Personal Features and DNA of Entrepreneurs – entrepreneurshipcareercentre.com

Personal Features and DNA of Entrepreneurs

The variability of entrepreneurs makes it difficult to categorize them (Beeka, 2015; Gartner, 1985; Low and MacMillan, 1988). The role of personality traits in predicting entrepreneurial qualities is debatable (Chell et al., 1997; Gartner, 1988; Shane and Venkataraman, 2000), as no two people have exactly the same personality features. While other studies disagree (e.g. Brockhaus and Horwitz, 1986; Gartner, 1989; Low and MacMillan, 1988), narrative evaluations demonstrate a favourable association between the development of a firm, its success, and personality qualities (Rauch and Frese, 2007).

Personality Traits and Qualities

However, research acknowledged that personality factors affect opportunity recognition and that individual personalities “lead and shape firms” (Chell et al., 1997). Thus, characteristics like interests, abilities, and personality traits offer a window into behaviour. Risk-taking, autonomy, freedom, the need for achievement, determination, initiative, confidence, and the ability to deal with fear or failure are some of these qualities (Arenius and Minniti, 2005; Casson, 2010; Delmar, 2000; Kuratko, 2009; Low and Macmillan, 1988; McClelland, 1965; Shane, 2003; Wagner, 2004). Additionally, Table 24 lists a number of individual traits: The Entrepreneur’s Personal Qualities

Features and DNA of Entrepreneurs

Innovative and original
Taking a chance
looking for opportunities
Creativity
Intuitive-perceiving Decisiveness
Be autonomous
readily bored
high control requirements
Independence of spirit
high influence requirements
internal control centre
able to accept change
Inventive tendencies
builds a culture
Need to accomplish
Careers that are entrepreneurial and a tendency to take risks
ambitious and assured
Self-motivation that is active
Domineering Versatility
Self-confident Vision
Self-awareness achieved through action

Ball, Stumpf (1992, p. 27) (2011, slide, 20)

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The other personal traits that make someone an entrepreneur are charisma, having “an eye for a deal,” and the intangibles of attitude, culture, perception, and ideals (Beeka, 2015; Mcelwee, 2006). According to Kaplan and Warren (2007), an uncommon blend of guts, self-confidence, and competence determines whether an enterprise succeeds or fails. Overconfident businesspeople take more risks, which influences their decisions in a favourable way (Rauch and Frese, 2007). Despite Schumpeter’s belief that risk can be managed, Casson (2003a) contends that uncertainty poses the greatest risk, independent of the entrepreneur’s capacity to manage it. Likewise, entrepreneurial attitude and behaviour are essential to risk-taking propensity, which does not distinguish between entrepreneurs and non-entrepreneurs (Brockhaus, 1980). (McCarthy, 2000; Shane, 2003). This risk-tolerance is captured by David Birch:

The entrepreneur needs to be able to handle risk, terror, and fear. How many times does the entrepreneur wake up in the middle of the night thinking about where the money is going to come from to pay salaries next week, the next negotiation with the major customer, and so on. How many people can deal with constant terror? Not many, I would argue. And whatever routine they go through to deal with this terror is what makes the entrepreneur successful (David Birch, Magnus, 2004, p. 291).

Consequently, risk-taking behaviour and strategic decisions promote entrepreneurship (Baumol, 1968). Entrepreneurs think they can significantly alter circumstances (Smith and Air, 2013). They represent the idea of “personal initiative,” a “behavioural syndrome” that denotes self-starters with high levels of self-efficacy who are proactive to enable firm missions, long-term views, goal and action orientation, and persistence through barriers. High personal initiative directs problem-solving in relation to the need for achievement, desiring self-employment, stress tolerance, and putting career plans into practise (Frese et al., 1997; Speier and Frese, 1997).<iframe src=”https://rcm-eu.amazon-adsystem.com/e/cm?o=2&p=14&l=ur1&category=amazon_business&banner=0R6MXZKXD3KZ83SR6A02&f=ifr&linkID=a056db398e122923c706731722a01c49&t=entreprene0bc-21&tracking_id=entreprene0bc-21″ width=”160″ height=”600″ scrolling=”no” border=”0″ marginwidth=”0″ style=”border:none;” frameborder=”0″ sandbox=”allow-scripts allow-same-origin allow-popups allow-top-navigation-by-user-activation”></iframe>

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