Entrepreneur Essay -- Entrepreneurial Theories

The analytical framework above reveals the personality attributes that make an individual become an entrepreneur and the attributes are illustrated from conception to the end process. It is made up of a combination of entrepreneurial theories that allude to the psychological traits of an individual. A variety of entrepreneurial theories will be used to explain the framework. Conception of the personality attribute of an entrepreneur is the will to establish a kingdom, followed by the need for achievement, then internal locus of control closely followed by non-conformist and finally the culmination of all the personality attributes lead to an entrepreneur. According to Goss (2005), Joseph Schumpeter suggested that one of the psychological traits of an entrepreneur is the ‘will to establish a private kingdom’. This is not only a personality attribute but it is a form of entrepreneurial motivation that can be found in entrepreneurs and individuals who might become entrepreneurs. In the framework above, it is highlighted as the first stage of one of many personality traits attributed to entrepreneurs. Goss (2005) argued that Schumpeter’s entrepreneurial motivation with regards to the will to establish a private kingdom’ is focused on an individual gaining and losing social status i.e. the motive is one gains power which protects one from the feelings of shame. Goss (2005) views Schumpeter’s three entrepreneurial motives from a sociological prism and not a psychological one. After much examination of Schumpeter’s writings, Goss (2005) arrived at the conclusion that social interaction and emotions are key variables in entrepreneurial actions. Also, Barnes (2000) views the motives from a sociological prism and argues otherwise that ... ...personal resources. Kets De Vries (1977) argues that entrepreneurs are ‘anxious individuals, who are non-conformist, poorly organised and not a stranger to self-destructive behaviour’. The attribute of non-conformist can be applied to Victoria yet the characteristics of poor organisation or self-destructive behaviour cannot be applied to Victoria as she does not portray these personalities. Although Victoria reveals she has an inner direction with self-reliance, she does not neglect interpersonal relations with her family, work colleagues and clients. Overall, the dream to establish a private kingdom, a high need for achievement, internal locus of control and non-conformist behaviour all contribute towards the personality attributes of an entrepreneur. In conclusion, entrepreneurs need to possess a high need for achievement and a high internal locus of control.