to take first mover advantages in market. They dont
afraid of failing but able to learn from the mistake and motivate other to take initiate in

innovation.

Motivation to Excel

Successful entrepreneur is self-drive to compete and attain challenging goals. Good

entrepreneur able to understand their own strengths and weakness and their other partners and

competitors and tackle to maximize advantage and reduces weakness.

Among these seven, Opportunity obsession, tolerance to risk, ambiguity and uncertainty,

creative, self-reliance and adaptability are most important characteristics of entrepreneurship.

Such type of entrepreneurs is encouraged themselves from growing uncertainty market. Before

the people become an entrepreneur can work in other people jobs to understand how the CEO,

managers make decision, implement new product. Also, the people can understand how the

management of existing firms treated the subordinate and employee of the firms. Such

information helps the entrepreneur to know the lack valuable to grab opportunities and develop

themselves to become that characteristic of entrepreneur and fill the gap exists in the firms.

References

Ensley, M. D., Pearce, C. L., & Hmieleski, K. M. (2006). The moderating effect of

environmental dynamism on the relationship between entrepreneur leadership behavior

and new venture performance. Journal of Business Venturing , 21(1), 243-263.

Sekerka, L. E., & Baqozzi, R. P. (2007, April). Moral courage in the workplace: Moving to and

from the desire and decision to act. Business Ethics, 16(2), 132-149.

Spinelli, S., & Adams, R. (2012). New venture creation. New York: McGraw-Hill.