Entrepreneurship Essay

DescribethetermEntrepreneurshipandthechallengesofstartingasmallbusiness

EntrepreneurshipisthedreamofalifetimeformostindividualsTheideaofbeingincontrolon one'sfinancialfuturebyestablishing,owning,andoperatingtheirownbusinesshasdrivenmost individualsinthedirectionofSoleProprietorships.Mostplungeinlookingattheadvantageand overlookingthedisadvantageandchallengesofSoleProprietorships.

ThisfirstchallengethatonemightfaceontheroadtoEntrepreneurshipisraisingthenecessary fundstofinancetheirbusinessFinancialresourcesaremorelimitedforsoleproprietorshipsbecause theyareviewasahighrisk.SoleProprietorshipshavefewlegalrequirementsanddoesn't cost...showmorecontent...

Beingapartofafranchiseyoumayhaveeasyaccesstofinancialassistancetocoverstart–upcost WithalltheadvantagethatFranchisingbringsthereareafewdisadvantages.Thefranchisergives upalotofcontroloveroperationandhaslesscontroloveritsfranchisees.

b)MostBusinessmergetoformalargecompany,toacquireproductsandservicestheymaynot haveortobridgethegapinthebusinesscycleInahorizontalmergercompaniesthatproductthe sameproductmergetoformalargercompany.Thisgiveseachcompanytheopportunitytolearn newideasonoperationandproductionofaproductthiswillhelptorestructureacompanyand allowsittoreachnewcovernewareas.Anotherformofmergerisaverticalmerger.Inavertical mergeracompanymergerwithanothercompanytoacquireresourcesthemaynothave.Thisallows acompanytofocusinaparticularareaandextendresponsibilitiestoanothercompanyconcentrated inaparticulararea.Aconglomeratemergergivescompanytheopportunitytoextendtheirbusiness andrespondtochangesinthebusinesscycle.Aconglomeratemergerisgreatforcompanieswho manufactureanddistributeproductthatareseasonal

c)Theideaofbeingincontrolonone'sfinancialfuturebyestablishing,owning,andoperatingtheir ownbusinesshasdrivenmostindividualsinthedirectionofsoleproprietorship.Becomingan entrepreneurisagratewaytostartupandoperationwithlittleriskof

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EntrepreneurshipTermPaper

"Entrepreneurisdefinedasapersonwhostartsabusinessandiswillingtorisklossinordertomake money."(Merriam–Webster.com)SincebeforetheGreatRecession,economistshaverecognized howimportantentrepreneurshipistothehealthoftheUSeconomy(Strangler)

"TherearefourbenefitstotheU.S.fromentrepreneurs'risk–filledbutsuccessfulefforts. Entrepreneurs(1)useinnovationstoimprovethequalityoflife,(2)createnewjobs,(3)improveour positioninglobaleconomiccompetition,and(4)createeconomicgrowthandnewwealthfor reinvestmentintheU.S."(Foundation)

Entrepreneursareresponsibleforresearchanddevelopmentsystem."Almost2/3%ofall innovationsaredueshowmorecontent

SmallBuisinessAdministration)Ifyouareastrongnegotiatorthenyouhaveabetterchanceat savingmoneyandrunningyourbusiness.Ifyoudonothavegoodnegotiatingskillsyoumaywant toworkonimprovingtheseskills

Creative:"Entrepreneursmustbeabletothinkcreatively"(TheUSSmallBuisiness Administration)Ifyouareabletothink"outsidethebox"thenentrepreneurshipmaybeachoicefor you.

Supportedbyothers:EntrepreneursneedthesupportofotherpeopleNetworkingisextremely criticalinabusiness.Businessmentorsareaperfectgo–topersonforentrepreneurs.(TheU.S. SmallBuisinessAdministration)

ThenameofmybusinessisSunnyCycle.SunnyCycleisanonlinestoresellingmotorcycle helmets,sunglasses,facemasks,gogglesZippolighters,huntingequipmentsuchasknivesand flashlights.Productsshouldbeeasyandinexpensivetoshiptokeepcostdown.

