an internal factor that influences entrepreneurs?
Answers
Entrepreneurs work under the constraints of their environment – the political economy. Five factors will be key to entrepreneurial success: creativity, tolerance for risk, responsiveness to opportunities, leadership and the ability to take advantage of the rights afforded to you.
Entrepreneurial success will be determined by five factors: innovation, risk tolerance, response to possibilities, leadership, and the capacity to take advantage of your rights.
What is innovation?
While you're falling asleep or taking a shower, your best ideas may occur to you. Recognize when you have a new idea and don't let it pass you by. You'll be able to filter the fantastic ideas from the rest and be ready to run with the best if you collect your ideas.
What is risk tolerance?
Your capacity to capitalize on an opportunity will be influenced by your risk tolerance. If you can't afford the risk, either financially or emotionally, you'll make decisions that aren't as bold as they should be.
What is the response to possibilities?
To be responsive, an entrepreneur needs to have the mental flexibility and financial resources to recognize and capitalize on new and emerging opportunities.
What is leadership?
Leadership can take various forms, but it is critical to the success of any business. To see your ideas come to life, you must take the initiative.
What is the capacity to take advantage of your rights?
If you don't safeguard your creative ideas, they could be easily copied. It may no longer be possible to use a concept as a competitive advantage once it has entered the public domain.
Thus, Entrepreneurial endeavors are analogous to natural biological experiments.