Business Internal Factors for Entrepreneurial Research Paper

Integrating network relationships with entrenched resources, can lead to the development of organizational ability for achieving long-range business sustainability. Internal and external knowledge processes are a characteristic of organizational capabilities.

Building organizational capability is reliant on the qualities of networks, tacit knowledge, collective learning, and organization of work, delivery of value, coordination of diverse skills, commitment, involvement, and flexibility within organizational structures. Similarly, firm value formation helps to build organizational competence via product, service, or organizational modernization. Therefore, in order to maintain business for the long-range, promising entrepreneurs need to develop suitable network strategies for managing entrenched resources, which should be directed to knowledge attainment and firm value formation (Latip & Smyrnios, 2012).

The entrepreneurial personality is characterised by a self enthusiasm that makes conquering risks promising and is driven by new business occasions. Achievement motivation, risk-taking and internal locus of control are all characteristics that are seen as valuable for entrepreneurial achievement. "It is important to remember to take into consideration moderators of entrepreneurial success factors such as the life cycle of the venture, culture, and the hostility and dynamism of the business environment when looking at overall success" (Elenurm & Alas, n.d.).

An entrepreneur's tendency to take risks has not distinguished them from non-entrepreneurs in all research studies, and several studies have recognized a negative alliance between risk-taking and business success. The more distinguishing factor has appeared to be risk under-assessment in line with the general over-optimism of entrepreneurs. Visionary management, communication, delegating and performance facilitation have been acknowledged as leadership factors that are positively related to the success of entrepreneurial companies.Transformational alteration requires a remarkable shift in organisational vision and strategy. Transformational leaders support individual and group learning by exciting followers to question postulations and to come up with original observations. Both transformational and transactional leadership are needed for organisational learning to take place. In the context of launching a new entrepreneurial venture an entrepreneurial vision may mean a business idea that is developed individually by an entrepreneur, transferred from best practices in more advanced markets or created via teamwork (Elenurm & Alas, n.d.).

The success of entrepreneurs depends greatly on internal factors. These factors heavily influence the decisions that are made along the way which in the end determines whether an entrepreneurial adventure is a success or not. Successful entrepreneurs must be aware of their own strengths and weaknesses and know where to get help from if needed so that in the end they can be successful in any new ventures that they take on.

References

Elenurm, T. & Alas, R. (n.d.). Features of successful entrepreneurs in Estonia and organisational learning challenges. Retrieved from http://www.eiasm.org/documents/abstracts/19545.doc

Keh, H., Foo, M., & Lim, B. (2002). Opportunity Evaluation under Risky Conditions: The

Cognitive Processes of Entrepreneurs. Entrepreneurship Theory and Practice, 27(2),

125-148.

Latip, H.A. & Smyrnios, K.X. (2012). Social Capital and Entrepreneurship: Building a National Entrepreneurial Capacity for Sustainable Development. Retrieved from http://www.ipedr.com/vol29/29-CEBMM2012-Q00061.pdf.....