The Challenges TO BECOME A BUSINESS OWNER Business Essay

Becoming an entrepreneur is a career many teenagers dream of. Many times however, the word 'business owner' is mistakenly linked with success; which occasionally develops into the impression that you won't be that hard to expand into a successful businessperson. "Who has Microsoft? Who gets the profits from Tesco? Why performed I not think of Facebook?" Such questions always question the mind of people such as me, who consider the concept of running their own business fascinating. Alas not everyone can achieve success in this field. One main reason in line with the 'trait' approach, for you to fail, is the possible lack of certain personality features or characteristics. There is however a variety of theories and designations in regards to this is of the businessperson and even more approaches when contemplating the determinants to be successful in entrepreneurship. Regardless of the long background of the term, scholars continue to disagree as to who is a business owner (Carland et al, 1984).

In this newspaper I will make an effort to reflect on several of my personal qualities in regard to theory to find out or anticipate my suitability as an entrepreneur.

DEVELOPED 'TRAITS'

SELF-EFFICACY:

According to Real wood and Bandura (1989) self-efficacy identifies a person's cognitive estimate of his or her "capabilities to mobilize the determination, cognitive resources, and programs of action needed to exercise control over events in their lives". Looking back in time, there has been numerous times that may justify the existence of high self-efficacy or optimism in my personality. Perhaps one of the most distinguishing cases would be while i volunteered to lead up a task team in my own second yr at university. As a leader, I'd then have to report back to the larger group. I came across myself self-assured in taking the responsibility and this was perhaps due to self-belief and optimism in my personality.

Many researchers put emphasis on the role of self-efficacy and its relation to entrepreneurship in regards to areas such as the development of entrepreneurial motives and actions and performance (Boyd and Vozikis, 1994; Scherer et al. 1989). The relatively high degrees of self-efficacy I viewed in my own example, could relate with the idea of entrepreneurial self-efficacy (ESE). My belief that I was with the capacity of successfully performing the jobs and responsibilities of the first choice of the group could evolve into confidence to defend myself against the responsibilities of the business owner in the future. Krueger and Brazeal (1994) linked self-efficacy in their model of entrepreneurial potential and proposed that ESE constitutes one of the key prerequisites of the actual business owner.

2. Imagination AND INNOVATIVENESS:

One feature that appears in several definitions of the business owner refers to technology. Furthermore, in a study completed by Rauch & Frese (2005), cumulative information indicates that enterprisers are more innovative than other people (corrected r=. 235) and innovativeness is favorably correlated with success (corrected r=. 220).

Figure : Luecke and Katz, 2003

In an attempt to differentiate creativity and technology, Luecke and Katz (2003) argue that technology can be broken down into processes one of these being creativity. Unlike innovation, imagination in one's personality can become more easily discovered from minor, everyday activities and situations and how they are simply tackled from the average person. Examples of creativeness can range from painting the mailbox red whilst all mailboxes in the neighbourhood are dark-colored or handling puzzles and brain tests designed to use our capability to 'think outside of the container'.

I consider myself a creative person since there were numerous 'minor' incidents that could justify this perception. This past year, an task was placed for a school module, on which we then had to provide our findings by way of a video demonstration on YouTube. A lot of the groups uploaded their PowerPoint demonstration with some narration on the background. Because it was clarified on assignment explanation that imagination would be liked, I thought of adding a little video window with ourselves explaining what is displayed on each slip. In the long run we received a high mark since this notion differentiated our demonstration from the rest. This example could be a 'hint' for potential technology as creative imagination is the first (Number 1) as well as perhaps most significant part of entrepreneurial innovation.

3. RISK-TAKING PROPENSITY:

The risk build dominates the literature on entrepreneurship and the ability to keep risk has been discovered as the principal task facing entrepreneurs (Knight, 1921). In examining whether I hold on to a risk-taking propensity, I've recently taken a part of becoming a business owner which is often reflecting of the 'characteristic' in my personality. This past summer, I made a decision to design a website offering a premium sport prediction service. In order to be able to contend with other successful websites, expenses was required for the necessary site and server costs, advertising and membership to other primary resources required such as wagering magazines.

