Entrepreneurial Skills - Science topic

Entrepreneurial resilience can also play a role in the ability of farm entrepreneurs to access resources and support. Resilient entrepreneurs may be more likely to seek out and take advantage of available resources, such as financial assistance or mentorship programs. They may also be more likely to build a support network of other entrepreneurs and industry professionals, which can provide valuable advice and assistance in navigating challenges.

In addition to its effects on individual farm entrepreneurs, entrepreneurial resilience can also have a positive impact on the overall agricultural industry. A more resilient agricultural sector is better able to adapt to changes in markets and consumer demands, and can be more responsive to emerging trends and innovations. This can lead to increased productivity, efficiency, and competitiveness, which can benefit farmers, agribusinesses, and the broader community.

Entrepreneurial resilience is a crucial quality for farm entrepreneurs as they often face many challenges such as weather-related crop losses, fluctuations in crop prices, and difficulty accessing markets. A resilient entrepreneur is more likely to adapt and bounce back from these challenges, which can benefit the individual entrepreneur, their business and the community as a whole.

The aspects related to intuition are of a psychological nature and that, in the case of entrepreneurs, intuition is conditioned by the information that the person has about the market and, above all, the issues that refer to the skills that other entrepreneurs have in the sector. where you work, which allows you to detect your strengths, opportunities and weaknesses to undertake a business, for this there are methods and computer tools that make it possible to detect the circumstances of that specific market for which your knowledge allows you to have a better understanding.

I followed the emergence and consolidation of the Bio-Rio Foundation, of pioneering business incubators in Brazil, and was able to grasp the importance of such tools for the development of entrepreneurship.

Try to find common connection and the variables that can be integrated with one another to form a complete understanding/

Félix Oscar Socorro Márquez thank you for the articles. It was quite helpful.

Sridhar Mulakaluri thank you for your answer.

Are the entrepreneurial skills of students best advanced (and measured) by teacher engagement? Might it not be the case that a teacher’s pedagogical approaches (i.e., constructivist, inquiry-based, reflective, collaborative, integrative) are more relevant driving factors deserving of investigation?

I appreciate you Mr Melkamu Tadesse Wazza that you have raised the mind blowing question in RG.Entrepreneurship Education is a streamlined program designed by the respective Government to tap up the potential entrepreneurial skills, knowledge and techniques to promote the budding entrepreneurs in the particular location.

The term Entrepreneurial culture means that practices are being followed over the years or decades among the young entrepreneurs in the given geographical location.

Of course, the Entrepreneurial culture is not exploited in some societies due to some factors which hinders the development of those entrepreneurs.

There will be a wide gap between these two groups of entrepreneurs. Some societies may not encourage the entrepreneurial culture because of the lack of awareness, knowledge and skills among the young entrepreneurs.

It is very challenging issue among the budding entrepreneurs those who are reluctant to apply the new skills, knowledge and technical ideas etc to the society.

It is important to note that the psychological factors like Achievement Motivation, Perception, Attitude and Awareness creation etc could help to change the mind of these entrepreneurs in the given society.

A couple of papers and authors that comes to mind as I read your question:

Aldrich, H.E. and Kim, P.H. (2007), “Small worlds, infinite possibilities? How social networks affect entrepreneurial team formation and search”, Strategic Entrepreneurship Journal, Vol. 1 No. 1–2, pp. 147–165. DOI: 10.1002/sej.8.

Cooney, T. (2005), “Editorial: What is an Entrepreneurial Team?”, International Small Business Journal, Vol. 23 No. 3, pp. 226–235. DOI: 10.1177/0266242605052131.

Klotz, A.C., Hmieleski, K.M., Bradley, B.H. and Busenitz, L.W. (2014), “New Venture Teams : A Review of the Literature and Roadmap for Future Research”, Journal of Management, Vol. 40 No. 1, pp. 226–255. DOI: 10.1177/0149206313493325.

Ruef, M., Aldrich, H.E. and Carter, N.M. (2003), “The structure of founding teams: Homophily, strong ties, and isolation among U.S. entrepreneurs”, American Sociological Review, Vol. 68 No. 2, pp. 195–222. DOI: 10.2307/1519766.

Schjoedt, L. and Kraus, S. (2009), “The heart of a new venture: The entrepreneurial team”, Management Research News, Vol. 32 No. 6, pp. 6–8. DOI: 10.1108/mrn.2009.02132faa.001.

