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Trait Theory of Entrepreneurship

According to F.A. Walker, an entrepreneur is one who is endowed with more than average capacities in the task of organizing and co-ordination the factors of production. i.e.,., land, labour, capital and enterprise. An entrepreneur is a pioneer, a leader, and a captain of the firm. Hence, profit, the entrepreneur gets depends on his efficiency and superior talents. In other words, to be successful, as an entrepreneur, an individual must posses certain traits or characteristics of personality like creativity, self confidence, risk taking, imagination, perseverance, etc.

The trait, theory holds that entrepreneurship developed because the individuals called entrepreneur possessed certain specific taints or characteristics or competencies which made them capable of generating new ideas and creating a new venture. The major traits responsible for the emergence of entrepreneurs include: creative and innovative skill, propensity to take risks, ability of building on organization perseverance, and foresceabillity. Different studies have emphasized different traits. The critics of the trait approach ask a logical question as to whether those among us was do not choose to be entrepreneur, have similar traits.

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