Assignment Entrepreneurship and Business plan final piece
FEEDBACK SHEET
Table of Contents
Coverseet 1
Table of Contents 4
1. Introduction: 5
2. Strengths: 5
2.1. Leadership 5
2.2. Internal locus of control: 5
2.3. Need for achievement 6
3. Weaknesses: 7
3.1. Risk-taker 7
3.2. Innovativeness 7
3.3. Proactivity 8
4. Conclusion: 9
References: 10
Personal reflection on entrepreneurial characteristics
1. Introduction:
Over the years, several attempts have been made in explaining the term entrepreneurship. Surprisingly there is still no universally accepted definition. Meredith et al 1982, quoted by Kirby 2003 define entrepreneurs as “people who have the ability to see and evaluate business opportunities; to gather the necessary resources to take advantage of them; and to initiate appropriate action to ensure success.” Harwood (1982), quoted by Chell, Haworth and Brearley (1991) further defines that an entrepreneur may also be the founder of a new business venture since he “takes initiative, assumes considerable autonomy in the organization and management sources, shares in the asset risk, shares in an uncertain monetary profit, and innovates”
2. Strengths:
2.1. Leadership “Entrepreneurship is simply a type of leadership that occurs in a specific setting” as it is defined by Vecchio (2003), emphasizing the importance of being a leader in order to be a successful entrepreneur. In addition, an entrepreneurial leader must be cognitively ambidextrous, secondly must have a social, environmental, and economic responsibility and sustainability, and finally has to be self and socially aware. (Greenberg, McKone-Sweet and Wilson 2011).
Example: My leadership skills as well as my ability to lead have considerably improved over the last three years. I have been assigned the role of group leader from my peers numerous times because of my ability to communicate effectively with other group members and to organize work efficiently. As a result we have managed to achieve our goals efficiently without facing any major
Table of Contents
Coverseet 1
Table of Contents 4
1. Introduction: 5
2. Strengths: 5
2.1. Leadership 5
2.2. Internal locus of control: 5
2.3. Need for achievement 6
3. Weaknesses: 7
3.1. Risk-taker 7
3.2. Innovativeness 7
3.3. Proactivity 8
4. Conclusion: 9
References: 10
Personal reflection on entrepreneurial characteristics
1. Introduction:
Over the years, several attempts have been made in explaining the term entrepreneurship. Surprisingly there is still no universally accepted definition. Meredith et al 1982, quoted by Kirby 2003 define entrepreneurs as “people who have the ability to see and evaluate business opportunities; to gather the necessary resources to take advantage of them; and to initiate appropriate action to ensure success.” Harwood (1982), quoted by Chell, Haworth and Brearley (1991) further defines that an entrepreneur may also be the founder of a new business venture since he “takes initiative, assumes considerable autonomy in the organization and management sources, shares in the asset risk, shares in an uncertain monetary profit, and innovates”
2. Strengths:
2.1. Leadership “Entrepreneurship is simply a type of leadership that occurs in a specific setting” as it is defined by Vecchio (2003), emphasizing the importance of being a leader in order to be a successful entrepreneur. In addition, an entrepreneurial leader must be cognitively ambidextrous, secondly must have a social, environmental, and economic responsibility and sustainability, and finally has to be self and socially aware. (Greenberg, McKone-Sweet and Wilson 2011).
Example: My leadership skills as well as my ability to lead have considerably improved over the last three years. I have been assigned the role of group leader from my peers numerous times because of my ability to communicate effectively with other group members and to organize work efficiently. As a result we have managed to achieve our goals efficiently without facing any major
References: Baum, R.J., Frese, M. and Baron, R. (eds.) (2007) The Psychology of Entrepreneurship. New Jersey: Lawrence Erlbaum Associates, Inc. Bonnett, C. (1991). “Who wants to be an entrepreneur? A study of adolescents interested in a Young Enterprise scheme”, Journal of Economic Psychology, Vol.12, pp. 465-478. Brockhaus, R.H. (1980). Psychological and environmental factors which distinguish the successful from the unsuccessful entrepreneur: A longitudinal study. Academy of Management Best Paper Proceedings, pp.368-372. Bull, I. and Willard, G.E. (1993) “Towards a theory of entrepreneurship”, Journal of Business Venturing, Vol.8 No.3, pp.183-195. Burns, P. (2008) Corporate Entrepreneurship: Building the Entrepreneurial Organization. 2nd edn. Basingstoke: PALGRAVE MACMILLAN. Byrnes, J.P., Miller D.C. and Schafer W.D. (1999) “Gender Differences in Risk Taking: A Meta-Analysis”, Journal of Psychological Bulletin, Vol. 125, No. 3, pp. 367-383 Chell, E., Haworth, J.M Chell, E. (2000) “Towards researching the ' 'opportunisticentrepreneur ' ': A social constructionist approach and research agenda”, European Journal of Work and Organizational Psychology, Vol.9, No.1, pp.63-80. Dyer, J.H., Gregensen, H.B. and Christensen, C. (2008) “ENTREPRENEUR BEHAVIORS, OPPORTUNITY RECOGNITION, AND THE ORIGINS OF INNOVATIVE VENTURES”, Strategic Entrepreneurship Journal, Vol.2, pp. 317–338. Entrepreneur (2004) Mark Zuckerberg. Available at: http://www.entrepreneur.com/article/197850 (accessed on: 25/10/2013). Greenberg, D., McKone-Sweet, K. and Wilson, J.H. (2011) The New Entrepreneurial Leader: Developing Leaders Who Shape Social & Economic Opportunity. California: Berrett-Koehler Publishers, Inc. Kickul, J. and Gundry, L., (2002) “Prospecting for Strategic Advantage: The Proactive Entrepreneurial Personality and Small Firm Innovation”, Journal of Small Business Management, Vol. 40, No. 2, pp.85-97. Kirby, D.A. (2003) Entrepreneurship. Maidenhead: McGraw-Hill Education. Kon, H.C. (1996) “Testing hypotheses of entrepreneurial characteristics”, Journal of Managerial Psychology, Vol. 11, No. 3, pp. 12-25. Littunen, H. (2000) “Entrepreneurship and the characteristics of the entrepreneurial personality”, International Journal of Entrepreneurial Behavior & Research, Vol. 6, No.6, pp. 295-309. Markman, G.D., Balkin, D.B. and Schjoedt, L. (2001) “Governing the innovation process in entrepreneurial firms”, Journal of High Technology Management Research, Vol. 12, No.2, pp.273-293. McClelland, D.C. (1965) “N. Achievement and entrepreneurship”, Journal of Personality and Social Psychology, Vol.1, No.4, pp.389-39. Pendergast R.W (2003) “Engineering Conferences International Year 2003 Entrepreneurial Contexts and Traits of Entrepreneurs”, Teaching Entrepreneurship to Engineering. Rotter, J.B. (1966) “Generalized expectancies for internal versus external control of reinforcement”, Psychological Monographs: General and Applied, Vol. 80, Whole No. 609. Tverksy, A., Kahneman, D. (1992) “Advances in Prospect Theory: Cumulative Representation of Uncertainty”, Journal of Risk and Uncertainty, Vol. 5, pp.297-323. Vecchio, R.P. (2003) “Entrepreneurship and leadership: common trends and common threads”, Human Resource Management Review, Vol.13, No.2, pp.303-327.