Characteristics of entrepreneurs have / should have

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Characteristics of entrepreneurs have / should have by Mind Map: Characteristics of entrepreneurs have / should have

1. (Risk tolerance)

1.1. Sashkin (1988), Taylor and Dunnette (1974) stated that individuals with high risk propensity is typical of people who made rapid and innovative decisions.

2. Passionate

2.1. First of all, perhaps the most essential entrepreneurial characteristic is passionate. In fact, entrepreneurs who have passion for their service or product perform with a strong as well as boundless enthusiasm (Envick 2014).in other words, passion encourage entrepreneurs find, boost their motivation. ‘If my mind can conceive it, and my heart can believe it - then I can achieve it.’ (Muhammad Ali 2004).

3. Ambitious

3.1. Once entrepreneurs have their passion, they can easily find an eagerness or desire to achieve the works. Additionally, the development for entrepreneurs is positively correlated with ambition (Wainer & Rubin 1969).

4. Risk Tolerance

4.1. The world of business is extremely risky, especially for those start-ups. The report showed that half of entrepreneurs have operated for 6 years and about 75% of startups exit with no equity (Åstebro et al. 2014). Why it is still 400,000 individuals start a firm in the US every year? The possible answer is risk tolerance.

4.2. Kihlstrom and Laffont (1979) stated that people who have low risk-aversion can become entrepreneurs while those with high risk-aversion will be employees

4.3. Moreover, risk propensity is recognition as a significant characteristic that assists startups predict the organizational process so as to manage decision making (March & Shapira 1982).

5. Innovative

5.1. (Vision)

5.1.1. For entrepreneurs, Vision which consist of the crucial psychological states of innovation.

5.1.2. Innovative of startups is competitive advantage that contribute stability for the firms in a dynamic environment (Evick 2014). Indeed, Henry Ford completely installed the first conveyor belt-base assembly line in the 1990s that make other competitors consider modifying this process.

6. Vision (future-oriented, hierarchical centralisation)

6.1. ‘Successful entrepreneurs always keep one eye on the big picture’ (Bortz n.d, para. 10). This means, it helps startups plan the strategy, identify as well as solve the challenges for the firms.

6.2. The characteristic supports entrepreneurs focus on looking forward to the near future (Patel 2017)

7. Acknowledge (willing to learn, information seekers)

7.1. Entrepreneurs have to continuously improve their knowledge-base and hone skills through reflection and inquiry.

7.2. Startups should encounter situations as well as people everyday in order to gain those experiences, always learning from them (Evick 2014).

7.3. Entrepreneurs can know a great number but no one knows everything, thus information seekers can make them learn lots of valuable knowledge from others