Entrepreneurship as a Concept - Essay Example

Entrepreneurship as a concept is widely growing and the world bodies are continuously witnessing widespread growth in entrepreneur. The rapid rise in entrepreneur and its characteristics has resulted in a lot of academic research to identify the constituent of a good entrepreneur. This is backed by the fact that an internet poll shows that 90% of the people belonging to the age bracket 25 to 44 hoped to become entrepreneurs (Casto, 2011). This has been backed by a study from Ernst & Young which suggest that 75% of the influential Americans believe that in the 21st Century entrepreneurship will be the defining moment. This has raised the importance of entrepreneurship and it becomes imperative to understand the personality traits and characteristics being demonstrated by entrepreneurs. This paper thereby looks to present the personal requirements of an entrepreneur and looks towards presenting some of the example from the business world. Further, the paper also presents a reflection regarding the learning from the course and thereby helps to identify the strengths and weakness which will help in the future. This helps to define entrepreneurs as persons who uses creativeness, innovation and has foresightedness to come up with new ideas so that the business which is started is effective and then identifies the mechanism through which the business will be managed (Duck, 2012). An entrepreneur thereby performs different roles and functions and looks towards coming up with different ideas through which the business can be improved. This identifies that the entrepreneur demonstrates different characteristics which are required to become an entrepreneur and are as follows Firstly, the most important requrement for being an entrepreneur is to show leadership and responsibility traits (Zwilling, 2011). It is important that the person looking to be an entrepreneur demonstrates leadership ability and instead of passing on the blame looks to solve the issue and makes the workforce identify the path that they have to follow to accomplish the larger goals. Secondly, an entrepreneur needs to highlight ambitious quality (Zwilling, 2011). An entrepreneur looks to be confident and highlights different ideas and abilities. This helps the business to have many ideas and working on different alternatives ensures better business. Since, the entrepreneur never gives up it thereby increases the likelihood of accomplishing larger goals. Thirdly, an entrepreneur needs to have a vision (Schawbel, 2012). The entrepreneur is able to clearly state the thing they look to state over a period of 10 to 15 years. They are also able to identify the resources that they will require to accomplish those. This helps them to direct the workforce in a manner that helps them to accomplish the group goals. Fourthly, entrepreneur demonstrates a sense of passion towards the product or services (Schawbel, 2012). Since, an entrepreneur is able to understand that the idea he has can be accomplished has resulted in the entrepreneur motivating people and inciting them to work so that the goals can be achieved. Fifthly, entrepreneurs are able to motivate oneself and don’t require any external resources to motivate them (Deebano, 2012). Since, entrepreneur are able to identify different opportunities that will help them to accomplish the larger picture as a result of which the entrepreneur are able to motivate themselves to work towards work which are difficult to accomplish thereby differentiating them from others. Sixthly, entrepreneurs are also able to ensure that they are able to give something to the society (Deebano, 2012). This is through the process of passing on their knowledge and experiences through mentoring and conference and workshop which helps to ensure that the society is able to gain from the past experiences thereby ensuring that the society on a large is able to develop startegies to grow. Seventhly, entrepreneur shows characteristics where they are able to develop the required networking which will ensure that the goals are easily accomplished (Characteristics, 2012). An entrepreneur looks to understand what others are speaking and based on his learning looks towards implementing those. Since, the main objective here is to grow a network through which the work can be easily accomplished has resulted in developing a strong network which helps the work to be easily accomplished. Eighthly, entrepreneur also shows calmness while dealing with different situations (Entrepreneur, 2012). Since, an entrepreneur ensures that the work can be accomplished in the best manner the resources are used in the most effective manner. Further, an entrepreneur also ensures to demonstrate calmness in difficult situations so that the environment of the business doesn’t get affected. Ninthly, an entrepreneur acts as managers and ensures that all the decision is taken wisely (Stephenson, 2012). The entrepreneur ensures that while taking decisions different aspect of the business is looked into. This helps to ensure that the entrepreneur acts as manager and looks towards identifying the different factors which has an influence on the working of the business. It ensures that the decision are wise and helps the business to ensure that they are able to take decisions which multiplies profit and ensures growth of the investment fund that the entrepreneur has invested. An entrepreneur demonstrates different features which is essential for the successful growth of the business. An entrepreneur needs to ensure that that the decisions are taken wisely and the entrepreneur is able to motivate the workforce and bring other people together so that the group goals can be achieved. This has ensures that the entrepreneur is able to motivate the workforce which will ensure that the resources are used in the most effective manner and the goals achieved. The above highlighted characteristics are very important for an entrepreneur which has been highlighted through the following examples of successful entrepreneurs. John Desmond Singleton is an entrepreneur from Australia who has been involved into advertising business since the 1980’s. The entrepreneur skills have helped him to broaden his business and have invested into various activities like radio broadcasting, publishing and thoroughbred breeding and racing. The entrepreneur has ensured that he uses different skills like motivating himself and the team along with ensuring that the communication is clear. Also, having a strong vision and encountering the changes that the business is witnessing has made John Desmond Singleton as an entrepreneur. Diana Williams is another woman who has earned a name for herself in the entrepreneur business. She has worked in the fitness industry and has looked towards motivating people to ensure that they are able to ensure healthier body (Sam, 2011). The fact that Diana Williams has established herself in the service industry has ensured that the market for the business has grown. Diana Williams had a vision of developing the health industry which has ensured over 77 health clubs having more than 80,000 members. The strong motivation and vision has helped here to ensure growth for the business. Gina Rinehart is another women entrepreneur based in Australia who has changed the shape of Hancock Prospecting which was into losses by paving