1.

Examine the traits and characteristics associated with entrepreneurship (P2)

1.1. Definition

Peter F. Drucker argued that entrepreneurship is at the heart of the actions of the
entrepreneur - the person who undertakes the work of turning keen senses about
business, finance, and innovation facts into innovative chemical products. economy.
economy. Entrepreneurial spirit is also the quality of courage, innovation and
initiative, willingness to take risks, and accept risks of business owners.

Entrepreneurial spirit plays a role in expressing the collective qualities and

characteristics of entrepreneurs.

1.2. Size of business opportunity

Business aspirations: Business aspirations are considered the main driving force that
motivates entrepreneurs to overcome difficulties, innovate and manage their
businesses effectively. Therefore, it plays a very important role in determining the
success or failure of a startup business.

Ability to find, create and seize business opportunities: The process of identifying
and seizing opportunities is the first step of a business plan. That process requires the
qualities, knowledge and capacity of entrepreneurs; knowledge of the market and
customers; ability to collect and process information; decision-making capacity;
Ability to be sensitive, creative...

1.3. Motivation

Successful entrepreneurs have a unique personality trait that sets them apart from
other organizational leaders: curiosity. An entrepreneur's sense of curiosity allows
them to continually seek out new opportunities. Instead of accepting what they think
they know, entrepreneurs ask challenging questions and explore different paths. This
is confirmed in the online course Entrepreneurship Essentials, where entrepreneurship
is described as a “process of discovery”. Without curiosity, entrepreneurs cannot
achieve their main goal: discovering new opportunities. Their drive to constantly
question and challenge the status quo can lead them to valuable discoveries that other
business professionals easily overlook.
Elon Musk is represented by the letter A in this sample dictionary. Elon is recognized
as an eager entrepreneur who is always willing to work long hours each week to get
the job done, in addition to possessing all of the specific traits outlined in this article.
See how SpaceX and Tesla recovered from failure to success. Caring is not enough;
As a salesman, you must have auto workers who can work even when everything
seems lost. Positive thinking also has an impact on motivation. The more you believe
you can overcome difficulties, the simpler it will be to commit suicide.

→ Motivation in entrepreneurship is driven by innovation, opportunity identification

and problem solving.

1.4. Dare to accept risks

Independent, decisive, confident: Entrepreneurs are often the owners and

responsible for the success or failure of the business. This role requires them to be
independent in thinking, courageous and decisive in decision making. To be
successful, an entrepreneur must make tough decisions and stand by them. As leaders,
they are responsible for guiding the trajectory of their business, including every aspect
from funding and strategy to resource allocation. Being assertive doesn't always mean
being right. Entrepreneurs need the confidence to make challenging decisions and
overcome them. If the results are less than satisfactory, the decision to take corrective
action is equally important.

Dare to do, dare to take responsibility: Entrepreneurial spirit is often associated

with risk. While it's true that launching a business requires entrepreneurs to take risks,
they also need to take steps to minimize risks. While many things can go wrong when
launching a new venture, there are also many things that can go right. According to
Entrepreneurship Essentials, entrepreneurs who proactively manage the relationship
between risk and reward help their companies "benefit from growth." Successful
entrepreneurs are comfortable taking on some level of risk to reap the rewards of their
efforts; However, their risk tolerance is closely related to their risk mitigation efforts.
In addition to risk management and calculated decision making, entrepreneurship
requires a certain level of comfort with failure. The reasons for failure are vast and
include everything from a lack of business scalability to low product-market fit.
Although many of these risks can be avoided, some are unavoidable. Even so,
entrepreneurs must still be mentally prepared and comfortable with failure. Instead of
letting fear hold them back, they maintain a positive attitude to allow the possibility of
success to propel them forward. “Of startups with more than one employee, 70%
survive at least two years, half survive at least five years, and a quarter survive,” said
Harvard Business School professor William Sahlman. for 15 years”. “Even then, only
a small fraction of survivors become important bosses.”

→ Accept uncertainty, take risks and adapt to changing circumstances.

1.5. Creativity and innovation

Flexibility and initiative : Entrepreneurship is an iterative process and new

challenges and opportunities appear at every turn. It's nearly impossible to prepare for
every eventuality, but successful business leaders must be adaptable. This is
especially true for entrepreneurs who need to assess the situation and be flexible to
ensure their business continues to grow, no matter what unexpected changes occur.

There are always new ideas, new methods, new ways to solve problems:
Innovation often goes hand in hand with the entrepreneurial spirit. Although business
innovation can be defined as an idea that is both novel and useful, it does not always
involve the creation of an entirely new product or service. Some of the most
successful startups have taken existing products or services and dramatically
improved them to meet the ever-changing needs of the market. While innovation
doesn't come naturally to every entrepreneur, it is a type of strategic thinking that can
be cultivated. By developing problem-solving skills, you will be well equipped to spot
innovation opportunities and position your business for success. An imaginative and
creative entrepreneur can explore possibilities and create new value for their
customers or consumers. Entrepreneurs need to have the right attitude to become
creative and imaginative entrepreneurs. By incorporating creativity into your
company, you can become a better entrepreneur and an innovative leader in your field
(Rostron, 2022).

