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Chraa, Meryem MGT 3302 (02) Instructor: Canterburry Spring 2012

Chapter 1: The Foundations of Entrepreneurship What is an Entrepreneur? The Traits A)- 1- Desire for responsibility: when we start up and run a new business, entrepreneurs
get the ability to take the responsibility for the outcome of their project because not all the people have the skills to be a manager and run the business in an efficient way. Moreover, they assume the responsibility to find and manage all the available resources in order to accomplish their selfdetermined goals. Personally, I like to take responsibility so as to control my properties, do things I like, choose my own paths, and then attain my aims and become a good leader.

2- Preference for moderate risk: entrepreneurs attainment is the result of the risk-taking
that provides them with an interesting chance to succeed. Before entrepreneurs merge in an investment, they verify and check if the risk that they have taken is going to be compensated by a higher profit. Personally, I almost always like to take risks in my life, but I dont deny the fact that I think hundreds of times before making any decision. I do also ask people and get their point of view into consideration in order to be aware of the known risks, and then try to reduce some of them.

3- Confidence in ability to succeed: When entrepreneurs start up a project, they usually

invest in a business in which they already have some backgrounds that they get from their own experiences, analyses, and some research. When entrepreneurs are at the stage of practice, they

gather their skills and apply them which lead to increase their confidence andreduce their doubts about running the business.

4-Desire for immediate feedback: entrepreneurs monitor the enhancements and changes
in their companies by paying a lot of attention. Not only entrepreneurs get the pleasure to be appreciated and congratulated by the work they have accomplished successfully and efficiently, but also all the people in world because immediate feedback encourage and boost entrepreneurs and other people to work harder and do better than before.

5- High level of energy: In order to become a good entrepreneur, it is very important for
them to work for a long timeand nonstop periods; this also requires a hard work and a lot of efforts in order for them to maintain their business and keep it running as it should be, and finally get good results.

6- Future orientation: To become an entrepreneur, one should focus on future opportunities

and forget about the past mistakes. Furthermore, they should get aware and oriented of what is new in order to not miss any good occasion. Entrepreneurs should always focus on the future, not ever look behind, and not stagnate on the present in order to succeed and accomplish their goals.

7- Skill at organizing: Entrepreneurs are just like managers because both of them have the
same roles which are: planning, organizing, directing, and controlling. The reason they do that is in order to attain their businesses goals. Entrepreneurs are also involved in managing their time and their staff members, and also in developing their budget. In addition to that, entrepreneurs should also divide the tasks between people accordingly to each one potential and ability to bear a certain task in order to do it correctly.

8- Value of achievement over money: The most important goal that entrepreneurs wish
to accomplish is to gain a lot of profit. Entrepreneurs personal inputs are focused on attaining the best outcomes rather than getting higher prizes because they want to show their creativeness and skills that differentiate them from others.

9- High degree of commitment: Entrepreneurs should have a high degree of commitment

toward his work especially when launching a certain business. Besides, they should work harder at the beginning so as to make the business stable, and then attain a high degree of their expectations. High degree of commitment is really crucial for entrepreneurs since it makes them defeat the obstacles and compensate the business weaknesses.

10- Tolerance for ambiguity: Entrepreneurs usually encounter some ambiguous situations
on their daily bases because of the environmental changes. Therefore, they try to use new information, sources, and research methods in their decision making process in order to become more certain and to stay always at the top.

11- Flexibility: entrepreneurs should be adaptable and flexible to any changes in the
economic conditions including the internal and external working environments of the organization, and also have the speed of showing and proving what they have done so as to adjust it in the business world. Entrepreneurs have various ways of flexibility which are: flexibility of negotiating the elements of the micro and macro business environments and flexibility of pricing, and so on and so forth.

12- Tenacity: Entrepreneurs have the ability to cope with failure and overcome obstacles.
Thus, they dont get discouraged easily; moreover, the fact that they understand their role in a

defeat leads them to keep problems away from them in the future and become successful entrepreneurs.

B)Trait 1: Desire for responsibility. My score: 5 Trait 2: Preference for Moderate Risk. My score: 3 Trait 3: Confidence in Ability to succeed. My score: 5 Trait 4: Desire for immediate feedback. My score: 5 Trait 5: High level of energy. My score: 4 Trait 6: Future orientation. My score: 4 Trait 7: Skill at organizing. My score: 5 Trait 8: Value of achievement over money. My score: 5 Trait 9: High degree of commitment. My score: 4 Trait 10: Tolerance for Ambiguity. My score: 3 Trait 11: Flexibility. My score: 3 Trait 12: Tenacity. My score: 4

C) - In order for an entrepreneur to succeed, he should be organize and work hard so as to create
value and identify good opportunities. For myself, I am the kind of person that people can rely on me since I take responsibility. I am always motivated, and this pushes me to run up a new business after graduating. Furthermore, I always take risk, but I take only calculated risk based on deep researches and analysts advices; if I didnt do well, then I get a good experience and learn a new lesson that will help me to do better in future projects. I also believe that I can really

succeed in my work since I have the passion and I enjoy every second in accomplishing it. This really shows that I have the confidence in my ability to succeed as an entrepreneur. In addition, knowledge is a power and having a lot of knowledge in the fields of my business will reduce my self-doubt. Even in teamwork, I am always looking for feedback from my teammates. As an entrepreneur, I will be more exigent than that because things must go fluently and in parallel with the changes happening in the business environment. As anyone else, I need feedback from my surroundings and other people so that I can continue on the hard work that is assigned to me. Almost all time, the feedbacks you get from people provide you with more energy to proceed in other steps of the work carefully so as to reach a new success so that people can trust you