Trait Approach to Entrepreneurship
Critically assess the personality (or psychological) traits approach to explaining entrepreneurship.
What makes an entrepreneur, an entrepreneur? Could it be the environment they grew up in or simply, the personality that they were born with or developed as they grow? This essay would present on the traits one should have to perform in this career and how these personalities would benefit them as a businessperson. Apart from that, it would discuss the different approaches and analyze it against the trait approach. The essay would start by discussing the traits of an entrepreneur through theories by McClelland and Meredith, Nelson and Neck and the different approaches related to the topic. These theories would then be supported by evidences and examples and then be compared to the social approach of entrepreneurship. It would then be criticized followed by a conclusion.
As said by David Karp, the founder of Tumblr and CEO, “An entrepreneur is someone who has a vision for something and a want to create” (BusinessInsider, 2013). At the age of 15, Karp dropped out of high school and started working on side projects to impress a good research university. He was in charge of a parenting forum at the age of 16, which was later sold to CNET. With that money, he went on to start his own company. He saw an opportunity in the blogging platform where most blog sites focused only on long texts instead of multimedia focused entries. With that, he created Tumblr, which is currently one of the famous social networking sites. The 108.6 million blogs and the recent acquisition with Yahoo, Karp is a successful entrepreneur with earnings of over $200 million yearly (International Business Times, 2013). An entrepreneur is someone who organizes and manages any enterprise, especially a business with considerable risk and initiative (Forbes, 2012).
Entrepreneurship is a process of creating something different with value by developing the essential time and effort, assuming
What makes an entrepreneur, an entrepreneur? Could it be the environment they grew up in or simply, the personality that they were born with or developed as they grow? This essay would present on the traits one should have to perform in this career and how these personalities would benefit them as a businessperson. Apart from that, it would discuss the different approaches and analyze it against the trait approach. The essay would start by discussing the traits of an entrepreneur through theories by McClelland and Meredith, Nelson and Neck and the different approaches related to the topic. These theories would then be supported by evidences and examples and then be compared to the social approach of entrepreneurship. It would then be criticized followed by a conclusion.
As said by David Karp, the founder of Tumblr and CEO, “An entrepreneur is someone who has a vision for something and a want to create” (BusinessInsider, 2013). At the age of 15, Karp dropped out of high school and started working on side projects to impress a good research university. He was in charge of a parenting forum at the age of 16, which was later sold to CNET. With that money, he went on to start his own company. He saw an opportunity in the blogging platform where most blog sites focused only on long texts instead of multimedia focused entries. With that, he created Tumblr, which is currently one of the famous social networking sites. The 108.6 million blogs and the recent acquisition with Yahoo, Karp is a successful entrepreneur with earnings of over $200 million yearly (International Business Times, 2013). An entrepreneur is someone who organizes and manages any enterprise, especially a business with considerable risk and initiative (Forbes, 2012).
Entrepreneurship is a process of creating something different with value by developing the essential time and effort, assuming