Critical Analysis of Personal Entrepreneurship Characteristics

Critical Analysis Of Personal Entrepreneurship Characteristics

University of Surrey

Surrey Business School

Undergraduate Programme in Business Management (BSc)

Level 6

Module: MAN3083

Entrepreneurship and Business Planning

Assignment 1: Individual Assignment (30%)

Introduction

As the father of Entrepreneurship, Joseph Schumpeter (1934) was the first to identify the entrepreneurship as a field worth of study. While there are still debates about a general dogma about entrepreneurship (Low, 2001), Schumpeter (1934) defined this concept as a fundamental phenomenon of economic development. His view has its core values embedded in a creative destruction, concept that fosters the replacement of any obsolete products with new ones designed by thriving entrepreneurs. However, as there are still struggles for a perfect entrepreneurship definition (Alvarez, 2005), Goffe and Scase (1987) described entrepreneurship as an environment for risk-takers and innovators who reject the relativity of employment in order to create wealth. Relying on these definitions, the following paper will underline six characteristics that define me as a future entrepreneur. The first part will outline three of my strengths such as Need for Achievement, Proactivity and Self-Confidence and their associated theoretical frameworks, while the later part will be focusing on three of my weaknesses namely Passion, Innovativeness and Opportunity-Spotting by placing these in a global context where world-renowned entrepreneurs have used these characteristics to directly shape the external environment in their advantage (Crant, 1996).

Strengths

Need for achievement

Ove Hansemark’s (2003) social learning theory highlights the fact that there is evident correlation between entrepreneurs and their need for achievement. In his academic writings, he defines this strength as an entrepreneurial ability to operate better and faster than anybody. The theory is reinforced by Lumpkin and Dees (1996) who also believe that there is a positive relationship between entrepreneur and their hunger for achievement, consequently making any entrepreneur more proactive and responsive to the external environment. Furthermore, McClelland (1961) plunged this theoretical framework to a societarian level, where he states that if a society depicts high levels of need for achievement, consequently the present environment will easily endeavour more energetic entrepreneurs. However, if this need for achievement has excessively been manifested among individuals, this could result in ruthless behaviour (Belanger, 2011). On the same note, high indexes of need for achievement may also consequence in a permanent temptation to cut corners and disregard stakeholders for the sake of the goal achievement (Millner, 1990).