Write a 9 pages paper on positive impact of entrepreneurs on business environment. Correspondingly, as stated by Sarwoko & et. al., (2013), entrepreneurial characteristics are determined with a person by his/her level of education, individual morals, age, work capabilities, moral support and professional support. Sorensen & Chang (2006) also noted a similar perspective stating that entrepreneurial characteristics which determine the business success comprise psychological factors and educational factors. It is in this context that psychological factors which essentially constitute a successful entrepreneur comprise requirement of accomplishment, locus of control and personality traits. These factors are further noted to impose a direct impact on business performance. In a similar context, educational factor such as higher education is also believed to have a considerable impact on entrepreneurship as it reflects the capability of entrepreneurs or specific individuals in business in comparison to average people. Blackman (2003) had divided the characteristics of an entrepreneur into two types which can be identified as an attribute and attained the qualification. Attribute, in this context refers to the age, gender, religion and family background of the entrepreneur which are learnt to accumulatively create substantial effects on his/her characteristics. On the other hand, attained qualifications such as education and business experiences also have strong influences on entrepreneurial characteristics of an individual. The study of Shane & et. al. (2003) described in this regard that establishment of entrepreneurial character is influenced by several external and internal aspects such as social and business environment, education level, individual values and work experiences among others. Furthermore, Islam & et. al. (2011) noted that the characteristics of an entrepreneur can be referred to the demographic features, individual features, personality traits, entrepreneur alignments and entrepreneur willingness. Several types of research on entrepreneurship had found that demographic characteristics such as age, gender and socio-economic background accumulatively imposes considerable influence on entrepreneurial objectives, efforts, individual qualities and personality traits such as self-assurance and persistence, independence, innovativeness, risk-taking behaviour, reactiveness, aggressiveness and inspiration. Zacharakis & et. al. (2000) also found that people with the age group from 25 to 44 years were mostly active in entrepreneurial activities. Majority of the successful entrepreneurs were also learnt to be somewhat younger in age. With respect to gender, it can be observed that women are usually less prospective to be a founder of a new enterprise, than men. In this regard, Zacharakis & et. al. (2000) revealed that males pursue significantly higher entrepreneurial objective in comparison to females. The success of the business is classified into three categories which are individual characteristics of an entrepreneur, organisational characteristics and environmental nature. In this context, it can be stated that individual characteristics comprise attributes such as education, managerial experiences,&nbsp.industrial understanding and social abilities.

Kenneth Brown is facing three alternatives with two possible outcomes—a favorable or an unfavorable market—for those alternatives. In four pages (not including reference and title page) describe and justify the decision making steps Brown may perform in his case. Be sure to provide research to support your ideas. Use APA style in-text cite, and cite and reference your sources to avoid plagiarism. Provide any formulas used.

Problem

Kenneth Brown is the principal owner of Brown Oil, Inc. After quitting his university teaching job, Ken has been able to increase his annual salary by a factor of over 100. At the present time, Ken is forced to consider purchasing some more equipment for Brown Oil because of competition. His alternatives are shown in the following table:

Equipment            FAVORABLE             UNFAVORABLE

                               MARKET                     MARKET

_________________________________________________________________________________________________

SUB  100                 $300,000            -200, 000

OLIER J                    $250,000           -100,000

TEXAN                        $75,000           -18,000

For example, if Ken purchases a Sub 100 and if there is a favorable market, he will realize a profit of $300,000. On the other hand, if the market is unfavorable, Ken will suffer a loss of $200,000. But Ken has always been a very optimistic decision maker.

(a) What type of decision is Ken facing?

(b) What decision criterion should he use?

(c) What alternative is best?