KAMPALA INTERNATIONAL UNIVERSITY

(Western Campus)

Name: Tumushabe Immaculate

REG No: BBA/0003/152/DU

Course unit: Entrepreneurship

Lecturer: Bainemashanyu Mary

Semester: 2.2

Year: 2

Question
What is needed to become a successful entrepreneur?
Entrepreneurship in simple terms is a factor of production that is concerned with having the
creativity or innovation to generate business ideas.
It also involves having the ability to mobilize or combine resources in order to come up with new
products or services (organizing production). It also involves risk taking and management (risk
management).
An entrepreneur is that person who creates value by bringing together a unique range of
resources to exploit an opportunity.
An entrepreneur achieves profits and growth by identifying opportunities and assembles or
organizes (Marshall) the necessary resources to capitalize on those opportunities.
Entrepreneurial characteristics are the qualities or factors that make a successful entrepreneur as
listed below
Optimism
Optimism is truly an asset, and it helps an entrepreneur get through the tough times that many
entrepreneurs experience as they find a business model that works for them.
Vision: Can an entrepreneur easily see where things can be improved? Can he quickly grasp the
"big picture," and explain this to others? And can he create a compelling vision of the future, and
then inspire other people to engage with that vision?
Initiative: Does the entrepreneur have initiative , and instinctively start problem-solving or
business improvement projects?
Desire for Control: Does an entrepreneur enjoy being in charge and making decisions? Is he
motivated to lead others?
Drive and Persistence: Is the entrepreneur self-motivated and energetic? And is he prepared to
work hard, for a very long time, to realize his goals?
Risk Tolerance: Is he able to take risks, and make decisions when facts are uncertain?
Resilience: Is he resilient , so that he can pick himself up when things don't go as planned? And
does he learn and grow from his mistakes and failures?

As a successful entrepreneur, he'll have to work closely with people this is where it is critical to
be able to build great relationships with his team, customers, suppliers, shareholders, investors,
and more.

Interpersonal skills
Leadership and Motivation: Can he lead and motivate others to follow him and deliver hid vision?
And is he able to delegate work to others? As a successful entrepreneur, he'll have to depend on
others to get beyond a very early stage in his business there's just too much to do all on his own!
Communication Skills: Is he competent with all types of communication. He needs to be able to
communicate well to sell his vision of the future to investors, potential clients, team members, and
more.
Listening: Does he hear what others are telling him? His ability to listen can make or break him as
an entrepreneur. Make sure that his skilled at active listening and empathetic listening .
Personal Relations: Is he emotionally intelligent ? The higher his EI, the easier it will be for him
to work with others. The good news is that he can improve his emotional intelligence!
Negotiation: Is he a good negotiator ? Not only does he need to negotiate keen prices, he also
needs to be able to resolve differences between people in a positive, mutually beneficial way.
Ethics: Does he deal with people based on respect, integrity , fairness, and truthfulness? Can he
lead ethically? He'll find it hard to build a happy, committed team if he deals with people staff,
customers or suppliers in a shabby way.

Creativity
As an entrepreneur, he also needs to come up with fresh ideas, and make good decisions about
opportunities and potential projects.
Many people think that his either born creative or his not. However, creativity is a skill that he can
develop if he invests the time and effort.

Creative Thinking: Is he able to see situations from a variety of perspectives and come up with
original ideas? (There are many creativity tools that will help he do this.)
Problem Solving: How good is he at coming up with sound solutions to the problems his facing?
Recognizing Opportunities: Does he recognize opportunities when they present themselves? Can
he spot a trend ? And is he able to create a plan to take advantage of the opportunities he
identified?
Finding This Article Useful?

Practical Skills

He also needs the practical skills and knowledge needed to produce goods or services effectively,
and run a company.

Goal Setting: Does he regularly set goals , create a plan to achieve them, and then carry out that
plan?
Planning and Organizing: Does he have the talents, skills, and abilities necessary to achieve his
goals? Can he coordinate people to achieve these efficiently and effectively? (Here, effective
project management skills are important, as are basic organization skills .) And does he know how
to develop a coherent, well thought-through business plan , including developing and learning
from appropriate financial forecasts ?
Decision Making: How good is he at making decisions? Does he make them based on relevant
information and by weighing the potential consequences? And is he confident in the decisions that
he makes?
Business Knowledge.

He needs knowledge in several areas when starting or running a business. For instance:
Business knowledge: Does he have a good general knowledge of the main functional areas of a
business (sales, marketing, finance, and operations), and is he able to operate or manage others in
these areas with a reasonable degree of competence?
Entrepreneurial knowledge: Does he understand how entrepreneurs raise capital? And does he
understand the sheer amount of experimentation and hard work that may be needed to find a
business model that works for him?
Opportunity-specific knowledge: Does he understand the market his attempting to enter, and does
he know what he needs to do to bring his product or service to market?
Venture-specific knowledge: Does he know what he needs to do to make this type of business
successful? And does he understand the specifics of the business that he wants to start? (This is
where it's often useful to work for a short time in a similar business.)

