Who are Entrepreneurs - Assignment Example

 Who are Entrepreneurs? Entrepreneurs are daring personalities who perceive the world differently and love to make a change. Entrepreneurs are passionate people who want to control their financial position by doing something they like- they want to be their own boss. Entrepreneurs are self-made people who run a business using their own personal skills combined with some grooming. However in some cases, the grooming is done by themselves, while is others, the grooming comes from different institutions. According to Bolton & Thompson (2004, p-1), entrepreneurs are people who build an enterprise with minimalistic resources- they use their innovative entrepreneurial skills to achieve targeted goals. The same authors also suggested that many entrepreneurs are first-born males of the family who have strong work ethics and some business background. Entrepreneurs work strategically- he or she is a person who knows the right people and can select a good team. These people are different people often termed as minorities (Bolton & Thompson, 2004, p-14). Smith (n.d, p-5) suggests that entrepreneurs are agents of innovation- they find loopholes in the processes and use them as opportunities. Many scholars debate on the fact whether entrepreneurs are born or made? The phenomenon of personality as a foundation for distinct behaviour begs the same argument- whether personality is born or is it made? Is a human being a product of nature or nurture? At times certain skills and characteristics of people which are nurtured over time motivate him or her to become an entrepreneur in the future. Similarly, inherited skills may encourage a person to direct him or herself towards the path of business management. Bolton & Thompson (2004, p-21) in their book have concluded that entrepreneurs are both born and made. In some cases they are born having natural skills while in other cases, entrepreneurs are made after learning the rules of business. Characteristics of Successful Entrepreneurs Entrepreneurs work in an open, unstructured environment in which they have to do tasks from scratch-they have to begin from primary levels to reach the top (Zhao & Seibert, 2006, p-260). This statement suggests that entrepreneurs have to keep a balance between work-life, family and avoid conflicts between them. This work load, financial stake and work environment may lead to physical and psychological stress. In such situations people with high self-confidence and self-efficacy can survive these strong external pressures. Entrepreneurs are said to have low neuroticism which a term used for the accumulation of positive experiences and good adjustment levels. Scholars have grouped the personality traits of entrepreneurs into 5 traits: 1. Conformity Levels: Entrepreneurs have low conformity levels which enhances originality within them. People who are rule-breakers tend to dwell upon opportunities; they think of newer ways of doing tasks and recognize opportunities which are not visible to ordinary people. 2. Locus of Control: People who have a high locus of control believe that they can achieve their tasks. Entrepreneurs are said to have a high locus on control. They have high self-efficacy and are confident about the results of their hard work. Moreover, such personalities have high emotional stability and esteem levels which contribute well to their business work (Flora, 2006, p-1). 3. Motivation Levels: Entrepreneurs have very high achievement motivation levels as compared to other people. They are people who are in constant search for value and need it to achieve their goals. Entrepreneurs use their experience and capacity to set realistic goals and work to achieve those goals (Flora, 2006, p-1). 4. Innovative Minds: Entrepreneurs have creative minds and tend to do things differently. They are in constant search for great ideas and are inclined towards originality. 5. Uncertainty Avoidance Levels: Entrepreneurs have low uncertainty avoidance levels. Unlike other people, entrepreneurs are ready to accept uncertain situations and are prepared to combat them. Moreover, they act proactively to create a future for themselves instead of following the herd. Inborn Characteristics There are many attributes in a person which cannot be learnt from the environment- rather they are natural and in borne. Some of these attributes are: good attention span, determination, centeredness with the people and optimism (Puri & Robinson, 2006, p-4). According to Wafula (2014, p-7), a successful entrepreneur needs to have three basic attributes: Intelligence, Good Health and a positive Attitude. These three traits go a long way and encourage the entrepreneur to continue the hardships. The same researcher suggested that attitude is the most important trait because it comes from within the person and cannot be trained. It is the attitude towards life and work which decides the person’s relationship with work environment and colleagues- if it goes right, it can foster a growth in the enterprise. In addition, having the right attitude also decided the fate of the venture at the early stage. People who possess the aforementioned traits are said to be ‘born entrepreneurs.’ Such people are highly motivated by internal rewards such as respect, power, status and being different. Moreover, entrepreneurs perceive life practically and are risk takers (Kamalanabhan, n.d, p-6). Some of the in borne attributes suggested by Helmchen (2012, p-9) are: leadership qualities, reliability, dynamic personality, versatility, constancy and sensitivity. Learnt Characteristics Over the passage of time, people learn different things from their environment. They learn certain acceptable behaviours of the society and develop a personality. These learnable skills also help in nurturing a good entrepreneur (Wafula, 2014, p-8). The most defining attributes that a person can learn to become a successful entrepreneur are: 1. Strong listening skills 2. Advocating others passionately 3. Extended knowledge 4. Good educational background 5. Fair judgment skills 6. Prioritizing 7. Planning 8. Generating positive criticism People who are good listeners absorb a lot from the environment. They are able to observe the world more closely and can grasp the positivity of life. Entrepreneurs have unique ambition to search for their field of interest therefore they have extended knowledge. Entrepreneurs are able to have wide visions and work motivationally to make those visions true. Some of the in borne attributes suggested by Helmchen (2012, p-9) are efficiency, competitiveness, courage, aggression to achieve goals, Successful Entrepreneurs Some entrepreneurs are born, while others are made. In my opinion entrepreneurs are born and made. They have natural abilities to identify opportunities prevailing in the market and with some educational grooming; they can do wonders with their own business. Some of the most inspirational and successful entrepreneurs of the world have been mentioned in a list below. These are people who have used their natural abilities and in borne talents to achieve the position of being an entrepreneur. In other words, these are born-entrepreneurs: JK Rowling: She became a billionaire in a matter of short time from being a broke single mother to a well known writer. Her famous book character Harry Potter was so creative that it made her rich (Riddix, 2011). She is a prime example of a born entrepreneur who used little resources and inner talents to achieve this goal. Oprah Winfrey: Oprah Winfrey went from rags to riches- she lived a life of extreme poverty in her childhood. Oprah is also a true example of a born entrepreneur because her determination motivated her to become the first ever African American television host. Her natural qualities of perseverance and people skills led her to become a famous lady (Riddix, 2011). Mason Wartman: He is the owner of a pizza parlour Rosa’s Fresh Pizza, in Philadelphia. His unique business model has gained him national attention. Customers in his parlour can pay $ 1 extra to buy a slice for a homeless person. The money paid in advance is noted using post-its on the wall. Until now, Mason has been able to feed 8,400 slices to homeless people (Couch, 2015). Mason’s creativity and his distinct perception of life made him an entrepreneur. Some people combine their inner talent with learned attributes and use them skilfully to become entrepreneurs. These people are also successful in life. For example: Mark Zuckerberg: He belongs to a very educated family, in which both parents were working as entrepreneurs in their own clinic (Bio, 2015). At the age of 29 years, Mark completely changed the world so socializing with his website Facebook. It is used globally by billions of people and is one of the most successful ventures. He co-founded Facbook from his dorm room during his days at Harvard University. His in borne talent of computer programming urged him to leave studies and focus on this venture. He is one of the youngest billionaires alive today. Bre Pettis: Bre Pettis is also a well-educated entrepreneur who developed a 3-D printer. This new invention completely changed the way things would be printed (Hendricks, 2013). Howard Schultz: He is a self-made billionaire and the owner of Starbucks. His competitive nature urged him to begin a rivalry with Starbuck’s bosses and in 1987 he bought the company himself. His determination to achieve his dream turned him into an aggressive entrepreneur (Forbes, 2015). References Bio, (2015), ‘Mark Zuckerberg Biography,’ < http://www.biography.com/people/mark-zuckerberg-507402> Accessed on 11th March, 2015 Bolton. B & Thompson. J, (2004), ‘Entrepreneurs: Talent, Temperament, Technique,’ British Library Catalouging, London, Accessed on 11th March, 2015 Couch. R, (2015), ‘Pizza Shop, Customers Give Away 8,400 Slices To Philly's Homeless,’ Huffington Post, < http://www.huffingtonpost.com/2015/01/15/pizza-philadelphia-homeless_n_6480610.html> Accessed on 11th March, 2015 Flora. C, (2006), ‘Are Entrepreneurs Born or Made?’ Rural Developments News, Volume 28 Number 4, Accessed on 11th March, 2015 Forbes, (2015), ‘Howard Schultz’ Biography, < http://www.forbes.com/profile/howard-schultz/> Accessed on 11th March, 2015 Helmchen. T, (2012), ‘Entrepreneurship – Born, Made And Educated,’ Published by InTech, Croatia, Accessed on 11th March, 2015 Kamalanabhan. T (n.d), ‘Management Sceince,’ Indian Institute of Technology Madras, Accessed on 11th March, 2015 Puri. M & Robinson. D, (2006), ‘Who Are Entrepreneurs And Why Do They Behave That Way?’ < http://bus.msjc.edu/Portals/22/entreprenuers.pdf> Accessed on 11th March, 2015 Riddix. M, (2011), ‘6 Female Entrepreneurs Who Built Their Fortunes From Scratch,’ Investopedia, < http://www.investopedia.com/financial-edge/0611/6-female-entrepreneurs-who-built-their-fortunes-from-scratch.aspx> Accessed on 11th March, 2015 Smith. A, (n.d), ‘Entrepreneurship, Innovation & Retailing,’ Entrepreneurship & Intrapreneurship Workshop, Accessed on 11th March, 2015 Wafula. A, (2014), ‘The Spirit of an Entrepreneur: Is he Born or Made?’ Kenya Methodist University, , Accessed on 11th March, 2015 Zhao. H & Seibert. S, (2006), ‘The Big Five Personality Dimensions and Entrepreneurial Status: A Meta-Analytical Review’ Journal of Applied Psychology, Vol. 91, No. 2, pp- 259 –271, Accessed on 11th March, 2015 Read More