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An entrepreneur is an individual who embarks on the journey of establishing a business, often accompanied by the assumption of financial risks, with the hope of achieving profitability. The term "entrepreneur" originates from the French word "entreprendre," which translates to "to undertake." Notable examples of entrepreneurs include Lord Alan Sugar and Bill Gates. Lord Sugar, with an estimated net worth of £800 million, initiated his entrepreneurial journey by selling car aerials from a van and later founded Amstrad, a company that offered affordable hi-fi turntable covers.
In 1993, he ventured into executive aviation by establishing Amsair Executive Aviation alongside his son, Daniel. On the other hand, Bill Gates, the world's first centibillionaire, began his entrepreneurial path at the age of 13, continued to gain experience in computing, and eventually created Microsoft, the world's most widely used computer software. This essay aims to delve into the traits commonly associated with entrepreneurs, scrutinizing whether these traits are innate or attainable through education and training. It will conclude by asserting that while entrepreneurs can be shaped and molded through education and training, the trait of innovation remains an inherent quality that is challenging to develop.
Entrepreneurs exhibit various distinctive traits that contribute to their success.
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One of these traits is the strong desire for independence (Brooks 2011). Many entrepreneurs are driven by a fundamental aversion to traditional employment, seeking the autonomy to control their work and lifestyle. Entrepreneurship offers a flexible career path where individuals can determine their schedules and take time off as needed.
Another crucial trait among entrepreneurs is the pursuit of personal fulfillment (Delgado-García et al. 2012).
Contrary to the misconception that entrepreneurship solely revolves around monetary gains, many entrepreneurs set personal goals, such as achieving international recognition or employing a specific number of individuals (Brooks 2011). These goals often transcend financial success and reflect a deeper sense of purpose.
Furthermore, possessing an internal locus of control is a common trait among entrepreneurs (Judge & Bono 2001). Individuals with an internal locus of control believe that they have significant influence over various aspects of their lives. In contrast, those with an external locus of control tend to attribute events to fate or external forces, making them less inclined to take risks— a quality that is vital for successful entrepreneurship.
Self-confidence is another critical trait in the entrepreneurial realm. Confidence in one's product or service is paramount for gaining the trust of investors and shareholders. Without unwavering confidence in their pitch, entrepreneurs may struggle to garner the necessary support for their ventures.
Lastly, innovation stands as a fundamental trait for entrepreneurs. The ability to identify gaps in the market and leverage innovation to address them is a key skill that drives business success and facilitates the creation of new products and services.
When considering the first trait, independence, it becomes evident that the preference for self-employment may be inherent in some individuals. However, this preference can also be influenced by environmental factors, such as having parents who are self-employed. Observing the freedom and flexibility that self-employment provides may encourage individuals to pursue entrepreneurship, suggesting that while some may be born with this inclination, it can also be nurtured.
The need for fulfillment and achievement, as the second trait, can vary from person to person. Some individuals may be content in a traditional job that offers financial stability without seeking higher positions or entrepreneurial endeavors. However, exposure to an innovative idea or a compelling opportunity can spark the motivation needed to adopt this trait later in life. Therefore, it is a trait that can be acquired over time.
In the case of having an internal locus of control, individuals' beliefs may be deeply rooted in their upbringing and early experiences. Education and training are unlikely to substantially alter this perspective. Rather, it is a trait that may develop during childhood based on the surrounding environment and upbringing.
Confidence, a critical trait for entrepreneurs, can be both innate and learned. While some individuals may naturally exude confidence, others can build it through therapy or by adopting positive mental attitudes. Although confidence can be cultivated, some individuals may possess a natural predisposition for self-assuredness, requiring less effort to become confident entrepreneurs.
However, innovation, the last trait discussed, is particularly challenging to teach and develop. While some individuals are naturally adept at generating creative ideas and identifying market gaps, others may struggle in this area. Innovation is akin to artistic talent in that some individuals are inherently gifted, while others may need to work diligently to develop their innovative skills. Nevertheless, even those with limited innate innovation abilities can enhance their innovative thinking through education and exposure to creative processes.
In conclusion, entrepreneurs exhibit a range of traits that contribute to their success, including the desire for independence, the pursuit of fulfillment, an internal locus of control, self-confidence, and innovation. While some of these traits may be innate, many can be nurtured and developed through education and training. The trait of innovation stands out as the most challenging to teach, as it is often deeply rooted in an individual's creative abilities. Despite this, the majority of entrepreneurial traits can be honed over time.
Entrepreneurs are not solely born or made; rather, they are shaped by a combination of inherent traits and the environment in which they are raised and educated. This nuanced perspective suggests that aspiring entrepreneurs have the opportunity to cultivate the necessary traits and embark on their entrepreneurial journey, provided they are willing to invest the time and effort required for personal and professional growth.
The Essential Entrepreneurial Traits: Are They Born or Made. (2016, Mar 23). Retrieved from https://studymoose.com/are-entrepreneurs-born-or-made-essay
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