Introduction
Entrepreneurship is a process of creating companies and a path to breakthroughs that change people’s lives. However, it is noteworthy that entrepreneurs differ from ordinary people in their thinking, personality, and business management approaches. Entrepreneurs’ main characteristics are adaptability, high-risk tolerance, persistence, and immense curiosity, which help them compete with other companies and introduce innovative products and services.
Entrepreneurship Characteristics and Strategies
Disruption Strategy: Curiosity
The first characteristic that aligns best with the disruption strategy is curiosity. It is a personal quality that serves as an internal driver, motivating a person to act and take risks, and makes one an entrepreneur, not just a business executive. The ability to manifest curiosity effectively in the workplace and business environment opens many opportunities for entrepreneurial individuals (Pisano, 2019). Entrepreneurs confront complex issues and consider alternative approaches rather than accepting what they believe to be true. Considering that the disruption strategy entails direct competition with market leaders, curiosity can help identify ways to gain quick market share.
Intellectual Property Strategy: Adaptability
Moreover, since entrepreneurship is an evolving process, there are always additional obstacles to overcome and chances to seize. Adaptability is another personality trait that defines an influential company leader (Pisano, 2019). The ability to create and implement adaptive strategies and policies in business determines its growth, success, and sustainability. Adaptability is a characteristic primarily applicable to the intellectual property strategy. In this strategy, the start-up focuses on developing ideas while avoiding the costs of customer-facing operations and those further down the supply chain.
Architectural Strategy: Risk-Tolerant
Finally, two strategies are entirely opposites. Entrepreneurs who prefer architectural strategy have high public profiles (Gans et al., 2018). This category of people enables start-ups to compete and gain control (Gans et al., 2018). It can be assumed that the main characteristic of entrepreneurs with this strategy is a high tolerance for risk (Pisano, 2019). Professionals who prefer the high-risk approach are adventurous but willing to pay the price when they lose.
Value Chain Strategy: Quiet Achievers
On the other hand, there is a value chain strategy, which can be described as the domain of quiet achievers. Entrepreneurs with this strategy do not compete aggressively or take risks (Gans et al., 2018). They can be characterized as individuals who see the bigger picture and are persistent.
Personal Characteristics and Strategy of Choice
As for my characteristics, based on the test, I already have many of the characteristics for success, particularly in leadership, handling setbacks, and planning. My company plan might improve, and my finances may require additional attention. Moreover, I have a solid foundation owing to my expertise, but I may need more motivation. Therefore, the test concluded that it was time to begin my partner search and look for someone who could truly benefit the company and whose skills could counterbalance my deficiencies (Michael, n.d.).
Based on these results, I can see that my strategy is a value chain one. Instead of monitoring the new product and building obstacles, my start-up would focus on ongoing competitive edge improvement with the primary goal of integrating into the current value chain. Competence, not fierce rivalry, gives such firms a unique character (Gans et al., 2018). Additionally, although value chain entrepreneurs are motivated by clients of other businesses and technological advancements, they focus on developing specialized skills and in-demand expertise to stand out as preferred partners.
Fringy and Trending
Finally, regarding my perception of the fringe and trends, these elements surround everyone. Conventionally, the fringe is where scientists, artists, technicians, statisticians, psychologists, and social scientists perform innovative research and test absurd hypotheses to find novel approaches to issues (Foundations in Creativity and Innovation, n.d.). As I see it, they may have unique ideas or approaches, but that is simply because their work has not had enough time to spread from the cutting edge to other scientists, tech enthusiasts, corporations, and eventually mainstream society. The example of fringe can be seen in Virgin Galactic’s suborbital flights, where not only entrepreneurship is applied, but also science can be observed.
As for trends, I see them as a guide to the future and a means for identifying opportunities pursued by innovative entrepreneurs. A significant development, known as a trend, affects a variety of spheres of our existence, including science, commerce, politics, community, and others (Foundations in Creativity and Innovation, n.d.). A trend is fueled by a fundamental human desire, frequently sparked by new technological developments (Foundations in Creativity and Innovation, n.d.). My perception of the trend phenomenon is that it is current yet endures and changes over time. An example of a trend can be seen through ChatGPT, a highly debated AI tool. However, while this software is currently a trend, AI will continue to develop.
Conclusion
Hence, the essential traits of an entrepreneur are flexibility, perseverance, high risk tolerance, and great curiosity, which enable them not only to compete with existing businesses but also to develop novel goods and services. Curiosity is the first quality that best fits the disruptive tactic. One trait that is most relevant to intellectual property strategy is adaptability. Entrepreneurs who use an architectural strategy often have a high tolerance for risk, whereas those who use a value chain strategy are persistent. My findings show that a value chain strategy is the one I would choose.
References
Gans, J., Scott, E. L., & Stern, S. (2018). Strategy for start-ups. Harvard Business Review.
Foundations in Creativity and Innovation. (n.d.). Week 4: Survey of creative and innovative entrepreneurs.
Michael, J. (n.d.). Entrepreneur quiz: Do you have what it takes to succeed? Bplans.
Pisano, G. P. (2019). The hard truth about innovative cultures. Harvard Business Review.