Entrepreneurship is a dynamic process that

involves a blend of vision, change, and creation.

It involves opportunities and risks, and is a fluid
process that requires adapting to the economic
state and taking advantage of innovative
opportunities that arise. Entrepreneurship is a
practice involving traits and behaviors that can
be cultivated and developed to better manage an
entrepreneurial venture.
 There are certain qualities and traits that are
essential for the entrepreneurs success in the ever
changing economic environment. Below are four
groups of interrelated characteristics that are
crucial for being an effective entrepreneur.
Innovation and creativity
Total commitment and determination
Perseverance
Self-Confidence
 Innovation and Creativity

The entrepreneur must be able to recognize and seize external opportunities that relate to
innovation in a specific industry. Specifically, it is important to apply innovation when
sources of opportunity are presented through the entrepreneurial environment. Three
main sources of innovative opportunity are: incongruities, demographics, and perception
change.
Incongruities: Many times there are incongruities within industries. Go for the area in an
industry where there is an apparent lack, like filling in missing pieces in a puzzle to
make it whole. Make things as they ought to be instead of going along with how they
are assumed to be in an industry.
Demographics: In regards to demographics there is always an emerging niche through
changes in demographic make-up. Being able to recognize these ecological niches
provides innovative opportunity by catering to the unmet needs of an emerging group.
Changes in perception: When values and characteristics change in the masses an
innovative opportunity is present. Look for changes in social behavior and activity that
can be capitalized on and developed. Examine the trends that are emerging and focus on
the trends that will be emerging in the future.
 Total Commitment and Determination

As John Maxwell says, Commitment: It

separates doers from dreamers. Commitment
to a project, and the determination to fulfill the
outcome, are essential character traits for an
entrepreneur. Similarly, an entrepreneur must
be goal oriented and able to follow an action
plan set up to achieve the business goals.
 Set up a timeline to gauge how long it may
take, and the willingness and commitment
necessary for achieving a certain goal. It takes
self-motivation to prioritize goals, and one
must take initiative and have personal
responsibility for the priorities of a business in
order for the venture to be a success.
 Perseverance

Thirdly, an entrepreneur must be able to persevere through barriers

and setbacks. There will be much problem solving through starting
up a small venture and it will be important to maintain a positive
attitude and believe in the company through difficult circumstances.
Maintaining a sense of humor and internal locus of control through
setbacks can provide the means to grow and learn from mistakes. It
is great to think big and act now, but it is also important to
determine contingencies for dealing with potential problems. The
hope is that through a comprehensive business plan one will avoid
many setbacks, but in many cases, setbacks happen regardless, so
an entrepreneur must have realism for business expectations and
maintain belief in the vision of the company through difficult times.
 Self-Confidence

One must truly believe in themselves to be a leader and spearhead

innovative ideas. This involves willingness to take risks in a calculated
manner and being willing to fail at times. This relates to a low need for
status and power as the entrepreneur must maintain confidence throughout
the duration of a project even if a high level of status is not immediately
obtained. It will take time to grow the venture to a prominent position.
Self-confidence also means being comfortable enough with ones self to
accept feedback and having the confidence and flexibility to change
course through unexpected circumstances. Also, being teachable and open
to learning throughout the growth process of a business is important in
developing the expert skills of any trade or discipline. Finding a mentor to
consult with can provide learning and growth through the initial stages of
small venture start-up.
 Systematic Entrepreneurship

All of these characteristics are essential attributes for

developing a foundation that can bolster an innovative
idea. The interrelated nature of the characteristics
mentioned above are tied together, forming a strong base
to forge an entrepreneurial project. They overlap to
provide a character that is able to practice
entrepreneurship and gives a direction through a
systematic process. There are many strategies that the
entrepreneur can use to their benefit but without the
cultivation of certain personality traits, it will be a more
cumbersome journey
 Five Reasons to Become an Entrepreneur

These five reasons are :

Creativity
Independence
Solutions
Time
Money
 Creativity: Using your creativity and energy to
achieve something that inspires you can be very
rewarding. Starting, running and growing a
business can provide a high level of satisfaction.
Independence: The freedom that comes with
operating a business can lure many people. You
don't need to convince your boss - you are the
boss. You make the products you believe in and
you can offer the services your clients want.
 Solutions: You have a solution to a common problem
or a big problem? Whether the solution relates to the
environment, communications, food or services,
wanting to see your solution used by all can be a
driving factor to becoming an entrepreneur.
Time: Entrepreneurs ultimately decide on their shifts
and their pay checks. Usually, the more hours you
invest in your business, the more money you will
make. As an entrepreneur, you get to choose how you
want to balance work and personal time.
 Money: Many businesses make enough profit
to pay modest salaries, pay bills and even
grow. On the other hand, some start-ups turn
into multi-million dollar enterprises. The
possibilities are endless