Characteristics and Traits of Entrepreneurs

Question: Discuss about the Characteristics and Traits of Entrepreneurs. Answer: Introduction One of the core characteristics of successful entrepreneurs is their desire to achieve, besides in making money. According to Eugen Burdus, entrepreneur motivation is more complex, expressing the first urge to go further, (Johnson, Freeman, and Staudenmaier, 2015) Entrepreneurs with this particular regard the money only as a confirmation of their success. As Professor Bowden remarks, although Prince is mostly motivated by competitiveness, he likes to succeed where the stakes are high -, his actions are underpinned by a philosophy of service to the community (Lerner and Watson, 2008) Research has revealed that willingness to assume responsibilities is fundamental to entrepreneurship and complements desire to achieve. Successful entrepreneurs are driven to control their resources to meet their objectives. He does not know what drives him Prince is incredibly ambitious; in Professor Bowden view Prince is not like most people in business; who keep their earnings to spend in future; he wants to spend his money now as he earns it. (O'Shaughnessy, 2015) Analysis of Entrepreneur Characteristics while Linking them to Dr. Sam Prince (Aileron, 2013) States that resiliency is an essential skill for a successful entrepreneur. It enables the contractor to keep going despite the difficulties of business. Some bow out due to pressure; some bail, others are put down by unseen dimensions and fire wrongly, not recognizing how or when they misplaced the light (Prince, p 5). Prince cannot merely resign; he can do a lot of things because he has fascinated a group of people who are talented to hang around him. There are almost three hundred people employed in his many operations. (Fried and Tauer, 2015). Entrepreneurs tend to be risk takers. Prince intends to open up more than thirty eateries. It seems like a huge risk. However, the fact that this new venture is a risk does not deter him. However, the risk taking is usually the start of disaster in an entrepreneurial setting. Successful entrepreneurs understand how to measure the balance between risk and reward Having the restaurants grow organically from profits instead of from debt is his way of taking a calculated risk (Levy, 2014). Eugen Burdus describes the vision, as another trait of successful entrepreneurs. The entrepreneur can realize future opportunities instead of pondering over past successes or failures, (p 35). The idea of opening an eatery hit Prince as he was employed as a cook in a hotel of Mexican heritage to earn money to pay for medical school. He predicted that Mexican grills would grow in popularity in the US. He was able to take advantage of the opportunity the lack of nutritious and decadent Mexican food sourced locally. His vision led him to start an eating place in Canberra with $10,000 venture. According to (und, 98) Tenacity is yet another characteristic of successful entrepreneurs. Giving up is just not an option. You should keep going against the odds and be able to pick yourself up after every knockdown and continue as if nothing happened. Professor Bowden expresses in his remarks that he has no doubts Sam will endure the criticism and questions about his motives. Only then will be able to acquire valid paradigm for Aboriginal Health which will apply to the different societies in Australia (Kim and Howard, 2005) Aileron realizes self-reflection as an important entrepreneurial skill. It is important to get time to reflect on the past and make plans for the future. Allowing you time to reflect which ensures the avoidance of a physical or emotional burnout. Due to the number of hours Prince puts in for work each week, he integrates his labor and plays. He admits to being afraid of burning out because for the past ten years he has been sleeping for four hours daily. (p 5). Major Boundaries or Challenges in Social Entrepreneurship Sam Prince identifies three major lessons he learns from the challenges he encountered in his endeavors in social entrepreneurship. The first is having a clear understanding of what constitutes of fundamental human right and what you believe is a basic human responsibility. Then one has to conduct their business ethically without any Political, financial or religious gain. Finally, it is important that one be in charge of a corporation involved with aid, in a similar manner as one would an enterprise. Discussed below are other challenges involved in running a social enterprise (Toivonen, 2015) Jo Barraket recognizes resourcing and finance as one of the challenges faced in running a social enterprise. Although many social enterprises do not need external capital access to resources and suitable form of external financing is a challenge. We see the communal economics and influence investing market in Australia as undeveloped and controlled by a need for supply, with little proof of it reacting effectually to the sourcing wants of communal projects(Tan and Yoo, 2014) Policy and advocacy are yet other challenges that social enterprises face when running. According to Barraket, we view modern clear strategy gadgets as inhibitors of the societal invention. Partakers observed the absence of synchronized policy activism as an opposition to the social endeavor discipline in Australia. Finally, he states that social enterprises face the challenge of staffing. Participants acknowledged an increasing awareness in an occupation that is based on values as an opening for appealing personnel to public business. Nonetheless, they additionally saw recruitment problems relate to acquiring workers with compulsory hybrid aptitude groups; altering staff profiles as collective organizations developed, and restrictions in enticements to draw the right employees. All successful entrepreneurs possess the particular skills and characteristics mentioned in the discussion. Sams motivation and resilience must be the reason why his businesses are doing well and displaying great strides in expanding. Despite the challenges he faces in running his businesses he is still able to persevere and work towards solving the problems he encounters every day. Conclusion In conclusion, the researchs objective is to explain the entrepreneur tendencies and attributes and also contains contemporary trends of a social businessman. It is an anamnesis of a business person.Dr. Sam Prince; a doctor and additionally, his passion is to operate a Mexican restaurant called Zambrano. As well he takes the time to tend to those people who have Scabies. He explains that the task of making scabies extinct from East Arnhem Land is a highly complex job and one has an impression that an accessible resource of more capital will resolve an amalgam set back that is as much a regular subject a medicinal one (Fecher, Chaves and Monzon, 2012). It is evident that Prince Works for the remarkable amount of hours weekly, but for his hard work and play amalgamate. Prince places the excitement of other people to get alarmed after him trying his aspirations on his sleeves. He says that by a strength of entitlement and says, I desire to partake in this and be free about it, this mann er. He thinks that there are such heaps of people who can assist you. We were subsisting a scarcity of concepts where we suppose theres one individual in the world who can help you to attain your dream (Volery, Mueller Siemens, 2013). References Fecher, F., Chaves, R., and Monzon, J. (2012). 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