The strengths and weaknesses of an entrepreneurial strategist Essay

The strengths and weaknesses of an entrepreneurial strategist - Essay Example The importance of strategic thinking leads to strategic planning and is extremely important in the opportunity identification process. Successful entrepreneurs are self confident and try to meet the heist possible standards. Most of them are hard working and energetic, enthusiastic, passionate and self-critical. They get others to do things by giving them little scope to influence decisions. Intuition is one of the most unique qualities possessed by successful entrepreneurs (Burns 2001). They use the intuitive ability to understand the dynamics of market structures, competition, customer needs, timing, synergies, and the like (Clark and Lee 2006). They have great knowledge, expertise and personal charisma. Successful entrepreneurs accept full responsibility for the achievement of the business objective and it is therefore essential for trust and co-operation from both sides to be in evidence all the time. "They welcome change because it creates opportunities that can be exploited and often create it through innovation" (Burns 2001, p. 5). Most of them have excellent communication skills which help them to find partners and investors. Successful entrepreneurs are open to new ideas and willingly accept risk. The weaknesses of entrepreneurs prevent them to achieve success and bui