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Entrepreneurial Skills and Management Report

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Updated: Apr 22nd, 2021

Entrepreneurship is very important in promoting the economy and can be improved by creativity, which brings in new ideas. The entrepreneur becomes even more important because of the relationship the business and its management form with not only its customers but also its suppliers and also its employees (Kuratko, 2008). Potential investors in the company are also interested in how well the management team or leader can work together in teams with other people and how quickly and rationally they can come up with solutions to any problem the company faces. Entrepreneurs should be aware of the production process of their offering, the industry and market they are about to enter, and most importantly the customers and competitors (Hew and Loi, 2004).). Entrepreneur and innovation are not homogeneous traits. An aptitude for leadership stems in part from the use of knowledge. The following are the characteristics of good leaders:

Enterpreneurial Trails
(Pleshette, 2010).

Entrepreneurial characteristics

An entrepreneur is self-confident

One of the greatest challenges most entrepreneurs are having or lack of self-confidence, which may affect their business. He should be confident and comfortable with a business idea and establish open communication with stakeholders. Someone must guide the processes that lead to the achievement of something in the best way possible. Although the creation and maintenance of a healthy work environment is the responsibility of everyone in business, entrepreneurs take the vital role of steering people, events, and other circumstances in that direction. Oftentimes, a healthy organizational culture is a key to the success of institutional aims that includes fulfillment of personal aspirations. Entrepreneurs should create a sound purpose and lead the people towards collaborative work that empowers and encourages them to be creative and dynamic. Entrepreneurs should properly define their relationship with those they handle and exercise their power not just to realize institutional goals, but for the benefit of the individuals involved as well. Ethical purpose and sound values must always be maintained while pursuing institutional goals. It is not just the organization’s that is in focus, the realization of individual potentials should is also given importance(Solita and Banastao. 2008).

Entrepreneurs are ambitious

It is clear that an entrepreneur is a highly ambitious and experienced person who can boldly take decisions to frame the vision and long-term goals of a business.

An entrepreneur is not just one that has to ensure profit; he has to be agile to avoid dangerous situations. He must create and maintain a healthy organizational culture for that is where the crux in administration lay. The best entrepreneur is those that are placed on a pedestal by their followers. They should maintain an open mind and an open ear towards the needs and aspirations of their followers. They should never brush these aside and act on them. They should make it known that they value their people’s welfare. Maintaining an air of cooperation and camaraderie is another way of ensuring that harmony in feelings and pursuit is on track. An entrepreneur that makes sure the people are getting along well despite the pressures of mission and goals has the job half done. An entrepreneur that is on the helm of an organization that takes pride in the collective process is one that has taken leading into some degree of perfection(Kumar, 2008).

An entrepreneur is hard working

Entrepreneur should be hard working and have the attitude to work in a professional environment will be selected. They should have pleasant personalities and should be committed to providing excellent service. Entrepreneurs should spearhead the creation and maintenance of dynamic organizations where people feel that they have a purpose-driven life. They should be the agents of change where they shape the overall vision of the institution. An entrepreneur should be able to define a synergistic push towards the attainment of individual and institutional goals. They should be able to lead and enlighten their followers in the direction of their self-actualization. That is one of the most important functions that they should adhere to and advocate for in their circles. While creating a shared need to be a part of and improve the institution, the entrepreneur must also make sure that the wants, needs, and other aspirations of the people are met(Bolton and Thompson, 2004).

As the world increasingly gets interconnected, globalization is the norm and leaders must be able to manage this change. Opportunities abound in globalization and those ill-equipped to take advantage of the prospects will be on the losing side. Indeed, the world will eventually gain the ability to use its resources; the world in business is a situation that is golden for the enterprising mind. There are potential customers in just about every country in the world where possible partners, suppliers, and competitors may emerge. A manager must go to great lengths to realize a profit in this globalization: “In theory, the gains of the winners in trade always outweigh the costs to the losers” (Abrams and Kleiner,2003, p. 1). Making a profit in the global scenario seems very promising; the main thing is how to see and manage these opportunities. Before, managers looked into the dynamics of their customer base in their own country to try and make some earnings(Vermeulen and Lucian, 2008).

