Entrepreneurship involves passion, devotion, risk taking, family support and external facilitation. Though these are all pertinent, there could be other characteristics which are missed towards entrepreneurial development. This is a collective search towards collaging the whole fabric of entrepreneurial sustainability.
Article Entrepreneurial Sustainability in Africa
People who are thinking about starting their own business should understand that successful entrepreneurship involves much more than having a great concept, said Elizabeth Amini, CEO and co-founder of Anti-Aging Games LLC, a company that develops online games to train memory and focus, and an adjunct professor at the University of Southern California's Marshall School of Business.
"Most people think being an entrepreneur is all about coming up with an idea, but that's just one part," Amini told Business News Daily. "It's also important to know, right from the start, how you will reach interested customers in an effective and affordable way."
"Entrepreneurship is much broader than the creation of a new business venture," added Bruce Bachenheimer, a clinical professor of management and executive director of the Entrepreneurship Lab at Pace University. "At its core, it is a mind-set — a way of thinking and acting. It is about imagining new ways to solve problems and create value."...
http://www.businessnewsdaily.com/2642-entrepreneurship.html
Good reference Prof. Ljubomir, on Entrepreneurship meaning differently from tech geniuses to small business owners, ultimately a commitment turned into a profitable business.
Creativity, tenacity and aptitude of learning are invariably needed fro developing entrepreneutrialship ..
Dear Colleagues,
Good Day,
"Attitudes towards entrepreneurship
A country’s attitudes toward entrepreneurship affect the propensity of individuals to become entrepreneurs, their ability to rebound from business setbacks and the support that entrepreneurs receive (e.g. from family and relatives) when setting up a new enterprise. Although the effects of these attitudes are difficult to measure, positive attitudes toward entrepreneurship are found to correlate with high levels of entrepreneurship. The evidence also points to substantial differences in attitude across countries. Attitudes toward entrepreneurship may be affected by the level of business and entrepreneurship skills and experience in a country, an economy’s administrative framework for entry and growth, and bankruptcy regulations, as they shape perceived barriers and risks to business start-ups. Public policy can encourage positive attitudes toward entrepreneurs by ensuring that all high school students are exposed to the concept of entrepreneurship, by organizing global and local events on entrepreneurship, and by using multiple channels to promote entrepreneurship (e.g. advertising, TV and radio programmes, social media)."....
Please, see the link to read the rest of the interesting article ........
https://www.innovationpolicyplatform.org/content/attitudes-towards-entrepreneurship
I fully agree with the earlier discussion. Entrepreneurial development requires not only individual level initiative but country level initiatives too especially in developing and under developed countries. It requires institutional reinforcement especially from financial and training institutes.
Regards
Thank you @Hazim for the importance of Attitudes in entrepreneurship and @Jeevan for the inputs on support initiatives from individual / institutional / country vide.
Dear Colleagues,
Good Day,
Please, Read the attached article to get information on the characteristics, process, importance, types, functions and Myths about Entrepreneurship! by going to the attached website......
http://www.yourarticlelibrary.com/entrepreneur/entrepreneurship-characteristicsimportance-types-and-functions-of-entrepreneurship/5228/
@Hazim the Entrepreneurial process and flow chart you have referenced is of immense value add to the research. Thank you
I agree on the wholesome support required for entrepreneurial growth @ Mohd saleh Abbas.
Well said @ Markovic that entrepreneurship is a bipolar change agent.
Dear Colleagues,
Good Day,
"Nine Characteristics of Successful Entrepreneurs
.... Here are nine characteristics you should ideally possess to start and run your own business:
1. Motivation
2. Creativity and Persuasiveness
3. Versatility
4. Superb Business Skills
5. Risk Tolerance
6. Drive
7. Vision
8. Flexibility and Open-Mindedness
9. Decisiveness".....
Please, see the attached link for more detail....
https://www.monster.com/career-advice/article/entrepreneur-traits
Entrepreneurship definitely requires passion, devotion, risk taking, family support and external facilitation. It has been found that self efficacy boosts this development whether it is on the part of entrepreneur himself or the employees. entrepreneurs who believe in ambidexterity (exploration and exploitation of the opportunities) are more successful as they think strategically to develop their ventures.
