Traits Approach to Explaining Entrepreneurship Essay

Traits Approach to Explaining Entrepreneurship - Essay Example Entrepreneurship is not a simple phenomenon and not every individual is viable to become an entrepreneur. For any meaningful research to result, psychological approaches in the future studies of entrepreneurship need to carefully examine the personality variables being studied (Frese 2000) There are several traits that those successful entrepreneurs possess that make them outstanding in the entrepreneurial world. These traits include even the personality or psychological ones. Personality traits are those traits that define an individual in terms of what he does and how he undertakes different tasks when faced by some situation. That is how an individual thinks and behave in different situations. Entrepreneurship can be studied from different perspectives since it is a very wide topic of discussion and needs critical assessment to understand. From a personality view of study, entrepreneurship is an interesting area of study. One of the most significant traits that is fundamental in e ntrepreneurship is integrity. Integrity refers to the act of being honest to all the parties involved in entrepreneurship. ... These regulations include the tax policies of a government. An entrepreneur is obliged to pay the tax dues as required by law and successful entrepreneurs know that for his idea to thrive and to ensure solvency for his entity, he or she must honor his tax obligations at all times. Another party involved is the suppliers. The entrepreneur must honor them by treating their creditors with respect and honoring their dues, keeping promises in terms of paying them in time and the agreed amounts. Employees are key players in entrepreneurship and therefore should be taken for granted. The entrepreneur should know this and give them maximum respect at take their interests at heart when making his entrepreneurial decisions. The most important individuals that are most vital to an entrepreneur are the customers. These are the main reason will determine whether an entrepreneur will fail in his entrepreneurial endeavors or fail. An entrepreneur must express some business ethics in dealing with hi s customers. This is a trait that happens to be so important that without it, one is bound to fail. Being an honest and integral individual in entrepreneurship motivates the employees to follow the example and avoid unethical behaviors such as engaging in fraud or corruption. These acts are dangerous to the existence of a business entity. Integrity is not just a policy, but researchers have clearly shown that it is the only policy in running a business entity. Perseverance is another personal trait that is equally important in entrepreneurship. An entrepreneur is bound to go through a lot of challenges before implementing his idea. There is no one defined way to successful entrepreneurship. The economic