Entrepreneurs are committed

An entrepreneur is committed to upholding an environment of trust, founded upon honesty, ethical actions, respect, and openness. This environment is facilitated by encouraging and reward dynamic and open communication on everything, in all directions, and among all employees without fear of retaliation. Creating trust supported by ethical behavior is a vital element for mission success. He considers diversity, the capability of people as its most potent tool for accomplishing mission success. Recognizing this insight improves the possibility of seeing and resolving challenges to mission success. He should be committed to an environment that promotes teamwork and practices that advance partnership, equal opportunity, constant learning, and openness to advancements and novel ideas. Lastly, he/she is committed to fostering a certain culture that makes full use of individuals’ talents, time, and opportunities in pursuit of excellence to attain the utmost standards(Philip and Scheff, 2008).

Entrepreneurs have a strong ego

He should have self-esteem in determining what do and not do. He should recognize ethical issues as well as reasoning through ethical results of decisions is important. As an effort of strategic thinking, the ability to see the consequent order of effects is very important. Nothing could be more rewarding than improving an individual’s well-being, while at the same time enhancing his or her self-esteem. Self-esteem has a positive impact on individuals, giving them the capacity to function in a given social setting. As people increasingly emphasize physical appearance, one’s confidence levels are usually determined by his or her appearance about others(Pinson, 2008).

Entrepreneurs are autonomous

An entrepreneur should be autonomous that is an individual who behaves voluntarily and is self-directed. The conscience decides how an individual feels and should e behave in the way they believe to be right. They are therefore responsible for their behaviors and so cannot cause harm to others if it is against their beliefs(Sharma, 2010). A corporation is an ongoing entity that does not stop or finish with a person, thus to ensure that the company which the first leader or entrepreneur created remains operational with the correct mission and vision it is important to instill leadership in others and delegate responsibilities. Good entrepreneurship also includes proper delegation. In a transactional leadership style, the leader considers himself to be at the forefront while the remaining are his followers and he engages in a transaction of labor for money equation. However, nobody can achieve everything by working alone. The best synergy is created by teams and therefore effective team building is vital to achieving the goals of the organization and making employees satisfied with their jobs and making them feel an important part of the company. Here comes the role of transformational leadership to understand that there is something bigger than a transaction. They challenge their people to grow emotionally, professionally, and intellectually.

A reflection on the extent of entrepreneurial skills required

An entrepreneur in any venture is important as he ensures that the business meets its objectives, goals, and the reason for which it has come into the business, however, as companies grow, and expand their products and markets. It becomes increasingly important to delegate responsibilities to the right people, ensure their growth and development so that they can become the leaders of tomorrow(Mohanty, 2005). In many organizations, the principal and agency relationship is established to ensure that day-to-day operations are handled smoothly by the agency in case the principal is no longer available and the company keeps operating and servicing the customers.

Reference List

Abrams, R. & Kleiner, E., 2003. The successful business plan: secrets and strategies. Sydney: The Planning Shop.

Bolton, B. & Thompson, J., 2004. Entrepreneurs: talent, temperament, technique. Oxford: Butterworth-Heinemann.

Hew, D. & Loi, W. 2004. Entrepreneurship and SMEs in Southeast Asia. Institute of Southeast Asian Studies.

Kumar, S., 2008. Entrepreneurial development. Chicago: New Age International.

Kuratko, D., 2008. Entrepreneurship: theory, process, and practice. Cengage Learning.

Mohanty, S., 2005. Fundamentals of entrepreneurship. New York: PHI Learning PVT. Ltd.

Philip, K. & Scheff, J. 2008. Standing room only: strategies for marketing the performing arts. Harvard: Harvard Press.

Pinson, L. 2008. Anatomy of a business plan: a step-by-step guide to building the business and securing you company is future. Tustin: Out of Your Mind & into the Marketplace.

Pleshette, L., 2010. Must have skills for entrepreneurs. (Online). Web.

Sharma, K.P., 2010. Entrepreneurship. New Delhi: FK Publication.

Solita, Fries & Cristina, Banastao. 2008. Entrepreneur. New York: Goodwill Trading Co.Incorporation.

Vermeulen, P. & Lucian, P., 2008. Entrepreneurial strategic decision-making: a cognitive perspective. New York: Edward Elgar Publishing.

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