My decision to go on and invest more funds on the website, involved the chance of dropping my investment but at the same time with the fact that I can make earnings from paying users in the future. This decision could be a sign of risk-taking propensity in my own personality. Cromie (1994) clarifies that enterprisers are typically characterised as risk-takers and that is what differentiates them from the rest so if my assumption that I've risk-taking propensity it accurate, i quickly could maintain the possession of one very important 'characteristic' to help me become a business owner.

DEVELOPING 'TRAITS'

SELF-RELIANCE:

It is important an entrepreneur does not just focus on his/her own but tries to exploit the advantages of bringing in a number of skills and other resources through business associates that may help to create new ideas, solve problems and develop new business(Lee and Tsang, 2001). In a report that was carried out by Cooper et al (1990) the conclusion suggested that organizations started by more than one person have higher are more likely to do well than those started out by only one person.

From my earlier experiences in regard to self-reliance, I could remember that whenever I had to or given the option to work in groupings, I'd always favor to do quite tasks myself. I've this perception that I've the ability to perform various tasks like a when doing work for group task or assembling the new home movie theater system, through to completion predicated on my efforts by themselves. Taking a look at the results of the self-reliance research observed above, convincing myself to permit others to similarly participate over a common task will lead to better results, is something I'll pursue to increase the likelihood of learning to be a successful business owner.

STRESS TOLERANCE :

Stress tolerance refers to ability to resist adverse incidents and tense situations by actively and positively coping with stress. Much like many occupations, not having the ability to cope with stress can produce negative side results such as health issues and performance drop (Rahim, 1996). Studies claim that being an business owner endeavours high amounts of stress (Wincent and Ortqvist, 2008) and thus having high stress tolerance is definitely an advantage for prospective entrepreneurs.

I usually get under stress quite easily when under time pressure or when things do not go as organized. When for example, there are few days for an important exam, I get anxious and stressed. I would even be going regarding to my primary analysis plan, but I'll still feel that I am going to not have the ability to get all the reading done by the day of the exam. As a result I waste materials my amount of time in worrying somewhat than studying and I might even underperform because of this.

The proposed hyperlink between my practical example and the future entrepreneurial stress I am going to come to is that important business decisions could be produced wrongly under stress which is something I will work on in the foreseeable future.

REALISM

Above I have regarded optimism or self-efficacy as a personality trait I own and discussed how it can be helpful with my future as a business owner. Although it is normally acceptable that optimism is a quality that will help in the mission of becoming an effective businessman, an over-estimation of the chances to succeed can result in failing (Baron and Shane, 2005). Realism identifies the individual's ability to be pragmatic and allows facts as they are really. Personally, I find myself sometimes almost completely ignoring what's there or exactly what will unavoidably happen and I end up facing the consequences.

A repeating example identifies whenever I am about to leave the house and the sky is cloudy but I want to believe that sunlight will come up, therefore i venture out underdressed. Most of the times it rains. Another experience happened in the last year of high school where I wanted to fit soccer practice in my own schedule. I realized that my time routine was already full but I acted in excess optimism and the effect was drop in my first semester's marks and then give up football practice. In this case it was me getting stressed up and dropping my marks but being genuine can "help business owners avoid unnecessary financial damage when economic factors aren't towards new endeavor creation. "(Liang, 2010).

CONCLUSION:

A website link between entrepreneurial theory and my previous experiences has been attempted to be able to identify my 'strong' and 'weak' personality characteristics in regards to the potential to become a business owner. Although that justification was referenced and discussed, criticisms of the personality characteristics deal with exist and suggest that it should not be researched in isolation. Critiques also declare that this approach ignores environmental factors that may be more important that personality as well as it ignores the role of learning and planning. While criticisms of trait theory deserve to be studied seriously, popularity of critiques will not imply a rejection of the role enjoyed by enterprising individuals in setting up new businesses. Bearing the criticism at heart, I still find self-reflection beneficial, whilst it can be used as an signal for the areas that I'll have to work on in the foreseeable future.

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