Philosophy of Entrepreneurship

In: Business and Management

Submitted By ilynou
Words 848
Pages 4
Manon DELAMARRE

PHILOSOPHY OF ENTREPRENEURSHIP
ESSAY ASSIGNMENT

The entrepreneurship is the ability to detect an opportunity of the actual environment: economic, political, technologic, social, legal… then to have the willingness and the courage to develop it to manage to launch a business. This is a definition of entrepreneurship from http://www.businessdictionary.com which one I partially disagree:
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
Entrepreneurship is not only about making profit; it can also lead to build up an association or a NGO (non-governmental organization). Entrepreneurship is about begin doing something, and it does not have always to be related with money.
Starting one’s own business is a very intense experience, you have to go through a lot of pressure: in addition to cope with a lot of issues, the stress to fail is persistent. The video watched in class, of a family launching a bakery, it is a good example.
Failing in a business is not only about losing money, even though losing money is a major point. All the capital invested in the start-up if usually injected mainly by the entrepreneurs. There is also the fact that is a business failed, the entrepreneurs end up to be jobless and then, without income.
Failing in a business is dealing with the fact all your energy, hopes and skills use to make something have been useless. It drives to take a new look at oneself and what to do next, which it should be a difficult experience.
There is the social aspect as well. You have to assume in front of all your relatives (family, friends…) that you have failed something you had personally undertaken, and it is never a pleasant thing.
I think that for all the reasons, a person with an entrepreneurial mindset is a person confident and brave…...

Similar Documents

Entrepreneurship

...How have entrepreneurs been impacted by the global economic crisis: I think entrepreneurs have been impacted tremendously and I also think each entrepreneur has probably been affected in different ways based on the size, financial status and current state of the venture into entrepreneurship. If the entrepreneur has just begun the process of going into entrepreneurship – gaining the capitol either from loans from banks, lines of credits, etc. would be difficult to obtain during the crisis. If the entrepreneur is currently in entrepreneurship, then I would say that during these times that the entrepreneur would have to innovate ways to keep up with its competitors and invent ways to keep customers coming back. What excites you about being an entrepreneur: Even though I’m currently not an entrepreneur, I have the desire and admiration to become one – which I plan on doing upon retiring from the corporate world. What excites me about the opportunity, is that I could be me own boss and don’t have to report to anyone. I can make my own decisions, set policies and procedures, sign the paychecks, make business decisions for the better of the company, etc. – I think for the most part I like the thought me saying that I own my own business. What concerns you about being an entrepreneur: A lot of things concern me about becoming an entrepreneur at the present time due to the economic situation. If I did not have a steady job in the corporate world, I probably would......

Words: 360 - Pages: 2

Entrepreneurship

... Business idea is a hunch which entrepreneurs catch the chance acted upon. They always facing the risk of loss in start business process, and they have confidence can to calculated risks to meet their goal. But it does not mean that entrepreneurs just rely on personality traits to solve risk, they also consider the importance of management skills. The view of Ray that the research of entrepreneurs has been ill-conceived, because “ there is no empirical evidence or conceptual base to say much, if anything, about entrepreneurs and risk taking, So the researching should concentrate on the development of skills and how managers acquire them.” (Deakins&Freel, 2009) In my views that manage risks not only avoid risk, also bring profits from opportunities. Because the entrepreneurship can be seen as a process, with the time and technology development, that the management skills become more important. If entrepreneurs just rely on personality to face risk, it will lead Greater risk than before. Example, I think that risk is chance to lead entrepreneurship to success, and if you manage risk successfully that the risk can transfer to opportunities. Such as the chance for me that is studying in the UK, it more like risk-investment project in my life. If my choice is wrong, the risk will be the loss of time, capital and opportunity. For me that adapting strange environment is a problem, but gradually, through communicate with local people and learn from them, I found that......

