Question

Identifying Barriers to Becoming an Entrepreneur Instructions

Allen (2020) advised that individuals should assess their personality and business preferences as these may serve as barriers to becoming an entrepreneur. Review Chapter 2 and write a brief essay (300 words or less) describing the factors that may arise from such an assessment and identifying skills or traits that may be developed by an individual to help overcome any such barrier. You may supplement your answer using outside sources.

Answer 1

In order to become a successful entrepreneur, there are certain traits that must be there in a person like their risk-taking capability, their novelty of the idea, purpose behind becoming an entrepreneur, understanding the different management principles of the business, and acumen to understand the customer behavior and their requirements.

Self-assessment is a mandatory step before a person steps on the path of entrepreneurship as it helps the person to identify the presence of the traits and skills which are most sought for being a successful entrepreneur. The factors like understanding the business and how to initiate, operate, and grow the business as well as remain sustainable in the business operation is very critical. Only the good idea or purpose is not strong enough reasons to become a successful entrepreneur rather having access to the source of funding, business network, the capability to sell the idea to investors, and the communication capabilities that define the probability of success. Some traits like idea and purpose come with the person but few factors like operationalization of the business and communication skills can be learned and developed. If a person overcomes the barriers like communication and business operation management then the probability of creating successful entrepreneurship with a strong idea and business value proposition will enhance significantly.