Welter, F. (2011), “Contextualizing Entrepreneurship-Conceptual Challenges and Ways Forward”, Entrepreneurship Theory and Practice, Vol. 35 No. 1, pp. 165–184. DOI: 10.1111/j.1540-6520.2010.00427.x.

Yang, T. and Aldrich, H.E. (2014), “Who’s the Boss? Explaining Gender Inequality in Entrepreneurial Teams”, American Sociological Review, Vol. 79 No. 2, pp. 303–327. DOI: 10.1177/0003122414524207.

Entrepreneurs require variety of experts to set systems for smooth running of business. Because entrepreneurs may have requirements of starting but with limited knowledge.

Agree with Chinaza Godswill Awuchi

Respected Henrik G.S. Arvidsson

firms’ decision-making logics & entrepreneurial resourcing behaviors combine to create value. We have to conduct a qualitative comparative analysis investigating configurations of effectuation, causation, & bricolage that are associated with firm performance. We have to consider firm size & development stage as contextual factors that differentiate the effectiveness of ways in which firms combine effectuation, causation, and bricolage.

Dear,Nida ji

Knowledge management and entrepreneurship

David B. Audretsch, Maksim Belitski, […]Erik E. Lehmann

International Entrepreneurship and Management Journal volume 16, pages373–385(2020)Cite this article

Dear, Saeid Karimi

Ambition. It is easy to give up when the going gets tough, but the most successful entrepreneurs persist because of their ambitious nature.

Caro que aspectos relacionados ao contexto da pandemia e suas derivações deva ter um papel importante nessa discussão

As an update...CaribHRForum is putting on its first region-wide Virtual Conference in September. http://virtualconf.caribhrforum.com

It's not an academic conference, but a number of researchers are participating.

Dear Abdo Hasan Al-Harasi, An amazing question that is not easy to answer. In my opinion, during the studies, during the educational process, students should be explained the essence and positive aspects of social entrepreneurship. Within the subject of Entrepreneurship, one should indicate the important role of social entrepreneurship in the context of activating economic growth in the social market economy. It is necessary to indicate the essence and significance of social economic entities, the importance of social aspects in business, corporate social responsibility, environmental social responsibility, etc. as important factors in the development of modern, contemporary developing economies. During their studies, students should learn and complete internships in social enterprises, where human capital is one of the most important production factors. Students should learn about examples of companies developing as startups within social entrepreneurship. Many examples of this type of companies function in technological industries, new Internet media, innovative technologies, research companies operating in marketing, consulting companies operating in support services for human capital development, etc. In addition, students should be indicated the support system from state institutions for business development, startups developed as part of social entrepreneurship, including the system of financial grants and startup funds offered by public institutions, agencies of the ministries of economy and entrepreneurship, and other institutions and economic entities. In addition, the university should develop cooperation with this type of business entities, startup funds, government agencies for business support, chambers of commerce in order to develop the offer of academic business incubators so that students receive support during their studies in the event of a desire to establish their own company, create a startup, a company operating, among others . as part of social entrepreneurship.

Best regards,

Dariusz Prokopowicz

There is a lot of entrepreneur in this world. Some of them are really successful with becoming a trillionaire but mostly are not. And when we speak with them who success, absolutely they know how money works. Its something beyond financial literacy that we know nowadays. People define financial literacy really in a microscope, while an entrepreneur understands the money is deeper than that definition.

So if you define financial literacy as it is known nowadays, absolutely it has no relation for people with high success in becoming an entrepreneur. But if you ask people that not mature enough in business, it may be related. The most successful person in business has higher value understanding of money and its more comprehensive than just financial literacy.

You may find valuable to read the following book chapter available at Research Gate:

Spais, G. S. (2010). Building adult educational programs in entrepreneurship based on Mezirow: the case of agricultural entrepreneurship. In Global perspectives on educational leadership reform: The development and preparation of leaders of learning and learners of leadership (pp. 323-356). Emerald Group Publishing Limited.

customers

Lubna Rashid , Dieter Bögenhold ,

meaning what? are you saying some informal entrepreneurs will find it hard, difficult, or impossible to transition to formal entrepreneurs, because of both/ either internal or external factors (context)?

