Addressing a Personal Challenge: Business Thinking Overview

Addressing a Personal Challenge: Business Thinking Overview
Student’s Name
Institution Affiliation

Lerner and Geldhof’s article, How to Recognize a Budding Entrepreneur; New Research Identifies the Four Qualities that Founders-to-be Have in Common describes the personalities that define a young entrepreneur (Geldhof & Lerner, 2015). Determining the characteristics of a youthful entrepreneur has been an issue of enormous concern to educators, parents, and the upcoming entrepreneurs too as all of them are eager to understand what strengths were a vital foundation for a business career. According to the text, studies conducted among the youth to determine their career goals and personal traits demonstrated that the essential characteristics typical of entrepreneur-wannabes include: availability of mentors, the desire to take the initiative, self-control, and innovative thinking (Geldhof & Lerner, 2015). Other common traits included closeness to pros, an eye for entrepreneurship, control, and drive, and the creative advantage.
According to the multimedia file, most service businesses have collapsed within nine months into the company due to poor personal traits (“Considering Opening the Business”, 2018). Qualities such as robust people skills, creativity, competitiveness, open-mindedness, confidence, and discipline are vital for deciding whether or not one should open a business. Therefore, it is crucial, as an entrepreneur to consider all personal qualities that might impact one’s business.

One should identify his/her critical weaknesses through self-examination, reflect upon them and work on them as shortcomings including lack of confidence might fail the business. And to improve oneself, one must first understand him/herself. Thus, good traits are vital for entrepreneurial success (“Considering Opening the Business”, 2018).
Tangible asset refers to measurable or physical properties that an individual possesses including equipment, plant, property, cash, and inventory. Personal assets, on the other hand, can be defined to be both intangible and tangible assets. These can either be possessions owned by an individual or assets relating to one’s personal qualities such as hard work, self-control, and creativity (Geldhof & Lerner, 2015).

References
“Considering Opening The Business”. Media.Capella.Edu, 2018, http://media.capella.edu/CourseMedia/BUS1003/Considering%20Open%20the%20Business/BUS1003_open-the-business.asp. Accessed 9 Dec 2018.
Geldhof, G. J., & Lerner, R. M. (2015, May 26). How to recognize a budding entrepreneur: New research reveals the four important qualities that young founders-to-be have in common. Wall Street Journal Retrieved from http://library.capella.edu/login?url=https://search-proquest-com.library.capella.edu/docview/1683023415?accountid=27965