Words: 2657 - Pages: 11

Entrepreneurship

...Entrepreneurship is the backbone of American business. Entrepreneurs open up new businesses on a daily basis. Some of those businesses flourish, and some of those businesses fail. In the world of entrepreneurs, no business is guaranteed to be a success. Entrepreneurs experience an exciting venture, many struggles and challenges, and lots of risks with potential for great rewards. Greg Graham is a State Farm Insurance agent. His office is located in Lafayette, IN on State Road 38, across from Family Express gas station in a newly constructed shopping center. State Farm is a unique insurance company when it comes to their agents. Instead of managing their agents in a normal fashion, they require their agents to become independent contractors. As independent contractors, they essentially run their own business. They hire their own employees, find their own office space, and purchase their own office supplies. Greg Graham from a young age knew he wanted to be a State Farm agent. Since Greg’s father was a State Farm agent, he grew up in the insurance business. Not only is he a second generation agent, Greg’s uncle is an agent. Greg attended Middle Tennessee State University, and received his bachelor’s degree in Finance and Insurance. He never changed his major in college, and he always intended to one day become a State Farm agent. Greg was hired in with State Farm as a Human Resource Rep. He bounced around for 14 years from Tennessee to Illinois and...

Words: 1078 - Pages: 5

Entrepreneurship

...Entrepreneurship The business I chose is “Recycled Jewelry” basically it is jewelry made from recycled materials and it would be made by hand. The business aims to develop eco-conscious lifestyle and encourage an eco-friendly routine. Market size: Recycled jewelry business is mainly suitable for the feminine gender, as well this product targets low and medium class and all women are a target, Competition: because this business idea is relatively new and unique to our region, there is almost no direct competition as there are no recycled jewelry shops operating in the country. However there are some indirect competition and this gives the recycled jewelry business an advantage as there are no direct competition in the market. Industry: knowing that the recycled jewelry industry is fairly small sized and relatively new and did not exist decades ago, I couldn’t find an exact figure as a result of that. However this type of business is more common in the western world as there are more eco-conscious individuals. Trends: in this business it is important to keep up with new trends and focus on that to attract customers, as females in this society aims to keep up with trends influenced by the western world, the jewelry pieces will regularly keep up with the changing trends to avoid shift in customers interest and meet their demand. Costs: since the products would be made from recycled materials and the tools used to make these products are simple the cost would be low...

Words: 473 - Pages: 2

Entrepreneurship

... work done at a software retail business. MicroSolutions business structure was that of a software reseller and system integration company, it sold products like CompuServe, Carbon Copy, and Lotus Notes ("Investing value," 2009). MicroSolutions was a start-up business for Cuban that earned him $6 Million after selling to CompuServe in 1990. Another business Cuban started was called broadcast.com, this business broadcasted sports and television shows for its viewers. This was started with his friend and partner in the business, Todd Wagner. This business also sold for a healthy $6 Million to the internet company Yahoo. Cuban is currently the owner of the Dallas Mavericks. With the earnings from previous endeavors the Mavericks were purchased from Ross Perot for $285 Million. III. Business Philosophy Cuban took small things like selling packs of garbage bags and stamps and advancing to jobs like selling software to lay the foundation for dedication and strong will to change the current situation. In Mark Cuban’s book How to Win at the Sport of Business it states “Always ask yourself how someone could preempt your products or service. How can they put you out of business? Is it price? Is it service? Is it ease of use? No product is perfect and if there are good competitors in your market, they will figure out how to abuse you. It’s always better if you are honest with yourself and anticipate where the problems will come from” (Cuban, 2011). This approach gives an...

