...2-3 page paper, answer the question of whether you are ready to be an entrepreneur. Identify those factors in your personality, business skills and lifestyle preferences Personal Assessment “The key ingredient to being a successful entrepreneur is to get off your butt and do something” – these are the words of the founder of Atari and Chuck E. Cheeses, entrepreneur Nolan Bushnell. Having your own business is not just like deciding you want to become a self-employed individual and become a master of your own. There is more to it like being a hardworking man, learning how to become dedicated and to preserve with everything that is about to happen during the start of the business. According to entrepreneur Nolan Bushnell, it is not just the three mentioned things though (hard work, perseverance and dedication), a successful entrepreneur needs to have goals too and the desire to succeed with it. To run a business is not just by accident but is something that needs to be worked on. It needs to be studied and it needs time. Being in the business world is like leading a nation just like world leaders we have before and today. Leaders and entrepreneurs are common in some things especially when it comes to running a business and running a country, there are traits the both possess and needed in order to succeed with their responsibilities. They must be willing to risk things, are motivated and are always putting the people first before...
Words: 867 - Pages: 4
...DEVELOPMENT STUDIES NAME : KALUBA PHIRI QUESTION: ENTREPRENEURS ARE BORN. DISCUSS The main objective of this essay is to discuss whether entrepreneurs are born or made. It will start by giving an elaborate definition of an entrepreneur and also highlight the characteristics which they possess. It will thereafter discuss with valid points raised on both angles of whether entrepreneurs are born or made. It will therefore justify with persuasive evidence that entrepreneurs are made. Finally a conclusion will be drawn. The entrepreneur character is one of the characters which strongly influence business around the world. This explains the need to understand the profile of such a character. An entrepreneur is a person who creates a new business, taking risks in achieving the objectives which they propose, to make profits and growth by identifying some important opportunities. An entrepreneur manages important resources, which he or she draws from different sources on a major power to persuade those who hold them. Many experts have sought to understand and describe the personality of the entrepreneur, because, although many people have good ideas to start a business, some turn these ideas into concrete businesses (Shapiro 1975). Burdus (3, 2007) An entrepreneur is said to be "a person with leadership qualities, able to take risks in order to exploit certain opportunities, their enthusiasm is based more on personal forces which...
Words: 1834 - Pages: 8
...characteristics that make me a successor in my business is: i) Passion The entrepreneur must have more than a casual interest in the business because there will be many hurdles and obstacles to be overcome. If there is no passion, or consuming interest, the business will not succeed. When people (entrepreneur) feel committed and to what they’re doing and when they care deeply about it, they have a chance of being successful at it. Passion is the enthusiasm, ambition, joy and zeal that emerge when entrepreneur are doing something that they feel is important and truly enjoy. This passion, it is an attitude that results in tenacity in the face of difficulty and a willingness to work hard. Entrepreneur does not give up easily. In fact, on most days they are confident of their ability to meet the challenges confronting them. Passion is one of the reasons that people start a business. ii) High Tolerance of Ambiguity Tolerance of ambiguity is means not getting upset when you don’t know the outcome of the situation. Ambiguity is a fact of life. A person with a high tolerance for ambiguity is one who finds ambiguous situations challenging, one who strives to overcome unstable and unpredictable situation in order to perform correctly. Entrepreneurs do not only work in uncertain environments, but they are also prepared to handle them. And in pursuit of their objectives undertake the unknown with patience. Entrepreneur who is more tolerant of ambiguity may view ambiguity as a challenge and...
Words: 1102 - Pages: 5
...will be describing the personality traits and characteristics that are associated with entrepreneurs who are successful. I will also be expanding and comparing on my own personality and characteristics to those found in successful entrepreneurs. Firstly, there are many types of traits that entrepreneurs have. Some of these traits include being able to live with uncertainty and take risks, self-confidence, internal locus of control and more. I will be finding out if successful entrepreneurship is based upon the personalities of individuals or not. Previously, I was never really into entrepreneurship until I started college a few years ago. Having done a fashion design course with sewing and marketing experience, this really made me think about starting my own fashion business in the near future. I had the privilege of gaining further experience and knowledge about the fashion industry through work experience with designers and working at London Fashion Week. This enabled me to talk to designers and have an insight on how they became successful as it is a hard market to have a breakthrough in. Having seen how other designers started out, even with minimal experience and no further education made me more determined to make my dream a reality considering I had experience and now in further education to obtain a degree. On the other hand, there is no success manual in becoming an entrepreneur, therefore I believe it depends on character and personality traits life has taught people...
