Entrepreneurship Styles

As no two businesses are alike, every venture is as distinct as the person who created it. The ways entrepreneurs approach business are as diverse as the concepts that drive entrepreneurs to take action. The key to success in entrepreneurship is to build a business that has the strengths and traits of the founder.

Matching Entrepreneurship Method to Personality

The personality of an entrepreneur, their experiences, and background influence the way they approach beginning a business. These are some of the most popular entrepreneurship styles:

• Innovative people are able to change entire industries by using innovative ideas. The inventor Thomas Edison was the prototype for today's innovative entrepreneur. They have a deep understanding of their field, including the needs of their customers. They are also able to create and market their products that are innovative.
• Management professionals are often thought of as to be the opposite of entrepreneurs, however, management skills are essential in bringing an idea to life as an actual item or service. Managers understand the importance of selecting and sustaining a strong group of employees, and making sure they have the right tools and resources needed to be successful.
• Opportunity entrepreneurs find a significant technical or business issue and come up with a viable solution, and then plan a route to bring the solution to the market as an actual product for sale. Opportunities entrepreneurs typically have a background in business rather than a technical background and therefore they tend to be too focused on the short-term objectives and forget about the bigger overall picture.
• revolutionaries can be described as the opposite of opportunity and manager entrepreneurs since they usually have backgrounds in technology and can show an aversion to established business methods. Although revolutionary entrepreneurs like Apple creator Steve Jobs leave a legacy that is both vast as well as deep in its impact, they frequently require the assistance of non-technical business professionals to achieve their vision of a world changing future.

Entrepreneurs whose businesses match Their Personality

As Steve Jobs' larger-than-life personality was the ideal fit for his vision of creating computers "for everyone else," as Apple's marketing slogan stated, other notable entrepreneurs have succeeded through applying their own unique style to the job of figuring out innovative solutions to real-world issues.

• John D. Rockefeller was "the most successful and wealthy man in the history of mankind," according to Investopedia following the founding of Standard Oil in the late 19th century. The success of Rockefeller was due in large part to his determination to run the business in the most efficient way possible, through the creation of horizontal and vertical integrations of the company's operations. But, his relentless pursuit to improve efficiency was akin to unethical business methods. The public outrage over this Standard Oil monopoly ultimately led to the breakup of the company.
• Walt Disney is known as an animator of the first generation and entertainment mogul, however his most significant innovation could be in his recognition of the potential of selling his creations as clothes, toys, and other products. It is believed that the Disney Company remains one of the biggest and most profitable entertainment companies around the globe.
• Jeff Bezos founded Amazon from an unfinished garage located in Seattle in the early 1990s. In less than 25 years the company is now one of the largest and most profitable globally, as well Bezos has made a fortune several times over. Since his time at school, Bezos has had a vision that reaches beyond the boundaries of our planet. However, there is also an entrepreneurial side that saw that the power of internet long before the rest of humanity did. When Amazon reached record-breaking growth in the early years of in the century, Bezos also invested his money in various ventures that were not related to online retail, such as the commercial space venture Blue Origin.

Entrepreneurs come from diverse backgrounds

Every field could be an opportunity to launch a new business venture. Entrepreneurs come from a variety of technical, educational, and business experience that includes sales, management, technology and marketing, as well as research in science. Alongside a constant desire to see their ideas made a reality, entrepreneurs have certain traits:

• They are individuals who think independently.
• They are positive and confident about their chances of their success.
• They are problem-solvers with a creative mind.
• They are determined and visionary. They are also focused.
• They are more likely to take action rather than wait. they take on challenges instead of to avoid them.

Entrepreneurship Skills

The growth of a business requires a variety of abilities however, the only thing that unites them all is leadership. Entrepreneurs turn an idea into an item or service that is valuable to their customers. Every step starting with the creation of a business plan to making it profitable requires a variety of interpersonal and organizational skills that all require the leadership.

Essential entrepreneurship skills span across the spectrum from understanding the potential risks and rewards of a business venture and having a strategy to respond when the circumstances shift. These are the skills entrepreneurs require to ensure that their business thrive:

• Leadership Entrepreneurs display their enthusiasm for the business throughout their interactions with employees, investors, and other outside parties. They have confidence in themselves as well as in their business and are decisive, but flexible. They are open to and respectful of the opinions of others and take the opportunity to learn and study.
• Communication between people Entrepreneurs are aware that communication lines within an organization have to run in both directions. Communication is crucial to entrepreneurs since it makes their other abilities more efficient. Communication skills can be used for closing sales increase morale of employees, solve disputes, and negotiate contracts.
• Behavior of the organization: Technology is an integral part of any business venture that is new however the capacity to manage people is what will determine the success of a business. People management can take various forms, but the most important thing is to align the organization's approach to the specifics of the company as well as its workers.
• Strategy for business: It is crucial to have an unambiguous business goal and being positive and motivated to meet the goals of the business can be balanced with the necessity to be flexible and recognize the fact that markets, industries, and consumer preferences shift. Entrepreneurs are determined and enthusiastic however, they are prepared and ready to change their strategies as needed to ensure that the business is moving forward.
• Project management and collaboration Entrepreneurs recognize the importance of being a great team player as well as being a leader for the team. They build relationships with managers as well as investors, partners and other stakeholders as colleagues who have different roles to fulfill rather than as an organization with a hierarchy.

The benefits of entrepreneurship

Entrepreneurship's benefits extend beyond the companies they create. Entrepreneurs enhance the lives of people and communities, and the economy in general. Entrepreneurs are instrumental in bringing about social change and improving how individuals live, work and play. They can improve the standard of living for all by creating jobs and creating products that are safer, less costly and more efficient.

• Entrepreneurs are rewarded for taking on the risk involved in turning an idea into a company are the profits that their investment brings in and the freedom to create their own timetable. But, they also get satisfaction from having their ideas transformed into a successful business and knowing that their talents and leadership skills helped make the change happen.
• Communities profit from entrepreneurial spirit because companies help encourage innovation, boost economic growth, and also create jobs. A company that is successful is more likely to grow and generate tax revenue as well as jobs and other benefits to the region. Businesses that are flourishing tend to attract new ventures from similar or similar areas, and often invest in community-based projects and help local charities.
• Entrepreneurs play a crucial part in sustaining and growing the U.S. economy. Entrepreneurs' innovations in technology have led to the creation of entire industries, such as smartphones, wireless devices and online retailers social media, as well as streaming entertainment.

Despite the numerous benefits of entrepreneurship, it comes with inherent dangers. Insufficient oversight by the government could lead to unfair working conditions, corruption and even criminal activities. Additionally, business ventures that are new are at a higher risk of failure. According to the data of the U.S. Bureau of Labor Statistics (BLS) that Fundera cites Fundera the 20% of small-scale businesses fail within the first year, half fail in five years, and 70 percent fail within 10 years after launching. Entrepreneurship's benefits are attained only through careful planning, preparation, and perseverance.

A Course of Education geared to the needs of entrepreneurs

Entrepreneurs require the right base in management and business. A program like Maryville's Online Master of Arts in Leadership and Management will provide the essential education and the skills that innovators require to be successful. The courses offered include Interpersonal Management Skills, Enterprise Planning and Control and Management, and the study of Organizational Behavior and Development will prepare the future's most successful business leaders for the difficulties they'll confront when they set out to achieve their professional objectives.

Learn more about how the Master of Arts in Management and Leadership program can help those who are considering a career in business develop the leadership skills they'll require.