Words: 1249 - Pages: 5

Entrepreneurship

... which would be incurred. We came into this parlor business starting our business from scratch in order to reach our target customers by overcoming all the risks and obstacles in the industry and prove our potentials as the six young entrepreneurs in this modern generation creating an image that women’s are not lacking behind in the field of entrepreneurship. 2. Vision and Mission Statement 2.1. Proposed Mission Statement for Genesis Beauty Parlor “To offer beauty services that enhances our customers’ physical appearance and mental satisfaction with the passion by giving quality performance in a friendly and fair work environment.” 2.2. Proposed Vision Statement for Genesis Beauty Parlor “To provide the beauty experience for stylists by delivering the life-enhancing beauty that best understands and satisfies the self-fulfillment needs of consumers.” 3. Company History A company or business which has existed for a period of time and is still continuing on their business operations those companies has their own profile. As our parlor business of Genesis is in the beginning stage, which is about to start so it does not have a company profile. 4. Business and Industry Profile 4.1. Goal of Genesis Beauty Parlor Our major goal is to expand the business within 3 years after its establishment by attracting more customers. To attract more customers and also to attain customers’ satisfaction we will emphasis on several factors such as quality service, friendly and...

Words: 7190 - Pages: 29

Philosophy of Entrepreneurship

...Manon DELAMARRE PHILOSOPHY OF ENTREPRENEURSHIP ESSAY ASSIGNMENT The entrepreneurship is the ability to detect an opportunity of the actual environment: economic, political, technologic, social, legal… then to have the willingness and the courage to develop it to manage to launch a business. This is a definition of entrepreneurship from http://www.businessdictionary.com which one I partially disagree: The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.  Entrepreneurship is not only about making profit; it can also lead to build up an association or a NGO (non-governmental organization). Entrepreneurship is about begin doing something, and it does not have always to be related with money. Starting one’s own business is a very intense experience, you have to go through a lot of pressure: in addition to cope with a lot of issues, the stress to fail is persistent. The video watched in class, of a family launching a bakery, it is a good example. Failing in a business is not only about losing money, even though losing money is a major point. All the capital invested in the start-up if usually injected mainly by the entrepreneurs. There is also the fact that is a business failed, the entrepreneurs end up to be jobless and then, without income. Failing in a business is dealing with the fact all your energy, hopes and skills use to make something have been useless. It drives to take a...

Words: 848 - Pages: 4

Entrepreneurship

...'Entrepreneurship' Meaning An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Concept Entrepreneurship can be defined as the process of using private initiative to transform a business concept into a new venture or to grow and diversify an existing venture or enterprise with high growth potential. Entrepreneurs identify an innovation to seize an opportunity, mobilize money and management skills, and take calculated risks to open markets for new products, processes and services. Characteristics of Entrepreneurship • Interest and Vision The first factor for entrepreneurial success is interest. Since entrepreneurship pays off according to performance rather than time spent on a particular effort, an entrepreneur must work in an area that interests her. Otherwise, she will not be able to maintain a high level of work ethic, and she will most likely fail. This interest must also translate into a vision for the company's growth. Even if the day-to-day activities of a business are interesting to an entrepreneur, this is not enough for success unless she can turn this interest into a vision of growth and expansion. This vision must be strong enough that she can communicate it to investors and employees. • Skill All of the interest and vision cannot make up for a total lack of applicable skill. As the head of a company, whether he has employees or not, an entrepreneur must be able to...

Words: 543 - Pages: 3

Entrepreneurship

...Course: Entrepreneurship ECTS: 6 Teacher: Prof. Dr. Boštjan Antončič, Assist. Tina Bratkovič Course Description The course provides an overview of the entrepreneurial process and is designed to give students an in-depth understanding of different aspects of entrepreneurship. The issues addressed in class will focus on psychological and sociological views of entrepreneurship, the identification of opportunity, entrepreneurial networks, corporate entrepreneurship and international entrepreneurship. Through a combination of lectures, case analyses, in-class discussions and exercises, the students will develop the knowledge and skills necessary for writing and presenting a business plan. |Course timetable |Topics | |Class 1 |Brainstorming session – selection of business idea (1) | |Class 2 |Brainstorming session – selection of business idea (2) | |Class 3 |Psychological and sociological views of entrepreneurship | | |Market opportunity and market analysis | |Class 4 |Entrepreneurial networks...

