Introduction
This essay aims to explore the multifaceted concept of entrepreneurship by defining key terms such as ‘entrepreneur’, ‘successful entrepreneur’, ‘born entrepreneur’, and ‘made entrepreneur’. It will then identify and analyse the inherent and acquired skills associated with successful entrepreneurship. By evaluating these skills, a reasoned judgement will be formed on whether entrepreneurial success is predominantly a result of nature or nurture. The discussion will conclude by reaffirming the chosen stance while acknowledging the validity of alternative perspectives. Set within the context of entrepreneurship studies, this essay draws on academic sources to provide a sound understanding of the field and its practical implications.
Defining Key Concepts
An entrepreneur is commonly understood as an individual who identifies opportunities, organises resources, and takes on the financial and personal risks to create and manage a new business venture (Hisrich, Peters, and Shepherd, 2017). A successful entrepreneur, by extension, is one who achieves sustainable growth, profitability, or social impact through their venture, often measured by innovation, market presence, or personal goals (Barringer and Ireland, 2019). The notion of a ‘born entrepreneur’ refers to someone believed to possess innate qualities—such as creativity or risk tolerance—that predispose them to entrepreneurial activities (Chell, 2008). Conversely, a ‘made entrepreneur’ is shaped through education, experience, and deliberate skill development, suggesting that entrepreneurship can be learned (Drucker, 1985).
Innate Skills for Successful Entrepreneurship
Certain skills are often considered inherent and can provide a foundation for entrepreneurial success. First, creativity is frequently cited as an inborn trait, enabling individuals to generate innovative ideas and solutions (Chell, 2008). For instance, entrepreneurs like Steve Jobs arguably displayed an innate ability to think disruptively. Second, risk tolerance, or the natural inclination to embrace uncertainty, is another trait some are born with, allowing them to make bold decisions where others might hesitate (Barringer and Ireland, 2019). Finally, resilience—a psychological capacity to recover from setbacks—can be an inherent quality that supports entrepreneurs in overcoming inevitable failures. These traits suggest that some individuals may have a natural predisposition towards entrepreneurship.
Acquired Skills for Successful Entrepreneurship
However, many critical skills are developed through learning and experience. Strategic planning, for example, is a skill honed through education and practice, enabling entrepreneurs to set goals and allocate resources efficiently (Hisrich et al., 2017). Additionally, networking skills are typically acquired over time, as building relationships with stakeholders is essential for accessing opportunities and support (Drucker, 1985). Furthermore, financial management, often learned through formal training or trial-and-error, equips entrepreneurs to handle budgets and investments effectively. These skills highlight the importance of nurture in shaping entrepreneurial capability.
Judgement on Skills and Their Importance
Upon evaluation, while innate skills provide a valuable starting point, acquired skills appear more critical to sustained entrepreneurial success. Creativity or risk tolerance, though beneficial, can remain underdeveloped without strategic planning or financial acumen to translate ideas into viable businesses. Indeed, education and experience offer tools to refine raw traits into practical outcomes. For example, an inherently creative individual may fail without learning to navigate market dynamics. Therefore, the ‘made entrepreneur’ perspective holds greater weight, as skills developed through effort and learning generally prove more decisive in addressing complex business challenges.
Conclusion
In summary, this essay has defined entrepreneurship and its variants, identifying both innate traits—such as creativity and resilience—and acquired skills—like strategic planning and networking—as contributors to success. While acknowledging that innate qualities can provide an initial advantage, the argument stands firm that acquired skills are more pivotal in ensuring long-term achievement due to their practical applicability. Regardless of this position, the view supporting born entrepreneurs is not obsolete; natural predispositions undeniably play a role and can complement learned abilities. Nevertheless, the emphasis on nurture underscores the potential for anyone, with dedication and learning, to become a successful entrepreneur, reflecting the inclusive and dynamic nature of this field.
References
- Barringer, B.R. and Ireland, R.D. (2019) Entrepreneurship: Successfully Launching New Ventures. 6th ed. Pearson.
- Chell, E. (2008) The Entrepreneurial Personality: A Social Construction. 2nd ed. Routledge.
- Drucker, P.F. (1985) Innovation and Entrepreneurship. Harper & Row.
- Hisrich, R.D., Peters, M.P. and Shepherd, D.A. (2017) Entrepreneurship. 10th ed. McGraw-Hill Education.
