1.1 BACKGROUND OF THE STUDY
Management School of EntrepreneurshipThe management school suggests that an entrepreneur is a person who organizes or manages a business
undertaking, assuming the risk for the sake of profit (Webster, 1966). Within this perspective, it is believed that entrepreneurship can be developed through conscious learning. In most cases, failure in entrepreneurial activities is attributed to poor management tactics. It is therefore, averred that training in management functions can help reduce business failure substantially and make success of an enterprise. Leadership School of Entrepreneurship ;The leadership school of entrepreneurship sees an entrepreneur as someone who relies on those he believes can help him achieve his purposes and objectives. This school proposes that a successful entrepreneur must be a‘people manager’, an effective leader, a mentor who motivates, directs and leads others to accomplish set tasks.
Kao (1989) postulates that the entrepreneur must be a leader, able to define a vision of what is possible, and attract people to rally around that vision and transform it into reality. The two major elements in this approachare: getting the task accomplished and responding to the needs of those involved in task accomplishment. Personality Based ModelBoth personality- and human capital models are examples of character-based model. According to personality
based model, entrepreneurs posses certain traits and these specific traits are expected to produce a strong impact on planning the business and on the choice of strategies and actions during the launching phase, which will in turn determine the entrepreneur's eventual success in the undertaking.
In particular psychological but also economic research has analyzed in detail which personality characteristics are fundamental for entrepreneurial success. The following traits have been defined as useful in explaining the past success and in predicting the future development of a newly founded business: motivational