Words: 1473 - Pages: 6
...motivates individuals to become entrepreneurs? | University Of Strathclyde | Glasgow | | | Andreas Achilleos | 2/5/2016 | | Owning a business requires a lot. There are more necessities to beginning and keeping up a business today. The initial step is planning. You cannot build a business overnight. Bill Gates on the other hand made it big overnight in 1979, when he created Windows; an interactive desktop interface. Unfortunately though, not every entrepreneur is as fortunate as Bill Gates. An entrepreneur is a man who composes and deals with a business undertaking and sharing a danger for the sake of profit. The main choice an entrepreneur must make is what kind of business he or she needs to begin. The entrepreneur needs to consider his or her knowledge and expertise that they have in the field. The most evident case of enterprise is the beginning of new organizations. The Entrepreneur and teacher Jon Burgstone and writer Bill Murphy, Jr. Of Stevenson’s definition, Burgstone says, “people often need to say it out loud 50 or 100 times before they really understand what it means.” Here it is: Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. No two entrepreneurs are the same, and if you ask a few what made them invest on an idea they had, chances are that you will get a lot of different answers. Most entrepreneurs believe that the thing that intrigues them to be more successful, is the feeling of the personal...
Words: 1629 - Pages: 7
...------------------------------------------------- Myth 5: Entrepreneurs Must Fit the "Profile" Entrepreneurs and Entrepreneurship: An Introduction It is not easy to give a particular answer to the question: Why do people want to start and run independent businesses? Different answers may come from different people. Some people may start a business just because they love independence and hate to tolerate bossing in the jobs. Some may not have the capability and qualification to do a job and as job is not available to them, they go for independent businesses in order to survive. Some may have some special skills and love challenges to run an independent business. Several motivational factors like need for affiliation, need for power and need for achievement (McClelland, 1961) are also responsible for going for an independent business. Murthy, et al (1986) found that entrepreneurs are motivated to start a business because of the factors like ambitious factors, compelling factors and facilitating factors. Whatever may be the reason, it can be said that in most of the times of the history of human civilization, there were entrepreneurs who did independent businesses and this trend of history still continues. For the last few decades in all over the world, entrepreneurs are regarded as value adding people to the society. Holt (1992) says, “The term entrepreneur may be properly applied to those who incubate new ideas, start enterprises based on those ideas, and provide added value...
Words: 2496 - Pages: 10
...theory of entrepreneurship is the gift/objective of being able to see opportunity when others cannot so as to establish new ventures or the creation of new value in existing ones. According to Schumpeter’s (1934) view of entrepreneurship wealth is created when innovation results in new demand. In finding innovative ways of using inputs he theorises that the value of the product or service will exceed the cost of input factors thus generating superior returns that result in the creation of wealth. In line with this he says that destruction of old ways of doing things through innovation is key to entrepreneurial activities and GDP growth. This is supported by Kirzner’s (1973) theory of entrepreneurship of “alertness to hitherto undiscovered opportunities” and the action in the market economy of arbitrage and the value this can create. Who becomes and entrepreneur and why? According to Gartner (1985), “the entrepreneur is not a fixed state of existence; rather entrepreneurship is a role that individuals undertake to create organisations”. In this way one can understand how complex the matter of answering the question of who becomes and entrepreneur and why. Gartner believes that using a behavioural approach scholars are able to separate the act of entrepreneurship from the individual entrepreneur and so methodologies and techniques can be developed to discover correlations between the two factors. When looking at the individual, studying the he individual domains which include personality...
Words: 1692 - Pages: 7
...Salle University March 27, 2014 Abstract Entrepreneurs have been around 1723 since then, they have been innovating, making new enterprises, and creating new job opportunities. The profession of entrepreneurs focuses more on the mainstream management approach, which revolves around materialism. On the other hand, a different kind of entrepreneurship started around 1960s and it is social entrepreneurship. Social entrepreneurship does not focus on the mainstream management approach, but focuses on the multi-stream management theory and practice. The research paper aims to find out the preference of De La Salle University (DLSU) Entrepreneurship students towards entrepreneurship or social entrepreneurship. The gathered information was conducted through a quantitative surveying of forty-two (42) DLSU Entrepreneurship students. Results showed that DLSU Entrepreneurship students are leaning more into the profession of entrepreneurship as mainly this profession has more profit and is much more viable compared to social entrepreneurship and that social entrepreneurship requires more knowledge. Keywords: entrepreneurship, social entrepreneurship, mainstream management, multi-stream management theory and practice, profession, profit Entrepreneurship and social entrepreneurship are two different professions. However, most people think that the difference ends with their social aspects but it is more than that. First, entrepreneurs are not just business managers, which they are often...