AnonlinestorewouldbeagreatchoiceforasmallbusinessOnlinestoresareperfectforbusiness ownersthatdonothavealotofstartupcapitalanddonotwanttoformaCorporation.While buildingthebusinesstheuseofdropshippingwillbeusedAsthebusinesstakesoffandIgain morecapitalandafterknowingwhichproductssell.Iwouldthenstartcontactingwholesalersto purchase

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1.IntroductionIntimesofcrisis,theeconomyneedsnewideastobringaboutachangetoreactive safelytheeconomyandprovidemoreconfidencetothecustomers.Entrepreneurshipplaysan importantroleinthesustainablegrowthintheeconomyperformance.Innovationandcreativity havebeennevereasy,however,inaglobalizedworldthatisstrugglingtorecoverfromamajor economiccrisis,theyplayavitalroletorecovertheeconomy,becomingthenewcorecompetencies ofcorporations,andacompany'sgreatestassetmaybeitscreativecapital(Nussbaum2005).Asa resultofthat,Start–upshasdiversifiedthetrends,identifyingandevaluatingnewbusiness opportunities,providingtothecustomerahugediversityoftheshowmorecontent Entrepreneurshipconcernsanindividual'sabilitytoturnideasintoaction.Accordingtothe definitionofWebFinance(2014),Entrepreneurshipisthecapacityandwillingnesstodevelop, organizeandmanageabusinessventure.Pretorius,MillardandKruger(2005)maintainthat "creativityisclearlypartandparceloftheentrepreneurialskillsrequiredtosuccessfullystarta venture"(p56)Earlyinthe20thcentury,JosephSchumpeter,gaveusadefinitionofan entrepreneur:apersonwhodestroystheexistingeconomicorderbyintroducingnewproductsand services,byintroducingnewmethodsofproduction,bycreatingnewformsoforganization,orby exploitingnewrawmaterials(Bygrave2011)Creativityisnotonlyimportantforenterprises; entrepreneurshiphasthreecentralunderlyingdimensions:innovation,risk–takingandproactiveness (Fillis2010)TheDruckerSocietyofAustria(2009)suggestthatiinnovationisthespecific instrumentofentrepreneurship.Itistheactthatendowsresourceswithanewcapacitytocreate wealth.Innovation,indeed,createsaresource.Innovationissynonymouswithrisk–taking,whenthe companiesperceiveanopportunityandcreaterevolutionaryproductortechnologiesaretakingon thegreatestriskbecausetheycreatenewmarkets.Thisclassictraitisthedefinitionofrisk–taking––theabilitytowithstandthefearofuncertaintyandpotentialfailure."Itallboilsdowntobeingable

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ImportanceOfEntrepreneurship

Entrepreneurshipcanbeviewedfrommanyaspects.Whenspeakingofentrepreneurshiponemight thinkofSteveJobswhostartedagaragebusinessandturneditintoamulti–billiondollarcompany oronemightthinkofthemanopeningupasmallshopintheneighbourhood.AccordingtoBruce Bachenheimer,anexecutivedirectoroftheEntrepreneurshipLabatPaceUniversity, entrepreneurshipgoesbeyondcreatinganewbusinessventure"Itisamind–set–awayofthinking andacting.Itisaboutimaginingnewwaystosolveproblemsandcreatevalue."Entrepreneurshipis definedastheskillofdevelopingandmanagingabusinessventureprofitably.

TheImportanceofEntrepreneurshipintheDevelopmentandEconomicGrowth Entrepreneurshipisakeystimulusoftheeconomy.Itispredominantlyresponsibleformuchofthe country'swealthandimprovingthequalityoflifeinacountry.InEasternEuropeitwasdiscovered thatsmallenterprisedevelopmentservedasoneofthemostvitalfactorswhenitcametothe transitionalprocesswhichhasseeneconomicgrowthintheareaEntrepreneurshipstrivesinfree marketeconomies,AccordingtoNiewunhuizenCandOosthuizenTFJinBusinessmanagementa contemporarycompilation,econometricevidenceprovesthatthereisapositivelinkbetween entrepreneurshipandeconomicgrowth.Schumpeter(1934)visualisedtheentrepreneurasthekey figureineconomic...showmorecontent...

