Entrepreneurial Characteristics

Author: Victoria

Many people may ask: “what does it take to be an entrepreneur?”….I often ask myself the same question. Is it as easy as saying you must be this, that or the next thing or is it about crossing the bridge when you come to it and being prepared for success or failure none the less…….

Many academics believe entrepreneurs are born not bred, however according to Burns (2005:19) “entrepreneurs are both born and made”. These individuals are born with qualities that can be adapted throughout their lives in terms of family background, culture of the society, life experiences and so on. It is obvious to many that entrepreneurial activity can be encouraged in some countries more than others with France as an example where the culture does not encourage individuals to take risks. Risk taking is something of great importance when one is an entrepreneur.

Burns believes entrepreneurs should have a number of character traits which include:

• Independence – Being able to work as an individual without depending on anyone or anything.

• Achievement goals – Looking at goals in the future and working towards them over a period of time is important as it identifies the will power of the entrepreneur. Achieving one goal means moving onto the nest goal.

• Control – Being able to control yourself, the organisation, stock, inputs/ outputs etc.

• Able to take risks – If you do not take risks you are remaining in the ‘comfort zone’ and not working to the potential of the business which may mean missing out on potential success. It is important to be prepared for the risk at all costs whether that being failure or success.

• Innovative – According to Burns (2005) “the ability to innovate is the second most important distinguishing feature of entrepreneurs”. It is a tool they use to target market opportunities.

• Confident – Confidence can reflect on the organisation and even if there is a small issue, a confident smile can show the worst has not happened.

• High Energy – High energy can also reflect the organisation and the workforce and can portray an image of the company.

• Self- motivated – Knowing when to make changes.

• Sense of vision – Similar to achieving goals.


A series of interviews conducted with distinguished entrepreneurs identified a number of characteristics they felt were essential to success as an entrepreneur. The findings included:

• Good health - Many entrepreneurs refuse to be sick and work extended periods of time when everyone has went home.

• Self – Control – The belief that no one can do the job better than them and refuse someone having authority over them means they have a sense of control over what is to be done and when and preventing procrastination. Being able to work under pressure is important.

• Self – Confidence – It is essential that self confidence is present as doubt can often lead to failure. If you believe you can do something the chances are you can do it. Any doubt in your mind can affect your performance.
• Realism – Speak the truth and change when change is needed.

• Awareness – Being aware of changes and situations means they are prepared in advance. Last minute panic will not do the company any justice.

• Sense of urgency – Constantly acting upon opportunities and ready for the nest step.

• Interpersonal relationships – Avoid personal relationships but focus on their achievement instead of how they feel.

• Emotional stability – The ability to accept pressure and not fall at the first hurdle. A strong individual can mean a strong business.

(BusinessTown.Com 2008)


Points made from Burns and the findings from the study by Business Town appear to relate to each other. So is this all you need to be an entrepreneur or is there other factors which should have been included?

It is evident that entrepreneurship is being promoted more than previously with schools beginning to introduce it to kids as young as 10 years old. Entrepreneurship week has also raised awareness with 52 countries participating.

So if an entrepreneur is born not bred, what is the point in activities like entrepreneurship week etc? Surely that is just teasing individuals into seeing what they cannot have due to their culture or upbringing (which they had no say in).

If, on the other hand, like Burns (2005) says: “entrepreneurs are both born and made”, then the previous statement is ludicrous.


Do you agree with Burns???

ENRON: The Smartest Guys in the Room

"A story about people--a human tragedy"...

What happens in a corporation, in management, in personnel, that can lead to a multi-billion corporation's going bankrupt in just 24 days?

This 1 hour and 49 minute video is available online for a fee, but you can watch a one-hour conversation between Charlie Rose and his guests, Kurt Eichenwald of the New York Times and Alan Sloan of Newsweek magazine, about the crisis:

ENRON: The Smartest Guys in the Room

Questioning the role of the intrapreneur

Author: Stuart

In past decades, corporate entrepreneurship (innovation) has been considered vital for the economy of the major worldwide countries to continue to generate their current levels of gdp per capita. However in recent times the number of SME’s not only starting up in business but growing and making higher profits is increasing causing problems for the corporate organisations.

The government in the UK are continuing to back the start up of SME’s showing that the small businesses are successful In creating jobs in the UK. The success of these companies has shown corporate organisations that they are not flexible enough to compete with SME’s who can adapt and change their full operation system much sooner than larger rivals.

The way in which corporate organisations can solve this problem is via intrapreneurs.

Burns states that, "The term intrapreneurship is now generally used to describe the individual charged with pushing through innovations within a larger organisation in an entrepreneurial fashion. They are entrepreneurs in larger organisations."
(Burns, 2005:134)

In other words there are entrepreneurs which work on behalf of a larger firm, taking the control of ensuring that SME's do not gain advantage over the corporate firm.

There are many problems when considering the factors involved in this process. In corporate business the intrapreneur is not the individual who created the idea as described by Burns:

"Rarely the inventor of the product, they work with teams to cut through the bureaucracy of the organisation to develop it for the market place as quickly as possible"
(Burns, 2005, pg 134)

Therefore there is a contradiction by Burns as he states that firstly, an intrepreneur is an entrepreneur but in a larger organisation. However secondly he arrives at the conclusion that the intrapreneur is not the individual who created the innovative idea but who in fact is given the task of ensuring that the product reaches the market place as quickly as possible.

Considering these observations is it correct to say that the reason is due to the uncertainty of the role of the intrapreneur in larger corporate environments as opposed to the innovative and successful role of the entrepreneur within an SME.

Remembering that SME's are continuing to grow in size and stature would it not make sense for the corporate business to hire entrepreneurs and give them full control of their innovation and product development like an SME does??

As opposed to crediting one individual for creating an idea, before passing that idea on to an intepreneur to help it reach the market place, surely it would be simpler to allow one indivdual to take charge of the whole process?

Is this an example of a corporate organisation making processes much more complex than they really ought to be?

References:

Burns, P. (2005) Corporate Entrepreneurship: Building the Entrepreneurial Organisation. Palgrave Macmillan