Introduction
Entrepreneur refers to the broader class of actors, individuals, private sector, and civil society or the government subjected to diverse forms of risk and challenges as well. Due to the complexity of the entrepreneurial culture, the business people must be very efficient and adaptive to survive the world business competition. This condition requires managers and entrepreneurs who can sustain profitability and viability by maximizing their potential (Timmons and Spinelli, 2007:113-125). Entrepreneurs differ in abilities and potential in the different vocational duties they undertake. An entrepreneur who is likely to succeed possesses both strengths and weaknesses, which directly spell the success or failure of the business. All business entrepreneurs have weaknesses. However, the success or the failure of any business depends on how he turns or complements the weaknesses.
Strengths
As an entrepreneur, one needs to be honest with oneself. There are every fewer benefit if any for an entrepreneur to cheat oneself, an existing customer, or a potential customer. Cheating in business leads to the loss of a game in one’s ground. One loses the possibility of improving oneself and the business (Szerb, and Acs, 2012:187-191). A successful entrepreneur sets realistic goals to achieve within a specified time. He looks at the market potential and financial ability then establishes a target that is realizable within that period. An entrepreneur should be self-reliant to succeed (Alain, 2007:119-123). He must be very independent in making a decision and when setting objectives. He should focus on the goals for which he has set in the business. An entrepreneur should periodically review the performance of the business. This review should be mainly after the expiry of the trading period or on stock renewal.
An entrepreneur should learn from past mistakes and experiences and should be ready to listen to advice from other experienced entrepreneurs. The entrepreneur should accept changes and learn from them or use them as the motivating factor. An entrepreneur should protect himself physically as this will prevent business failure or unexpected costs. He should be very time cautious and stick to the schedule. The entrepreneur should have self-motivation. An entrepreneur should be hardworking and action-oriented. He should be ready to take all the risks and be optimistic about the result. An entrepreneur manages the backtracking and makes sure to finish any task that he has started. He does not keep false promises and takes great care of the workers. A successful entrepreneur associates with other successful entrepreneurs and follows the patterns of operation, lifestyles, values, and habits of these entrepreneurs. These qualities translate to the success of a business enterprise (Timmons and Spinelli, 2007:112-123).
Weaknesses
All entrepreneurs have different weaknesses that come about due to their difference in personalities and exposure to different entrepreneurial cultures (Grave and Zacharakis, 2008:58-61). Some of the weaknesses common among entrepreneurs are setting unrealistic goals, unrealistic, and lack of self-motivation. An entrepreneur who sets goals, which are unachievable exhibits signs of failure and faces hard times as he tries to make the ends meet. A weak entrepreneur depends on other people to attain goals. He relies on decisions and influences from other players in society. He is usually not ready to take risks and focuses on goals that call to avoid some risks. A weak entrepreneur does not keep track of the progress of the business and decides without considering other factors that will enable to achieve the goals. He is ever afraid of changes and minds less about his physical safety (McEnemy, 2011:135-144). He lacks self-motivation and does not make any improvement though he is ever optimistic. He does not complete most of the started tasks but leaves them half done. He is not conscious of time and wastes much time with irrelevant persons. He does not develop the habit of hard work and associates with less advantageous persons (Schaper and Volery, 2007:367-374).
References
Alain, F. (2007) Handbook of Research in Entrepreneurship Education: Contextual perspectives, Volume 2. Cheltenham: Edward Elgar Publishing. Pg 114-258.
Grave, B and Zacharakis, A. (2008) Entrepreneurship, Hoboken NJ: Wiley & Sons. Pg. 43-187.
McEnemy, T. (2011) Unlocking Your Entrepreneurial Potential: Marketing, Money, and Management Strategies for the Self-Funded Entrepreneur. Bloomington: iUniverse. Pg 120-238.
Schaper, M and Volery, T. (2007) Entrepreneurship and Small Business, Pacific Rim Editio., Milton QLD: John Wiley & Sons. 357-612.
Szerb, L and Acs, Z. (2012). Global Entrepreneurship and Development Index 2012. Cheltenham: Edward Elgar Publishing. Pg 256-380.
Timmons, J and Spinelli, S. (2007) New Venture Creation: Entrepreneurship For The 21 St Century, 7 Th Edition, Boston MA: McGraw-Hill/Irwin. Pg 97-194.