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What are the main influences on the development of a successful entrepreneur.

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Introduction

What are the main influences on the development of a successful entrepreneur What is an entrepreneur?, "refers to anyone who has responsibility for a firms decisions concerning choices of technology, rates of investment and scrapping, research expenditure etc. The group includes the individual owner-manager, hired managers and individual or groups of corporate officials"(Entrepreneurship 1870-1914, Floud and McCoskey). This statement of what an entrepreneur is a very "catch-all" statement. It sees an entrepreneur as a key person within a company who deals with many decisions. In answering this question I will have to look at the conditions that make a successful entrepreneur with examples. An entrepreneur needs many different conditions to be a success. The conditions could be split into to sections, firstly internal conditions and secondly external conditions. I will examine the conditions individually looking at the different aspects within them. Once this is done, I will try and establish how important flair and drive are, seeing how important they are to entrepreneurial success. I will finally conclude by seeing which are the most important factors (if any). An internal factor is a personal aspect of a person's personality. A person must contain a few aspects of internal strength; otherwise they will unable to be a successful entrepreneur. The first part of this is the person must have imagination. This is the ability to look beyond a problem and solve it. Schumpter recognised this as important and stated "innovation and creative destruction of equilibrium". If an entrepreneur has imagination, they have the ability see beyond the normal realms of Business and gain an automatic advantage. ...read more.

Middle

The creation of a new market was seen as profitable, and the entrepreneurs anticipated the growth. In relation to competitors, the royal mail example includes this with competition actually being created. Competition could also be related to Thatcher and the coal industry. Foreign producers of coal could produce much cheaper coal than domestic pits, so Thatcher closed down the pits, as they weren't competitive. Another aspect of a good entrepreneur is determination/motivation. A good entrepreneur needs to be determined for success. Determination is a key part for success in any business. This could be considered one of the most valuable attributes of any entrepreneur. If this is lacking, none of the other attributes will follow, and thus will not be a successful entrepreneur. It is argued that without motivation, it would be impossible for any person to get into a position to make a decision. In this way, without the motivation to be a success, you can never really be an entrepreneur. Motivation and determination earns respect within any organisation, with these attributes people will naturally follow your lead and listen to you. There would be no point of making any decisions if no one has respect for you as the orders will not follow and people will not have any respect for you. Being an entrepreneur involves risks. Firstly if you lack motivation/determination you will not be prepared to follow through in your decisions if they look like they may not succeed. Also if people see you as determined in a decision and trust you they are more likely to follow your lead and make your decision a success, thus you will be a good entrepreneur. ...read more.

Conclusion

The links of the old tie networks enables people to get into a position to make the decisions and become and entrepreneur. Often reputation may come with a family name and help you to gain success. In conclusion to the question above, flair and drive are indeed very important aspects in creating a good entrepreneur, but again I agree it's not enough to rely on these qualities to become a success. All the internal factors I have given are all-important and are needed to become a good entrepreneur. Often many of them are gained once a good entrepreneur status has been recognized. Reputation is the only one, which you don't essentially need to become a good entrepreneur, but essential once you are. If you don't have a good reputation as a good entrepreneur, you are not a good entrepreneur at all. It is gained and to be classified as a good entrepreneur you have to be recognized as one. The external factors could be classified as important, if not more important than the internal factors. Often the family and upbringing of an individual opens doors and teaches you the internal aspects. But I would have to say that circumstance is indeed the most important factor. Without this on some ones side, success will never be achieved. Ideas are made a success because they relate to a time when they are needed. Although without any of the internal factors success will never occur. In conclusion I agree flair and drive aren't enough qualities to become a good entrepreneur. But it could be argued that reputation is the most important as you only a good entrepreneur when people perceive you as one. ...read more.

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