BillGatesstartedasoneindividualacompanythattodayemploysmorethan100000people worldwide.Entrepreneurs,whilstaimingtoachievemoreprofitsbygrowingtheirbusinesses,end upcontributingtosocietybycreatingmorejobs.Entrepreneursformavitalpartintermsof communitydevelopmentandjobsecurityAhigheremploymentratemeansthatthecountrywill benefitintermsofhighertax

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EntrepreneurshipTherehavebeennumerousattemptstodefinethetraitsorcharacteristicspossessed byentrepreneurs.However,thereislowcorrelationbetweentraitmeasuresandperformance(Chell, 1985).Explainwhythismaybethecase.PeterDrucker(1985)statesinhisarticle,"APrescription forEntrepreneurialManagement","Leadershipdoesnotnecessarilymeanbigger;itmeansbeing acceptedastheleader,recognizedasthestandardsetterAboveall,itmeanshavingthefreedomto leadratherthanbeingobligedtofollow".Inlookingatthesedefinitionsitcanbeseenthatthereare manydifferenttypesofleadership.Severalexamplesmightbetransformational,charismatic,and entrepreneurialleadershipEntrepreneurialshowmorecontent EntrepreneurialLeadershipwithinManagementSuccessforentrepreneursrequiresinnovation. ThereareseveralwaystoachievethisaccordingtoDrucker.Entrepreneurialmanagementfirst requiresthattheorganizationbemadereceptivetoinnovationandwillingtoperceivechangeasan opportunityratherthanathreat.Itmustbeorganizedtodothehardworkoftheentrepreneurand createtheentrepreneurialclimateItsecondlyrequiressystematicmeasurement—oratleast systematicappraisal—ofacompany'sperformanceasentrepreneurandinnovator,andbuilt–inlearningtoimproveperformance.Thirdly,entrepreneurialmanagementrequiresspecificpractices withrespecttoorganizationstructure,staffing,managementcompensation,incentives,andrewards. Notonlyisinnovationakeyfactorinthesuccessofentrepreneurialmanagementbut,animportant issuethatneedstobebroughttomanagement'sattention;individualismandcollectivismwithinthe corporation.Morrisetal.,statethefollowing,"Managersandtheoristsinterestedin entrepreneurshipmustbegintocometotermswiththerolesoftheindividualsandthegroup, respectively,withinanorganizationalcontextTheserolesareanintegralcomponentoftheinternal environmentofthefirm".Drucker(1985)authoringanother

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SelfReflectionOnEntrepreneurship

InthisassignmentIaimtoself–reflectonmypersonalentrepreneurialskill.

AccordingtotheCambridgedictionaryself–reflectionis'theactivityofthinkingaboutyourown feelingsandbehaviour,andthereasonsthatmayliebehindthem'.Self–reflectionisacrucialpartof development,oneofthereasonsforthisisbecauseself–reflectionenablesyoutoreviewyourself.It thenbecomeseasierforyoutoevaluateyourperformance,thiscanbeusedtomakeimprovements forthefuture.

Entrepreneurship

TheOxforddictionarydefineentrepreneurshipas'Theactivityofsettingupabusinessor businesses,takingonfinancialrisksinthehopeofprofit.'AnEntrepreneurconsistsofanindividual whoisbothcreativeandinnovative;Ibelieveanentrepreneurisanopen–mindedindividual;this enablesthemtothinkofcreativethoughtsandideasthattheycanusetoset–uptheirown business/businessesInordertoputthesecreativethoughtsandideastogoodusetheyalsoneedto beinnovative.The'BusinessDictionary'statesthatEntrepreneurshipis'Thecapacityand willingnesstodevelop,organizeandmanageabusinessventurealongwithanyofitsrisksinorder tomakeaprofit.'Thissupportsthefactthatasanentrepreneuryouneedtobewillingtotake calculatedrisks,withtheaimofprosperingandthereforemeetingaimsandobjectives.An entrepreneurneedstobeabletohandletakingaloss;anentrepreneurwouldusuallylearnfromthis toenhancetheirskillssothatlessmistakesoccurinthefuture.