References

1. AK Yetisen; LR Volpatti; AF Coskun; S Cho; E Kamrani; H Butt; A Khademhosseini; SH

Yun (2015)."Entrepreneurship". Lab Chip. 15 (18):
2. https://www.entrepreneur.com/article/224113
3. Scott, S.; Venkatraman, S. (2000). "The promise of entrepreneurship as a field of
research". Academy of Management Review. 25: 217226.
4. Brush, C.; et al. (2003). "Doctoral education in the field of entrepreneurship". Journal of
Management. 29 (3): 309331.
5. http://dictionary.reference.com/browse/entrepreneurship
6. http://www.investopedia.com/terms/e/entrepreneur.asp#ixzz3yfNOKdsp
7. S.X. Zhang; J. Cueto (2015). "The Study of Bias in Entrepreneurship". Entrepreneurship
Theory and Practice: n/a.
8. Black, Ervin L.; Burton, F. Greg; Wood, David A.; Zimbelman, Aaron F. (August
2010). "Entrepreneurial success: differing perceptions of entrepreneurs and venture
capitalists". The International Journal of Entrepreneurship and Innovation. 11 (3): 189
198.. Retrieved 28 July2016.
9. Clifford, Catherine. "Why everyone will have to become an
entrepreneur". entrepreneur.com. Retrieved 8 May2016.
10. Hisrich, Robert D. (2011). Entrepreneurship. McGraw-Hill Education. ISBN 978-0-07062-
017-9.
11. Jump up^http://www.conferenceboard.ca/hcp/provincial/innovation/ambition.aspx
12. Jump up^ "Venture Investment - Regional Aggregate Data". National Venture Capital
Association and PricewaterhouseCoopers. Retrieved April 23, 2016.
13. Jump up^ W., A. (2015-01-25). "The Economist explains: What disruptive innovation
means". The Economist. Retrieved 2015-06-26.
14. Jump up^ "The word "entrepreneur" originates from a thirteenth-century French verb,
entreprendre, meaning "to do something" or "to undertake." ", Russell S. Sobel, Concise
Encyclopedia of Economics
15. ^ Jump up to:a b Muljadi, Paul (ed.). Entrepreneurship. Paul Muljadi.
16. Jump up^ Crainer, Stuart; Dearlove, Des (2000). Generation Entrepreneur. FT Press.
p. 202.
17. Jump up^ Schumpeter, Joseph Alois (1976). Capitalism, Socialism and Democracy.
Routledge. ISBN 978-0-415-10762-4.
18. Jump up^ Schumpeter, Joseph Alois (1934). The Theory of Economic Development: An
Inquiry Into Profits, Capital, Credit, Interest, and the Business Cycle. Transaction
Publishers. ISBN 978-0-87855-698-4.
19. Jump up^ Landstrom, H. (31 December 2007). Pioneers in Entrepreneurship and Small
Business Research. Springer. ISBN 978-0-387-23633-9.
20. ^ Jump up to:a b Cantillon, Richard (1755). Essai sur la nature du commerce en gnral.
London: MacMillan.
21. Jump up^ Stevenson, H.; Jarillo, J. (26 May 2007). Cuervo, lvaro; Ribeiro, Domingo;
Roig, Salvador, eds. A Paradigm of Entrepreneurship: Entrepreneurial Management,
in. Entrepreneurship: Concepts, Theory and Perspective. Springer Science Business
Media. pp. 5. ISBN 978-3-540-48543-8.
22. Jump up^ Landstrm, H. & SpringerLink 2005, Pioneers in entrepreneurship and small
business research, Springer Science+Business Media, New York, N.Y.
23. Jump up^ Marshall, Alfred; Guillebaud, C. W. (1961). Principles of Economics. 9th
(variorum) Ed. Macmillan.
24. Jump up^ Rostam-Afschar, D. (2013) "Entry regulation and entrepreneurship: a natural
experiment in German craftsmanship" (PDF; 495 kB)
25. Jump up^ Shane, Scott Andrew (2000). A General Theory of Entrepreneurship: The
Individual-opportunity Nexus. Edward Elgar Publishing. ISBN 978-1-78100-799-0.
26. Jump up^ Deakins & Freel 2012.
27. Jump up^ Johnson, D. P. M. (2005). "A Glossary of Political Economy Terms, 2005".
Auburn University.
28. Jump up^ Paul D. Reynolds (30 September 2007).Entrepreneurship in the United States:
The Future Is Now. Springer. ISBN 978-0-387-45671-3.
29. Jump up^ Mark Van Osnabrugge; Robert J. Robinson (2000).Angel Investing. John
Wiley & Sons. ISBN 0-7879-5202-8.
