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ENTREPRENURSHIP CAPITAL & THE FIRM - Essay Example

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ENTREPRENURSHIP CAPITAL & THE FIRM

This is followed by the factors contributing to the planned start-up business and the subsequent running and management of the venture. Influence of Personal Background The interview with the entrepreneur revealed that he is the only child of his parents. As a result, his parents were very attentive to his upbringing. According to Veciana (2007, p. 55), family context and childhood are among the basic factors affecting the decision to create a firm. As he belongs to a developing country, his parents gave utmost importance to his education. He was home-schooled for a year before joining kindergarten. The entrepreneur believes that during this time, he was taught by his parents as well as a home tutor. His father, in particular, often took him along to several parts of the city that he had to visit in the course of business. In this way, he got exposed to various trades from a very early age. His father is probably the very first role model that inspired him to become an entrepreneur. He owned a textile business and the entrepreneur would spend a few hours in the day with his father at the shop. This fits in with Shane’s (2010, p. 149) statement that children of entrepreneurs are more likely to become entrepreneurs themselves. The entrepreneur also reported that his parents did not place many restrictions on him as a child and allowed him to pursue his interests. This encouraged him to be bold and take up challenges. Although the entrepreneur’s parents were affectionate towards him, they also encouraged him to be independent and assume responsibility for his actions. He stated that from the age of three, he began to sleep in a separate room and was responsible for keeping it organized from the age of seven. Even at school, his parents did not interfere when he was punished or scolded by his teachers for not following instructions. He recollects that these influences played a great role in shaping his personality to take up entrepreneurship as a career choice. As stated by Ginbcus, Vermeulen, and Radulova (2008, p. 23), entrepreneurs tend to be independent and do not have high needs for conformity. This tendency is reflected in the personality of the entrepreneur interviewed. As mentioned earlier, family influences played an important part in shaping the entrepreneur’s eventual career choice. The father being an entrepreneur himself, there was a role model readily available within the immediate environment of the entrepreneur. As a child and even while growing up, the entrepreneur observed his father making business decisions and responding to challenges. During the interview, the entrepreneur stated that observing his father made him aware of the benefits as well as the risks of being an entrepreneur. Sometimes, his father had to make decisions that put the financial future of the family at risk. Sometimes, the risk paid off. But the family also had to face financial difficulties during some periods. The entrepreneur stated that the determination of his father to persevere and the support of his mother helped them to overcome temporary setbacks. At any rate, the challenges did not deter the entrepreneur from following in his father’s footsteps. In fact, the entrepreneur said that often he felt that his father was not making the right decision. He then resolved that he would not make the same mistakes if he were to run his own business someday. Douglas (2009, p. 7) describes ...Show more

Summary

Entrepreneurship: Personality and Venture Management This report discusses the profile of a young entrepreneur who runs a retail business of corporate and casual shirts for men. The business has been running since 2008. It was started as an online business but has grown into two retail locations today…
Author : alvera10
ENTREPRENURSHIP CAPITAL & THE FIRM essay example
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