Words: 4893 - Pages: 20
...entrepreneurial leadership .Before starting our analysis, two important concepts need to be addressed: Leadership and Entrepreneurship. Leadership is directing or inspiring people to attain organizational goals (Boone and Kurtz, 2011). An entrepreneur is a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business (Boone and Kurtz, 2011). In the past 15 years researchers have tried to merge those two concepts into one concept Entrepreneurial Leadership .The common point of those researchers is that most defined some of the main elements of what they taught entrepreneurial leadership meant (Tarabishy, 2003). According to the research result of Ayman Tarabishy (2003) entrepreneurial leadership is one of an enterprising, transformational leader who operates in a dynamic market that offers lucrative opportunities. Entrepreneurial leaders are usually risk takers, driven, and can recognize when change will give an advantage. Entrepreneur leaders are engine of innovation, renewal, and job creation (Verheul, 2007). Entrepreneur leaders apply their talent in different situations and have different entrepreneurial approaches. Thesis Statement: In analyzing the importance of leading entrepreneurs to determine their entrepreneurial approaches one of each of the following categories will be addressed: (1) profit oriented, (2) social responsibility oriented; 3) personal approach and leadership style identified; and (4) tools available that...
Words: 2886 - Pages: 12
...Anne-Robert –jacques Turgot and Francios Quesnay ,The term was also denoted to an actor in charge of large –scale construction Project as cathedral, bearing no risk but simply carrying the task forward untill resoures were Exhausted ,the change in the use of term began in the seventeen century with a specific reference to risk bearing and enterpreneurship was tagged a person who entered into a contractual relationship with the government for the performance of a service or the supply of good ;The assumption was the price of a contract had been valued and fixed and the enterpreneur bore the risk of profit and loss from the bargain. In the eighteen century ,the term was applied in france in several way ; cantillon in 1725 referred to entrepreneurs as risk bearing .But he tried to differentiate the entrepreneurs who provide capital or funds from those who relied on their own labour and resources. That showed an entrepreneurial role as independent of the capitalist role Quesnay considered an enterpreneur as a tenant farmer who rent property at a fixed rent and produces a given price’s like cantillon bandeau ( 1797) and Turgot upheld the risk bearing element of the entrepreneur but add the concepts of planning supervising organizing and ownership . The use of the term was not restricted to finance alone. However, the concept...
Words: 15789 - Pages: 64
...What is cash if there is no management of it? And what is a business if there is no entrepreneurship? These are the questions that came to encompass my deepest passion in life. Throughout my life, I have been watching my father, a phenomenal businessman and a truly talented entrepreneur, who started his enterprise from a budget of just 100 US dollars. He turned this initial capital into one of the biggest export-import companies in Vietnam. It fascinates me so much that I always knew my unshakeable goal in life was to be a Chief Executive Officer of a successful business. As a studious and considered individual I took on three A- Levels in Mathematics, Business Studies and Economics, all of which I chose to support my goal of studying for a degree in Business Administration. Mathematics gives me skills that can help in a really crucial part of a business such as decision making, logical thinking, and being able to know the risk and the probability of a certain choice or outcome. Economics gives me an insight into how government affects business, how external factors such as demand and supply shifts change a market. It interested me to have the chance to research into many real life cases, such as how Virgin Atlantic competed with British Airways, a battle of a former state funded flag carrier against the brash outsider, an archetypal example of how the business world was changing in the late 20th century." My interest in life comes from setting myself huge, apparently unachievable...