a new way and converting the company into a market leader in iron ore industry (Sam, 2011). Gina Rinehart has also ensured that her entrepreneurship skills shape up her development and has helped her to take different steps that has even developed the business on other front and ensured the development of Fair Fax Media. The skills and being able to understand the changing situation helped Gina Rinehart to use her entrepreneur skills and thereby helped to grow the business. Kevin Rudd is another woman entrepreneur in Australia who has helped the Australian economy strongly which has helped to develop the international business (Sam, 2011). Kevin Rudd has ensured the development of international employment agency named Ingeus. This international agency has resulted in increasing the recruitment level of employees which has helped in the growth of revenue for $100 million. The use of entrepreneur skills of Kevin Rudd has helped to ensure that the employment provider has over 70 offices in 8 countries which will thereby translate into greater business and use of entrepreneurship skills. Boost Juice is another entrepreneur in Australia who has ensured that her entrepreneurship skills have helped them develop juice bar across Australia (Sam, 2011). The fact that Boost Juice has looked towards ensuring that her vision and identifying the market requirement matches her entrepreneur skills has helped to ensure over 1850 outlets. The manner in which Boost Juice was able to motivate herself and understand the market requirements has helped to develop the market through which her entrepreneurship skills provided the required business opportunity and thereby helped the business to grow and tap a larger market. The lecture on entrepreneurship was very interactive and helped me learn various important fundamentals of entrepreneur which will ensure that the business is able to achieve its goals easily. I learned the importance of understanding cultural differences and developing a style which helps me to motivate myself so that the goals of the organization are achieved. I understood the importance of understanding the smaller aspects of entrepreneurship which I used to ignore and didn’t pay attention to. Along with it I understood that motivation determines the success of an organization and to succeed individually it is important to keep oneself along with the team members motivated. A person who is able to understand the team requirements and mould oneself according to the condition which helps to motivate the team ensures better results and achievement of team goals. I learnt the art of motivating people so that individual and group goals can be achieved. The lecture on entrepreneurship was very interesting and it taught various aspect of the management which I was unaware of. The lecture brought insights on different areas and taught me that to be successful I need to evaluate the different areas of management. I also learnt the fact that management was a very wide concept and included a lot of things which makes things difficult for the manager. Throughout the lecture I came across different aspect of management but an aspect which I liked the most was communication. I liked this the most because everyone in their daily lives use communication in some form or the other. People knowingly or unknowingly do different things while communicating which has relevance in communication but is ignored. This is mainly due to the fact that people don’t take communication as seriously as they should. This was the case with me even and I thought communication was a simple process of passing the message around. During the lecture I realized that when I communicate I need to ensure that the listener is able to understand the message. The listener should be able to draw out meanings out of the spoken words and act accordingly. I realized the fact that to make the communication clear the act should be given a priority. The manner in which the listener acts or conducts the business helps to understand whether the message was passed clearly or not. I also learnt the fact that it was a two way channel and is incomplete until the entire process has been done. I was of the notion that I had passed on the message to the other parties and now it is their responsibility to ensure that the work is carried out. This was a misconception which I had and realized that it was a two way process. Another important learning for me during the lecture was the external environment which has a role to play during the business an entrepreneur conducts. The lecture on entrepreneurship was very useful and helped to understand the different aspect of management which needs to be looked into and the manner situations need to be dealt with. This lecture helped me ponder on a situation which I had encountered before and the manner I handled it. During the lecture on entrepreneurship I realized the fact that the situation could have been handled better and resolving the conflict through dialogue would have provided the best result. I also realized during the course of the lecture that if we had used different skills by collaborating or compromising better decisions are arrived. This lecture helped me learn the fact that at times it is important to understand the viewpoints and discuss matter so that fruitful decisions are arrived at. The lecture was very helpful and threw important insights into different characteristics that an entrepreneur should have. This lecture on entrepreneurship has helped me to broaden my horizon and will help me to arrive at better decisions. The overall learning has been phenomenon and has helped me to understand different aspect of management which needs to be used so that better decisions are arrived at and helps in the development of team. References Casto, M. 2011. Characteristics of an Entrepreneur. Retrieved on April 25, 2012 from http://www.4-small-businesses.com/characteristics-of-entrepreneur.html Characteristics. 2012. Characteristics of an Entrepreneur. Retrieved on April 25, 2012 from http://knol.google.com/k/characteristics-of-an-entrepreneur# Duck, D. 2012. 10 Characteristics of an Entrepreneur. Retrieved on April 25, 2012 from http://deweyduck.hubpages.com/hub/10-Characteristics-of-an-Entrepreneur Deebano, J. 2012. Key Characteristics of an Entrepreneur. How many do you have? Retrieved on April 25, 2012 from http://jamesdebono.com/characteristics-of-an-entrepreneur/ Entrepreneur. 2012. 5 Key Characteristics of an Entrepreneur. Retrieved on April 25, 2012 from http://www.lifehack.org/articles/management/5-key-characteristics-of-a-successful-entrepreneur.html Schawbel, D. 2012. Brand Characteristics of an Entrepreneur. Retrieved on April 25, 2012 from http://www.wetfeet.com/advice-tools/career-planning/brand-characteristics-of-an-entrepreneur Stephenson, J. 2012. 25 Common Characteristics of an Entrepreneur. Retrieved on April 25, 2012 from http://www.entrepreneur.com/article/200730 Sam. D. 2011. Top 10 Female Australian Entrepreneur & Business Woman. Retrieved on April 25, 2012 from http://www.mytopten.com.au/2011/07/top-10-female-australian-entrepreneurs-and-business-women/ Zwilling, M. 2011. The Seven Characteristics of a Committed Entrepreneur. Retrieved on April 25, 2012 from http://articles.businessinsider.com/2011-01-17/strategy/30098243_1_successful-entrepreneurs-real-commitment-work Read More