Entrepreneurial Characteristics And Its Extent Of Support To Career Ambitions

1785 words - 7 pages

Entrepreneurial characteristics and its extent of support to career ambitionsContents31 Introduction 32 Factors affecting entrepreneurship 32.1 Motivation 32.1.1 Maslow's Need of Hierarchy theory 32.1.2 Mcdelland's acquired theory 42.2 Types of entrepreneurship 42.3 Characteristics of entrepreneur 53 Characteristics and support for future 6References IntroductionInternational Labor Organization defines entrepreneur as "those people who have the ability to see and evaluate business opportunities, together with the necessary resource to take advantage of them and to initiate appropriate action to ensure success". According to Akhouri entrepreneur is a "character who combines innovativeness, readiness to take risk, sensing opportunities, identifying and mobilizing potential resources, concern for excellence, and who is persistent in achieving the goal" (Mohanty, 2005).Character of an entrepreneur includes various factors that can be consolidated to smaller profile dimensions. Few among them are Drive for growth and achievement, Determination, commitment and perseverance, goal orientation and opportunity, sense of humor and realism, persistency in solving problems, reliability and integrity, seeking feedback and using it, taking personal responsibility and initiative, low need for power and status etc. (Kuratko, 2008). According to Stevenson and Gumpert (1985) these characteristics are of flexibility, willingness to risk acceptance and imagination.Factors affecting entrepreneurshipGrowth of an entrepreneur is determined by various factors and these factors can be categorized as economic and non economic conditions. Economic factors include capital, labor, raw material and market. Non economic conditions include social, political and psychological factors. Social conditions are socio cultural values and norms, degree of disapproval or approval to entrepreneurial behaviour, educational standard, family background, information and technological knowledge, religious affiliation and financial stability. Psychological conditions are role played in society, high need achievement, impact of training programs and achievement motivation. Political factors are socio economic setting, economic development of society, and availability of basic facilities, services, utilities, concessions and incentives from government. These factors play a major role in development of an entrepreneurship. These factors are mutually reinforcing and dependent and at the same time interlocking (Kumar, et. al., 2008).MotivationIn order to attain organizational objectives an entrepreneur is to secure maximum performance. This is dependent on an entrepreneur's ability and willingness to perform. Ability is determined by experience, skill, knowledge and education. Willingness is based on motivation and for that an entrepreneur will have to understand his needs, ambitions and aspirations and satisfy them (Kumar, et. al., 2008).Maslow's Need of Hierarchy theoryAccording to Maslow needs...

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