Key Aspects of Entrepreneurial Personalities and Growth
Question 1: What is an entrepreneur? Exploration of the entrepreneurial personality
Entrepreneur
An entrepreneur is a person who is able to create new business ideas and to bear the possible risks through establishment of new businesses. The effective process of building a business is generally known as the entrepreneurships. Entrepreneurs have a great importance in the concerning economy through the use of their skills and capabilities of initiating necessary steps to anticipate the business requirements and to bring the new innovative ideas into the market (Hnatenko et al. 2020). The entrepreneurs have been seen as a source of services, goods, new ideas, businesses and an innovator.
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An entrepreneur utilizes their individual times, resources and energy to make values for the others and they get their rewards monetarily for giving the efforts. Moreover, the entrepreneurs are creating an effective customer value with respect to their entrepreneurial benefits (?hnatenko et al. 2020). They exploit different entrepreneurial opportunities in the market and these include
Development of a new business planning
Recruitment of the required human resources
Accumulation of financial and other resources
Leadership goals
Holding the responsibilities for the success or failure of the organisation
Avoiding the associated risks
Entrepreneur Personality
The individual's personality to see the market opportunities and to exploit it by creating sustainable values in the market themselves and the others (Purwanto et al. 2021). There have been three different parts to define the attitudes or personality of the entrepreneurs and these consist of observing the opportunities, seizing of these opportunities and creating values.
The ever first part of the entrepreneurial personality is to see different opportunities and possibilities in the markets. Usually, all business individuals are seeing the possibilities and opportunities, as for example walking beside an empty building the individual try to imagine and conceptualize the possible strategic starting business possibilities. Moreover, any person can observe the opportunities within the public organisations and any entrepreneurial startups. The managements and the leaderships in the organisations may take effective approaches to save as much money as they can (Kurpayanidi, 2019). However, if the entrepreneurs are not trying to take actions over the opportunities, then there is nothing to do more than fantasizing or dreaming about the possibilities.
Seizing opportunities
The second part of the personality will follow the first parts and this part is important to take actions accordingly with the observed opportunities there or investigating the possibilities of the perceptions to implement practically. The entrepreneurs have to judge about the implementation process as financially feasible or not and analysing the efficiency of his or her capabilities to use the opportunities in the market (Feng et al. 2022). Moreover, in this part, the entrepreneurs have to understand their individual attitudes and personal qualities to accept the realizations of the available opportunities.
Creating the values
The last part of understanding the entrepreneurial personality is the value creation. The values mean the operational freedom and to have the abilities to understand the individual's choices and customers satisfactions. Even the individuals can exploit the opportunities but they have to follow the effective approaches for creating organisational values where they can save money through their efficient workings for the organisation. The values are not only limited to make moneys but also create a much more to the organisation (Bulturbayevich, 2021). In the social entrepreneurship, the entrepreneurs have to provide helps for solving different problems in the society through implementing strategic approaches in their new businesses. The entrepreneurs should generate the business values to themselves including freedoms, proactivity and income and also, they should have the responsibilities of making their customers happy and to work for a better sustainable world.
Based on the study of different entrepreneurial personalities, there have been identified some of the personality traits that will be the most important aspects of the entrepreneurs and their personality development skills or abilities (Su et al. 2022). These aspects may include the followings.
Use of the manipulating capabilities
Providing the significant opinions without being questioned
Creating the goals and novel visions and ideas to gain the competitive market advantages
Focusing on the work with an effective conscientiousness
Execution capabilities of managing and organising different strategies and things
Seeing the problems in a different perception to take it as an opportunity
Taking the criticisms open minded and personally (Lin and Chen, 2021)
Having the leadership skills
Motivating others in the workplace
Thinking continuously for implementing the entrepreneurial strategies and goals
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There have been various entrepreneurial skills test and models that can be effective to build the frameworks in the assessment of different attitudes and personalities. These include the psychometric tests like General Enterprise Tendency Tests (GETT). GETT test has been defined as the tendency to manage the projects and to start various startups companies with the collaboration of highly enterprising persons to be more innovative in their implementing process for different strategic approaches (Brockova et al. 2021). The enterprises can be expressed through the startups of new business ideas operations as an entrepreneur within an organisation or setting up the ventures in the community. In the model, the key factors of the entrepreneurial attitudes have been identified and these characteristics may be effective in the theoretical frameworks. These characteristics may include creative tendency, strong motivations, calculated risk managing abilities, required characterizations of achieving the success or autonomy and internal controlling louses.