Article A Theory of Entrepreneurial Opportunity Identification and D...
Chapter Opportunities for Entrepreneurial Development and Growth thr...
Chapter Impact of Strategic Entrepreneurship on Financial Performanc...
Article The undercurrents of entrepreneurial development: Impression...
Article Do institutions matter for entrepreneurial development?
For entrepreneurship I consider three issues of utmost importance:
Capacity: the entrepreneur needs to have the mindset, values, personal qualities to make an enterprise work. It is about initiative, ability to change, to communicate, willingness to accept hard work (labor), time management in terms of planning etc., so, not only knowledge and skills, but also values and attitude.
Management style: for entrepreneurship the right combination of top-down command and egalitarian dialogue is required. In different cultures the trade-off between these can be different, but for any culture counts, that if the employees are bossed around too much, they do not feel committed and they will not develop a professional attitude towards work, whereas the introduction of more sophisticated technology can only work if a professional attitude of the workers is fostered. That also counts for the trade-off between groupthink and uncertainty, or tradition and innovation. A collective attitude should be distinguished from teamwork. In a collective people have the same mindset, are part of the group. In a team people put together their differences and different approaches, but they adapt them to each other as contributions to a common goal.
Values and institutional environment: for economic success not anything goes in terms of values. That counts for the management style, but also for the dealings with the external environment. In an atmosphere of distrust and in-group mentality entrepreneurship cannot thrive, because different companies can only compete and not cooperate in such an atmosphere. Business partners and businesses and customers will only consider each other in an instrumental way, taking advantage of each other. In the long run that stands in the way of innovation and increase of transactions. Lack of cooperation on the bottom of society and lack of reliable arrangements in terms of regulation from above (law enforcement, contract enforcement etc.) are often primary obstacles for economic development in general.
Dear Colleagues,
Good Day,
"skills of entrepreneurial development" is a very interesting presentation, please, see the link for detail.....
https://pt.slideshare.net/krishnashah5891004/ram-power-point-presentation/3?smtNoRedir=1
Relationship between culture and entrepreneurship!
Culture can influence economic activity in diverse ways: Culture is known to influence attitudes towards work and consumption. Culture has an influence on the organisation of economic activity and the shaping and effectiveness of institutions, and culture also has an impact on social networks and confidence building within social groups.
Of primary interest in the present study is what kind of influence culture may have on business start-up activities. Such a relationship may be given in different ways. Mostly, analyses on the relationship between culture and start-up activities or entrepreneurship are conducted by considering attitudes towards entrepreneurship or business foundation. One proceeds from the fact that cultural features influence attitudes towards start-ups and that these attitudes, in turn, have an impact on start-up activities. Such a relationship between culture, attitudes and start-up activities may exist on the individual, as well on regional and
group levels...
http://www.oecd.org/site/cfecpr/42202841.pdf
Thank you @ Jeevan for the worderful points on exploration and exploitation of opportunities dealt by entrepreneurs; and @ Otto Koresen for your inputs on collective attitude, group think approaches in contribution to a common goal.
@ Hazim the presentation on Farmer entrepreneur had a good coverage on Research, Segmentation and 4Ps.
@ Lujbomir, the material you shared was covering practicality in SME setups with cultural and structural factors influencing entrepreneurial activities.
Thank you both
Dear Colleagues,
Good Day,
"10 Characteristics of Successful Entrepreneurs,
By Shobhit Seth | Updated August 11, 2016
Do you have the qualities of a successful entrepreneur?
Although there is no "one size, fits all" theory for entrepreneurship, a few guidelines may help those with a good idea become successful entrepreneurs. The following insights can help you embark on your next entrepreneurial venture with due diligence.
