Entrepreneurship and Personal Attributes

McDowell et. al. (2016) defined an entrepreneur as an individual who takes a financial risk with the prospects of profit, wealth, and growth maximization. After identifying a market gap, the entrepreneur establishes the idea to offer solutions to the targeted market. The motivation for the business is the opportunities that are offered in a social or economic perspective. For example, as more people become tech savvy, an individual may decide to set up a repair shop to offer maintenance services for laptops and phones for to the users. Such an initiative brings forth great profit opportunities if the entrepreneur is able to offer quality and customized solutions. However, in a global economy, competition from established and upcoming firms is intense. For instance, the already developed brands such as Infinix provide repair services in various outlets that are distributed in dominant markets. As such, a new firm without a diverse product portfolio faces the threat of being pushed out of the market if effective strategies are not utilized. In light of these observations, this essay seeks to examine attributes required for successful entrepreneurship ventures and the findings are used to rate my personal attributes.  

Attributes of a Successful Entrepreneur

According to Rashid et al. (2015), an intense desire to become successful is not the only requirement to success and sustainability. Although the venture presents great rewards, the challenges differentiate the real entrepreneurs from those who are not equipped with business minded attributes. Anderson (2017) outlined six attributes that make the modern entrepreneur stand out among the industrial peers. The personal attributes for successful entrepreneurs include: commitment, stress management, networking capabilities, financial management skills, and the ability to manage change.

Commitment

Managing a new venture requires complete time and physical commitment from the owner. To succeed, a person requires committing at least hours a week in the business (Tasnim and Signh 2016). Dedication to the business is beneficial since it assists in learning the changing industry conditions, creating connections with the users and identifying new gaps that help in the development of competitive                                                              advantages.  A survey conducted by Rashid et al. (2015) revealed that more than 50% of new business     ventures collapse when the owner is not engaged with the business. The reason for this observation is that the creator holds the business vision and as such, when another person is employed to implement the vision, chances of getting the expected outcomes are low. Running the day to day activities of the venture until growth is realized is critical for sustainability.                                                

Change Management       

Most entrepreneurs start with the hope of making consistent high profits. In the technological-based and globalized market, conditions keep fluctuating leading to changes in the consumer tastes and preferences (Cleverland et al. 2016). A business owner should be aware of external and internal market conditions influencing outcome so that he or she is positioned to adapt to changes. The attribute is also important since as the venture grows, new financial, capital, and human resources are required and as such, the operating structure will be revised. Being emotionally prepared for changes gives person leverage against the social and economic threats. For example, consumers in the case of a new electronic repair shop, the manufacturers may start offering products that have in-built functionality that makes it difficult for the processors and other systems to spoil. In addition, there is the possibility that the firms will offer after sale services such that consumers who purchase from firm can take the phones for repair free of charge (Pesquex et al.  2018). Such a transition threatens the survival of the venture. In such a case, the entrepreneur should come up with innovative solutions that give consumers a reason to buy solutions from the firm and pay for the services. Failure by an entrepreneur to take change positively by taking advantage of new opportunities leads to business failure. 

Stress Management

Stress and uncertainties are common for a new business owner. Individuals starting with the guarantee of stable incomes cannot survive as entrepreneurs. The fear of failure tends to create psychological stress which influences relationships with other business peers, family, friends and even consumers. Being an entrepreneur implies that a person is prepared for uncertainties such that there is no definite income, working hours and responsibilities (Chambers 2016). Being prepared for any eventuality strategically prepares a new business owner to accept the outcomes from the business and address issues in a sober manner for better and sustained returns.

Marketing and Networking Skills

In the era when purchasing power shifted to consumers due to the immense knowledge of the available substitutes, new business owners should be able to connect with people and establish networks that will yield high sales volume (Hajli and Sims 2015). A successful entrepreneur is able to draft a message that reaches out to the intended market to create traffic for the new brand. There are many platforms that are facilitated by technology that an individual can use to connect with buyers including Facebook, Instagram and email marketing. As such, it is important to understand the potential buyers and their needs so that the messages are individualized for better acceptance and subsequent visibility.

Self-motivated and Passionate

A personal drive for success is what keeps successful business owners in business (Anderson 2016). An individual should be motivated internally so that external factors and negative comments from rivals and friends do not adversely affect the desire to succeed. In addition, a person should venture into a business that he or she is passionate so that the individual focuses attention to other details rather than financial returns. A passionate entrepreneur is ethical and motivated to offer solutions that have long lasting effects on the buyers.                                                                                                                                                                                                                                                                                                                                                                                                                        

Personal Rating as a Prospective Entrepreneur

Based on the above discussion of the attributes that make a successful entrepreneur, on a rate of 1-5, one being the lowest outcome and 5 the highest score, I rate myself my score is 4. Whenever I start an initiative, I am self-motivated to establish the vision to success and rather than focusing on the negative factors affecting performance of the initiative, I dwell on the positives. I am also a sociable person and as such, it is easy for me to form relationships at a personal and professional level. Conversely, I perceive change as a disruption to my existing quo which makes it difficult for me to adopt especially when the effects are substantial. As a conservative, a change would adversely affect operations for a period. However, I intend to caution myself against such eventualities by remaining updated with the changes in the external environment so that there is a balance between the core resources of the firm for sustainable results.

Conclusion

Implementing a new business idea is a challenging but rewarding prospect. Understanding the market environment is important so that an individual is prepared to counter threats and take advantage of opportunities. Commitment to the venture, ability to manage change and finances, self-motivation and passion are some of the critical attributes that position a new venture in the industry for successful outcomes.

References

Anderson, R. 2016. Six Characteristics for Success. Available at:  https://www.news-leader.com/story/news/business/2017/08/26/entrepreneurship-your-future-six-characteristics-success/591723001/     

Chambers, D., 2016. Culture: For Small to Medium Sized Firms, It May Be More Important Than Entrepreneurial Orientation. In Academy of Management Proceedings

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Hajli, N. and Sims, J., 2015. Social commerce: The transfer of power from sellers to buyers. Technological Forecasting and Social Change, 94, pp.350-358.

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Rashid, K.M., Ngah, H.C., Mohamed, Z. and Mansor, N., 2015. Success factors among women entrepreneur in Malaysia. International Academic Research Journal of Business and Technology, 1(2), pp.28-36.

Tasnim, R., & Singh, H. (2016). “ What, Exactly, is Entrepreneurial Commitment?”: Modeling the Commitment of Successful Entrepreneurs. Journal of Applied Management and Entrepreneurship, 21(3), 6.