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VEDATYA INSTITUTE

Module Number: U54070


Entrepreneurship and Creativity in
Hospitality & Tourism
Academic Year 2016-17
Semester - 7
Module Leader
Dr. Sudhanshu Bhushan
Submitted by
Karan Singh Chouhan
Word cont. 2,019

This essay releases findings of an analysis carried out on my personal abilities, skills, capability
and experience to set up a business and also an analysis of the various tests that I undertook
and the lessons learnt from the review. Furthermore an identification of strengths and
weaknesses identified and will be release along with how I address these and what actions I
took and what information I needed together. Finally a reflection on the skills, experience and
information, gained from carrying out this essay will be explained.
Schumpeter defined the entrepreneur as the pivot on which everything turns. Nowadays,
scholars claim that this is the era of the entrepreneur (Goffee and Scase, 1987): governments
have become more focused on the determinants of entrepreneurship because small, new firms
are perceived as a source of new jobs and ultimately as the mainspring of economic growth and
development (Blanchflower and Oswald, 1990).
Who is the entrepreneur and what exactly does the entrepreneur do? To provide a clear
specification, we start by delineating the peculiarities of the entrepreneur with respect to similar
and related figures: the firm, the manager, the capitalist, and the professional
The distinction between entrepreneur and manager we have discussed above reflects the two
types of functions - routine or non-routine functions - that have been ascribed to the
entrepreneur across the economic though. Recent theories, however, tend to associate
managers to routine functions and entrepreneurs to non-routine ones. Before going briefly
through alternative approaches in economics and through the determinants they identify in
motivating the entrepreneurial decision, we have to remember that such a function-based
definition for the entrepreneur is typical of the economic approach only; other disciplines look at
entrepreneurship in different ways ( Garavaglia and Grieco, 2005).
The main role of the entrepreneur is the adjustment of prices: if the price prevailing in the
market is not appropriate, then an opportunity for profit is created. Alertness to disequilibrium is
the distinguishing characteristic of an entrepreneur.
"It is his job to locate new ideas and to put them into effect. He must lead, perhaps even inspire;
he cannot allow things to get into a rut and for him today's practice is never good enough for
tomorrow."
- (Baumol and Blinder, 1999)

The phenomenon of entrepreneurship development has been viewed, explained and interpreted
differently. Among those who have stressed on the psychological aspects as contributing to
entrepreneurial success are Joseph Schumpeter, McClelland, Hagen and Kunkal. The main
focus of these theories is as follows: Schumpeter believes that entrepreneurs are primarily
motivated by an atavistic will to power, will to found a private kingdom or will to conquer.
According to McClelland it is the high need for achievement which drives people towards
entrepreneurial activities (Birley, Muzyka and Hay, 1997). This achievement motive is
inculcated through child rearing practices, which stress standards of excellence, material
warmth, self-reliance training and low father dominance. Individuals with high achievement

motive tend to take keen interest in situations of high rest, desire for responsibility and a desire
for a concrete measure of task performance(Crockett, 1961)
.
Characteristics of the entrepreneur are for examples, self-confidence and individual
responsibility."
- (McClelland, 1961).
integrated the concept of entrepreneur into mainstream theoretical literature. Their research
revealed that entrepreneurship had massive implications for exit and entry of firms as well as
business transfers. In their model, Schumitz and Holmes revealed that business transfers occur
when entrepreneurs engage in new ventures and later hand over management to other
individuals. This concept was further developed by other economist such as Thomas Prusa,
Glenn MacDonald and Boyan Jovanovic. They found that entrepreneurial activity had
substantial impact on future business output as well as consumer demand variability
(Bradberry and Slim, 2011). In addition, their model proved that entrepreneurs are able to
interpret industrial key factors as well as adapt to changing economic environments. They used
GRE scores supported by national data to conclude that entrepreneurs generated high output
variance in businesses.
"The entrepreneur is seeking out new combinations doing of new things or the doing of things
that are already being done in a new way."
- (Schumpeter, 1934).

Entrepreneurship is the drive of the economies in the world today. Most innovations are made
and implemented by entrepreneurs. The role of entrepreneurs today is not just for self-fulfillment
but for contributing to the economies and helping to solve many of the problems in society. I
consider myself an entrepreneur. I have entrepreneurial thoughts and am moved by successful
entrepreneurs. The role of Bill Gates to information revolution is one of the contributions of
entrepreneurial that inspire me. I try to figure out how the world would be without the
contribution made by him and am perplexed (Birley S and Muzyka D, 1997). In the past, I have
had entrepreneurial thoughts. I have thought of innovations that would make changes to the
world. I thought of innovations that would make life easier for people while adding opportunities
for jobs and livelihood of people.
There are various reasons that make me to consider myself as an entrepreneur. The best
indicator is that most of my role models are entrepreneurs. On top of the role model is Bill
Gates. I consider him as a role model for his innovativeness and courage. Although a student,
Bill Gates was innovative enough to see how software development could solve people's
problems Garavaglia and Grieco, 2005). He did not stop at the academia level but pursued his
discovery and implemented the knowledge. Bill Gate's courage is manifested by how he is able
to pursue the discovery even though they are limited by resources and skills. Richard Branson
of Virgin Empire is another role model. Richardson's self beliefs inspire me. He is able to see
problems and does not run away from the problem but bravely confronts the problem and
comes up with solutions. As an entrepreneur, I am innovative. I am able to come up with