Dieter Bögenhold , i think you are also perhaps suggesting one should differentiate among informal entrepreneurs, those who are truly keen and serious to transition to formal entrepreneurs. how would one do this?

would determination not be enough to negate context?

there is an entrepreneurial dichotomy of helping (holding hand) vs leaving alone (make it yourself). i suppose middle ground is best.

Stages:

1. Imparting subject knowledge

2. Practical implementation through incubation centers

3. Actual Business (Facilitation and Guidance)

If we restrict the question to now much education in entrepreneurship an entrepreneur needs, a large amount of formal education is not required. The skills necessary to succeed can be learned informally. In Silicon Valley, there are lots of organizations that support the entrepreneurial ecosystem such as the Silicon Valley Forum, that hosts educational seminars, networking events with investors, and connects entrepreneurs with mentors.

In my own experience, as mentioned in a previous post, to a question posed by Brian, the academic training as part of an MBA program is wholly inadequate. It focuses on the wrong things. In your typical course it is structured around writing the various sections of the business plan, culminating as a business plan as a capstone project. That is of minor importance compared to other aspects like navigating business registration, raising money (the professor tells you that the business plan is a plan, when it in fact is a sales document for raising money), real estate transactions, HR issues, insurance, managing cash flow (guerrilla finance), negotiating.

Were I teaching in a business school, I would be using lots of guest lecturers, veterans of startup companies to tell their stories, especially their failures, so that the students can benefit from the entrepreneur's mistakes. This is so superior to doing packaged case studies, which really just prepare MBAs for case study interviews, useful in itself, but produces what we call at Cisco 'MBA weenies'. They don't actually know very much and lack appreciation for subtlety and detail.

One of the big weaknesses of business school for teaching entrepreneurship is that the skills you learn in business school actually discourages entrepreneurship. Entrepreneurs need to have an erroneous estimate of the probability of success to undertake the venture in the first place. (For this reason, every investor knows that the finance plan in a business plan is an optimistic fiction.) Were you to act as a rational economic actor, you would never undertake the venture in the first place. All that financial modeling you do in the required finance class in an AACSB accredited MBA is not very useful. Nor in accounting do they teach you the guerrilla finance tactics to stay alive when you have a new product and no customers.

To recap, formal schooling is not that valuable, but informal education and mentoring is invaluable. I learned more in lunch time conversations with Don Massaro (Shugart Associates, Xerox, Metaphor, Silicon Gaming, Reconnex) than I ever could have learned in school.

Dear Friends and Colleagues of RG The issues of the importance of innovativeness and entrepreneurship in economic development are described in the publication: I invite you to discussion and cooperation. Best wishes

An important question needs to be answered

To quote CK Prahlad from his foreword to the book (Employees First Customers Second), this book is a narrative of organizational transformation and a practical guide for managers who wish to achieve similar results, as well as a story of the personal transformation of a CEO.

What struck me as significant about the book were the following aspects:

It is about the journey of an organization very Indian in its origins and culture

and about the experiences of an Indian CEO in bringing about change within

this psyche – this means it is a journey we can all relate very well to and draw

a lot of practical lessons from.

Kristian Thode, see my paper on VC

Entrepreneurial orientation could be influenced by culture, values, beliefs ,Government policies, education,

A Roadmap for Transforming the College-to-Career Experience, available at https://prod.wp.cdn.aws.wfu.edu/sites/74/2013/05/A-Roadmap-for-Transforming-The-College-to-Career-Experience.pdf, recommends that proponents should:

One consequence of the confirmation bias in groups is group polarization.  Even if people have information that’s against their natural inclination, most people don’t share it in groups of like-minded people because everybody seeks to reaffirm what everyone else also believes, rather than thoroughly exploring the issue.  As people get more and more information from group members consistent with the view they already have, they tend to believe their original view even more strongly.  

There are a number of datsets available look at OECD, Unesco, Federation of Small Business. Gem as identified above.

Having dyslexia can contribute to social conflicts and with learning difficulties, it can help in the following manera:1: tell jokes at dinner to help you practice your answers. 2:dale time to think. Make more slow the rhythm of the conversation. 3: see together its program of tv favourite, but without sound. Ask that guess how to create that feel the / characters based on their language body. 4:ensenale how abbreviations. 5: Make games to exercise memory.

You can refer to Small Business Economics, Journal of Business Venturing and Journal of Economci Psychology; best wishes, MV

I am a Professor of Management with about 30 years of experience of working in different industries 

I think you can use Lichtenstein and Lyons instrument to assess the students skills.

