In the past, there has been no extensive study of entrepreneurs, and thus a general shortage of knowledge concerning what propelled entrepreneurs to success. Nevertheless, the recent concern in reviving an otherwise dormant field has changed the norms and the majority of business universities across the world currently offer entrepreneurship courses (Elyasi, Ghafourian, & Faramarzi, 2012, pp. 60-63).
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Consequently, business experts have studied a lot regarding what to become a thriving entrepreneur. Even if nobody has established the ideal entrepreneurial profile, several characteristics have been noted to appear frequently. This paper discusses the success aspects of an entrepreneur based on a questionnaire of the features of entrepreneurs in Canada.
Fitting the profile of an entrepreneur
Derived from the survey outcomes, I think I satisfy an entrepreneur’s profile. According to the results, a number of my factors of success fall below the ones taken to be average scores obtained by entrepreneurs. These factors are included in motivations.
On the other hand, some of my factors of success in aptitudes and attitudes reach the average scores achieved by entrepreneurs. Nevertheless, the simple fact of achieving or failing to achieve outcomes as per the ones of entrepreneurs is inadequate to point out the potential of an entrepreneur as many other aspects play a key role, comprising of timing, personal situations, environment, and experience.
However, the outcomes of the questionnaire will permit comparison of responses. Some of the things that allow me to satisfy the profile of an entrepreneur include self-control and self-confidence. At times, it can be easy to identify entrepreneurs by the proclamations they formulate (Abouzeedan, Hedner, & Klofsten, 2010, pp. 303-309). A dominant attribute of successful entrepreneurs is their conviction that they are better than their superiors and equals and thus manage their self-control.
Moreover, successful entrepreneurs have a tendency of being self-assured while being in control of their endeavors when they are operating and functioning alone. They deal with problems instantaneously with confidence while at the same time being unrelenting in their search of goals. The majority of them are at their finest in the face of difficulty, given that they prosper on their self-confidence.
Strengths & weaknesses
Strengths could be employed to achieve a competitive advantage and hence require being nurtured. Some of my strengths include the following.
- Identified as market head
- Powerful administration team
- Proprietary expertise
- Sufficient financial resources
Like the strengths, weaknesses could also be employed to attain competitive advantage, as they require being dealt with in order to reach the set goals. The following are some of my weaknesses.
- Alteration in customer buying inclinations
- Augmented regulation
- Entry of aggressive competitors
- Low motivation
Mitigating weaknesses to guarantee success
In a bid to curb the challenge posted by changing trends in customers’ purchasing behaviors, studying the market with the ability to recognize the way sales alterations arise is paramount in guaranteeing success of businesses, but is particularly significant for the ones looking to spread out.
Some other weaknesses to be cautious of include aggressive competitors and the likelihood of succumbing to them. Since many rivals are on the prowl and seeking to weaken or obliterate the small businesses, this aspect could leave an entrepreneur with the choice to merge with another business, purchase it, or vend to it in a bid to overcome the aggressive competition presented.
However, assuming that the business is not willing to merge, it could overcome competition with learning and overpowering the tactics of competitors. Overcoming the challenge of low motivation and much regulation could call for searching suitable advisers to provide aid in managing transactions, which shows dedication and illustrates that the entrepreneur has acquired expert perceptions necessary to warrant success (Elyasi, Ghafourian, & Faramarzi, 2012, pp. 64-66).
Major success aspects for an entrepreneur
Triumphant entrepreneurs must understand complex circumstances that could comprise planning, laying down strategic choices, and operating on numerous business schemes concurrently. They must be farsighted and conscious of vital elements coupled with evaluating all possibilities to realize their business goals, while at the same time dedicating their energy to accomplishing tasks promptly (Elyasi, Ghafourian, & Faramarzi, 2012, pp. 67-69).
Entrepreneurs must have the ability to recognize relationships easily amid complex conditions. They must spot problems and start working on their resolutions quicker than other individuals start. Successful entrepreneurs should not be wary of uncertainty and insecurity since they are used to tackling problems; in other words, they are proactive (Abouzeedan, Hedner, & Klofsten, 2010, pp. 310-313).
If it so happens that their resolution to a setback will not succeed for some valid cause, they will swiftly recognize a different problem solving advance.
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Unlike in the past, recent concern in reviving the dormant field of entrepreneurship education has resulted to extensive study of entrepreneurs and the majority of business universities currently offer entrepreneurship courses.
Though nobody has established the ideal entrepreneurial profile, numerous characteristics come into view frequently. Some of the major success aspects for an entrepreneur include comprehensive knowledge and conceptual capacity. In conclusion, mitigating weaknesses and building on strengths are key aspects that could ensure competitive advantage.
Abouzeedan, A., Hedner, T., & Klofsten, M. (2010). Innovation and entrepreneurship-new themes for new times. Annals of Innovation & Entrepreneurship, 1(1), 303-313.
Elyasi, M., Ghafourian, S., & Faramarzi, M. (2012). Learning Sources and Methods Used by Famous Entrepreneurs: A Comparative Study about Three Entrepreneurs from Iran, Japan and United States of America. International Business Research, 5(9), 60-69.