30. Jump up^ Brewer, Anthony (1992). Richard Cantillon: Pioneer of Economic Theory.
Routledge. ISBN 978-0-415-07577-0.
31. Jump up^ William Stanley Jevons (January 1881). Richard Cantillon and the Nationality
of Political Economy.Contemporary Review. The Contemporary Review Company.
pp. 333360.
32. Jump up^ Navale,, Ashok Bhanudas (October 2013). "Developing Entrepreneur Skills for
Corporate Work" (PDF).Research Directions. 1 (4). ISSN 2321-5488.
33. Jump up^ Driessen, Martyn P.; Zwart, Peter S. (2010). "The role of the entrepreneur in
small business success: the Entrepreneurship Scan" (PDF).
34. Jump up^ "Out Of Print : Ethnic Enterprise in America: Business and Welfare Among
Chinese, Japanese, and Blacks : Ivan Light - University of California
Press".www.ucpress.edu. Retrieved 2016-01-16.
35. ^ Jump up to:a b Chaudhary, Ali R. (2015-06-01). "Racialized Incorporation: The Effects of
Race and Generational Status on Self-Employment and Industry-Sector Prestige in the
United States". International Migration Review.49 (2): 318
354. doi:10.1111/imre.12087. ISSN 1747-7379.
36. Jump up^ Penrose, Edith T. (1959). The Theory of the Growth of the Firm . New York:
John Wiley.
37. Jump up^ DiMaggio, P. 1988 'Interest and agency in institutional theory'. In Institutional
patterns and culture, L. Zucker (ed.), Cambridge, MA: Ballinger Publishing Company: 3-
22.
38. Jump up^ Levy, D., and M. Scully 2007 'The institutional entrepreneur as modern prince:
The strategic face of power in contested fields'. Organization Studies 28(07) 971991.
39. Jump up^ Khan, F., K. Munir, and H. Willmott 2007 'A Dark Side of Institutional
Entrepreneurship: Soccer Balls, Child Labour and Postcolonial Impoverishment'.
Organization Studies 28/7: 10551077.
40. Jump up^ Hardy, C., and S. Maguire (Entrepreneurship' in Handbook of organizational
institutionalism. R. Greenwood, C. Oliver, K. Sahlin-Andersson and R. Suddaby (eds).
41. Jump up^ Almeida, J., de Paula, N., Pessali, H. 'Institutional entrepreneurship in building
the Brazilian market of functional yogurts.' British Food Journal, vol. 116, p. 2-15, 2014.
42. Jump up^ Orser, Barbara; Elliott, Catherine (2015-03-25).Feminine Capital: Unlocking
the Power of Women Entrepreneurs. Stanford Business Books.
p. 214.ISBN 9780804783798.
43. Jump up^ Barbara J. Orser; Catherine Elliott; Joanne Leck (2011-11-08). "Feminist
attributes and entrepreneurial identity". Gender in Management: An International
Journal. 26 (8): 561589.doi:10.1108/17542411111183884. ISSN 1754-2413.
44. Jump up^ Orser, Barbara, and Joanne Leck. "Physician as feminist entrepreneur: The
gendered nature of venture creation and the Shirley E. Greenberg Womens Health
Centre." Women entrepreneurs and the global environment for growth (2010): 284-302.
45. Jump up^ http://www.celebritynetworth.com/richest-celebrities/karren-brady-net-worth/
46. Jump up^ Investopedia; Investopedia.com; access date.
47. Jump up^ Prive, Tanya (19 December 2012). "Top 10 Qualities That Make A Great
Leader". Forbes. Retrieved1 August 2013.
48. Jump up^ Cantillon, Richard (1755). Essai sur la Nature du Commerce en Gnral.
49. Jump up^ Drucker, Peter F. (1985). Innovation and Entrepreneurship. attributes the
coining and defining of "entrepreneur" to Jean-Baptiste Say in his A Treatise on Political
Economy; (1834).
50. Jump up^ Knight, Frank Hyneman (2005). Risk, Uncertainty and Profit. Cosimo,
Inc. ISBN 978-1-59605-242-0.
51. Jump up^ Laureiro-Martnez, Daniella; Canessa, Nicola; Brusoni, Stefano; Zollo,
Maurizio; Hare, Todd; Alemanno, Federica; Cappa, Stefano F. (22 January
2014)."Frontopolar cortex and decision-making efficiency: comparing brain activity of
experts with different professional background during an exploration-exploitation
task". Frontiers in Human Neuroscience. 7: 927. doi:10.3389/fnhum.2013.00927.