What Do We Know and Do not Know about Entrepreneurs - Literature review Example

What do we know about entrepreneurs? What do we not know about them and what should we know about them? Entrepreneurs According to the Alan L. Carsrud, Malin E. Brännback and Malin Brännback, entrepreneur is a French word which means the person who manages, assume and organize different risk of business. The concept of entrepreneur depends on different perspective of business, person and managerial functions. Innovation, sustainable growth and profitability stay in the main focus of them (Carsrud, Brännback and Brännback, 2007). In the modern world many men and woman are involved in the process of wealth creation which helps to shape business. This quality of entrepreneurs is known as entrepreneurship. The author states that there are various functions which are performed by entrepreneur. Financial capital is provided be entrepreneur (Bill and Johansson, 2010). He is the decision maker. He plays a vital role in organizing different resource of the company. An entrepreneur allocates resources for achieving the goals and objectives of the organization. New opportunities of business are discovered by him. As per the authors Stuart Crainer and Des Dearlove entrepreneurship means analysis and findings of different business processes, opportunities and evaluating, exploring these things for establishing and growing business is the distinctive behaviour of entrepreneurs. Different characteristics of their behaviour influence them to become inventor and creator (Crainer and Dearlove, 2000). An entrepreneur has strong leadership quality. Entrepreneur takes his work very seriously. Clear vision of plans and process is made by entrepreneurs. Successful entrepreneur character also involves in managing money wisely for its business. They project a positive image of business in front of the world (Birley, 2005). The strong passion of entrepreneur towards his business helps him to achieve success. Perseverance in his character contributes a lot in dealing various obstacles in the business. Open mindedness is an important character of entrepreneur. For these characteristics an entrepreneurs is able to accept different views and opinions of other which are important for business. They possess an expert knowledge about the things which he deals (Dana, 2004). Things not known about Entrepreneurs According to the authors Wojciech W. Gasparski, Csv Leo Ryan and Stefan M. Kwiatkowski there are many things about entrepreneurs which people are unaware. The most important unknown things about them are whether they are made or they have been developed. Different entrepreneur have different stories behind this. Once the entrepreneur become successful their story comes in limelight. Many entrepreneurs have carved their own path for fulfilling their dreams and establishing their business (Gasparski, Ryan and Kwiatkowski, 2011). These entrepreneurs have innovated new ideas for shaping their dreams in practical world. The author states that people have strong capacity to change themselves and adapt in different situations. This capacity helps them to grow their skill which helps them to design innovative business ideas (Bornstein, 2007). The people who are interested to lead and grow in their life on the basis of their passion can be termed as entrepreneur. Society and business environment teaches them about different opportunists and challenges. The entrepreneurs analyze those challenges and opportunities. By this process an entrepreneur is able to grow different qualities of him. Therefore it shows that some entrepreneurs are formed by experiencing different process and situations (Fayolle, 2010). The author also says that there are many people who have become successful entrepreneur by adopting and learning different things from surrounding environment. As per the author John B. Miner the question of entrepreneur born or made is present for a long time. There are many types of confusion associated with this question. The author states that many people believe that entrepreneur are born. They have inborn capabilities and qualities which help them to form an organization and make their innovative ideas successful (Miner, 1996). The essential qualities which an entrepreneur requires are leadership, managerial skill and analytical qualities. Some of famous entrepreneur have these qualities inborn. From their very early ages they were aware of the importance of these qualities and have made proper use of it (Fritsch, 2011). The inborn entrepreneurs have the quality to analyze and manage different opportunities in their favour. They do not have to take lesson or guidance from experienced people for growing the knowledge and skills regarding entrepreneurship. Many times it has been observed that entrepreneurship has become hereditary. The children of famous entrepreneurs have observed closely the traits and characteristics of them which helped these children to inherited important qualities and characteristics of entrepreneur (Fayolle, Kyro, and Ulijn, 2005). They get a clear idea about different ways and process of establishing dreams into practical life. They develop the courage to take risk from their very childhood. The author also states that various people are born with certain qualities. Sometimes these qualities help them to generate new ideas. The inborn entrepreneurs concentrate more on sharpening and enhancing their inborn qualities (Kumar, 2003). In the present world both of these types of entrepreneur are present. The entrepreneurs who are made by different situations and incidents develop their skills and qualities very effectively for shaping their dreams. But the inborn entrepreneurs only have to improve and enhance their good qualities for becoming successful entrepreneur (Jones and Dimitratos, 2004). Things should be known about them According to the author Mark Casson there are a lot of things which we should know about entrepreneurs. This things will motivates us in improving society and its business environment. There are different processes and training which contributes a lot in building an entrepreneur. Entrepreneurial school use thought approach to develop people as entrepreneur. Macro and micro view is presented by the author for this purpose. These views focus on different qualities and factor of entrepreneurs (Casson, 2003). This process provides people to know about different strategies which are required to develop business. For building a person as a