Academic journal article International Journal of Education and Management Studies

Entrepreneurial Orientation and Personality Characteristics

Academic journal article International Journal of Education and Management Studies

Entrepreneurial Orientation and Personality Characteristics

Article excerpt

Entrepreneurial orientation has taken hold across the globe and has undeniably impacted the world of business forever. Over the last two decades entrepreneurship has emerged as arguably the most patent force the world has ever experienced. Entrepreneurship is at the heart of economic growth and socio economic development (Aardit & Aardit, 1977). The contribution of entrepreneurship to national growth has been documented in the literature (Reynolds et. al 1999). The global entrepreneurship monitor (GEM) provides empirical data regarding the impact of different entrepreneurial forms on the level of economic growth in 37 countries (Reynolds et al. 1999). Entrepreneurs have the potential convert and synthesize ideas into something tangible in the process of proactive reification. Entrepreneurship requires an application of energy and passion towards generation and implementation of valuable ideas and creative solution.

Entrepreneurial orientation refers to the processes, practices, and decision making activities that lead to new entry (Lumpkin and Dess, 1996). An entrepreneur is the person who bear the risk of operating a business in the phase of uncertainty about future conditions and in turn is rewarded accordingly by the outcome in terms of profits and losses. Some other characteristics of entrepreneurs are, self confidence, risk-taking, competitive behavior commitment, persuasion, innovation and leadership etc (Drucker, 1985). Here it is important to note that entrepreneurship is related to new business entry and is concerned primarily with questions as "what business do we enter and how do we make the new business succeed (Richard, et al, 2004) where as it is the entrepreneurial orientation of the person that would determine his/her terms of zeal to accept new challenges, take risks and endure the adversities.

Entrepreneurial orientation is the combination of abilities, traits and extra personal influences that world enables a person to mobilize his/her psychological resources to enter into a challenging a venture. The seven distinct characteristic features of entrepreneurial orientation are

* risk taking,

* achievement motivation,

* organizational abilities,

* self concept,

* persuasion,

* attitude towards entrepreneur and

* problem solving ability.

Risk taking depicts the attitude to take prudent risk. Entrepreneurs must not only be the risk taker but also risk handlers who rationally gauge and deal with risk, effectively (Sorenson, 2007). Achievement motivation theory states that people who have a strong need for achievement often exhibit certain characteristics. Which include needing opportunities for promotion, requiring feedback so that success can be recognized, placing more importance on tasks than on relationships, having a preference for tasks that allow them to have power and control, recognition for successful outcomes due to their actions, to participate in tasks that exhibit their expertise, seeking tasks that are challenging so that expertise can be recognized.

Organizational ability involves entrepreneur's have the capacity and ability to start new organization or revitalizing mature organizations, particularly new business generally in response to identified opportunities,

Self-Concept is an internal agency which is comprise of self assessments. The term self-concept is a general term used to refer to how someone thinks about or perceives him/herself. Total commitment, hard work, energy and single-mindedness are essential components of the entrepreneur's self profile.

Persuasion quality is entrepreneur imply that entrepreneurs at times play the leadership role in the sense that along with their personal contribution they persuade, motivate and encourage others to participate in the process of innovative contributions to the success of business.

Problem solving is a higher-order cognitive process that requires the modulation and control of more routine and fundamental skills. …

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