Self–Reflectioniscrucialfordevelopment(Kolb,1984)

Inmypreviouseducationinstitution,areflectionwasundertakeninteamworking.Weworkedasa teamandset–upaprojectforatalentshow.Afterweaccomplishedthiswehandedout questionnairestoouraudience(togatherfeedbackonhowweperformed);wewerethenabletouse thedistributedquestionnairetogathermoreknowledgeandunderstandingonvariousmethodsthat wecouldimproveforthefuture

HobbsandKolbareauthorswhohaveastrongbeliefinreflectingonyourwork.Asanentrepreneur thisiscrucialasitenablesyoutofindanyerrorsthatyoumayhavemadetothenrectifythem.An exampleofthisiswhenI

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Literaturereview–forcourse:ICTEntrepreneurshipZhouZiye(e1101668)

1.AnOverviewofEntrepreneurship

Itisobservedthatthephrase"Entrepreneurship"hasbeenusedindisparatemeaningsbyscholars aroundtheworld.Inacademicdefinition,entrepreneurshipistheprocessbywhichindividuals pursueopportunitieswithoutregardtoresourcestheycurrentlycontrol(Stevenson&Jarillo)In venturecapitalist,entrepreneurshipistheartofturninganideaintoabusiness(FredWilson).Ina simpleword,entrepreneurshipistheprocessofdesigninganewbusinessandstartnewbusinessesis themostobviousexampleofentrepreneurshipMostresearcherswouldagreewithadefinitionof entrepreneurshipasanactivitythatinvolvesthe...showmorecontent...

Thusthereisaneedtodothisliteraturereview.

2.Entrepreneurshiphistory

a)Middleages

Atthattime,"entrepreneur"wasusedtoportrayapersonwhomanagedconsiderableproduction projectsusingresourcesprovidedbyministryofthecountryanddidnotneedtobeararisk.Cleric wasatypicalentrepreneurinthattime.

b)17thCentury

During17thcentury,riskofentrepreneurshipcameintopeople'smind.Atthattime,apersonwho hadaconstitutionalagreementwithgovernmenttosupplydesinatedproductoroperateaservice wasregardedasanentrepreneur.Entrepreneurneedtoundertakealltheprofitsorlossessincethe barginpricewasestablished.AfrenchmannamedJohnLawwasafamousentrepreneurthattime. HewasgrantedtoinauguratearoyalbankHowever,thebankdevelopedintoacommercefirm ultimately,thatwastheMississippiCompany.AnotherguynamedRichardCantilliongotthe motiveoflegislationandevelvedtheearlytheoriesofentrepreneurwhichregardentrpreneursas risktakers,runningwithriskbybuyingatafixedpriceandbetrayingatanuncertain

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ExplainandcriticallyanalyzeuniquetraitsofanEntrepreneur,discusstheserelatedtopersonal strengthsandweaknesses

Introduction

Entrepreneurshipisdifficulttodefinethroughoutitshistoryresearch.Evennowadays,thisconcept isstilladebatablepoint(Rajendra,etal,2017)Basedonfourdecadesofresearch,Gartner(1988) concludesthatentrepreneursarefoundersofnewfirms.ShaneandVenkataraman(2000)consider entrepreneurshipas"anewventure'srisk–takingendeavorseekinganopportunity"andFortunato (2014)addsinnovativevalueintotheconceptofentrepreneurship.Thus,researchonthedefinition ofentrepreneurshipcontinue.Accordingtothosediverseviews,Iwillinterpretsixunique entrepreneurialcharacteristicsandtheoreticallyanalyzeeachoneRisktaker,needforachievement andproactivityasmystrengthenswillbeillustratedwithmyexperience.Innovativeness,internal locusofcontrolandtoleranceforambiguityaremyweaknesses,thusIwilldescriberelevant successfulEntrepreneurs'experiences

