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Characteristics of an Entrepreneur

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Thirdly, Kirzner‘ s view of the entrepreneur is who possesses unique knowledge, which enables him/her to extract economic rent from ignorance. Drucker refers to entrepreneurship as the attitude to change, to which he proposes: ‘ the entrepreneur always searches for change, responds to it and exploits it as an opportunity’ (2007; p. However, management researchers like Carlock (1994) and Grant and Perren (2002) and others have asserted that there no single accepted definition of entrepreneur in literature (Kruger, 2004). Based on different views, Carsrud and Brannback (2007; p. 10) have defined entrepreneurship as ‘ the process by which individuals-either on their own or inside organisations-pursue opportunities without regard to the resources they currently control.

Al Shapero described entrepreneurial behaviour as the kind of behaviour that includes: taking initiative; organising or reorganising of social and economic mechanisms to turn resources and situations to practical account; and the acceptance of risk and failure (Carsrud & Brannback, 2007). Entrepreneurial persons are innovative and creative, but not necessarily inventors. They have a sense of excellence and highly self motivated which drives performance and achievement. Entrepreneurs work effectively in an impendent setting, and can flourish in an altruistic setting.

Carsrud and Brannback (2007; p. 15) have outlined eight different characteristics commonly found in entrepreneurs: cooperativeness and a strong team player; strong desire to work hard; strong desire to learn new and different things; ability to listen to others and network; non competitive but visionary and goal setting; strong self efficacy; coach or trainer; and not any more risk-prone than other professionals. For entrepreneurs to be successful, they have to be willing to learn and combine a variety of inputs from perception and experiences of others such as mentors, networks of advisors, advisory boards etc.

Keen observation and learning can help entrepreneurs to enhance their knowledge.

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