Entrepreneurship in Our Contemporary Societies - Essay Example

?ENTERPRENUERSHIP Being entrepreneurial means that one has the ability to identify or create business opportunities and pursue them regardless of the risks that might be involved (Johnson, 2001. p.135). Hence, an entrepreneur can be said to be the owner of a business. An entrepreneurial mind is very innovative, and always comes up with new ideas of ventures which are thoughtfully planned. Entrepreneurs come up with ways of utilizing the available resources despite how few they may be, with the aim of making a profit. Uncertainty is a major trait of entrepreneurship since it entails coming up with something new which has not been existing in the market. Consequently, this means that as entrepreneur one has to be able to create market for what he has introduced, since he has the sole responsibility of ensuring business growth (McFadzean, O'Laughlin & Shaw, 2005, p. 350). Successful entrepreneurs have been found to be always positive as being negative may lead to the fail of a business opportunity. From the above understanding of entrepreneurship, I believe that I possess a few traits of an entrepreneur. I was able to exploit a few ideas while in college from which I was able to generate a small amount of capital. Particularly, since there was a lot of demand for photocopying services within the collage, I was able to start a photocopying shop (Parboteeah, 2000, p. 28). Though there were numerous shops within the college offering similar services, I did not give up. I aimed at locating the shop in a strategic position which was convenient and easily accessible to the students. The business lasted for a period of two years; when I moved out of that environment, on completion of my studies in search of greater opportunities (McFadzean, O'Laughlin & Shaw, 2005, p. 358). Despite the fact that the business was not able to generate a remarkable amount of profit, it gave me a significant amount of knowledge in the field of business. According to Parboteeah (2000, p. 32) the key aspect of entrepreneurship is coming up with new ideas, and this is what any business needs in order to grow. Innovation always keeps a company’s products in the market as the company will be able to beat its competitors through new strategies. Without constant innovations a company is likely to fail due to changes in technology, as well as market changes. Market changes within a short time hence, it is important for business managers to understand that what interests the market today, might not be of much interest come tomorrow (Johnson, 2001. p. 137). As a result, adding an entrepreneurial mind to a company is very important because the company will be assured of its survival and growth. Starting up a new business has many challenges and it requires one to be persevering, otherwise his whole business idea can be wasted (Parboteeah, 2000, p. 47). We all have weaknesses because we are human, and my biggest weakness is impatience as sometimes I feel like giving up. Also am not very good in multi-tasking since I feel that I have to accomplish one mission before venturing into another one. Moreover, I hate working under pressure because too much work may make me feel discouraged and instill a feeling of despair within me. I have paid for this weakness sometimes, however I have learnt to keep pushing on even when things seem very difficult (McFadzean, O'Laughlin & Shaw, 2005, p. 372). The most important strategy to the success of in business is to cultivate a positive attitude within you (Johnson, 2001. p. 140). Change all the self talk within you to appropriate positive talks that will drive you towards the attainment of your set goals. Focusing particularly on the lack of the ability to work under pressure, this might be due to laziness and the fear of stress. Stress comes as a result of one feeling that he does not have the capability of handling that amount of work. Stevenson, & Lundstrom (2002, p.235) explains that it is possible to overcome this through a change of attitude and putting more focus on the benefits that will be realized. In addition, positive attitude will enable you to overcome impatience by giving you a sense of waiting (Stevenson, & Lundstrom, 2002, p.246). Time solves so many problems, and if appropriate strategies are employed in the pursuit of anything, definitely with time the results will come to pass. When you feel that you lack the will to carry on, just focus on the satisfaction you will have by attaining your goals. Furthermore, having focus is very important in business however, it should not bar you from pursuing other opportunities. You can instill multi-tasking in you by looking at other available opportunities from a positive perspective (Rae, 2006. p.323). One should though ensure that whatever they engage in, they give it their best. The most interesting role to play in a group is the leading role because in that position you are exposed to many ideas (Cartwright, 2008, p. 59). A leader in a group is expected to fully understand the group’s mission and guide the group towards the realization of their vision. In order for one to lead effectively, he has to plan and identify the most appropriate strategies of reaching the desired goal. The feeling that everyone looks up to you for guidance, makes one to feel great and even work harder. Sadiraj, Tuinstra & Frans (2005, p. 271) suggests that if you effectively lead a group, you will earn much respect and recognition, which in turn gives one a lot of satisfaction. I can take up a motivating role as well because of my focused nature. The determination that I possess does not allow anything to come in between me and my vision (Sadiraj, Tuinstra & Frans, 2005, p. 381). Sometimes group members may lose focus and start drawing away from their set goals. I believe that by talking to them regularly and showing them how much their vision is achievable, it will motivate them. When talking to them, show the group how near they are to the attainment of their goals. Cartwright (2008, p. 61) asserts that by simplifying your ideas and making them as realistic as possible, it will instill a spirit of fighting in them. The least likely role am likely to play in a group is recording a group’s activities. To record what a group does may restrict me from taking part in every aspect that a group discusses. It needs one to concentrate and record every single detail that a group discusses (Cartwright, 2008, p. 65). I just feel that during the recording process I might miss out on an aspect which may be of interest to me. Moreover, this may be worsened by the fact that I am not a very fast writer and I might miss to record all the discussed events. From my understanding, I think I can play roles that involve talking in a group better as compared to others (Sadiraj, Tuinstra & Frans, 2005, p. 303). In conclusion, entrepreneurship is a very important aspect in our contemporary societies. Currently, a lot of people are in search of job opportunities and through entreprenualship this problem can be solved. Different nations should encourage this move because this is how a nation can develop through exploitation of different opportunities. Starting up a new enterprise however requires one to be very determined due to the risks and challenges that may be involved. Many businesses have failed as a result of lack of perseverance from entrepreneurs who give up in the process. For a business to succeed it needs proper consolidation of ideas, as well as the adoption of appropriate strategies of attaining the desired end. Lastly, it can be said that entrepreneurship has a lot of emphasis on innovation, which is very critical in the growth of a nation. References Cartwright, D 2008, Achieving change in people: Some applications of group dynamics Theory1, Group Facilitation, (9), 59-65. Johnson, D 2001, What is innovation and entrepreneurship? Lessons for larger organizations, Industrial and Commercial Training, 33(4), 135-140. McFadzean, E., O'Laughlin, A and Shaw, E 2005, Corporate entrepreneurship and innovation part 1: the missing link, European Journal of Innovation Management, 5(3), 350-372. Parboteeah, K 2000, Choice of type of corporate entrepreneurship: A process model, Academy of Entrepreneurship Journal, 6(1), 28-47. Rae, D., 2006, Entrepreneurial learning: a narrative based conceptual model, Journal of Small Business and Enterprise Development, 12(3), 323. Sadiraj, V., Tuinstra, J., & Frans, V., 2005, Interest group size dynamics and policymaking, Public Choice, 125(3-4), 271-303. Stevenson, L., & Lundstrom, A., 2002, Beyond the Rhetoric: Defining Entrepreneurship Policy and Its best Practice Components. Orebro: Swedish Foundation for Small Business Research, 7(3), 235-246. Read More