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Q8: What are the four primary traits and characteristics of successfulentrepreneur?
+/ Tenacity despite failure+/ Execution IntelligentChap 2LO 5: Personal characteristics of the EntrepreneurResearchers have identified several characteristics that tend to make some people betterat recognizing opportunities than others. These characteristics are as follows.A. Prior Experience- Several studies show that prior experience in an industry helpsentrepreneurs recognize business opportunities.- By working in an industry, an individual may spot a market niche that is underserved. Itis also possible that while working in a particular area, an individual builds a network ofsocial contacts in that industry that may provide insights that lead to opportunities.B. Cognitive Factors- Opportunity recognition may be an innate skill or a cognitiveprocess.- There are some who think that entrepreneurs have a “sixth sense” that allows them tosee opportunities that others miss. This sixth sense is called entrepreneurial alertness.- Entrepreneurial alertness is formally defined as the ability to notice things withoutengaging in deliberate search. C.Social Networks- The extent and depth of an individual’s social network affectsopportunity recognition. - In one study, the differences between solo entrepreneurs (those who identified theirbusiness ideas on their own) and network entrepreneurs (those who identified theirbusiness ideas through social contacts) were examined. The researchers found thatnetwork entrepreneurs identified significantly more opportunities than solo entrepreneurs,but were less likely to describe themselves as being particularly alert or creative.- An important concept that sheds light on the importance of social networks toopportunity recognition is the differential impact of strong-tie versus weak-tierelationships. Relationships with other people are called ties.- Strong-tie relationships are characterized by frequent interactions, such as ties betweencoworkers, friends, and spouses. Weak-tie relationships are characterized by infrequent