1. Passion & Motivation
2. Risk Taking
3. Self-belief, Hard work & Disciplined Dedication
4. Adaptability & Flexibility
5. Understand Your Offering – And Its Market
6. Money Management
7. Planning (But not Over-planning)
8. Networking Abilities
9. Being Prepared to Take the Exit
10. Entrepreneurs Doubt Themselves – But Not Too Much".....
Please, see the attached link for more detail.....
http://www.investopedia.com/articles/personal-finance/101014/10-characteristics-successful-entrepreneurs.asp
I have seen many celebrities (such as Rappers) in Africa tend towards entrepreneurship
http://shamahyder.com/shamatv-rapper-mogul-50-cent-entrepreneurship-courage-making-big/
Entrepreneurs have many qualities that make them treated as leaders. Just as in the past with the theory of the great man, the theories of business leaders are constantly criticized. Entrepreneurs often oppose managers and administrators who ask them to be more well-known and less risky. Such entrepreneurial models show that they are questionable as practical life shows that most entrepreneurs work in teams, not just individually. Although the gap is still wide between the theories that define the nature of the entrepreneur, now some documented studies of entrepreneurship have found some features that are associated with entrepreneurs:
Entrepreneurship means the creation of new markets, according to the modern concept of marketing, the market is a group of individuals who have the desire and ability to satisfy their needs. This is the so-called economic demand. Entrepreneurs are creative people, resource creators and opportunities. They create customers and sellers, which makes them different from traditional businessmen who perform traditional administrative functions such as planning, organizing and defining tasks.
Leadership is linked to the discovery of new sources of materials. Entrepreneurs are never satisfied with traditional or available sources of materials. So, for their innovative nature, they are working to discover new sources of materials to improve their companies. In business, they can develop new sources of materials with competitive advantage in terms of transportation, cost and quality.
Entrepreneurship means mobilizing capital resources, and entrepreneurs are the regulators and determinators of most elements of production, such as land, labor and capital. They combine these production elements to create new goods and services. Capital resources, from Lehman's point of view, mean money. However, in economics, financial resources represent machinery, buildings and other material resources used in production. Entrepreneurs have the innovation and self-confidence to pool and move capital to create new business or expand existing business.
Entrepreneurship means introducing new technology, new industries and new products away from being innovative and taking them to a responsible risk. Entrepreneurs take advantage of opportunities to create new businesses and turn them into gains, so they offer something new and different. Such a pioneering spirit contributes strongly to modernizing the economy. Every year we see new products and technology. All these products and technology are designed to satisfy human needs in an appropriate and beautiful way.
Entrepreneurship is directly related to the creation of new jobs. The largest provider of jobs is the private sector. Millions of jobs are provided by factories, the service industry, agricultural companies and some small and medium-sized businesses. For example, supermarkets such as SM, Uniwide, Robinson and others employ thousands of employees. Similarly, major companies such as SMC, Ayala and Soriano Group of Companies are creating many jobs. , Creating such huge jobs has repercussions and effects that accelerate the growth of the economy as a whole. More jobs mean more income, which increases the demand for goods and services and thus increases production. As a result, job demand is once again increasing
Dear Colleagues,
Good Day,
Please, see the attached website link for more details on the subject of " Essential Characteristics of Entrepreneurs".....
https://www.slideshare.net/hisema/essentials-of-entrepreneurs-f
When it comes to entrepreneurship, there are certain things which are culturally accepted (or) not depending on the geographies. Entrepreneurs should be sensitive to it. Example - in countries like Malaysia, Cow's Milk is not consumed commonly, But the sizable (migrating & culturally diverse) population has a good demand for it.
Dear Colleagues,
Good Day,
Please, see the link for more details on a very interesting paper that entitled
"Effect of individual factors on youth entrepreneurship – a study of Uttarakhand state, India
Lalit SharmaEmail author and Pankaj Madan"....
https://journal-jger.springeropen.com/articles/10.1186/2251-7316-2-3
Education should provide concrete, practical support to students who opt to take the risk of becoming aspiring entrepreneurs
https://www.iimu.ac.in/corporate/entrepreneurship-support
Promoting entrepreneurship in EU!
Entrepreneurship creates new companies, opens up new markets, and nurtures new skills. The most important sources of employment in the EU are Small and Medium-sized Enterprises (SMEs). The Commission’s objective is to encourage people to become entrepreneurs and also make it easier for them to set up and grow their businesses...
https://ec.europa.eu/growth/smes/promoting-entrepreneurship_en
Dear Colleagues,
Good Day,
"Entrepreneurial Skills
The Skills You Need to Build a Great Business
What makes someone a successful entrepreneur? It certainly helps to have strong technology skills or expertise in a key area, but these are not defining characteristics of entrepreneurship.