successful entrepreneur they are provided with effective training regarding managing resources and utilizing it maximum possible way for developing their ideas. Various external factors play an important role in developing a person as entrepreneur. They are provided necessary training regarding values, moral which contributes a lot in making them capable of achieving their dreams (Hisrich, 2012). Sometimes interested people takes training from financial schools for enriching their knowledge about various financial process. They are taught about capital seeking process which plays an important role for developing skills of entrepreneur. Knowledge is provided to them regarding laws, regulations and policies so that they would not face problems for establishing their business and can start their business legally. Trainings are provided to interested people regarding culture and different ideas related to cultures (Casson, 2003). It makes them capable of understanding cultural impact on business environment. Economic variations have a significant role in establishing and continuing business. For becoming an entrepreneur people needs to have clear idea about economic variations and its cause and effects on their business. Training taken from entrepreneurial school for enhancing different personality traits contributes a lot in making people as successful entrepreneur. (Fayolle, Kyro, and Ulijn, 2005). In these schools important traits of people are identified. Learning programs are developed by focusing on those traits and improving them. Some of these important traits are creativity, technical knowledge, determination etc. Strong presence of these traits helps an entrepreneur to accomplish his goals efficiently. Effective training are provided to people for improving their concept about business and entrepreneurship (Miner, 1996). This training mainly focuses on different opportunities and aspects of venture development. By this train people are able to get different ideas and concepts for implementing their plans and strategies. It shows them appropriate ways of utilizing different opportunities (Bornstein, 2007). The author has also explained a micro aspect of representing his view. In this aspect he states that at initial level, would be entrepreneurs are provided with knowledge of mounding gaps between implementing strategies and present market condition. The training provided to them helps them to make an analysis of their selected product and services (Fritsch, 2011). It makes them understand about the growth opportunities of those products. For developing a person as an entrepreneur the person show grow his risk taking capacity. This is because the journey of entrepreneur is not always smooth. He has to take risk for implementing and changing many things. These are the vital things we should know about entrepreneurs (Kumar, 2003). As a policy maker I can recommend that entrepreneur should follow a policy guideline for establishing its business successfully. The policies will be formed according to their objectives. It will focus top enhance good practices of them. It will act as a guide for monitoring and evaluating different programs undertaken by them. Policies will be formed for measuring the progress of entrepreneurs. Networking and awareness will be improved by different policies. Different strategies of entrepreneurs will be formed on the basis of its policies. Information of business environment of a country is required for making policies. Conclusion This literature review deals with entrepreneur and different things what we need to know or what we don’t know about them. Various authors have mentioned their views regarding these issues of entrepreneurs. The people who take high risk for establishing their business by taking financial and other types of risk in the hope of earning profit are known as entrepreneurs. They make their dream into practice by implementing various innovative strategies. In the modern world they contribute a lot in the growth and development of different kinds of business. Many authors state that entrepreneurs undertake innovative measures for creating wealth. In this paper they are the writers have stated that there are two types of entrepreneurs. One type of entrepreneur is considered as inborn. They have acquired skill and qualities of entrepreneur by their birth. Another type of entrepreneur has acquired various skills and knowledge for developing themselves as successful entrepreneur. Now a day different trainings are provided to people who are interested to become an entrepreneur. These trainings help them to achieve their goals and objectives in efficient ways. References Bill, F., and Johansson, A.W. (2010). (De)mobilizing the entrepreneurship discourse: Exploring entrepreneurial thinking and action. London: Edward Elgar Publishing. Birley, S. (2005). International entrepreneurship. London: Routledge. Bornstein, D. (2007). How to Change the World: Entrepreneurs and the Power of New Ideas, Updated Edition. New York: Oxford University Press. Carsrud, L.A, Brännback. E.M and Brännback. M. (2007). Entrepreneurship. Westport: Greenwood Publishing Group. Casson, M. (2003). The Entrepreneur: An Economic Theory. Massachusetts: Edward Elgar Publishing. Crainer, S and Dearlove, D. (2000). Generation Entrepreneur: Shape Todays Business Reality, Create Tomorrows Wealth, Do Your Own Thing. New Jersey: FT Press. Dana, L.P. (2004). Handbook of Research on International Entrepreneurship. London: Edward Elgar Publishing. Fayolle, A. (2010). Handbook of Research in Entrepreneurship Education. London: Edward Elgar Publishing. Fayolle, A., Kyro, P., and Ulijn, J.M. (2005). Entrepreneurship Research in Europe: Outcomes and Perspectives. London: Edward Elgar Publishing. Fritsch, M. (2011). Handbook of Research on Entrepreneurship and Regional Development: National and Regional Perspectives. London: Edward Elgar Publishing. Gasparski.W.W., Ryan. L.C, Kwiatkowski M.S. (2011). Entrepreneurship: Values and Responsibility. New Jersey: Transaction Publishers. Hisrich, R.D. (2012). International Entrepreneurship: Starting, Developing, and Managing a Global Venture. New York: SAGE Publications. Jones, M., and Dimitratos, P. (2004). Emerging Paradigms in International Entrepreneurship. London: Edward Elgar Publishing. Kumar, S. A. (2003). Entrepreneurship Development. New Delhi: New Age International. Miner. B.J. (1996). The 4 Routes to Entrepreneurial Success. San Francisco: Berrett-Koehler Publishers. Read More