Wednesday, December 7, 2011

Small Business & Entrepreneurship Personal Considerations (WEEK#2)

Personal Considerations: #2 Characteristics That Impact Success in Business

Each individual has one or more characteristics that affect success in business. We must consider, “why are some entrepreneurs more success than others?” My research has found that each individual has their on personal motivation that drives them, whether it is past experiences, career displacement, education or parental influences that directed them to that role. A great amount of research studies conducted over the decades in diverse fields as child development, sociology, demography, and career development show a correlation. Parental influences do play a major role in both career decisions and education choices. (Naylor, 2011)

According to research developed by Splete and Freeman-George (1985), “significant family influence factors that affect a child's career and educational decisions: (1) geographic location, (2) genetic inheritance, (3) family background, (4) socioeconomic status, (5) family composition, (6) parenting style, and (7) parent work-related attitudes. Whereas the first four of these factors have a strong influence on a child's physical and mental abilities, education and employment opportunities, and financial resources, the last three have a profound effect on a child's personality type, preference for certain types of interpersonal relationships, work attitudes, and willingness to pursue a non-traditional career.” (Splete, H. and A. Freeman-George, 1985) The research and evidence support individuals make certain choices based on parental influences that have made an impact. Just think of the number of parents that chose one career then when their children were considering a career, it just happen to be the same choice.  Each one of us can relate to someone close that had their children follow their example. This can also relate to the small business owner.

Everyone realizes there is no special formula that if followed you will be successful. However, small business owners and entrepreneurs tend to have some basic common traits. Small business owners have six personality traits in common, according to an article in Inc. Magazine and research done by Guardian Life Small Business Research Institute. The institute is trying to explain why some businesses survive while others fail. The study is an analysis of 1,100 businesses with employees ranging from 2-99, “Six Dimensions That Characterize Success Oriented Small Business Owners.” At the top of the list was the ability to collaborate, which relates to successful relationships internally with employees and externally with customers. The remaining five traits are as follows: being self fulfilled, future focused, curious, tech savvy and action oriented. (Ruben, 2010) The evidence tends to relate a positive correlation between success of business and certain traits that an individual possess.

According to the research institute director, Mark Wolf, “Success-oriented small business owners are a special breed of highly motivated, caring and curious individuals. They effectively balance their personal and business goals, take advantage of others' expertise and continually seek to learn the best practices exhibited by peer companies.” (Ruben, 2010) Even though this research does not absolutely point out exactly how to become successful in owning your own business, it does correlation certain traits that you must possess. Some individuals are influenced by family and education or socioeconomic status while others may through life experiences or career displacement. One thing is clear, the owner must be motivated and success driven or the business will fail.

Works Cited:

Naylor, Michele. “Family Influences on Employment and Education.” Education.com Apr. 2011: Web. 5 April 2011.
<http://www.education.com/reference/article/Ref_Family_Influences/>

Splete, H. and A. Freeman-George. "Family Influences on the Career Development of Young Adults." JOURNAL OF CAREER DEVELOPMENT 12(1) (September 1985): 55-64


Rubin, Courtney. “The Six Traits of a Successful Small Business Owner,” Inc. Magazine 1 Jul. 2010: n. pag. Web. 5 April 2011
http://www.inc.com/news/articles/2010/07/six-indicators-of-success.html

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