Lichtenstein, G.A. and Lyons, T.S. (1996), Incubating New Enterprise: A Guide to Successful Practice, The Aspen Institute, Washington, DC.

But I believed that you need mixed study.

I find the following study useful:

The following articles, which I think may help you on your current research, are available online:

1.  Researching Students' Entrepreneurship Skills in Post-Socialist Countries: A Multi-Country Survey by Kopycinska, Bernat and Korpysa 

2. Evaluation of Entrepreneurship Awareness and Skills among LIS Students in Universities in South East Nigeria by Ugwu and Ezeani 

Hi Jose,

Cooperation on networks depends much on the type of network and the properties of the actors. You can find many variables which may contribute cooperation in the network literature. However  I think interorganizational trust (along with other social capital factors maybe) would be one suggestion.  I am sending a link of an article about this. Hope this helps.

Gabriele, there are quite a few books and guidelines floating around. Among the most popular are: 

- All of Steve Blank's books (The Startup Owner's Manual or The four steps to the epiphany)

- Eric Ries's Lean Startup methodology

- Vesper's New Venture Mechanics and New Venture Strategies

- A variety of startup 101's

You can also look at the SBDC's business plan templates and presentations. 

My suggestion is to lay out the types of entrepreneurial ventures first and then think about the path to venture creation for each of them. Here are some papers that could help you get started: 

Feel free to contact me if you like to discuss more. 

Best,

Xaver

You may also find it interesting to explore the differences between "managerial" vs. "entrepreneurial" behavior in the phenomenon of corporate entrepreneurship.

While some managers in a given organizational culture are good at maintaining operations and processes or in improving them, yet others are good at creating new business opportunities, and new ventures, within the same organization.

A measure of bricolage would be the Baker-Davidsson bricolage

scale. Per Davidsson from the QUT has a forthcoming paper on this in IJEBR ... you might want to get in touch with him (http://staff.qut.edu.au/staff/davidssp/)

Jila,

These papers may help

(DOI: 10.13140/RG.2.1.1461.0320 )

It depends (as a favourite answer of the economists)...

Rostislav Kapelyushnikov, Andrei Kuznetsov, Olga Kuznetsova, (2011),"Diversity within capitalism: the Russian labour market model", Employee Relations, 33(4): 395 - 412.

Try this one:

The opportunist as entrepreneur... 

Dear Shalini,

Every entrepreneur has to register his/her organization in any one of the government bodies. These govt bodies can give you the list.

EO is a firm-level construct, so it ioffers a broad range of applications. Of course specifics of small businesses need to be taken in account. I recommend referring to the following article:

Wiklund, J., & Shepherd, D. (2005). Entrepreneurial orientation and small business performance: a configurational approach. Journal of Business Venturing, 20(1), 71-91. doi:10.1016/j.jbusvent.2004.01.001 

Hope that helps!

Of course it is valuable, but sometimes the micro companies have not got enough resources for its. Basically they need to check the existing partners (vendors, customers), what they think of them. (quality level of services, quality of products, the way they communicate the partners, and maybe about the leadership). This direct partner can do the best to enhance the reputation, and a lot to damage it. So take care of these key stakeholders.

look at this: http://isb.sagepub.com/content/early/2014/07/10/0266242614539363.full.pdf

Hello Vanda, one has to be innovative even in providing quality products or services. Quality is great but because customer has to continually be satisfied and the business landscape is also continuously changing, it demands therefore that quality has to be innovative. Innovation on its own is meaningless if it is not meeting any real needs. Likewise quality will only remain an imagination if it is not delivering real value. So my take is that innovation and quality must mix together to meet customer demand and should even go a step further to dictate customer taste. 

Dear Pam,

Research hypothesis or hypotheses are inline with research question(s) and research objective(s). develop your hypotheses based on that.

you can also develop.......

....First identify the underlining structure of items that make up performance appraisal method scale, than go for your hypothesis or hypotheses. once you know the factors you can link that with organizational performance.

For further clarification kindly find the attached file, link... it may help

This is a very good question . As the saying goes, "catch them young ". Such high potential kids, if identified at an early age , can be groomed to become entrepreneurs of the future. It is my observation that most of the successful start ups in my country (India ) , whether in the field of technology or any other field, are young people with a background in engineering . I feel engineering encourages independent thinking. This is my personal opinion. 