Instead, the key qualities are traits such as creativity, the ability to keep going in the face of hardship, and the social skills needed to build great teams.
If you want to start a business, it's essential to learn the specific skills that underpin these qualities. It's also important to develop entrepreneurial skills if you're in a job role where you're expected to develop a business, or "take things forward" more generally.
In this article, we'll look at the skills you need to be a successful entrepreneur, and we'll explore resources that you can use to develop the traits needed for success.".....
Please, press on the link to read the rest of the interesting article....
https://www.mindtools.com/pages/article/newCDV_76.htm
In recession economy, when jobs are lost, consumers cut back on spending, and most businesses are troubled. Becoming an entrepreneur during then will serve as a growth engine for the economy as a whole.
https://www.alphagamma.eu/entrepreneurship/becoming-an-entrepreneur-economic-crisis/
Except already listed in the question, the pertinent characteristics of an entrepreneurial development are as follows:
- developing and focusing on the business model
- keeping permanent control on financial statements
- working on delivering products / services that the market really needs
- working on attracting new customers and investors
- follow legal and business rules
- promote marketing analyses and studies in respective domains
- keep high employees' moral, ethic, training, innovations, and effectiveness
- initiate business PR, sales and marketing partnerships
- enhance the business sales with new channels, and Value Added Resellers
Dear Colleagues,
Good Day,
"Attitudes towards entrepreneurship
A country’s attitudes toward entrepreneurship affect the propensity of individuals to become entrepreneurs, their ability to rebound from business setbacks and the support that entrepreneurs receive (e.g. from family and relatives) when setting up a new enterprise. Although the effects of these attitudes are difficult to measure, positive attitudes toward entrepreneurship are found to correlate with high levels of entrepreneurship. The evidence also points to substantial differences in attitude across countries. Attitudes toward entrepreneurship may be affected by the level of business and entrepreneurship skills and experience in a country, an economy’s administrative framework for entry and growth, and bankruptcy regulations, as they shape perceived barriers and risks to business start-ups. Public policy can encourage positive attitudes toward entrepreneurs by ensuring that all high school students are exposed to the concept of entrepreneurship, by organizing global and local events on entrepreneurship, and by using multiple channels to promote entrepreneurship (e.g. advertising, TV and radio programmes, social media)."....
Please, press on the attached link to read in more details ....
https://www.innovationpolicyplatform.org/content/attitudes-towards-entrepreneurship
It doesn’t matter if you are a large technology company deploying social purpose to drive a new business line, or a small social business start-up hoping to create the next healthcare innovation. The more courage you have to take risks, fail and innovate, the more you will get noticed and likely succeed.
https://www.google.co.in/amp/business.financialpost.com/entrepreneur/do-it-like-sir-richard-the-gutsy-entrepreneurial-approach-to-profit-and-purpose/amp
@ Len Leonid, your points on financial controls, attracting new customers and investors and followup legal and business rules are very valid.
@ Hazim, the importance of attitude and public policy are good recommendations in entrepreneurial development
Dear Colleagues,
Good Day,
I would say, as an entrepreneur everything you do - every action you take in product development, in marketing, every conversation you have, everything you do - is an experiment. If you can conceptualize your work not as building features, not as launching campaigns, but as running experiments, you can get radically more done with less effort.
---- Eric Ries
Considering intimate details of every business, there are sometimes loose, lagging behind, or low performing ends in sales, strategy, product development, etc.. It is a very cardinal question as to how to deal with it. Business is to make money, so that those loose ends cannot be tolerated.
The business management ought to zero in to identify if it is a matter of personal skills, or a team organization issue, or a defect in the entire business model, or something else and undertake quick and decisive corrective actions.
Very valuable points @ Len,
We need to look into the business process and its peripherals (loose ends and defects in business model) which support the enterprise.
Dear Colleagues, Good Day,
"CHARACTERISTICS OF ENTREPRENEURS
Entrepreneur possess several positive characteristics:
Through their innovations, they contribute to the improvement of the standard of living. So, they do not only help the economy, they also help society Entrepreneur Defined These are several definitions or meaning of entrepreneur:
•He is one who takes risks and makes innovations on the factors of production.
•In French concept, an entrepreneur is an adventurer, undertaker, and projector. His function is to supply and accumulate capital.
