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Business Article - Assignment Example

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Date A Critique on a Business Article Summary of the Article An article published in the Bloomberg Businessweek on April 21, 2011 proffered issues pertinent to learning crucial elements of risk taking as a prelude to launching business ventures…
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Download file to see previous pages A research conducted by professionals from the University of Cambridge in 2008 aimed to determine “the risky decision-making abilities of entrepreneurs and corporate managers with similar IQs and experience levels using a battery of neurocognitive tests” (Mehta, par. 4). The results of the study indicate that the greater preponderance for risk taking activities of entrepreneurs were both traced from behavioral and physiological factors that affect their decision making processes. As averred “the entrepreneurs not only scored higher on personality tests that measure impulsivity and flexibility; they also experienced a chemical response in the reward center of the brain that the managers did not” (Mehta, par. 4). Concurrently, Mehta stipulated guidelines for potential entrepreneurs in terms of socializing with other entrepreneurs, conditioning oneself for small successes, having faith and determination, and seeking a partner who would complement lacking skills, abilities, and knowledge that is not present in one’s personal arena. Relation of Topic to Discussion The topic is significantly related to the class discussion on small businesses and entrepreneurship. More and more global organizations have struggled to grow from roots that were identified as small business ventures or from sheer innovative vision and strategies implemented by entrepreneurs. The article is relevant in terms of accepting the risk taking characteristics of entrepreneurs to identify unique opportunities in the external environment, which could initially be posed as a threat, but would eventually be converted into a privilege to create jobs and provide financial success to the entrepreneur and to the stakeholders who would benefit from the venture. As shown in the power point presentation as Chapter 7: Small Business and Entrepreneurship, entrepreneurs are a distinct breed of professionals who are predominantly risk takers and are willing to invest time, money and effort for potential ventures that could be successful or could ultimately fail. The thought provoking insight on famous entrepreneurs could inspire aspiring ones into trying their luck in diverse business opportunities. The experiences of Ray Kroc, McDonald’s founder and Steve Jobs, founder of Apple computers, have attested that entrepreneurs’ drive and determination do not die with past failures. Further, the entrepreneurial spirit that highlight extraordinary skills, talents and abilities of these individuals stir innovation through technological breakthroughs, use of cross functional teams, employ strategies that enhance strengths and competitive advantage in their chosen fields of endeavor. Personal Comments One’s personal contention on the topic of small businesses and entrepreneurship is the focus on distinct characteristics of entrepreneurs as drivers of businesses and new ventures. Entrepreneurs have keen business acumen and are unique in terms of the extremely high desire to achieve. People like Donald Trump, Bill Gates, aside from those mentioned in class, have been instrumental in revolutionizing their business niche through innate desire to uplift the welfare of mankind. From what one has learned through research and through observing entrepreneurial talent, the innate desire and drive to discover something new that could be of benefit to a greater number of people have been most instrumental to their success. As learned from the class module, small businesses ...Download file to see next pagesRead More
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