→ Thus, entrepreneurship encourages and promotes creativity and innovation in

business projects.

1.6. Leader
Support leadership and initiative: A person with an entrepreneurial spirit is often
willing to take on a leadership role, providing vision and direction for the
organization. They not only comply, but also actively participate in the decision-
making process.

Take ownership of ideas: People with an entrepreneurial spirit view their ideas as
valuable assets. They are not afraid to share and implement these ideas, but always
want to retain ownership and control of them.

1.7. Impact

Shaping industries and economies : People with an entrepreneurial spirit are often
pioneers, creating new products, services and business models. This contributes to the
formation and development of new industries, bringing innovation and competition in
the economy. The business activities of people with an entrepreneurial spirit create
jobs, income and prosperity. general development of the economy. They contribute to
diversifying industries, creating new business opportunities, promoting growth and
innovation.

Promote social progress through business activities: Business initiatives bring

about improvements in technology, products and services. This not only creates
economic value but also contributes to improving the quality of life and promoting
social progress. Businesses also often contribute to charity and social activities.

→ Thus, entrepreneurship plays a key role in shaping and promoting the development
of industries, economies and social progress. It is an important force for creating
positive change.

1.8. Evolution

Promote economic growth: Businesses started by people with an entrepreneurial

spirit often bring new products, services and business models that meet market needs.
They not only create added value but also stimulate competition, promote innovation
and productivity, and contribute to increased GDP. These innovative business
activities also promote investment, both domestic and FDI, generating revenue for the
government.
Job creation: Businesses started by people with an entrepreneurial spirit often create
new jobs. They not only hire workers directly but also create value chains and
business ecosystems, promoting indirect employment. Many start-up businesses
founded by people with an entrepreneurial spirit also become large employers later.

→ This shows that entrepreneurship is not only an individual attribute but also an
important driving force for broader socio-economic development. It promotes
creativity, innovation, investment and job creation, contributing to sustainable
economic growth.

1.9. Thinking

Entrepreneurship reflects many important aspects of business culture and

environment:

 Innovation culture:

- People with an entrepreneurial spirit often demonstrate a creative mindset, are not
afraid of challenges and accept new ideas.

- They not only create new products, services or business models, but also promote a
culture of innovation and creativity in businesses and the whole society.

 Resilience:

- People with an entrepreneurial spirit are often resilient and flexible in the face of
difficulties, not discouraged by failure.

- They know how to adapt and find opportunities in challenges, to maintain and
develop their businesses.

- This contributes to creating a more resilient business ecosystem.

 Adaptability:

- People with an entrepreneurial spirit always update market trends and fluctuations.

- They quickly adjust their strategies and business models to accommodate changes.

- This contributes to creating businesses and business ecosystems that can flexibly
adapt to change.
→ Thus, entrepreneurial spirit is not only expressed in individuals but also affects
culture and the business environment in a large way, promoting innovation, recovery
and adaptation - key factors for success. Sustainable Development.

1.10. Sustainable results

Business ethics and social responsibility: Business ethics is a set of principles and
standards that regulate, evaluate, guide and control the behavior of business entities.
Business ethics is a characteristic of business activities, associated with economic
benefits, pragmatic, and attaches importance to business efficiency. According to the
definition of the World Trade Council: “The social responsibility of entrepreneurs and
businesses is the commitment to behave ethically and contribute to economic
development, while improving the quality of life. quality of life of the workforce and
their families as well as of the local community and society as a whole”. Business
ethics and social responsibility of entrepreneurs are basic and important factors that
create reputation and brand for entrepreneurs and businesses. Therefore, it is the
foundation for an entrepreneur's sustainable business operations.

Perseverance (determination, good physical health and mental health): Although

many successful entrepreneurs are comfortable with the possibility of failure, that
doesn't mean they give up easily. Rather, they see failure as an opportunity to learn
and grow. Throughout the life of a business, many assumptions turn out to be wrong
and some business ventures fail completely. Part of what makes an entrepreneur
successful is their willingness to learn from mistakes, ask questions, and persevere
until their goals are achieved. According to the International Labor Organization
(ILO), in today's fiercely competitive market economy, being a businessman is one of
the most dangerous professions (after firefighters and journalists). Therefore,
entrepreneurs need to have durable health and be able to withstand high work
pressure. In addition to innate physical factors, a businessman's physical condition
and health are also greatly affected by living and working environmental conditions.
These are tangible environmental factors (living environment, office, physical training
place...) and behavior, living habits, and physical training.

Achieving economic results: Economic achievement is the basic goal and measure of
success of an entrepreneur. Economic achievements are expressed in the scale of
capital, revenue, profits and position, ability to dominate, reputation and brand in
one's industry/field (accounting for an important market share in the industry/field).
business).