Essay: Analysis of Entrepreneurial skills

Sample Essay

Entrepreneurship is being innovative while taking high risks for higher profits and returns. The concept is based on the person who drives the business while being entrepreneurial. This person is called the entrepreneur. An entrepreneur is the person who heads the business and provides leadership and guidance to his subordinates specifically to running the business in an innovative manner. This person is highly oriented towards high returns and profits and is willing to take high risks for the high returns. This is the main difference between an entrepreneur and any other kind of business proprietor. “Until recently, the supply-side perspective, which focuses on the individual traits of entrepreneurs, has been the dominant school of research, Newer work from the demand-side perspective has focused on rates, or the context in which entrepreneurship occurs” (Thornton,1992)

Entrepreneurial skills can be present in the members of the management as well as in the staff. The entrepreneurial skills are determined by the straits and the personality of the employees in an organization. In most cases, analytical skills, quick comprehension and understanding of the situation as well as strategic outlook and risk taking ability are constituted as the traits of an entrepreneur. Literature review on the topic provides that “that entrepreneurs have a high need for achievement, an internal locus of control, a moderate orientation towards risk taking, a high tolerance for ambiguity, a good deal of self-confidence, and are innovative.” (Cromie, 2000)

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