Entrepreneurial life stages
Through studying different entrepreneurial opportunities and its various activities, there have been made the life stages of entrepreneurial organisation and this life cycle may include the four phases (Huang et al. 2022). These four phases are discussed below.
Phase 1: Innovate
There has been the process to Investigate, develop and plan to launch new business according the innovative concepts in the phase 1 of entrepreneurial life cycle. Moreover, the aggregation of the essential resources should be made in this stage.
Phase 2: Rapid Growth
Launch, create and grow the planned business quickly in order to achieve the goals, objectives about the business growths and create a sustainable strategy for the business.
Phase 3: Stabilize the business or make exit from the market
To maintain a long-term sustainability, the business should be stabilized for making the prediction of generating more profit margins (Adamenko et al. 2021). The leaders have to decide either to run businesses or planning to sell.
Phase 4: Circle Back
Cultivate, seed and lead the future entrepreneurs’ generations and finally contribute to the sustainable world environments.
Figure 1: Entrepreneurship’s life cycle
Question 2: Evaluation of the Entrepreneur
Entrepreneur evaluation is an effective process that has been used by most of the entrepreneurs to make measurement for their individual success as per their goal achievements. The process begins from setting the objectives and goals off the business and then the process continues with the development of the new strategies and plannings for achieving the organisational goals (Huang et al. 2022). The measurement is made systematically after accomplishing the primary goals and the final resulting report provides some valuable insights for expanding or continuing the business strategies of the entrepreneurs.
There have been various models and methods available to make evaluation of the entrepreneurs and the choices are made based on the particular requirements of the evaluating business needs. Some popular evaluation methods have been discussed below.
Goal analysis
This method includes the analysis of different specific goals that have been set by the entrepreneurs primarily. This analysis will help in the identification of any knowledge gaps or skills deficiency to accomplish the goals and it provides a significant insight to take necessary steps towards the best possible way to develop the overall strategies for their ongoing businesses (Bulturbayevich, 2021).
Benchmarking
This method is involving with the comparison between different progress management that has been made by the entrepreneurs against the previous business progress managements. This comparing information may help in the identification of different improvement areas and it also provides with the useful insights and analysis that will be very effective to this competitive business environments where the business is operating.
Systematic Observation
This method has been consisted with the regular monitoring process for the business progress that the entrepreneurs made previously in order to collect the feedbacks based on their business performances (Kurpayanidi, 2019). These feedbacks are important for identifying the Ares of improvements and also these comments may be used to track the overall progress over the time being.
Exit Interviews
The interviewing methods have been involved with the study of the interviews that has been made with the help of key employees in the organisation. To develop an insight of the business, the employees who had left the company are interviewed in order to understand the reason of leaving the organisation and the improvement suggestions that they have referred (Purwanto et al. 2021). This method will be applicable in the process of developing the employee retention process and its effectivity in their business expansions.
The good entrepreneurs are those individuals who have been recognizing the opportunities where other management observe the chaotic situations and they are playing an important role for the organisational changes within the business places. The entrepreneurs are considered as the heroes in today's competitive market situations as they start new companies with making the target of fulfilling the vacant business places providing new jobs at a huge breath-taking market pressure. The national economies and as well international economy have been revitalized because of the extra efforts that have been put by the entrepreneurs and the global economy has turned to a free enterprise with considering as a new effective model of economic development process. There have been also the passions for driving the opportunities worldwide of the entrepreneurs that is moving the business world forward as they are challenging continuously the unknowns and creating the sustainable future (Hnatenko et al. 2020). Jeffry A. Timmons has said to sum up the entrepreneur’s realties that the persons who wants to take the experiences of the dark and deep canyons of ambiguity and uncertainty are on the way to walk over the success.
