Entrepreneurship Essay

The agreeableness (A) dimension was my lowest in this test only scoring 14 points. This low score shows I find it hard to understand other’s people point of view and I am not willing to compromise much. I tend to put my needs before others quite a lot.

Lastly my neuroticism (N) dimension scoring was relatively medium at 54 points. I am aware that I experiences negative emotional reactions and I am prone to worry. Unfortunately I can react negatively to bad news. Research shows that entrepreneurial people are more open, more conscientious, less neurotic and less agreeable.

Possibilities of development of my entrepreneurial competencies

In order to become a successful entrepreneur in the future I need to develop the skills I have previously identified that I am lacking in the diagnosis of my competencies; risk- taking ability",

Risk taking ability is necessary in the innovation era we live in. Anyone developing any new product or service is taking a significant level of risk that it will not succeed. Setting up a business from nothing is a risk in itself. To become a good risk taker I must take personal accountability for my decisions resulting both in success and failure and managing these emotions, learning and improving from both outcomes. Researchers identify the propensity to risk is affected by previous experiences of decision making. This tendency may differ depending on the level of experience. People differ in the same situations because of the degree of sensitivity. It was proven that people with lower sense of sensitivity are more likely to take risks. I find I am quite a sensitive person therefore it is important for me to improve my emotions management skills which will help me in making risky decisions. Also H. Eysenck identified extravert impulsivity as the most responsible for risk propensity. From the tests I have done in the analysis section above I confirmed that my level of extrovertivness is high and I should use this trait to my own benefit in the risky decision making process. People characterized by this type of impulsiveness, are able to take more significant risks, but they are also aware of the risks they are taking. The tendency to risk is closely related to subjective decision making. It has been proven that more risky decisions are made when they are taken voluntary rather than compulsory. It is easier for me to take a risk when the consequences of the decision are visible immediately. In order to correctly make a risky decision, without exposing me and my enterprise to excessive looses and costs, I should learn how to analyse and determine the risks outcomes as accurately as possible. I should attempt to separate myself from emotions such as sensitivity and base my decisions purely on logical thinking. There are many courses on efficient risk management available and I would like to take part in such a training to become more of a risk taker without scarifying huge loses. Those with the entrepreneurial spirit make calculated moves while understanding that there are never any guarantees of success. It's also the ability to work autonomously and be decisive.

Another trait I have identified myself low in was agreeableness. However I do not believe this trait should be necessarily high for an entrepreneur. I tend to be more competitive and sometimes even manipulative. I tend to be very focused on what I am doing sometimes showing little interest in others and other people's problems. I do not find it very hard to work alone, analyse the validity of arguments, make difficult decisions, or give bad news. But sometimes I even manipulate others to get what I want. However I believe honesty is one of the main features of a good entrepreneur. If our actions are not transparent, customers will quickly lose their confidence. I believe I should act in accordance with the law, take care of the transparency of my procedures and place high emphasis on business ethics. If standards are set at the start of a business and are maintained throughout it will pay off in the future in the form of customer loyalty and good relations with state institutions.

Having identified my trait of openness to experience I have researched ways in how I can develop this trait further. In order to develop my open mind trait more I should be prepared to listen to varying viewpoints and look at a problem through various perspectives. Successful entrepreneurs are open-minded enough to see all the possible moves before they make one. I should always try to discover opportunities and new approaches to solving problems that arise. When you’re open-minded enough to learn lessons from everyone, everywhere, then you never stop learning. It’s important to pay attention to the way the world’s most resilient innovators adapt to change and handle crises in order to learn new ways to solve problems. You don’t need to agree with someone or share their ideologies in order to learn from them. If you can apply their way of thinking to achieve the outcomes you want, then having an open mind has served you. it’s hard not to feel like you failed, part of picking yourself up and continuing to pursue success is to see your failure as a lesson. This makes it a gain instead of a loss. knowledge I gained from this experience help me succeed in the future? Successful entrepreneurs are well-experienced because all their failures added up and strengthened them, rather than caused them to give up. it’s difficult to grow from your experiences if you don’t have an open mind about them. In the ever-changing world of business, success requires continual personal growth. In order to rise above where you currently stand, you need to challenge the limiting beliefs that are holding you. being able to admit it when you don’t know something is a sign of a strong leader. When it comes to being open-minded, most people have room to improve. The hardest part tends to be overcoming the feeling of being in control. Being open-minded means being honest with yourself enough to admit you don’t know it all. This can make you feel vulnerable. But on the other side of the coin, When you live with an open mind, you can have a strong sense of self without being confined by your beliefs or the ideologies of others.

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