Words: 291 - Pages: 2

Entrepreneurship

...A brief discussion of the relationship between entrepreneurship, innovation and economic development as well as the role of sustainability in the relationship Introduction: The origin and development on theory As early as the 17th century, the French term "entreprendre "appeared in economics, which evolved into "entrepreneur" as commonly used (Dees,1998). The concept of entrepreneur keeps on developing and varies with the development of socio-economics. Richard Cantillon published his in 1775 “Essay on the Nature of Trade in General" (Murphy,1986). Since then, entrepreneurship was given a definition in the perspective of behavior, including decision-making, sound judgment, supervision of production, innovation, and resource reallocation (Herron, 1993). The new definition of the "entrepreneur" credited by French economists was put by Jean Baptiste in the 19th century "the entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". In this time, entrepreneurship was given the meaning of "creating values"(Dees, 1998). In 1911, “entrepreneur as innovator” was put forward by Schumpeter. In his theory, entrepreneurship nearly the same as innovation is thought to be a critical factor in the promotion of economic development. This theory was unceasingly completed by Schumpeter. Through the process of “disruptive innovation” (Schumpeter, 1942), entrepreneurs create economic opportunities and obtain economic benefits by...

Words: 2375 - Pages: 10

Entrepreneurship

...In the business world, entrepreneurship has two meanings. It can be defined as the act of being an entrepreneur, an individual who starts and owns a business and is in charge of managing its smooth running by coordinating activities. Secondly, it can be seen as a key component to the economy who discovers problem areas and sees them as creative opportunities to innovate. A successful innovative entrepreneur should be motivated by nature to produce the right product, in the right market, at the right time and of course aim the right consumers. Richard Cantillon was an economist who believed that entrepreneurs bring equilibrium to the market by balancing the market forces of supply and demand. He proposed that risk taking is a common characteristic of a competent and self confident entrepreneur because he places the survival of the organization first but his career last by going over the edge with no fear. He may even be able to go beyond his own capabilities and progress further on if he believes in himself. Acceptance of past mistakes means that they are not seen as a failure but as a lesson of trial and error to avoid future repetition under the same circumstances. Although, careful planning and consideration are some of the main characteristics of an entrepreneur, uncertainty comes along since he cannot be absolutely sure he is going to succeed 100% or whether he made the right decision. The difference between risk and uncertainty is that the first one is based...

Words: 1998 - Pages: 8

Entrepreneurship

...CASE 1: THE ENTREPRENEUR “Two roads divulged in a yellow road And sorry I could not travel both And be one traveler, long I stood And looked down one, as far as I could To where it bent in the undergrowth” In the year 1990, Ashraful Haque Mukul a student fresh out of Dhaka University with visions of a bright future stands at an impasse in his life. As a student of philosophy, he is well aware of the poem “the Road Not Taken” by Robert Frost. It was a very ironic situation for him that just six months ago, he was writing the synopsis of the poem in his exam and now, he was in that exact situation. There were two options for him in his life now, one was a secure safe one of a job while the other, one full of risks and hardships was that of an entrepreneur. While people argue on whether leaders are born or made, anyone who knew Ashraful Haque Mukul would say in one breath he was one. Being heavily invested in student politics, Ashraful Haque Mukul was the General Secretary of DUCSU, back in a time when that position meant something, and was determined by the voting of all the general students in the university. His friends described him as friendly and outgoing with the uncanny ability of getting things done and getting the best out of people around him. One complain that was there against him was that he was a control-freak as well as being over-meticulous. On the other hand, the origins of Ashraful was very humble. His father was a retired agricultural officer in...

