Characteristics of Successful Entrepeneurs Essay

Characteristics of Successful Entrepeneurs - Essay Example Significance of the Research When it comes to business, what makes one successful entrepreneurship is undoubtedly one of the most significant topics because successful entrepreneur finds business opportunity, seizes it and creates a market of his own by beating the competitors and achieving sustainable competitive advantage. Studying and exploring in to the essential characteristics of an entrepreneur would be helpful to understand what makes an entrepreneur and how he brings success to enterprises. As Volery, Doss and Mazzarol (p. 1) noted, entrepreneurship remains to be a driving force in the modern economy more than ever. It’s because, entrepreneurs meet the economic needs through the creation of thousands of business every years. Many businesses in recent days started ‘downsizing’ or ‘outsourcing’ processes, but entrepreneurs are those who create new ventures and new jobs that help strengthen the economy as a whole. Entrepreneur has played pivotal roles in today’s business developments, technological advances and all the radical changes that brought renaissance in business environments. People all over the world are able to meet their varying requirements and specific individual needs only because entrepreneurs in different parts of the world, no matter how smaller or larger they are, have found opportunities, thought creatively, innovated and established an enterprise to provide something valuable to the people. Characteristics of Successful Entrepreneurs Many researchers have obviously agreed with the very fundamental view of entrepreneurship as described by the father of entrepreneurship, Joseph A Schumpeter. According to him, entrepreneurship is innovation (Carsrud and Brannback , p. 7). Entrepreneur is one who perceives or finds an opportunity to be seized and then to create a new product or service or changes an existing one in order to create new marketable contribution to the economy (McDaniel, p. 57). An entr epreneur is not only an opportunity finder, but be a good manager with basic managerial skills like direction, coordination, supervision, decision making, risk bearing, control and problem solving etc (Brockhaus, p. 1). An entrepreneur doesn’t need to be a manager or not to function as a manager, but he must be skilled in managerial qualities and functional areas like those mentioned above. A basic difference that most literatures have described is that a manager is not always the owner of the enterprise and therefore he is relatively less responsible where as the entrepreneur is the owner of the business and more responsible too. The most essential and basic characteristics of entrepreneur are detailed below: Entrepreneur as an Innovator Innovation is one of the fundamental qualities of an entrepreneur. As Drucker (p. 17) noted, innovation is very specific tool that an entrepreneur is essentially required to have and with this he can find chances and make them opportunities for various business purposes. Finding opportunities for some thing new and bringing a vision in to reality through innovation is thus critical element to the success of an entrepreneur. Entrepreneur needs to be innovator for major innovations, start up of business, developing new products or services for a presently

The television as a product in relation to edward de Bono thinking hat Assignment

The television as a product in relation to edward de Bono thinking hat - Assignment Example The television has become an evident product in the today’s generation. The television provides communication services to individuals. The television empowers lives in many ways especially through providing important information. Through the television, we have an idea of the global happenings. Through the television information on sports, current good or bad happenings air at the comfort of our homes. Information on the weather enables people to plan for events before they happen. The television is a good source of entertainment accessed at a cheap price and at the convenience of others. Television definitely empowers individuals to live a better life through showing the progress of global happening (Hanson, 2010). Experts denounce the watching of television due to reasons such as the disengagement of people from politics, the obesity issue and the negative images of women it displays. Innovation of the television faces controversies for current years. The fears that it is on ly a matter of time before the television losses market to upcoming technological devices that enhance the outreach. Over the air, the television only has common channel. Individuals result to paying cable and satellite providers to offer extra channels. The consumer market is tired of purchasing more content most of which we are not interested (Lin & Atkin, 2007). Edward de Bono thinking tools The â€Å"Six thinking Hats† is an important powerful tool used to make decisions from different perspectives. Edward de Bono created the tools, which assists individuals to think outside from their normal thinking style. Product producers think in a very rational and positive point of view. This is the reason as to why the end up in success. Many however fail to look at the problems from a creative, intuitive, emotional or negative point of view. This means that the success is only limited to the positive thinking only. They forget that through analysis of the negative aspects creates a better approach of promoting the success of the organization. On a different view, pessimists may extensively support ideas on an emotional aspect failing to analyze decisions rationally and calmly. The thinking technique involves the white hat, red hat, black hat, yellow hat, green hat, and blue hat (Mycoted, 2011). The white hat focuses on the available data where an analysis of information available aids in learning various aspects. While thinking on the aspects, make an analysis of the elements that fill up on information missing. The â€Å"white thinking hat† analyses the past trends and extrapolate from historical data. The red hat thinking involves analyzing problems using gut reaction, emotion and intuition. The thinking involves the emotional aspects of other people involved in the thinking circle. Involving people’s logic assists in analysis of the last reasoning (Runco, 2007). The black hat of thinking involves looking at the negative aspects of the made decision. With defense and caution, analyze on the possibilities of it not working. It is important as it brings out the weak points of the decision. This enables the plan to be refined through elimination, alteration or creation of counter plans. The black hat thinking aspect enables decisions to stand tough grounds and be resilient. It assists in realizing fatal decision making before making a decision. The advantage of this thinking mechanism is that it concentrates on the negative aspects hence eliminating flaws in the decision-making process. This prepares individuals of difficulties arising from the made decision. The yellow hat of thinking concentrates of positive thinking mechanisms. It takes an optimistic point of view giving only the positive outcomes of the decision. The green hat relates to creativity. It involves developing creative solutions to a problem involving a freewheeling with minimal criticism. The blue hat represents the process control. The blue hat