Importance Of Confidence In Entrepreneurship

Entrepreneurial confidence can be described as the believe in one’s ability and capacity to effectively organize and coordinate various processes comprising of a combination of both tangible and intangible factors in such a way that allows for meaningful outputs and from which the initiator or individual can generate a sensible income or return (Botham & Graves, 2009; Shane, 2000). It denotes a sense of direction and will; which having identified various risk and impediments as to the successful start-up of the business; yet perseveres and is determined to accomplish the various objectives which it has set out to achieve. Holt (2000) observes that confidence in entrepreneurship is a product of training, experience and exposure to various entrepreneurial …show more content…
Recent studies however tend to tie entrepreneurship to thought and behavioural patterns which is relevant to every societal and economic facet, and such a perception of entrepreneurship currently requires a different approach to skill development. Entrepreneurial education today is aimed at developing the individuals’ mind-set, attitude, capabilities and behavioural tendencies; characteristics which can successfully be applied to the creation and addition of value to a wide range of frameworks and contextual settings from the public sector, charities, tertiary institutions and social enterprises to corporate organisations and new venture creations (Shane, 2000; Akpa, 2007; Holt, …show more content…
Shane (2000) opines that there exist two main instruments for taking advantage of opportunities, namely – venture creation and the sale of the identified opportunities to already existing organizations. Akpa (2007) argued that to be successful as an entrepreneur, certain qualities and behavioural tendencies must be present, according to the author, the entrepreneur can be described as one who is intelligent and critical; the person is also good at managing him/herself as well as his/her shared network of activities; the individual should also possesses a strong set of responsibility and ethical stance when it comes to business and relationships; the person should have primary and basic trading instincts as regards cost, buying and selling; the person should also be able to adapt to change through constant learning and knowledge accumulation; and finally, the person should be ambitious and hold the future in high regard. However, Meek, Pacheco & York (2010) argue that enterprising behaviour can be developed through adequate training and education since it is concerned with observing the environment and social relations and the combination of various