When entrepreneurs believe that their accomplishments and setbacks are within their own control and influence?

Mohammed

Guys, does anyone know the answer?

get which among the following characteristic defines entrepreneur as a believer of accomplishment and setbacks within their own control, influence and can be affected by the outcome of their actions? from screen.

What is an Entrepreneur?

What is an Entrepreneur?

Much has been written about entrepreneurs. Some of it portrays entrepreneurs as almost mythical characters who obtain their skills from a unique genetic combination. However, research tells us that entrepreneurship can be learned. The information below provides some characteristics and skills you may want to acquire to improve your entrepreneurial ability.

In terms of a small rural business, an entrepreneur is someone who identifies a market opportunity for agricultural commodities and products and creates a business organization to pursue the opportunity.

To help you understand entrepreneurs, here are four characteristics of successful entrepreneurs.

Successful Entrepreneurs Characteristics*

1. Successful entrepreneurs are able to identify potential business opportunities better than most people. They focus on opportunities - not problems - and try to learn from failure.

2. Successful entrepreneurs are action-oriented. This comes from a sense of urgency. They have a high need for achievement, which motivates them to turn their ideas into action.

3. Successful entrepreneurs have a detailed knowledge of the key factors needed for success and have the physical stamina needed to put their lives into their work.

4. Successful entrepreneurs seek outside help to supplement their skills, knowledge and ability. Through their enthusiasm they are able to attract key investors, partners, creditors and employees.

Risk Takers

It is commonly believed that entrepreneurs are risk-takers. However, the evidence suggests that they are risk-averse just like you and me. Successful entrepreneurs attempt to minimize their risk exposure whenever appropriate, by carefully assessing the risk/reward relationship of their actions. Risk is assumed only when the opportunity for reward is sufficiently large enough to warrant the risk.

Sense of Limits

At a very early age, from our parents, friends and teachers, we begin developing a sense of limits. These are limits of what we can and cannot do and what we can and cannot accomplish. It is manifest in many ways such as “we’re not good enough, not smart enough, or not capable enough”. This sense of limits is based on emotions rather than logic.

Entrepreneurs either don’t have this sense of limits or fight against it. All things are possible. Removing the sense of limits unleashes the creativity and innovative juices that are needed for successful entrepreneurship.

Locus of Control

Entrepreneurs tend to have a strong internal locus of control.  Locus of control is a concept defining whether a person believes he/she is in control of his/her future or someone else is in control of it. For example, we all know people who believe they have no control over their lives. They believe that what happens to them is dictated by outside forces.  People who feel they are victims of outside forces have an external locus of control – “it’s not my fault this happened to me.” By contrast, entrepreneurs have a very strong internal locus of control. They believe their future is determined by the choices they make.

Control of their Future

Entrepreneurs want to be self-directed. They want to be in control of their activities. This is linked to the “locus of control” discussion above. Entrepreneurs often don’t fit well in traditional employment positions. They don’t want to be told what to do. Entrepreneurs know what they want to do and how to do it.

Creators

Entrepreneurs like to create things. A business entrepreneur likes to create businesses and organizations. Often the more unique the business the better entrepreneurs like it. They like the challenge of coming up with new solutions.

Entrepreneurs may not be the best managers. After the organization is built they may lose interest or not have the skills needed to manage the business. Just because they are good at creating a business doesn’t mean they will be good at running a business.

The Ten D’s of an Entrepreneur **

Below are ten D’s that help define an entrepreneur. If you want to be an entrepreneur, you will need to possess many of these behaviors. As you read over the list, compare yourself to these behaviors.  How do you stack-up?  What do you need to change?

1. Dream -Entrepreneurs have a vision of what the future could be like for them and their business. And, more importantly, they have the ability to implement their dreams.

2. Decisiveness - They don’t procrastinate. They make decisions swiftly. Their swiftness is a key factor in their success.

3. Doers - Once they decide on a course of action, they implement it as quickly as possible.

4. Determination - They implement their ventures with total commitment. They seldom give up, even when confronted by obstacles that seem insurmountable.

5. Dedication - They are totally dedicated to their business, sometimes at considerable cost to their relationships with their friends and families. They work tirelessly. Twelve-hour days, and seven-day work weeks are not uncommon when an entrepreneur is striving to get a business off the ground.

6. Devotion - Entrepreneurs love what they do. It is that love that sustains them when the going gets tough. And it is love of their product or service that makes them so effective at selling it.

7.  Details - It is said that the devil resides in the details. That is never more true than in starting and growing a business. The entrepreneur must be on top of the critical details.

स्रोत : www.extension.iastate.edu

Characteristics of Successful Entrepreneurs – Introduction to Business

36 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

What characteristics do successful entrepreneurs share?