I feel the best way to measure entrepreneurial potential of high school students will be psychometric tests to test the basic entrepreneurial skills like independent thinking , communication, initiative , team work etc. 

Hi Pop1

Business Idea is truly a concept that illuminates & sheds light on the dark tunnel of entrepreneurial achievement.  

We have used the following test for assessing the entrepreneurial skills of students

The usage is straight forward and results are valid.

If the concept of 'enterpreneurial intensity' has similar (or close to) the meaning of 'enterpreneurial orientation' by Dess and Lumpkin, it can be measured by the 5 dimensions: innovativeness, risk taking. agresiveness, proactiveness, and independence.  And each dimension has its own indicators, related to the object of the research.

There is also a significant overlap with the literature on 'Onganisational Improvisation'.

you may want to look at the Moorman & Miner articles from 1998 and e Cunha et al from 1999, plus a whole pile of stuff that has been written since.  If you need the full references, let me know.  Richard is correct about the Bricolage linkage.  Bricolage is also a construct of Organisational Improvisation, hence the overlap. 

There also used to be an Effectuation group on LinkedIn (I am a member), but I am not sure how active it is.  It is an academic group, and the members are all interested in Effectuation in one way or another.

I suggest you to check the website of Kauffman foundation. They have all kind of research on entrepreneurship and they even develop various indicators in this regard. If you will not find what you need on their website, you can address them an email and they will assist you. Also check the website of small business association from USA, they have also alot of information on entrepreneurship. The Academy of Management website, Entrepreneurship section, has several research and data in regard to entrepreneurship, just take your time to search and select.

Good luck.

The most popular work touching on social networks and entrepreneurship is Dr. Saras Sarasvathy's work on Effectuation.

In terms of Social Enterprise and nonprofits the most interesting work I have come across is:

Kim, M. (2013). Socioeconomic Diversity, Political Engagement, and the Density of Nonprofit Organizations in US Counties. The American Review of Public Administration, 0275074013504616.

I am doing some research on marginalized communities and access to social enterprise and the general literature indicates a strong social network enables individuals to startup up social enterprises.  The part I am researching is if the corollary is also true i.e. do individuals with weak social networks have additional barriers in starting up social enterprise.

Engle, R. L., Schlaegel, C., & Delanoe, S. (2011). The role of social influence, culture, and gender on entrepreneurial intent. Journal of Small Business & Entrepreneurship, 24(4), 471-492.

 You can also see the following article "The role of collective efficacy in the relations between transformational leadership and work outcomes" Fred O. Walumbwa 1,*, Peng Wang 2, John J. Lawler 2 andKon Shi3, Journal of Occupational and Organizational Psychology Volume 77, Issue 4.

I hope it would be useful

Yes sir.even my research supports the tpb model as a best model to know the entrepreneurial intention.

Regards

J.krithika

Choose what the intelligentsia say,

scanning published literature till date, 

add as a pinch, that your experience allays,

And original delta x contribution was made.

Carsrud, A., & Brännback, M. (2011). Entrepreneurial motivations: what do we still need to know?. Journal of Small Business Management, 49(1), 9-26.

In order to categorize challenges of leadership and management, let us look into genesis of both leadership and mangement. Leaders create vision which leads to mission which furthers drives to achieve the desired objectives. Thus there is challenge to realize the vision through the followers, who must be motivated as committed and cohesive force. This requires leader's personal qualities like : ethics, value, dedication, selflessness and charisma to inspire followers, which are also challenges. On the other hand,  the managers are required to achieve organizational results through prudent use of organizational resources ( Human, Financial, Technological ), which are challenges. Managers perform through positional authority as fixed by organizational structure, which depicts the authority - responsibility relationship at various positions. Managers may extract compliance through positional authority but not the commitment of employees. This itself is challenge, as commitment is thing of heart and is manifestation of mangers' capacity to handle human aspects of organization. 

You can based the measure of the technology orientation on the Individual entrepreneurial orientation measure.

Langkamp Bolton, D., & Lane, M. D. (2012). Individual entrepreneurial orientation: Development of a measurement instrument. Education+ Training, 54(2/3), 219-233.

Hi there, I recommend you look into Rauch & Frese's (2007) popular article on Entrepreneurial traits. Here is the link:

1. Rauch A, Frese M. Let’s put the person back into entrepreneurship research: A meta-analysis on the relationship between business owners' personality traits, business creation, and success. Eur J Work Organ Psychol [Internet]. 2007 Dec [cited 2011 Jun 14];16(4):353–85. Available from: http://www.tandfonline.com/doi/abs/10.1080/13594320701595438

Good Luck with your research!

