Personality Characteristics of an EntrepreneurIntroduction:

Entrepreneurial traits and motivation are an indispensiblefunction of management. Entrepreneur is human being who has dignity, self-respect, values, sentiments, aspirations,dreams, apart from economic status. Indeed, economic betterment and social upliftment motivates person to distinguish from others.

Creation of a Dream:Creating a dream intention gives entrepreneurs the energyand desire to become involved in its implementation and tobe willing to change. During formulation of the dream, everyone participates and this allows people to start seeing each other in a different light. Their willingness for commitment to fulfill the dream depends on:

• How well the organization’s leaders function in their new role of facilitating needs and issues that are at variance with the dream.

• How clearly the leaders articulate and share information about the business needs, and• How well the leaders openly acknowledge their willingness to change in whatever fashion to attain the dream or intention.“The process of creating the dream, intention should be tailored to the situation with the objective of having entire organization ultimately own the dream.”

Personality Characteristics of An entrepreneur:i. Leadership: Ability of those leading work units (managers, engineers, supervisors, functionaries, technical support, and group leaders) to create an atmosphere of acceptance, openness, and trust that will be properly motivate members of the work units.ii. Interpersonal Competence: Ability to relate, to people in a considerable and effective

way.

iii. Administrative Competence: Ability to achieve organizational goals within the bounds of business constraints, policies and procedures. This means that the leader should * Understand own job * Understand the employee’s job - by

Utilizing people’s skills effectively. Be concerned with employees’ work and workflow. Stand up for and show confidence in employees.

* Take immediate action byo Giving priority to problemso Follow up on promiseso Get tough when necessaryo Take action to remove poor performanceo Assure that the next in command knows his role and has authority to act.o Provide proper human resources for all levels of organization.

Basic Elements - Entrepreneurial Involvement

Necessary for Optimal Entrepreneur Involvement and Motivation

People involvement Structure

LeadershipIndividual Group Measurement

RewardsQuality

Beliefs ValuesEntrepreneurial Technology Love Dignity,

Spirit Methods Respect Machines

Materials HygieneWork Setting

Entrepreneurial Initiative:It is a strategic process which embodies calculated strategic choices. There are strategies open to the entrepreneur himself in terms of industry choice and individual and resource-task fit, and there are strategies open to regulatorsand support agencies in terms of industrial policy tools, incentives and explicit simulation of industrial sectors or branches. A conceptual framework that contains both dimensions will provide a convenient base for analysis andpossible policy action. The analysis deals with a way of viewing the constraints embodied in the process of creating a new business or manufacturing operation.

Barriers Prohibiting the Process of Entry into Activity:The slow propensity to enterprise is mainly due to the existence of a tangible set of barriers of entry, continuity in,and eventual exit from a business venture of a would be entrepreneur if it is a function of forces one may view as barriers limiting full-fledged business performance.

There may be Entry Barriers Survival Barriers Exit Barriers

Entry barriers are those forces limiting access to identified business opportunities and capitalization on these opportunities.Survival barriers are constraints on the conditions essentialfor small business entity.Exit barriers are constraints limiting the termination of small industrial ventures that have outlived their businessviability or the growth of such ventures to a different size category.

Exercise:Prepare a list of

(i) The existing Entry Barriers (ii) Observed survival Barriers (iii) Identified Exit barriers

Attributes of an Entrepreneur:

Perceptions Restless urge to get goingDedication Sense of acquisitiveness to get

things doneVision InsightHigh Goals/Objectives High achieverThrift InitiativeVigorous energy CreativityHard work Zest to explore the unexploredClean living Problem-solving abilityWillingness to assume Ability to marshal resourcesriskUnceasing curiosity To achieve one’s objectives and

goalsQuest for new ideas Administrative ability