Anyone Can Be an Entrepreneur - Research Paper Example

ANYONE CAN BE AN ENTREPRENEUR Introduction The concept of entrepreneurship was initially put forward in 1700s, and the definition of was developed from there ever since. The concept was further redefined after that when the terms and principles of managerial, business, and personal perspective are put into consideration. To be precise, the entrepreneurship concept has been explored thoroughly from the personal perspective of the twentieth century (Bornstein and Davis, 2010). The recent exploration has reflected the three meanings of the entrepreneur: in defining the entrepreneurship there are essential attributes that are associated with the following behaviors: 1) Organizing and reorganizing the economic and social mechanisms to turn situations and resources to practical account. 2) The initiative is taking. 3) The acceptance of failure or risk. From the economist’s point of view, an entrepreneur is an individual who brings together labor, resources, materials and other valuable assets into a combined form that brings out a value that is greater than before. An entrepreneur can also be defined as person who introduces innovations, changes, and some form of new order. The psychologist says that such individuals are driven certain internal forces of the urge to attain or obtain something, to accomplish, to experiment, or just to escape the authority of other individuals. To a business person, an entrepreneur will be treated as a threat or an aggressive competitor. Again to the same business person, an entrepreneur can be a benefiting factor as one can become a business ally, customer, supplier or creator of wealth to others. An entrepreneur can also be seen as a person who is finding better ways to reduce waste, utilize resources or produce jobs to those who are jobless. Entrepreneurship is also seen as a dynamical process of producing an increment of wealth (Casson, 2008). This wealth is frequently created by the people who take an assumption to some significant risks in terms of time, equity. However, these definitions will tend to view the entrepreneur from different perspectives, but they have similar notions about organizing, newness, wealth, creating, novelty and the risk taking. Each definition is sometimes restrictive because entrepreneurs are found in all professions such as education, law, research, engineering, social work, medicine, distribution and government. Entrepreneurship is a means of creating new things with some added value by devoting the required effort and resources. At the same time assuming psychic, social risks, financial and acceptance of the results of the monetary rewards and the personal independence and satisfaction. The definition of the entrepreneur stresses four aspects of any individual can possess regardless of the occupation, field or profession. Entrepreneurship entails the creation process, where one creates something unique or new of the value (Gasparski, Ryan and Kwiatkowski, 2010). The creation should have some value to the entrepreneur and add value to the audience for which it is developed. The audience may vary from one form to another, they include; 1) The market of the organized buyers for the innovative business. 2) The administration of the hospital, where they require new admitting software and the procedures. 3) Prospective learners for the new and improved course. 4) Constituency to render new services through the non-profit agency. Entrepreneurship requires the devotion of some ambient time and effort. For those who pass through the process of entrepreneurship can appreciate the significant effort and time that one takes to create a new thing and make it operational. In entrepreneurship, there is an aspect of assuming the potential risks that can be associated with the business one ventures in at that time. The risks that can face an entrepreneur are diverse and can vary from one form to another, but typically they are centered in psychological, financial, and social cases. The last aspect involves the rewarding of the entrepreneur; they include the independence that is accompanied by the personal satisfaction. For the benefits to the contractor, the money increase becomes the key indicator of the degree of success (Morris, Kuratko and Covin, 2011). When a person starts a business, the experience will fill with frustration, enthusiasm, hard work and anxiety. Most of the entrepreneurs fail due to poor management, poor sales, the emotional and financial risks are also very high sometimes. To become an entrepreneur, it involves a process that entails decision-making procedure. To become an entrepreneur one must have some qualities that one should inspire and motivate them to work harder. The qualities can be possessed by anyone regardless of the race, tribe, and profession, level of education or country. These qualities include leadership, authenticity, zest, fairness and the gratitude. These qualities are the strengths that an entrepreneur owns, exercises, and are frequently celebrated. These qualities are a unique cluster of distinct values that highlight the balance of the powers of the mind and the heart of an individual who is seriously outwardly focused. Grit is passion and perseverance for long term goals. Where working strenuously to counteract the challenges and maintain the interests and the efforts over the years, despite the occurrences of the adversity, failure, and the plateaus in the process. The entrepreneurs are highly rated in terms of grit, and they also score handsomely in effort and persistence relative to the general population (Stokes, Wilson and Mador, 2010). The entrepreneurial skills and characteristics are not learned but naturally acquired. Thus, there is no limit on who can have higher chances to become an entrepreneur. Many entrepreneurs have big dreams it is only the financial status of them that limits them and prevents them from actualizing their desires and plans. Entrepreneurs have some essential characteristics. There are different levels or degrees of entrepreneurship that require or depend much on the level of independence of the person that one exhibits. There are five levels of entrepreneurial development (Stokes, Wilson and Mador, 2010. Level one: Self-employed mind set The emotional force is the principal thing in the entrepreneur towards becoming independent. Security may not be the significant factor, but the greater desire for one to take control of ones life. Entrepreneurs are not satisfied with relinquishing the opportunity to the bosses to take control of their time. They believe they have