Growing a business and becoming more entrepreneurial: the five traits of success

Growing a business and becoming more entrepreneurial: the five traits of success Purpose – In today's current economic environment the barriers to growth are even more apparent than normal and there is little appetite for risk taking and minimal room for mistake making. This paper aims to assess how entrepreneurs can successfully recognize and respond to opportunities quickly and effectively. Design/methodology/approach – Data were collected through a survey of entrepreneurs entitled: “What makes entrepreneurs tick?”. Findings – The paper finds that successful entrepreneurs conduct frequent and thorough risk assessments of ideas and opportunities and take appropriate action accordingly. They minimize the risks within their control, and understand the probability and impact of the risks they cannot control. Practical implications – While running a growing, successful entrepreneurial business looks like a talent you either do or do not have, the reality is there are some core aptitudes which are quite definable and which can be instilled in an organization. Social implications – Entrepreneurship and growth today also means being able to tap into the next generation, their mind set, energy and drive to achieve. Companies that want to be entrepreneurial need to know how to encourage, reward and motivate this generation. Originality/value – The paper provides useful insights into entrepreneurs' motivations and ideas for developing a business strategy. It also highlights what core skills should be adopted in order to remain competitive. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Strategic Direction Emerald Publishing

Growing a business and becoming more entrepreneurial: the five traits of success

Strategic Direction, Volume 27 (6): 4 – May 24, 2011

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Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
0258-0543
DOI
10.1108/02580541111135526
Publisher site
See Article on Publisher Site

Abstract

Purpose – In today's current economic environment the barriers to growth are even more apparent than normal and there is little appetite for risk taking and minimal room for mistake making. This paper aims to assess how entrepreneurs can successfully recognize and respond to opportunities quickly and effectively. Design/methodology/approach – Data were collected through a survey of entrepreneurs entitled: “What makes entrepreneurs tick?”. Findings – The paper finds that successful entrepreneurs conduct frequent and thorough risk assessments of ideas and opportunities and take appropriate action accordingly. They minimize the risks within their control, and understand the probability and impact of the risks they cannot control. Practical implications – While running a growing, successful entrepreneurial business looks like a talent you either do or do not have, the reality is there are some core aptitudes which are quite definable and which can be instilled in an organization. Social implications – Entrepreneurship and growth today also means being able to tap into the next generation, their mind set, energy and drive to achieve. Companies that want to be entrepreneurial need to know how to encourage, reward and motivate this generation. Originality/value – The paper provides useful insights into entrepreneurs' motivations and ideas for developing a business strategy. It also highlights what core skills should be adopted in order to remain competitive.

Journal

Strategic DirectionEmerald Publishing

Published: May 24, 2011

Keywords: Entrepreneurs; Business development; Risk management

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