Discussthetraitsapproachtotheentrepreneurialpersonalityandthereasons Essay

Discussthetraitsapproachtotheentrepreneurialpersonalityandthereasons why it fails to properly predict the behaviour of entrepreneurs - Essay Example Traits can be defined as habitual behavioural and thought patterns of people. Traits have been measured to reflect how much of a particular trait does a specific category of people reflect. This also implies that individuals that behave in a similar fashion can be compared and norms for various categories of people can be identified based on trait patterns. The trait approach has set down these patterns for entrepreneurs (Okhomina, 2010). The trait approach has set down certain parameters based on this very measurable feature of behavioural pattern and the paper seeks to study this approach. It moves on to explore the drawbacks of the trait approach and discusses the reason behind the failures of the theory. Entrepreneurship can be narrowly defined as a person who establishes and runs his or her own business. An aspiring entrepreneur is a one that hopes to establish and run his or her own business at some point in time. Entrepreneurship can also be defined as creation of something that adds value with appropriate time and efforts going towards its development. This definition assumes that personal satisfaction and monetary gains are rewards for various risks (social, physical and financial) undertaken. Entrepreneurship and the entrepreneur have changed that path for markets and economies. They have contributed in developing new services and products and have given way to creativity and innovation that made economic development and prosperity possible. It is because of this importance that entrepreneurs hold in shaping the economic future of the country, that studies have been conducted to study entrepreneurial behaviour and define traits that would in turn help in developing entrepreneurial ability in the nations. There are many traits for an entrepreneur but the trait that has been identified as one of the critical ones is the ability to identify opportunity and making profits