the capacity of doing their work even perfectly without the supervisors or employers. Many entrepreneurs want a lot of autonomies and do things in their ways (Casson, 2008). They typically start working their businesses while still in employment and they figure out the best way they can do it once they leave the job. Many of the initial thoughts of one leaving a job and be self-employed are pitfalls and traps. Since they want to do it their way usually does so at their peril. They create an environment where they will forever enjoy freedom. They have active done-it-yourself attitude, where they succeed in making their new jobs. Entrepreneurs always take to their homes some work and works overtime without compensation. Level two: Managerial perspective Many entrepreneurs have a great outlook of managers. An entrepreneur will always be willing to be the boss, even if it costs someone to lose a job or be sacrificed (Casson, 2008). They have attitude or mindset such that when a problem occurs they always think of hiring more personnel; this aggravates the problem as the cause may not be addressed. They grow bigger in order to fix the problem only magnifies the company, and the issue will not be resolved. The significant challenge for an entrepreneur is to understand that giving orders is not a hard task but being a leader who can inspire and impact to the others to move on is the rare quality. Level three: Owner and Leader Attitude The entrepreneur creates their business where they enjoy the remarkable freedom, and they get a lot of free time and the personal freedom. They usually let the workers perform their duties without much supervision, and they operate as profit-making assets and dont rely on owner’s constant participation. The entrepreneur creates an organization that is more self-sufficient. The entrepreneurial skills are passed to the employees who are at their state of enjoying themselves at their level of development. As the business is running, the entrepreneur will be concentrating on identifying critical areas that need to be improved so as to achieve high profits (Gasparski, Ryan and Kwiatkowski, 2010). The entrepreneur will let others operate the business so that they can gain the skill of running the enterprise in the absence of the owner. At this stage, they owner’s business will be creating more wealth with less supervision. The owner will get time to focus more on the revenues, sales and transactions of the company. Level four: Entrepreneurial Investor Entrepreneur accepts another challenge of managing money to produce more. For one to get maximum returns, it involves proper leverage of the assets, and the entrepreneur has that responsibility to strive to achieve. There is also challenging of falling back that an entrepreneur should work tirelessly to overcome (Gasparski, Ryan and Kwiatkowski, 2010). For those challenges to be effectively overcome, an entrepreneur has to come up with a sound system that will keep the business going on. Level Five: True Entrepreneur After the accrued experiences, the entrepreneur will be able to develop an insight and will be able to realize the ultimate goal. An entrepreneur will undergo through four step thinking which entails; idealization, visualization, verbalization, and materialization (Stokes, Wilson and Mador, 2010). The real entrepreneur has their dreams coming true, and they conquer every obstacle that tries to come their way as they strive to achieve their dreams. Entrepreneurs have some other uncommon features that help them to achieve their desires and actualize their plans. These features include: Confident The entrepreneur has an overwhelming confidence that helps the makes them assertive in every aspect they undertake (Bornstein and Davis, 2010). They gain their faith and self-esteem in their ability to act on challenges even at times when they dont have confidence. Able to Communicate They recognize the crucial part of any business as they human element. All human factors of whatever kind can built or break the business. (Bornstein and Davis, 2010) They usually strike to understand various languages so as to be able to handle every client and customers comfortably. Passionate to Learn They learn from every part of the engagement, most of what they know is not acquired in a classroom but in their daily life activities that they engage (Morris, Kuratko and Covin, 2011). Team Player They usually form good team players who engage others in a task, and they dont move out until the result is attained. They are self-driven (Casson, 2008). Dedicated They usually fully dedicate themselves to their activities so as to achieve their dreams and visions. Lead by Example Entrepreneurs don’t lead themselves alone but also they get to the task with the others (Casson, 2008). However, have some weaknesses of their own, which they face ion their daily life circumstances. Most of those who are too oriented to managerial tend to face a lot of difficulties in situations where they are under the supervision of somebody (Stokes, Wilson and Mador, 2010). Entrepreneurs are impatient with those people, who are perfectionist they get weary of them very fast. Entrepreneurs devote most of their time to their business to an extent forgetting other duties that they are supposed to attend. In addition, entrepreneurs are always goal oriented and can take many risks so as to achieve their dreams. Conclusion Much can be said about entrepreneurs, but they are just people who are lead by their desires and inborn qualities drive them towards their actualization of the goals. Thus, since the qualities of an entrepreneur are not learned skills anyone can become one. It doesnt matter the profession, age, financial status for one person to become an entrepreneur. Entrepreneurs are more of risk takers, and anyone can risk and actualize their entrepreneurial perspective and idealism. To sum up, entrepreneurship is an aspect that one would tend to realize in his or her life while being led by self-emotions, where anyone can do so long as they possess that drive and desire. References Bornstein, D. and Davis, S. (2010). Social entrepreneurship. New York: Oxford University Press. Casson, M. (2008). The Oxford handbook of entrepreneurship. Oxford: Oxford University Press. Gasparski, W., Ryan, L. and Kwiatkowski, S. (2010). Entrepreneurship. New Brunswick: Transaction Publishers. Morris, M., Kuratko, D. and Covin, J. (2011). Corporate entrepreneurship and innovation. Mason, OH: South-Western Cengage Learning. Stokes, D., Wilson, N. and Mador, M. (2010). Entrepreneurship. Australia: South-Western Cengage Learning. Read More