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Engr 102B Final Paper

Engr 102B Final Paper - Willy Lin Engr 102B Traits of...

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Willy Lin Engr 102B Traits of Sucessful Entrepreneurs Attending the guest lectures has led me to understand that being a successful entrepreneur is not simply possessing a list of characteristics, but more how the traits are used in conjunction with each other. In general, it is necessary to be confident, objective, clear in communication, creative, motivated, and willing to take risks. These traits are the basis for other traits that successful entrepreneurs possess. Brainstorming a feasible venture requires a combination of creativity, confidence, and objectivity. A great idea is not guaranteed to become a successful venture; creating a successful business from an idea depends on various influences. For instance, if the idea is not feasible because the resources are unavailable it may be prudent to move onto another project while keeping the initial idea to the side. Thus, if in the future the resources are made available, the idea can resume development. Entrepreneurs must be objective in determining the value of their idea in the present, whether it is too early, just right, or too late, and must be willing to move on if timing is not right. Timing is a crucial component of the business industry and successful entrepreneurs must understand the trends in a particular market
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segment. In Kevin Hartz’ presentation, he discusses the importance of understanding the market environment, specifically the cases of extreme seasonality and existing barriers to entry. Therefore an entrepreneur must be confident in understanding the consumer and that the product is a consumer need and not a want. They must exhibit
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