Essential Entrepreneurial Attributes – My thought paper

Being an entrepreneur requires attributes to minimize the risk of failure. The most vital traits are prior entrepreneurial experience, relevant industry experience, and networking. Some find entrepreneurship challenging because of the potential loss of capital and resources. With these attributes, an entrepreneur can raise the chances of success and turn any idea into a successful venture. Some studies describe the prior entrepreneurial experience as the most significant determinant of venture success (Toft-Kehler et al., 2014; Urban, 2013). I possess entrepreneurial and industry, and I intend to improve on my networking attribute.

I have engaged in other business ventures before in my life. For instance, several years ago, I was helping one of my relatives start and run a general shop in the locality which managed to compete with established businesses for retail goods. Additionally, I organized a Facebook page before, where my colleagues would sell and purchase second-hand items from each other, which was a success before eventually closing it. I know the fashion industry because I have helped a colleague sell clothes, including printed ones. I have handled the printing machines, and I know how they work, even if it is just a basic understanding of their operation.

Still, I lack good networking in the industry, which is critical because I could miss opportunities in the market. I know only a few people and have less connection in some markets, especially the online segment. I will improve my network by joining online communities such as online forums that discuss my niche. There are many such forums on social media today, and I could get more experience and know the necessities of running such a business. I will also start attending social events, getting involved in my community, and always following up and engaging with my connections. With strength in the three attributes, I could turn my idea of personalized t-shirts into a successful venture.

References

Toft-Kehler, R., Wennberg, K., & Kim, P. H. (2014). Practice makes perfect: Entrepreneurial-experience curves and venture performance. Journal of Business Venturing, 29(4), 453–470. https://doi.org/10.1016/j.jbusvent.2013.07.001

Urban, B. (2013). The Importance of Attributes in Entrepreneurial Opportunity Evaluations: An Emerging Market Study. Managerial and Decision Economics, 35(8), 523–539. https://doi.org/10.1002/mde.2639