solutions by using innovative ways. From my lower grades in school, other students relied on
me to give solutions when they were met with challenges. I have been able to use my
innovativeness and interest in information technology in various ways. My self believe adds to
my qualities of entrepreneurships. I believed in my capacity to bring changes to the society and
take it as a duty to bring the positive changes. Although some other people are not comfortable
with my assertiveness, I take it as a gift that should be exploited for the good of the people. My
inner drive helps me to overcome negative reactions and pessimistic opinions of other people.
The education system has opened my mind in various areas. The skills that I have acquired
would be very helpful to the business. The analytical, communication, and problem solving skills
in academia are essential to the business. These skills coupled with my innovativeness and self
drive will enable me to achieve the vision of my life. To evaluate the business and my
entrepreneurial skills, I undertook various tests.
On personality, I took different independent entrepreneurial tests. Personality is very important
to the success of entrepreneur. Most of the entrepreneurs are observed to have related
personality that contributes to their success. Most successful entrepreneurs are observed to
have personal inner drive that sustain their innovations and quest for success. Most of them
strongly believe in themselves and have confidence in their personal capacity to bring change.
Their innovativeness and problem solving is very vital to their success. Being in business means
that a person will be prone to competition. Most entrepreneurs have personalities that ensure
them to be competitive without fear of failure. In addition, almost all entrepreneurs are highly
motivated and have high energy. Their energy enables them to overcome the difficult task of
entrepreneurships and motivate other individuals to the goal of the business. Despite of these,
most entrepreneurs are open for advice and criticism. Instead of taking criticism negatively,
entrepreneurs learn from the criticism and implement the necessary changes to their
businesses.
Personality tests were; Type T personality test, DaVinci type personality test and Bill Wagner's
Personality test. The tests presented questions that aimed at analyzing the personality.
Completion of the entrepreneurial personality test gave a report that included a score on
different personality categories (Personality 100, 2009). The result from the test suggested
whether a person was fit for being an entrepreneur. From all the entrepreneurial personality
tests I scored a score sufficient for entrepreneur.
This tendency tells whether a person is more likely to have conceptual and experimental
tendency in thinking. This tendency is different in different professions and helps an individual to
discover the right profession. For an entrepreneur, the test analyses the major issues that are
necessary to the entrepreneur. The test has different quadrants. The first quadrant takes into
consideration of the capacity to solve problems. An entrepreneur has to be able to think logically
and analyze facts before making a decision(Jayankura, 2015). The second quadrant evaluates
the ability of the person to implement the decision made. The third quadrant evaluates the ability
of the entrepreneurs to communicate. Communication is very essential for businesses. The
ability of the entrepreneur to communicate ensures the entrepreneur to coordinate other stake
holders in the business (Wickham P, 2006). The fourth quadrant of the test evaluates the
capability of the entrepreneurs to take risks. Risk taking is very important to entrepreneurs and
determines how they would handle challenges and respond to setbacks.

From the personality test, I was able to identify my strengths and weaknesses. From the test, I
am outgoing and assertive. This quality is essential for entrepreneurs. The quality will enable me
to deal with other people. The assertiveness is strength with what I would be able to sell the
business idea to potential clients. This will enable the business to gain customers and have fast
growth. The assertiveness will also help me to negotiate for the business with potential business
partners.
Problem solving is a key element to entrepreneur success (Rae, 2007). From the test, it was
shown that I have good problem solving capabilities. The capability will enable me to be able to
handle clients' problems with ease.
The weaknesses identified from the test include communication challenges and leadership. The
assertiveness was identified to impede interpersonal communication by intimidating the other
party. On leadership, my leadership quality was identified and self- centred (Palmer and
Palmer, 2014).
To overcome the challengers posed by my personality in leadership and communication, I will
invest in the area to ensure improvement. Personal reflection will enable me to be sensitive of
other people in communication and react appropriately to their personal psychological needs.
This will enable me to overcome the intoxicative charisma. On leadership, I would register for
leadership course(Nolan-Brown, 2014). The course will help me in managing and leading
people.

The entrepreneurial tests were very important to discovery of self in relation to


entrepreneurship. From the test, I was able to identify my strengths and weakness and
an entrepreneur. From the strengths and weakness identified, I would be able to make
the right measure to overcome the challenges(Ennico, 2015).
Entrepreneurship is very important to the economies of the world (Rae, 2007). The
freedoms and innovativeness of the entrepreneurs leads to solutions of major world
challenges. entrepreneurship is the right way for me.
The decision of becoming entrepreneur can be understood in all its components only if
the perspective of analysis accounts for the alternative ways of conceiving it that the
economic thought offers. The paper emphasizes the need of relating each
characterization of the entrepreneurial decision within the circumstance where it takes
place, and purposes a classification of this choices determinants based on the
distinctions between internal and contextual factors(Rotondi and Garavaglia, 2005).
Among the most relevant aspects shaping the entrepreneurial decision, we discuss the
role of internal determinants like personal traits, biased perceptions of success, desire
of independence and flexibility that shape the supply-side of the phenomenon.
Conversely, contextual determinants are represented by market opportunities to earn
profits, industry and timing specific structural features, presence of signals concerning
market conditions, environmental contingences related to prices, taxes and wages.

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