Strengths RiskTakingPropensity

BasedonKnight'seconomicsview(1921),risk–takingiscrucialtoentrepreneurism.Thisviewis supportedbymanyclassicaltheoristslikeCantillonandRichard(1755)whoexplorethat entrepreneursbearrisksoruncertaintytokeepsupply–demandbalance.Phan(2008)alsosupport thispositiverelationshipandassertthatentrepreneursarerisk–takers,notgamblers.However,Bula (2012)arguesthat

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Innovation,Entrepreneurship,AndInnovation

Innovation,Entrepreneurship,andIntrapreneurship2

INTRODUCTION

Innovation,entrepreneurshipandintrapreneurshipisbringingyourvision,creativitytolifewhile buildingsomethingofvaluethatcustomersarewillingtopayfor.

BillAulet,managingdirectorintheMartinTrustCenterforMITEntrepreneurshipatMIT,lectures onIDEs"innovation–drivenenterprises",highgrowthpotentialandcompetitiveadvantagethat bringsnewinnovationstocustomers'world–wide.(Aulet,2013).

TomPetersteachesthebenefitsofSMEs"smallandmediumenterprises"(SME),youdon'thaveto beinatraditionalcompetitivemarket,justwellunderstoodbusinessideas,whichhaveapossibility offailure(Peters,BuildingaCultureofInnovation,1999).

Entrepreneurisachance,tostartyourownbusiness,withthepossibilityoffailureIntrapreneurship isgiventhefinancialsupportofacorporationorlargecompanytohavethefreedomofinnovation, becreativeatnocost.

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Keywords:Business,Creative,Entrepreneurship,Innovation,Intrapreneurship Innovation,Entrepreneurship,andIntrapreneurship3

RisksandBenefitsofEnterprises

Risks:

SmallMediumEnterprises"SMEs"isbusinessororganizationthatusuallystartsinahomeorsmall office,setofclients,dependingonannualsalesandfundedbybankloansor

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1.9FunctionsPerformedbyanImitatorEntrepreneur

1.10Entrepreneurvs.ManagerRelationship1.11Summary 1.12

Thisbookwillhelpyoutounderstandtheprocessofsettingupasmallbusiness,runningit successfullyandseeingitgrowAndletusremindyouthatthiscareeropportunityisnotonlyfor boysbutalsoforgirls–allthosegirlswhothinksmart,arereadytoactandscriptthestoryoftheir ownlife–likeShehnazHussainor RituKumarorKiranMajumdarShaw

11OBJECTIVESAftergoingthroughthislessonyoushouldbeableto:

InculcatetheDesiretotakeupEntrepreneurshipasaCareer DifferentiatebetweenWageemployment,Self–employmentand Entrepreneurship

DefineandknowtheMeaningofthetermsEntrepreneur, EntrepreneurshipandEnterprise

LearnabouttheFunctionsperformedbyanEntrepreneur

UnderstandtheRoleofEntrepreneurshipinEconomicDevelopment

DifferentiatetherolesofanEntrepreneurandaManager12ENTREPRENEURSHIPASA

CAREER OPTION

AfterfinishingyourgraduationyouwillbeatthecrossroadsoflifeYouwillfacethedilemmaof choosingwhatyouhavetodoinlife.Thevastmajorityofhumanbeingsdirecttheiractivities towardsearningaliving,generatingwealthandimprovingtheirstandardofliving.Youcanchoose yourcareerfromtwobroadcategoriesofoptions–WageEmploymentorEntrepreneurshipThe term'career'signifiesacontinuous,everevolving,everexpandingopportunityforpersonalaswell asbusinessgrowth

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TheImportanceOfEntrepreneurship

Morethaneverbefore,entrepreneurshipistrending.Ifyoulogontoanysocialmediaplatform,you can'tscrollforlongbeforerunningintoasmallbusinessowner'sadvertisementfortheirlatest productorservice.Whiletherearemanypeoplewhoarestartingsmallbusinesses,mostofthem won'texperienceexponentialgrowth.Accordingtostatistics,eightoutoftensmallbusinessesfail withinthefirst18monthsBeinganentrepreneurisn'taneasyfeatandrequiresalotofpersonal mindsetdevelopment.Inordertobecomeabetterentrepreneur,takealookatguruslikeShark Tank'sKevinHarrington.Hehasexperiencedandseenalotwithinhiscareerthatshowedhimthe keystogreatentrepreneurshipConsiderthesequoteswheneveryoufeelapangofdiscouragement

1."AlwayslooktodobusinesswithpeopleyouwouldhappilyinvitetoChristmasdinner!

