Entrepreneurship: what is more important character or the environment
Which is the more important influence on entrepreneurial individuals: their personal character or the environment in which they operate? Explain.
The foundation for success for any potential and current entrepreneur is the possession of the right set of character traits needed to pursue any innovation or invention. These may vary with the external environment and/ or the industry in which entrepreneur wishes to indulge in. This external environment is composed of political, economic, socio-cultural, technological and legal elements that are vital in the success of any entity. Entrepreneurs successfully combine new ideas and concepts, or bring existing ideas together in new ways. Past comparative research identifies a pattern of character traits such as spirituality, forgiveness, humility, gratitude, zest, hope and kindness as being present in most successful entrepreneur thus implying that character traits are vital in influencing individual entrepreneurs. Individual attributes are vital to entrepreneurship as individuals have a huge degree of variance in attitude and perception towards risk. [Avey et al., 2010], [Peterson and Seligman, 2004] and [Wright, 2010b]) Krueger and Brazeal (1994) suggested that individuals should be reliant upon the economic, socio-political climate that facilitate and support the entrepreneurial activities; which in turn influence character traits, and shapes individual motivation to allow them to pursue the entrepreneurship. The purpose of this report is to provide an overview of major influences on entrepreneurs in general, whilst critically analysing the environment and the individual personal character that influence the entrepreneur to be specific.
Capital and its availability are vital in starting up any new enterprise as they can help in acquiring essential resources such as infrastructure, labour and utilities. Lack of capital may hinder potential entrepreneurs from exploiting opportunities and starting up new ventures.
The foundation for success for any potential and current entrepreneur is the possession of the right set of character traits needed to pursue any innovation or invention. These may vary with the external environment and/ or the industry in which entrepreneur wishes to indulge in. This external environment is composed of political, economic, socio-cultural, technological and legal elements that are vital in the success of any entity. Entrepreneurs successfully combine new ideas and concepts, or bring existing ideas together in new ways. Past comparative research identifies a pattern of character traits such as spirituality, forgiveness, humility, gratitude, zest, hope and kindness as being present in most successful entrepreneur thus implying that character traits are vital in influencing individual entrepreneurs. Individual attributes are vital to entrepreneurship as individuals have a huge degree of variance in attitude and perception towards risk. [Avey et al., 2010], [Peterson and Seligman, 2004] and [Wright, 2010b]) Krueger and Brazeal (1994) suggested that individuals should be reliant upon the economic, socio-political climate that facilitate and support the entrepreneurial activities; which in turn influence character traits, and shapes individual motivation to allow them to pursue the entrepreneurship. The purpose of this report is to provide an overview of major influences on entrepreneurs in general, whilst critically analysing the environment and the individual personal character that influence the entrepreneur to be specific.
Capital and its availability are vital in starting up any new enterprise as they can help in acquiring essential resources such as infrastructure, labour and utilities. Lack of capital may hinder potential entrepreneurs from exploiting opportunities and starting up new ventures.