Question 3: Self-analysis and self-reflection
I am going to reflect on the entrepreneurial personalities and skills that have the importance on a successful business running process. I have experienced a lot about the concepts of managing and running of a new entrepreneurial business in the process. After experiencing the workings of the entrepreneurs and understanding different characteristic of entrepreneurships, I have seen myself as a capable of being an entrepreneur in the future because of the tested potentials and competencies within me. Every discussed model in this study gives some specific attribution to various entrepreneurial characteristics and one of the most significant models is Entrepreneurial Traits Wheel that has been considered by me as it gives description the entrepreneurial traits and the enterprising individuals (Purwanto et al. 2021). My self-evaluation process will help me in the understanding of my required capabilities to manage the startups and running businesses effectively.
Figure 2: Entrepreneurship skill wheel
As being adaptive is one of the most essential skills of an entrepreneur, the analysis of my entrepreneurship skills would be based on my responses to different new opportunities and unknown challenges in the marketplaces. We have to take the effective approaches accordingly to take the employee and customer feedbacks adaptively and make changes. Leadership skills have been most needed in the case of encouraging their individual clients and we need to critically think about these skills to develop. We must have the ability to understand the employee and others perspectives and needs to take the strategic decisions that will be effective to grow the business.
Finally, and most importantly, an effective communication skill is much required in the entrepreneurships. The negotiation process for completing the contracts or assignment projects require the significant approaches by the entrepreneurs to go forward (Adamenko et al. 2021). I have known that these skills can be improved easily with putting an extra effort to our learnings and experiencing the objectives of entrepreneurships within the organisations. Moreover, the evaluations and examining process of analysing different frameworks or models of entrepreneurships are effective to make productive changes that will help to get closure to accomplish our goals of entrepreneurship personality development.
References
Adamenko, M., Zinchenko, O., K?sy, M., Pohrebniak, A. and Redko, K., 2021. Analysis of enterprise personnel innovative potential in the system of management. Studies of Applied Economics, 39(7).
Brockova, K., Rossokha, V., Chaban, V., Zos-Kior, M., Hnatenko, I. and Rubezhanska, V., 2021. Economic mechanism of optimizing the innovation investment program of the development of agro-industrial production.
Bulturbayevich, M.B., 2021, February. Improving the mechanisms of strategic management of innovation processes in enterprises. In Archive of Conferences (Vol. 15, No. 1, pp. 130-136).
Feng, W., Zhao, L. and Chen, Y., 2022. Research on collaborative innovation mode of enterprise group from the perspective of comprehensive innovation management. Sustainability, 14(9), p.5304.
Hnatenko, I., Orlova-Kurilova, O., Shtuler, I., Serzhanov, V. and Rubezhanska, V., 2020. An approach to innovation potential evaluation as a means of enterprise management improving. International Journal of Supply and Operations Management, 7(1), pp.112-118.
Huang, S., Lin, H., Zhou, Y., Ji, H. and Zhu, N., 2022. The influence of the policy of replacing environmental protection fees with taxes on enterprise green innovation—evidence from China’s heavily polluting industries. Sustainability, 14(11), p.6850.
Kurpayanidi, K.I., 2019. Theoretical basis of management of innovative activity of industrial corporation. ISJ Theoretical & Applied Science, 1(69), p.7.
Lin, B. and Chen, S., 2021. Paternalistic Leadership and Enterprise Management Innovation: A Moderated Meta Analysis. In E3S Web of Conferences (Vol. 253, p. 03041). EDP Sciences.
Purwanto, A., Purba, J.T., Bernarto, I. and Sijabat, R., 2021. Effect of Management Innovation, Transformational Leadership, and Knowledge Sharing on Market Performance of Indonesian Consumer Goods Company. Journal of Applied Management (JAM).
researchgate.net (2023), Theoretical-Framework-of-Entrepreneurial-Personality-and-Business-Performance, Available at: https://www.researchgate.net/figure/Theoretical-Framework-of-Entrepreneurial-Personality-and-Business-Performance_fig1_273757024, [Accessed on 17.05.2023]
Su, W., Lei, G., Guo, S. and Dan, H., 2022. Study on the Influence Mechanism of Environmental Management System Certification on Enterprise Green Innovation. International Journal of Environmental Research and Public Health, 19(19), p.12379.
?hnatenko, M., Marmul, L., Petrenko, V., Karnaushenko, A. and Levaieva, L., 2020. Innovative tools in the methodology and teaching of the basic principles of enterprise management. International Journal of Management, 11(6), pp.847-854.