Asanentrepreneur,youhavethepleasurableresponsibilityofmakingallthedecisions.These decisionsincludewhocomesontotheteamasanemployeeWhenitcomestothehiringprocess, it'sbesttodevelopacriteriaofhardskillsandsoftskillsthatyouremployeespossess.Whenyour employeeshavecertainsoftskillslikeapositiveattitude,self–confidenceandtheabilitytobea teamplayer,itmakesitsomucheasiertoworkandenjoyyourteam.Developateamthatyou genuinelyenjoybecauseit'llmakeyourworkexperiencetentimesbetter.Takeapageoutof ShondaRhimes'bookShelearnedthislessonthehardwayafterdealingwithdifficultemployeeson theshowGrey'sAnatomy.Becauseshedidanexcellentjobofscreeningeveryoneforthehitshow, Scandal,shedidn'tmeetthatproblemagain.

2."Actnow!"

Timeisoftheessence.Evenifyoucanmakemajormoveswithinthecompanyimmediately,still makearrangementsandbabystepstowardtherightdirection.Sooften,peoplestaystagnantbecause they'renotproactiveProcrastinationisamajorissueformanypeoplewhodon'treachtheirgoals Whethertheyprocrastinateduetolackoffundsortonsoffear,itgetsinthewayofreallyachieving momentum.Assoonasyougetagreatideatoimplementinyourcompany,createastrategicplan andgettheballrollingwithan

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EssayOnEntrepreneurshipEducation

Entrepreneurshipeducationhasbeenlaudedasbeingabletocreateandincreaseawarenessaswell aspromoteself–employmentasacareerchoiceamongyoungpeople(Clayton1989;Fleming1996). Theobjectivesofentrepreneurshipeducationareaimedinchangingstudent'sstateofbehavioursand evenintentionthatmakesthemtounderstandentrepreneurship,tobecomeentrepreneurialandto becomeanentrepreneurthatfinallyresultedintheformationofnewbusinessesaswellasnewjob opportunities(FayolleandGailly2005;Hannon2005;VenkatachalamandWaqif2005).Theseday, manygraduatesareunabletogetajobupongraduation.Studentsarenowapparentlysearchingfora businesseducationthatcanhelpthemwiththenecessaryentrepreneurialshowmorecontent

Therearevariousentrepreneurialeducationscopeandstructureamonghighereducationin Malaysia.EntrepreneurshipeducationinuniversityofNorthernRegioninMalaysiaseekstoprovide studentswiththeknowledge,skillsandmotivationtoencourageentrepreneurialsuccessinavariety ofsettingsinthefuturejobsearching.Variationsofentrepreneurshipeducationareofferedatall levelsofschoolingfromprimaryorsecondaryschoolsthroughgraduateuniversityprogramsThis researchaiming,entrepreneurshipeducationistreatedasithasbeenbroadlyusedandappliedby mostNorthernRegionofMalaysiauniversities.TheestablishmentoftheMinistryofEntrepreneur Developmentinyearof1995,clearlyindicatesthegrowingimportanceofthegovernmentroleon theissueofentrepreneurdevelopment(Ariff&Abubakar,2005).Entrepreneureducationisa factorsthataffecttheactivitiesofentrepreneurshipamonguniversitystudentinnorthernregionof Malaysia.Thus,Entrepreneurshipeducationhasbeenusedasoneofthemosteffectivewaysto promotethetransitionofgraduatesintotheworldof

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TheBenefitsOfEntrepreneurship