Words: 980 - Pages: 4

Entrepreneurship

... high level of commitment, which makes them hard to work for. They insure a work environment that creates success, removing barriers that seem insurmountable to others. The debate over whether entrepreneurs are just born that way, or can be taught the skills to start and run a successful business, certainly divides opinion. Lord Alan sugar a famous entrepreneur once said: "It doesn't matter which business school you go to or what books you read, you can't go into Boots and buy a bottle of entrepreneurial juice - entrepreneurial spirit is something you are born with." This was his opinion and should be respected, but the question we have to consider now is, was he right? Are entrepreneurs born or are they made (Daley 2013). This question has taken on urgency recently. In the past years studies carried out have indicated that there is what can be called an ‘entrepreneur gene’ or at least that people with certain genetic characteristics and personality traits are more likely to be more successful entrepreneurs than others (Kao and John, 1989). Shane (2010) suggested that genes don’t just influence whether a person will start a business they might even determine how successful that person will turn out to be. In other words, some people are born to be alpha wolves and the rest will work in the mail room James V. Koch professor at Dominion University as cited by Shane (2010) gave his point of view. He said because he is an academist he believed that entrepreneurship could be...

Words: 1834 - Pages: 8

Entrepreneurship

... and he likes it very much and he wants his people to be creative. There are five EO attributes: innovativeness, pro –activity, risk taking proclivity, competitive aggressiveness and autonomy. As you see, there is also one factor named innovativeness. So, the entrepreneurs are keen on making unique innovations. 2. What is their philosophy for business how does this lead to the innovation they brought to their company that created the differentiation from their competitors for their customers. Everybody keep saying that Facebook does not care about privacy is really only half the story. There is a tech writer from New York Times named Nick Bilton asked an employee from Facebook company about what Mark Zuckerberg thinks about privacy, the employee laughed and said “He doesn’t believe in it.” The reason why Zuckerberg doesn’t believe in privacy is because he believes in radical transparency instead. Philosophically, Facebook is operating by people who are so extremists about information sharing. Time and time again, Mark said that the goal of Facebook is to make the world more open up, connected and transparent. He really believes that improving communication by making it more efficient will make the world a better place. There is a question that no one is been asking which is why are Zuckerberg and everyone at Facebook so into transparency or why he thinks being transparent and communication efficiently will save the world. This kind of way of thinking about...

Words: 1033 - Pages: 5

Entrepreneurship

...Farm Entrepreneurship Perennial Crop: Grafted Mango (carabao) In planting mango, grafted seedlings were used in a 5 m x 5 m square system. Seventy percent of the one hectare given land will be allotted. The land preparation involved clearing the land and applying basal fertilizer. Weeding and application of pesticide were also done. The total land preparation lasted for a week including the planting of the grafted mango seedlings. The maintenance of the mango plantation involves: fertilizer application quarterly, insecticide and pesticide application bianually, and weeding every week. The crops were projected to be harvested twice a year after three years from planting. BREAKDOWN OF COSTS Year 1 Land Preparation (1 week) 280 seedlings of mango (P85) = P 23,800 5 laborers (MANDAY= 250 php) =P 11,250 Complete fertilizer= P 1250 Mowing= P 2550.20 Diesel (4 L at P31.10/L )= P 124.40 Sevin= P 550 Round up= P 1850 Total Cost: P 41,374. 60 Remaining 51 weeks: Fertilizer application (quarterly): P 1250 x 3 = P 3750 Insecticide application (biannually): P 550 Herbicide application (biannually): P 1850 Labor (weekly; 5 laborers): P 1250 x 51 x 5 = P 318,750 Total Cost: P 324, 900 Total Cost: P 41,374.60 + P 324, 900 = P 366, 274.60 Year 2-5 (Maintenance of Plantation) Fertilizer application (quarterly): P 1250 x 4 x 4 yrs= P 20, 000 Insecticide application (biannually): P 550 x 2 = P 1,100 Herbicide application (biannually): P 1850 x 2 = P 3,700...

Words: 984 - Pages: 4