Entrepreneurial characteristics and its extent of support to career ambitions

Essay by dilyamaininaUniversity, Bachelor'sA, February 2013

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Entrepreneurial characteristics and its extent of support to career ambitions


31 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 �



International 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 entrepreneurship

Growth 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,