Do you have what it takes to become an entrepreneur? Having a great concept is not enough. An entrepreneur must be able to develop and manage the company that implements his or her idea. Being an entrepreneur requires special drive, perseverance, passion, and a spirit of adventure, in addition to managerial and technical ability. Entrepreneurs are the company; they tend to work longer hours, take fewer vacations, and cannot leave problems at the office at the end of the day. They also share other common characteristics as described in the next section.

The Entrepreneurial Personality

Studies of the entrepreneurial personality find that entrepreneurs share certain key traits. Most entrepreneurs are

Ambitious: They are competitive and have a high need for achievement.

Independent: They are individualists and self-starters who prefer to lead rather than follow.

Self-confident: They understand the challenges of starting and operating a business and are decisive and confident in their ability to solve problems.

Risk-takers: Although they are not averse to risk, most successful entrepreneurs favor business opportunities that carry a moderate degree of risk where they can better control the outcome over highly risky ventures where luck plays a large role.

Visionary: Their ability to spot trends and act on them sets entrepreneurs apart from small-business owners and managers.

Creative: To compete with larger firms, entrepreneurs need to have creative product designs, bold marketing strategies, and innovative solutions to managerial problems.

Energetic: Starting and operating a business takes long hours. Even so, some entrepreneurs start their companies while still employed full-time elsewhere.

Passionate. Entrepreneurs love their work, as Miho Inagi demonstrated by opening a bagel shop in Tokyo despite the odds against it being a success.

Committed. Because they are so committed to their companies, entrepreneurs are willing to make personal sacrifices to achieve their goals.

Ethical Choices Transform Family Business into International Brand

Ever since Apollonia Poilâne was a young girl growing up in Paris, she always knew what she wanted to do when she grew up: take over the family business. But she didn’t anticipate how quickly this would happen. When her father—Lionel Poilâne—and her mother died in a helicopter crash in 2002, France lost its most celebrated baker, and Apollonia stepped into the role. She was just 18 years old at the time with plans to matriculate to Harvard in the fall, but the moment her parents had prepared her for had come. As her Harvard admissions essay said, “The work of several generations is at stake.”

With organization and determination, Apollonia managed one of the best French bakeries in the world—based in Paris—from her apartment in Cambridge, Massachusetts. She would usually wake up an extra two hours before classes to make sure she would get all the phone calls done for work. “After classes I check on any business regarding the company and then do my homework,” she says. “Before I go to bed I call my production manager in Paris to check the quality of the bread.” Because the name Poilâne has earned a place with a very small group of prestige bakers, the 18-year-old was determined to continue the tradition of customer satisfaction and quality her grandfather established in 1932. When her grandfather suffered a stroke in 1973, his 28-year-old son, Lionel, poured his heart into the business and made the family bread into the global brand it is today. Lionel opened two more bakeries in Paris and another in London. He developed and nurtured a worldwide network of retailers and celebrities where bread is shipped daily via FedEx to upscale restaurants and wealthy clients around the world.

Experimenting with sourdough is what distinguished Poilâne’s products from bread produced by Paris’s other bakers, and it has remained the company’s signature product. It is baked with a “P” carved into the crust, a throwback to the days when the use of communal ovens forced bakers to identify their loaves, and it also ensures that the loaf doesn’t burst while it’s baking. Today, Poilâne also sells croissants, pastries, and a few specialty breads, but the company’s signature item is still the four-pound miche, a wheel of sourdough, a country bread, pain Poilâne.

“Apollonia is definitely passionate about her job,” says Juliette Sarrazin, manager of the successful Poilâne Bakery in London. “She really believes in the work of her father and the company, and she is looking at the future, which is very good.”

Apollonia’s work ethic and passion fueled her drive even when she was a student. Each day presented a juggling act of new problems to solve in Paris while other Harvard students slept. As Apollonia told a student reporter from The Harvard Crimson writing a story about her, “The one or two hours you spend procrastinating I spend working. It’s nothing demanding at all. It was always my dream to run the company.”

Her dedication paid off, and Apollonia retained control of important decisions, strategy, and business goals, describing herself as the “commander of the ship,” determining the company’s overall direction. Today, Poilâne is an $18 million business that employs 160 people. Poilâne runs three restaurants called Cuisine de Bar in Paris and in London, serving casual meals such as soups, salads, and open-faced tartines. The company ships more than 200,000 loaves a year to clients in 20 countries, including the United States, Japan, and Saudi Arabia. “More people understand what makes the quality of the bread, what my father spent years studying, so I am thrilled about that,” says Apollonia.

