The nature of the entrepreneurs and the success of the prospective entrepreneurs depend on three things, the traits and motives behind the entrepreneur, the individual competencies of the prospective entrepreneur and the situation specific motivation that they have. Some of the dominant traits that influence entrepreneurs and aid them in their success include “tenacity, proactivity, and passion.
Furthermore, entrepreneurship theorists have proposed that tenacity and proactivity-initiative are important for the successful establishment and operation of new ventures.” (Smith et al., 2001) The competency of the individual prospective entrepreneur can also directly affect the success of the entrepreneur. The competencies being discussed here are the individual characteristic of the entrepreneur such as their knowledge, the skills and abilities that they might possess. “It was found significant performance relationships with “general” people and organization competencies (oral presentation skill, decision-making ability, conceptualization ability, diagnostic use of concepts, and use of power) and “specific” competencies (technical skill and industry skill).” (Smith et al., 2001)
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