Hi

Please see these links:

Yes, We teach here at our University, at Karachi, Pakistan. Dear Mr. Brock Matthew Stout, send me detail on my email that what kind of collaboration you are seeking via medium. Kind Regards. My Email is hussainsaleem@uok.edu.pk

Part of the background is the fact that innovativeness needs to be seen with the constructs, risk taking and proactiveness. The so-called Entrepreneurial Intensity (EI) of a company. Innovative performance will only be achieved once a management team realizes that innovation as such needs to be managed as any other function in a organisation. The result the contribution of the outcomes of this management process will result in innovative performance

The antecedents of intention are: social norms, perceived behaviour control & Attitude (view attached document). These antecedents are the sum of motivational factors.

Krueger, N. F., & Carsrud, A. L. (1993). Entrepreneurial intentions: applying the theory of planned behaviour. Entrepreneurship & Regional Development, 5(4), 315-330.

Nick Williams and myself have conducted research on the barriers to entrepreneurship in deprived communities, published in Local Economy, and Entrepreneurship and Regional Development. You will find it on my ResearchGate page. In addition, I have conducted research on how a greater proportion of entrepreneurship in deprived communities tend to be conducted in the informal economy where start-ups use the informal economy as a test-bed during venture creartion, and many continue to operate on such a basis afterwards.

See http://facstaff.uww.edu/parbotek/files/JBE-Christian.pdf

and http://facstaff.uww.edu/parbotek/files/ETP2.pdf

Dear Ewa,

I have conducted Research on the take-ove-process of family businesses. The results are published in the Journal 'BSRJ Paper 2014 called 'Asymmetric influence on satisfaction in the Takeover-process of SMEs in Austria.' The findings are based on n= 600 pariticipants. Maybe this article is helpful for your Research.

There is also the SAGE Handbook of Family Business, Edited by Leif Melin, Mattias Nordqvist and Pramodita Sharma.

Kind regards

Birgit

I can’t think of any papers that link these concepts directly. This is probably because they don’t sit very well together. Identity is usually treated as something acquired, often over time- I am now an entrepreneur. Alternatively identity can be attributed- she is an entrepreneur. (Anderson and Warren, 2011) In contrast entrepreneurship education is usually about knowledge, rather than about the self. One is outcome and the other process.

However one of my PhD students, Sabine Mueller (2012), took an unusual approach to entrepreneurial learning. She argued convincingly that successful entrepreneurship education resulted in “maturity”( Mueller and Anderson, 2014). The concept is very close to identity, not least in sense of identifying with entrepreneurship.

Anderson, A. R., & Warren, L. (2011). The entrepreneur as hero and jester: Enacting the entrepreneurial discourse. International Small Business Journal, 29(6), 589-609.

Mueller, S. (2012). The mature learner: understanding entrepreneurial learning processes of university students from a social constructivist perspective. Unpublished PhD thesis available at OpenAir, RGU, Aberdeen.

Mueller, S., & Anderson, A. R. (2014). Understanding the entrepreneurial learning process and its impact on students' personal development: A European perspective. The International Journal of Management Education, 12(3), 500-511.

We published a case study on the ROI on. CRM for AT&T. It is a quantitative analytic method.  Send me an email if you want a copy at tjhousel@nps.edu

You may be interested to the enclosed artticle; regrads, MV

You can be interested in the enclosed article; regards, MV

I think they would expect the successors to follow family values and traditions carefully (diligently). This also applies to successors being able to follow due proceses (e.g to be accountable, not wasteful, keep customers happy and be kind to legacies that had been built and those that are being or will be built.

Successors must be courageous. They must have the mental stability and strength to pursue goals vigorously and in adversity. They must be able to stand strong and not give in easily. I'd consider courage as a strong leadership attribute: it makes the leader stand, even when the followers are weak and tired.

Business owners will want their successors to possess outstanding ability to make accurate/correct judgements. This is very important, otherwise the reputation and success that had been built for years might be washed off with a few errors of judgment.

These three are important and are closely related. If successors are not diligent, they are not better than strangers. If they are not couragous, they are not better than weaklings. If they are inaccurate, the business is not likely to survive,

Hope this helps.