Manypeopleknowfromaveryyoungagethattheworkplacesettingisnotagoodfitforthem. Thesepeoplecreateandoperatetheirownbusinessandtheyarethenknownasentrepreneursand notemployees.Justaboutanyonecanbecomeanentrepreneur.Anyindividualwithaslittleas$100 canbeabusinessowner.Nomatteryourbackgroundanyonecanbecomeanentrepreneur.One entrepreneurwhoweareallfamiliarwithgoesbythenameofOprahWinfreyOprahWinfreyhada roughupbringingandwasevenfiredandistothisdaytherichestAfricanAmericanofthe21st century.Shehasanetworthofover$3billion,sheiswithoutadoubtanentrepreneursuccessstory. AfewotherentrepreneursthatweareallfamiliarwithareWaltDisney,JKRowling,SteveJobs andBillGatesjusttonameafew.

Withthefreedomthatentrepreneurshipprovides,itmakesnosensetoworkforsomeone.Research suggestthatbeinganentrepreneurispreferredovertheaveragenine–fivejobbecauseit'smore flexible,allowsmorefreedom,Fastretirement,andNoBoss.

EntrepreneurshipcomeswithmanybenefitsOneofthosebenefitsistheflexibilitythatitallowsan individualtohave.Timeisverypreciousandsomethingwecan'tgetback.So,whyallowsomeone totellyouwhattodowith40hoursoutofyourweek?Inatraditionalworksettingyouaretold whenyoucaneatandwhentogetbacktowork.Thatmaybeflexiblefortheemployerbutnotso muchfortheemployee.Entrepreneursstartandstopworkingwhenitisconvenientforthemandnot anemployerTheyarenotalwaysonthesamerepetitivetimescheduleeverydayEverydayisnew inthelifeofanentrepreneur.Youwakeupwhenyouwantandsleepinifyoulike.Beingan employee,youdon'thavetheoptiontowakeupwhenyouwant.Youareonthecompaniesschedule tofittheirneedsIfanemployeetriedtoworkbasedonanentrepreneurscheduletheywouldendup jobless.Flexibilityisaplustoanentrepreneurbecausenoteveryoneisamorningperson. Somepeoplethinkbetterwhentheydothingsontheirowntime.Flexibilityisveryimportanttoan individualwhohasorwouldliketostartafamily.Familiesrequirealotofattention.Without

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Entrepreneurshipisatopicthatisheavilydebatedinregardstoifitcanbetaughtornot.Theword EntrepreneurshiporiginatesfromaFrenchwordthatmeanstoundertake.Inthebusinesssense,itis definedintheMerriam–Websterdictionaryasonewhoorganizes,manages,andassumestherisks ofabusinessorenterprise.Sinceentrepreneurshipisanappealingcareerpath,peoplewanttoknow iftheycanbetaughtitorifitissomethingtheyhaveintrinsically.Theobjectiveofthisessayisto discussthatentrepreneurshipissomethingthatcannotbetaughtassomeindividualsbelieve,asone needstohavethedrivetobeanentrepreneur,realworldexperienceisnecessarytosucceedasan entrepreneurandtheeconomyishighlyfluidandhardtokeepupwith.

Inordertoevenhaveachanceatbeingasuccessfulentrepreneur,onemusthavethedriveto succeedwhichappearstobeunteachableInordertomasteranythinginlife,anindividualneedsto beinvestedinwhattheyaredoingandpersevereevenwhentheyfeellikegivingup.Thisisbacked upby(Hegarty322–335)"entrepreneurialeducationandskillstrainingcanimprovesuccessbutitis doubtfulifitwillcontributesignificantlyifanaturalentrepreneurialflairdoesnotexist"(pg323)In ("CanEntrepreneurshipBeTaught?",2016)itstatesthat"Failuresandmistakesareaninevitable–and,indeed,valuable–partofanentrepreneur'seducation"Thesameisinentrepreneurship,notall thosethatset ...Getmorecontent...

TheImportanceOfEntrepreneurship

AnoverwhelminglylargenumberofbusinessesintheUnitedStatesaresmall,withabout89% staffedwithlessthan20employeesaccordingtothe2014U.S.Census.Thesebusinesseshaveone ortwoowners,alimitednumberofemployees,andaretheepitomeofthe"AmericanDream." Entrepreneurshipisavocationadmiredbypeopleofallagesandbackgrounds,frommiddle–class childrenwatchingSharkTankwiththeirparentstothegrown–upchildrenofimmigrantswho establishtheirlivesintheStatesbyperhapsopeningtheirownrestaurantorhairsalon.

