Abstract

Carlos Slim is among the most successful entrepreneurs in Mexico He is also known as the Warren Buffett of Mexico The aim of this study is to critically analyze and identify the entrepreneurial approaches and psychology that made Carlos Slim the Warren Buffett of Mexico To achieve this the Competency theory of Driessen 2005 was deployed knowledge capabilities motivation and characteristics are the components of competency theory which jointly form entrepreneur competence which can be interpreted as successful behavior in practice is adopted and modified to suit the scope of this study Most of the researches on entrepreneur focused on competency theory as it is deemed suitable for assessing entrepreneur competence talent skills traits behavior and what characteristics and a motivational factor of entrepreneur influence business success Laan Driessen and Zwart 2010 Therefore the theoretical framework for this study was developed using three variables Characteristics Capabilities and Internally Driven Motivation because the variable Knowledge can only be assessed on the basis of the business plan which is beyond the scope of this study Driessen 2005 The findings of this report show that Carlos Slim has internally driven motivation and need for achievement that propelled him to succeed in business he also has specialist thinking style self-belief and risk-taking propensity traits which are the characteristic that enabled him to seize opportunities and to take calculated risk that led to high profitability Baun and Locke 2004 Forbes 2010 In addition Carlos is a creative entrepreneur that can revive any company from the recession and make it profitable at the long run he is always optimistic and focuses more on the solution rather than the problem BBC 2010 Driessen 2005 These entrepreneur approaches are the factors that contributed to Carlos success and made him Warren Buffett of Mexico