•To Schumpeter, an entrepreneur is an innovator.
•Peter Drucker says that an entrepreneur always searches for change, responds to it and exploits it as an opportunity.",...
Please, see the attached website link to read the very interesting presentation that entitled "CHARACTERISTICS OF ENTREPRENEURS",...
https://www.slideshare.net/jenbooc03/characteristics-of-entrepreneurs-27044895
Developing Entrepreneurial Characteristics in Youth: The Effects of Education and Enterprise Experience !
Identifying and nurturing entrepreneurial potential among youth can have long-term implications for American economic development. Prior research has not addressed whether education and enterprise experience will affect the development of entrepreneurial talent prior to the collegiate level. This research concludes that entrepreneurship education and enterprise experience can affect characteristics commonly associated with entrepreneurs among intermediate level students. Specifically, student with training in entrepreneurship have greater overall entrepreneurial characteristics, higher achievement motivation, more personal control, and greater self-esteem than a comparable cohort. Students who participate in enterprise activities have greater overall entrepreneurial characteristics, more personal control, greater self-esteem and more innovation than a comparable cohort...
http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.197.3346&rep=rep1&type=pdf
Discovering the youth potential towards entrepreneurship is a valid point @Ljubomir.
A very valid point to stimulate entrepreneurship development. The sustainability of business however matures with age. The individual entrepreneur should go through the cycle of life expectations to understand and empathize others view point than being aggressive with monetary achievements.
It is a good suggestion to involve and educate students towards entrepreneurship.
I know one univeristy in malaysia UMK is very focused on building entrepreneurship values in students. "Championing in Entrepreneurship" http://www.umk.edu.my/index.php/en/info-umk/background/about-umk
I can see a day soon where you'll create your own college degree by taking the best online courses from the best professors from around the world - some computing from Stanford, some entrepreneurship from Wharton, some ethics from Brandeis, some literature from Edinburgh - paying only the nominal fee for the certificates of completion.
- Thomas Friedman
Nobody talks of entrepreneurship as survival, but that's exactly what it is and what nurtures creative thinking.
- Anita Roddick
@ Len, that is the reason, entrepreneurs take moderate risk ( as against high risk) and leap towards survival and sustainability.
Follow your dream what ever it takes. All people behave to you as a crazy man/women, you have to stand all of terrible situation until you success.
Well said @ Hatice, following one's dream, being passionate during the process and inattentive to distractions will enhance entrepreneurial delivery.
Dear Colleagues, Good Day,
"We can bring together rich natural resources, innovative research and development, smart investors, and risk-taking farming and manufacturing entrepreneurs."
----- Anthony Pratt
Management Control levers
Poster Management Control Systems
Teaching Social Entrepreneurship
Deleted research item The research item mentioned here has been deleted
Sharing link:
https://www.innovationpolicyplatform.org/content/attitudes-towards-entrepreneurship
Regards!
A year ago, dear @Hazim has contributed this resource, mentioned in previous answer. Dear @Adriana, please, do read previously posted answers in order to avoid duplicates! Thanks.
Dear Krishnan Umachandran,Thank you very much for asking this very important question.
Question:
What are the pertinent characteristics towards entrepreneurial development ?
this is a very important issue that requires scientific research.
In my opinion, the role of activating innovativeness and implementing new technologies in the industry is important for the effective economic development of the country and supports the sustainable development of the national economy.
In sustainable socio-economic development of the national economy, one of the most important issues is the activation of innovation and entrepreneurship in order to stimulate the development of business entities, especially those companies that based their business model on the implementation of new technologies, innovations, patents, including technical and engineering technology solutions. , production, logistics, IT, process, management, etc. Therefore, the role of engineers is very large in such organized development of the national economy oriented in economic policy on socio-economic development with particular emphasis on the activation of innovation and supporting the development of companies that their business model rely on new technologies, including engineering technologies.
I invite you to the discussion
The above discussion inspired me to the following considerations:
Does the development of data processing technology in Big Data database systems and other technologies developed in the field of technological revolution Industry 4.0 generate new business management concepts?
At present, in the age of the technological revolution known as the 4.0 industry, new technology management or Internet-based companies are emerging.