Words: 691 - Pages: 3
...Entrepreneur: Tom Bostock- ‘The Travelling Fishmonger’ 1. Introduction The definition of an entrepreneur taken straight from the oxford dictionary is ‘a person who sets up a business or businesses, whilst taking on financial risks in the hope of profit’ (Whitelock, 2011). A definition this simple is near impossible to find in any scientific journal. Schumpter (1934) was one of the first researchers to claim that an entrepreneur was an actual state of being that was different from a business owner or manager, and since that faitful article many researchers and scholars have attempted to define the term, entrepreneur. They have found this to be a very difficult task indeed as many ‘scholars have concurred that a common definition of the entrepreneur remains elusive’ (Gartner, 1988). Many studies focus in on the characteristics of an entrepreneur, suggesting that certain characteristics such as ‘need for achievement, intelligence, creativity, energy level, and desire for money’ (Aboud, 1971) are common throughout entrepreneurs. Gartner, accepting these claims, goes onto suggest that if you base the definition of an entrepreneur on characteristics then ‘an entrepreneur is a personality type’ and therefore ‘a state of being that doesn’t go away’ (Gartner, 1988). A more specific definition, by Hornaday and Aboud (1971), of a ‘successful entrepreneur’ is ‘a man or woman who started a business where there was none before, who had at least 8 employees and who had been established...
Words: 3236 - Pages: 13
...Entrepreneurial Leadership Contemporary Business, BUS 508 July 17, 2011 Entrepreneurial Leadership Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. Knowing what it takes to become an entrepreneur and establish a successful and thriving business is not easy. Entrepreneurs are risk takers and they understand that no matter how small or large the venture there must be a strategy and a business plan in place in order to operate a profitable business. In order to accomplish this there are particular leadership skills, practices, and principles that are required. Social ecologist Peter Drucker, Former AOL CEO and Chairman Steve Case, and leadership scholar James Kouzes each have a different set of common elements, however, they all share similar principles, philosophies, and strategies that define what is expected of an entrepreneur and the relationship between their philosophies and the new era and definition of entrepreneurial leadership. Former AOL CEO and Chairman Steve Case based his philosophy on the 3P’s “People, Passion, and Perseverance”. In the video Steve Case described the realization that the technology industry was out of touch with the people by making technology too complicated to use and that consumers wanted simplicity in technology...
Words: 1592 - Pages: 7
...graduate and undergraduate schools devote entire courses to the subject. Indeed, judging by all the hoopla surrounding business plans, you would think that the only things standing between a would-be entrepreneur and spectacular success are glossy five-color charts, a bundle of meticulouslooking spreadsheets, and a decade of month-bymonth financial projections. William A. Sahlman is Dimitri V. d’Arbeloff Professor of Business Administration at the Harvard Business School in Boston, Massachusetts. He has been closely connected with more than 50 entrepreneurial ventures as an adviser, investor, or director. He teaches a secondyear course at the Harvard Business School called “Entrepreneurial Finance,” for which he has developed more than 100 cases and notes. Nothing could be further from the truth. In my experience with hundreds of entrepreneurial startups, business plans rank no higher than 2–on a scale from 1 to 10 – as a predictor of a new venture’s success. And sometimes, in fact, the more elaborately crafted the document, the more likely the venture is to, well, flop, for lack of a more euphemistic word. What’s wrong with most business plans? The answer is relatively straightforward. Most waste too much ink on numbers and devote too little to the information that really matters to...
Words: 6958 - Pages: 28
...is rapid, and the competition between each company is intense. The competition emerged large numbers of successful entrepreneurs of the coffee business in the United States. Alfred Peet, the founder of Peet’s Coffee & Tea has been regarded as an outstanding representative of a successful entrepreneur in the coffee business. Alfred Peet was born in Netherland and worked as a tea taster before he immigrated to the United States in 1955 (“Alfred”). He decided to provide high quality coffee since he started his business in Berkeley, California in 1966 (“Alfred”). After years of development and successful operation strategies, Peet’s Coffee & Tea achieved great success and won a good reputation from customers, coffee suppliers, and employees. As an entrepreneur, Peet had to take risks from every decision and changed the company's strategy when the market adjusted; furthermore, his persistent insistence on the quality of product and a good work environment make him admired. Base on those characters and right strategies, there is still a bright future for Peet’s Coffee & Tea. A successful entrepreneur should know how to make maximum profit from investment and long-term vision. Therefore, Alfred Peet was a successful entrepreneur because of his momentous business decision and long-term view, which made his business so successful. First of all, like other entrepreneurs, Peet took...
Words: 1696 - Pages: 7