स्रोत : opentextbc.ca

Qualities of a Successful Entrepreneur

ADVERTISEMENTS: Everything you need to know about the qualities of an entrepreneur. An entrepreneur may be called successful only if he is able to accomplish the targeted objectives. In layman’s terms, a successful entrepreneur is the one to implement his perceived idea of setting up a business unit and carry out its business operations successfully. […]

Qualities of a Successful Entrepreneur

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Everything you need to know about the qualities of an entrepreneur. An entrepreneur may be called successful only if he is able to accomplish the targeted objectives.

In layman’s terms, a successful entrepreneur is the one to implement his perceived idea of setting up a business unit and carry out its business operations successfully.

Successful entrepreneurs may be characterized by an unusual alertness; a propensity of risk taking and a strong desire for achievement.

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Some of the qualities of a successful entrepreneur are:-

1. Commitment, Determination and Perseverance 2. Disciplined and Determined to Achieve 3. Self-Confidence and Optimism 4. Tolerance for Failure 5. Opportunity Orientation 6. Initiative and Responsibility 7. Persistent Problem Solving

8. High Energy Levels and Intensity of Purpose 9. Strong Interpersonal Skills and Team-Building Abilities 10. Creativity and Innovation 11. Capacity to Assume Risk 12. Ability to Learn from Experience 13. Ability to Marshal Resources 14. Ability to Organize and Administer

15. Control 16. Technical Knowledge and Adaptive Nature 17. Assertiveness 18. Take Fear Out of Failure 19. Have a Worthy Goal 20. Never Give Up 21. Be Ready for Work-Life Imbalance and a Few Others.

Qualities of a Successful Entrepreneur: Self-Confidence, Persistent Problem Solving, Capacity to Assume Risk and a Few Others

Qualities of a Successful Entrepreneur – 10 Traits of Successful Entrepreneurs with Examples

‘Think different’ is an appropriate slogan that applies to all successful entrepreneurs. They step into the economic jungle with dogged determination to win the race. It is said that most often, great ideas find the right people. They just happen to people who are fired by a passionate desire to do something different and novel. Steve Jobs, Larry Page and Mark Zuckerberg did not pursue a methodical process to develop their ideas. Their insights came to them in the course of following their passions.

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Steve Jobs had a homebrew computer club. Larry Page, who was working on a PhD in computer science at Stanford, used his understanding of ranking in academic publishing to develop the crawler that led to Google. Facebook grew out of Mark Zuckerberg’s previous applications, like Facemash. In other words, the ideas found them because they were highly receptive to their opportunities. It is true that none of the three entrepreneurs referred to above set out to establish billion-dollar businesses, but they quickly seized the opportunities that came their way to become renowned businessmen.

Most great entrepreneurs have a burning desire to build a great company. They recognize the need to have a talented pool of people to help them achieve their goal, and the only way to attract such people is by setting up a company with a work culture that makes it fun to come to work. To establish such a company requires a lot of time and investment, and profits may not come by in the short term. A good example is Amazon, which did not make money for over 10 years initially.

Making money is a fine goal, but it cannot be the sole objective if the intent is to build and grow a great business. It has been said that you can become a great entrepreneur by turning yourself into a missionary rather than a mercenary. Mercenaries, whose primary goal is to make money, seldom have the desire to change the world or the patience to see their idea through. Successful business people have many traits in common—they are confident, optimistic and disciplined self-starters. They are open to new ideas.

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In the following section, we discuss ten traits of successful entrepreneurs with examples:

Quality # 1. Commitment, Determination and Perseverance:

Entrepreneurs are married to their ideas. They are passionate about these ideas and are ready to do anything to make things happen. When they face rough weather, entrepreneurs are willing to go to extreme lengths such as – mortgaging their house, taking a cut in pay, ignoring their families and walking a stressful, lonely and deserted path. They are usually at their best when challenged by circumstances.

They are fired by situations that truly burn their candle of energies. In the face of heavy odds, they show tremendous amount of grit, determination, and perseverance. They are not prepared to come back empty handed and so they hang on to what they believe is right. They exhibit unwavering commitment to a cause that they believe to be beneficial to the company, as well as the society.

Donald Trump:

Donald Trump is an American business tycoon, author and TV personality. With his long list of accomplishments, the billionaire has earned great success and fame in the world of business as a real estate mogul. During his long business career, Trump has seen it all—astonishing highs and depressing lows. Many analysts were busy writing his obituary columns even, but he never gave up. Born on 14 June 1946 in Queens, New York, Donald Trump was a very active and confident child.

At the age of 13, he was sent to the New York Military Academy, where he was a shining star from the very beginning, showing extreme talent in both academics and extra-circular activities. Initially, he went to Fordham University but later moved to Wharton School of Finance in the University of Pennsylvania. He graduated with an economics degree in 1968. Trump was inspired by his father’s real estate dealings but this young man’s goals were far greater.

स्रोत : www.economicsdiscussion.net

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