However, Singh (1998) points out that higher majority of successful entrepreneurs are those who spend more time in elaboration and evaluation.
1.4 Traits of entrepreneurs
Wright et al. (1997a) studied motivational drivers of entrepreneurs and found that entrepreneurs are primarily driven by either one or both factors. They divided entrepreneurs into two groups based on their desires:
Craftsman: He is an entrepreneur who is driven by the desire for independence and freedom
Opportunist: He is an entrepreneur who is driven by the desire for monetary gains
Entrepreneur Research has put forward many different traits of entrepreneurs.
These traits are founded on several innate attributes, as well as, the stage of business he/she is in. For instance, research has divided entrepreneurs into the following types:
Serial entrepreneurship
Habitual entrepreneurs
Nascent entrepreneurs
Novice entrepreneurs
Habitual entrepreneurs
Portfolio entrepreneurs
Personality traits of each type vary significantly. However, all entrepreneurs possess certain common personas. Cowe (1998) studied serial entrepreneurs and their common traits with other entrepreneurs. He cited four common attributes, which are as follows:
Extremely good in business startups
Fairly good in sustaining a business venture
Extremely good communicators; and Highly visionary
Westhead and Wright (1998a) assert that almost all entrepreneurs are concerned with gaining popularity and gathering money for the entrepreneurship. Other common traits that many researchers have pointed out are as follows (Westhead and Wright, 1998a):
They have the will to succeed;
They love responsibility;
They want to be in control;
They possess outstanding leadership qualities;
They work extremely hard;
Most have experience in a volatile industry; and They encounter early success and hold a good reputation.
Motivations
In line with the two-dimensional motivational model of Wright et al. (1997a), Carland et al. (2000) identified three forms of entrepreneur motivation:
Strong inclination towards innovation;
Strong inclination for taking risk; and Strong desire for accomplishment
Wright et al. (1997a) writes that motivations of entrepreneurs change with time, but they, nonetheless, revolve around the same premise. Entrepreneurs, according to Wright et al. (1997a), are motivated by the following desires:
1) Monetary success, 2) Risky business ventures, 3) Personal achievement, and 4) Innovation.
Similarly, Ucbasaran et al. (2000) revealed the same results in this research and included two subsequent motivational drivers:
1) the desire to work closer to family; and 2) the desire to benefit from tax breaks.
Birley and Westhead (1993) in their research identified two additional motivational desires (in addition to the ones specified by Wright et al. 1997a; Ucbasaran et al. 2000; Carland et al. 2000) of successful entrepreneurs:
1) Job satisfaction, and 2) Personal independence.
2. Ethnic entrepreneurship:
Definition
Fairlie (1996) asserts that ethnicity is the background of the entrepreneur and it impacts a number of business processes, such as, the product being sold or distributed and the experience of conducting business activities. He observes that most ethnic entrepreneurs are moving away from the typical shop-around-the-corner business, towards more profitable sections of the economy, such as, computers, electronics, estate agencies, entertainment enterprises etc. This trend is increasingly being seen more amongst the ethnic youth, than it was amongst the older generations (Fairlie, 1996).
Light (1972) was the first to distinguish between minority entrepreneur, immigrant entrepreneur and ethnic entrepreneur. Immigrant entrepreneurs are those individuals who migrated to another country and established a successful business. Ethnic entrepreneur are those individuals whose parents had migrated to a specific country before their birth. And minority entrepreneur includes both ethnic entrepreneur and immigrant entrepreneur. This distinction made by Light (1972) was also observed by many other scholars subsequently. Another definition of ethnic entrepreneur was recently given by Chaganti and Greene (2002) who defined ethnic-entrepreneur as the strength of an individual's recognition with an ethnic community not considering his/her generation. In this study we define ethnic entrepreneur in lines of definition given by Light (1972)
2.1 the role of culture and identity in motivating ethnic entrepreneurs
Van Delft et al. (2000) observed that various ethnic groups are moving towards self-employment at a very rapid pace. This trend has been consistently growing throughout the past three-decade. Choeni (1997) distinguishes between ethnic entrepreneurs from the normal entrepreneurs and gives four distinct attributes of ethnic entrepreneurs:
Their orientation towards ethnic products;
Their focus towards ethnic markets;
Their orientation towards customers; and Their orientation towards ethnic business strategies.
Greenwood (1994) studies the cultural factors that influence the success of ethnic entrepreneurs. He argues that these individuals have specific skill sets and cultural attributes that make it easy for them to become successful entrepreneurs. He highlights some of the most common cultural...
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