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“Personal Reflection on the Characteristics of an Entrepreneur and the Evaluation of My Personal Strengths and Limitations of Said Characteristics”

In: Business and Management

Submitted By mesnagereloise
Words 2196
Pages 9
1. Introduction
Over 250 years ago, Cantillon formulated the first concept of entrepreneurship, although to this day there is no universally accepted definition (Iversen, 2008). The requirements of each entrepreneur can vary depending on the industry, sector and scope of the business (Cooper, & Dunkelberg, 1981). In the context of this essay I will be focussing on only 6 of many characteristics that define a successful entrepreneur. These include innovation, leadership and internal locus of control as characteristics I see in myself. Risk-taking, self-confidence and self-determination are three that I must develop further. I will define each characteristic, explain its relevance to entrepreneurship and link it to either my personal experience or an example of an entrepreneur. 2. Strengths
2.1. Innovation
In his “Theory of economic development”, Schumpeter (1934) states innovation is a considerable driver for development and profit. He describes the theory of innovation, or in his words “creative destruction” as “"process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one incessantly creating a new one" (Schumpeter, 1934).
In the last few decades, services and knowledge have become the major part of the business world (Sawyer, 2006). In other words, the circulation of information has become more important than that of material objects (Drucker, 1993). Innovation and creativity have gained more importance than values such as merchandise productivity, rendering innovation a key factor to entrepreneurship (Pisanu & Menapace, 2014).
In my last year of high school in Belgium, my classmates and I opened a business with the help of the Young Enterprise Project. Innovation was the core of our business as we had to come up with an original product idea and product strategies. Our company,...

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