The technological revolution in recent years, known as Industry 4.0, is motivated by the development of the following factors:
Big Data database technologies, cloud computing, machine learning, Internet of Things, artificial intelligence.
Added to this is the development of data processing analytics in Business Intelligence enterprises, the development of life science technologies, biotechnology, eco-innovation, energy, medical intelligence, etc.
On the basis of the development of the new technological solutions mentioned in recent years, the processes of innovatively organized analyzes of large information collections gathered in Big Data database systems dynamically develop.
In the context of this problem, many questions arise:
What other technological improvements, innovative organizational, technical and IT solutions will be developed in the future based on the development of the above-mentioned factors?
What kinds of innovations will be able to be created in the coming years, in the future based on the integration of the above-mentioned main determinants of the development of the current technological revolution known as Industry 4.0?
What kind of new categories of added value may be created in the future if the above-mentioned technological solutions are more involved in the creation of biotechnological, ecological, product and other innovations.
Will new technologies be created in this way, with the help of which it will be possible to generate solutions to the problems of excessive exploitation of Earth resources in the process of civilization development?
Do business management processes play a particularly important role in the context of the effective functioning of business entities in currently developing economies based on knowledge, information and technology?
Is e-management a new concept of managing virtual enterprises or rather managing online technology companies?
Are new management concepts of innovative enterprises and start-ups based mainly on knowledge, information, entrepreneurship and creation of innovations?
Does the development of data processing technology in Big Data database systems and other technologies developed in the field of technological revolution Industry 4.0 generates the emergence of new business management concepts?
Please reply. I invite you to the discussion
In addition, I note the interesting discussion inspired me to the following considerations:
The enterprise sector of SMEs generates the majority of output of entire economies. To a large extent, therefore, the economic situation in the entire national economy depends on the economic and financial condition of economic entities in this sector.
The aim of activating economic processes is necessary to create and develop instruments of state intervention, thanks to which it is possible to effectively stimulate entrepreneurship and innovation of economic entities of the SME sector.
In view of the above, I would like to ask you: What are the instruments of state intervention in your countries to stimulate entrepreneurship and innovation in enterprises in the SME sector?
Please, answer, comments. I invite you to the discussion.
In recent years, cooperation programs of territorial self-governments with enterprises have been developed in some countries to activate entrepreneurship and innovativeness of business entities.
Because in developed countries information, innovations, new technologies and entrepreneurship are considered as one of the most important factors of the country's economic development and, as a consequence, also economic growth measured, for example, by the Gross Domestic Product in subsequent years.
In addition, research and research and implementation works are conducted in these themes, which further underline the high level of significance of innovation, new technologies and entrepreneurship in contemporary national economies.
In connection with the above, I would like to ask you the following question: Are there research and development programs in your countries for cooperation between territorial self-governments and enterprises to activate entrepreneurship and innovation of business entities?
Please, answer, comments. I invite you to the discussion.
In recent years, cooperation programs for research and R & D centers with enterprises have been developed in some countries to activate entrepreneurship and innovation of business entities.
Because in developed countries information, innovations, new technologies and entrepreneurship are considered as one of the most important factors of the country's economic development and, as a consequence, also economic growth measured, for example, by the Gross Domestic Product in subsequent years.
In addition, research and research and implementation works are conducted in these themes, which further underline the high level of significance of innovation, new technologies and entrepreneurship in contemporary national economies.
Clusters are created within which enterprises undertake cooperation with other business entities, with scientific, research and implementation centers, universities, public sector institutions to exchange experiences, transfer knowledge, run and develop joint research and implementation projects, including innovative technological and process solutions , research, organizational and other.
In connection with the above, I am asking you the following question: Are research and development programs of research centers with enterprises and other entities in clusters conducted in your countries aimed at activating entrepreneurship and innovation of business entities?
Please, answer, comments. I invite you to the discussion.
Positioning a tipping point (or sweet spot) where a demand of a patient (customer)-centered value (better quality yet lower cost) exists.
African countries have been urged to develop new universities that are entrepreneurial from the outset to counter challenges posed by unemployment, hunger and the vulnerabilities of health risks and climate change as well as competition for scarce natural resources...
https://www.universityworldnews.com/post.php?story=20230523205302905&utm_source=newsletter&utm_medium=email&utm_campaign=GLNL0741
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