Running head: ENTREPRENEURSHIP 1

ENTREPRENEURSHIP 2

Title

Student’s name

Instructor

Course

Date

ENTREPRENEURSHIP

Introduction

Entrepreneurship is very important in every society. Entrepreneurship is a style of management that most managers and administrators can manage. This is a process where business people will take advantage of opportunities to benefit the stakeholders of an organization (Brown, & Cornwall, 2000). The owners of enterprises must possess some of the characters that will help them in their business. Different theories explain the entrepreneurship phenomena and help explain in detail why these entrepreneurs decide to do business the way they do.

THEORIES AND QUALITIES OF AN ENTREPRENEURSHIP

Economic entrepreneurship theory

This theory states that economic growth and entrepreneurship can only occur where there are specific conditions of the economy that favor the business environment. This is to means that economic incentives play a very significant role in the enhancement of entrepreneurship activities. Many different factors are capable of either promoting or demoting the entrepreneurship of a country. Some of these factors include the availability of a country having productive resources, has increased demand for goods and services (Brown, & Cornwall, 2000). These loans are offered at a low interest rate, easy access to credit from banks, and suitable monetary and fiscal policies, among many others. The Business environment is very important for any entrepreneur to be successful.

Resource-based entrepreneurship theory

According to this theory, an entrepreneur’s success depends on leverage on the available resources of different types. This theory was created with the main aim of explaining the reason why some businesses will perform better than others through focusing on an organization’s resources. This theory’s main idea is that competitive advantage comes from an organization’s ability to use tangible and intangible resources. While the organization’s tangible assets include the human resources, tools and equipment, and the business itself, the intangible assets include business secrets and reputation (Anderson, & Ronteau, 2017). Organizations that have resources that cannot be easily imitated and rare are at an added advantage. These are some of the ways that can help in improving the strength of an organization.

Psychological theories

These theories look at the emotional and mental characteristics of entrepreneurial people. According to these theories, the most successful entrepreneurs need to achieve, which is one of the most important aspects driving them towards their activities. According to David McClelland, who developed the theory, an entrepreneur can do things much better and make critical decisions uncertainly (Anderson, & Ronteau, 2017). These people have a drive to grow, advance, and excel in their business ventures. The entrepreneurs will have a clear path by which they will be used to meet their goals and their objectives. These people will always set challenging goals and more demanding goals every time they accomplish the earlier set goals. They always have a positive mindset and desist from surrounding themselves with negative-minded people.

Locus of control entrepreneurship theory

This theory looks at an individual’s perception about the causes of their different living conditions. There are two main loci. The external control locus is a better description of an individual believing that the conditions in their life are due to the external forces beyond their control, such as power structures of the government, luck, fate, etc. On the other hand, the internal locus is used in describing an individual who believes that they are the masters of their own life. This means that these people believe that they can act and change any condition that they are experiencing in life. An entrepreneur characterized with the external locus believes that their chances of survival rely on institutional and market forces beyond their control. The other lots of the entrepreneurs who possess the internal control locus believe that their efforts and beliefs determine the success of their business.

Sociological theory

According to this theory, an entrepreneur is supposed to consider social factors when designing their business plans. The people who consider this theory when setting their business plan are better positioned to provide better goods and services than their competitors. This is because society’s perception is fundamental to the success of any business, and therefore it is important to consider society. A business capable of providing better value to society stands a better chance of succeeding and having few challenges, if any. One of the essential parts of every business in any global business understands the other cultures and their dynamics. With the number of businesses venturing in multinational operations worldwide being on the rise, any business that needs to expand its operations beyond the borders must be well conversant with that environment (Ferreira, Fernandes,& Kraus, 2019). For instance, this can help segment the consumers based on various aspects to give every market a different experience depending on their needs. A competitive advantage is gained when one offers goods or services of more excellent value than the competitors.

THE SELF-ASSESSMENT

Through the entrepreneurial self-assessment, there are various things that I learned about myself. Below is a list of the assessment results:

A good team player

Team spirit is very important in any business. I am a very good team player and always work with my teammates to achieve goals and objectives. My capability of effectively utilizing both verbal and non-verbal communication skills helps promote good interpersonal and professional relationships with all the stakeholders. The nature and the quality of relationships are central to any business. The entire team must work together in any business by sharing ideas and supporting each other, which will help an organization achieve the set goals and objectives.

Honesty

I have always maintained honesty as one of my most critical pillar in the business world. In business, honesty is very critical in the business world whether it is big or small. Without honesty, a merchant will lose trust from the customers. Honesty is a must for any entrepreneur. Integrity in entrepreneurship is a very critical benchmark of every field. However, it is very shameful that many people engage in various cases of dishonesty

Perseverance

Perseverance is the quality that allows a person to keep trying to do something even though it is difficult. I am always the kind of person who does not need motivation from other people as I am self-motivated. I have an outstanding capability of creating a vision persuasively and excitingly for my subjects. The main theme in perseverance is not to give up. I keep fighting hard, and I am focused on achieving a good result.

Hope

I always have faith that I will be going to achieve my goals and objectives. I always keep hope that I am going to achieve my goals. I am always optimistic even the circumstances are against me. Most people feel they have to take advantage of people to get what they want in work situations. Hope is a very important aspect of the success of an entrepreneur. High hope organizations are led by entrepreneurs who are involved with employees in a formal goal-setting process. Hope plays a dual role in working positively before the appearance of a problem and after a problem.

Communicator

Being able to communicate effectively is probably the most important life skill. Whenever I am involved in communication, especially in the workplace, I have to apply to ensure a good communication climate between me, the consumers, or the other employees. Having a good communication environment helps create trust between the two parties, and thus it is easier to do any business.

As a team player, good communicator, optimist, and honest person, these results did not surprise me. This is because it reinstates my belief in always being optimistic. I am always the kind of person who does not need motivation from other people as I am self-motivated. This was an excellent score indicating that I am a good entrepreneur (Dobina et al., 2019). There is, however, nobody who is perfect when it comes to business. We always have areas that we must work on. We can still work on the places that we do not score well after assessing ourselves. This is very important in helping ease the communication between and amongst the workers; thus, it is easier to communicate effortlessly, passing skills, knowledge, and ideas. This cheers the employees to have good relationships amongst and between each other, bringing confidence in the subordinates and making them trust in the leadership, making it easier to achieve an excellent organizational culture.

PLACE THIS ORDER OR A SIMILAR ORDER WITH Nursing League TODAY AND GET AN AMAZING DISCOUNT