Entrepreneurshipispracticallysynonymouswith"opportunity,"aspeoplelooktothelikesofBill GatesandJeffBezoswhoachievedexplosivesuccessthankstoonebrilliantideaHowever,starting asmallbusinessisnotaseasyataskassomemaybelieve.Intoday'scompetitivebusiness environment,morethanjustpassionandagoodideaarenecessaryforsuccess.Ittakestremendous energy,confidence,resilience,andknowledgetostartandmaintainabusiness.Additionally,most entrepreneursneedfunding,anetwork,officespace,accountants,andlawyerstoensurethattheir businesswilltakeoffWithabeliefthattheopportunitytobeanentrepreneurshouldbeavailableto peopleofallbackgrounds,TayiibSmithandMeeganDenenbergofLittleGiantCreative,basedin Philadelphia,PA,createdtheInstituteofHipHopEntrepreneurshiptoteachyoungpeopleofcolor invaluablelessonsaboutentrepreneurshipandthe

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IbelievethatbeingEntrepreneurisanAmericandream;whowouldnotwanttochoosetheirown hoursandhaveasuccessfulbusinessthattheycouldleavebehindasalegacy?Ialsobelievethat theyareveryfewpeoplethathavetheskillsandqualitiestobesuccessfulatachieving entrepreneurship;thisispartlyduetomanyEntrepreneurslackingtheskillstobuildaroundtheir visionIthinksthat'swhysomepeoplebelievethatentrepreneursarebornandnotmade,foritis indicatedinourassignedreadingEntrepreneurship8thEdition,thattheworkingdefinitionof acquiringandmaintainEntrepreneurshipisdescribedas""Entrepreneurshipbeingintheprocessof creatingsomethingnewwithvaluebydevotingtheshowmorecontent Noneofmysuccesseswouldhavebeenpossiblewithoutmyfamily."(Newsweek2008,Vol.152)

LisapricelikemyselfisanAfricanAmericanfemalewhowanttofindsuccessinproviding productsandservicestohercommunityandherculture.Lisaalsoconstantlymentionsthather motherisherrolemodelwhichiswhyshenamedherproductsline"CarolsDaughter's."LisaPrice beganherbusinessbyhand–mixingpersonalcareproductsforwomenofcolorinherBrooklyn, N.Y.,kitchenin1994.AlongwithmarketingguruSteveStoute,Priceannualsaleswassaidto exceed$30million.TwoyearsaftersigninganinvestmentdealwithagroupofHollywood's brighteststars–includingWillSmith,JadaPickettSmithandShawn"Jay–Z"Carter–thebrand nowhasfreestandinglocationsfromcoasttocoast,aboomingbusinessatSephoraandhasentered Macy'sNowthebrandhasuppedtheanteconsiderablybytacklingthehighlycompetitiveand financiallyproblematicworldofcolorcosmetics.(Naughton,2007Vol.194,pg.5)Justbyreading LisaPriceBIO,IbelievethatLisaPricepossessseveralspecialcharacteristicsthatmakeshera successfulentrepreneur,suchas:

1.Sherecognizedearlyonthatsheneededtoworkhardandlonghours.

2.Sheproceededtouseresourcesandconnections

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INTRODUCTION:GlobaldevelopmentisinflowingaphasewhereEntrepreneurshipwillgradually playanimportantroleintheeconomicdevelopment.Entrepreneurshiphasbeengainingpowerfrom thepastdecades.Inthepresentscenario,Entrepreneurshipwasinfluencedbymanyfactorslike social,cultural,economic,politicalandetc(BrajaballavKar,Dr.RamakantaMishra,& DrJitendraMohanty,2014)Amongallotherfactorstheimpactofsocioculturalfactorsinthe economywaslarge.MostlyinthedevelopingcountrieslikeIndiathesocioculturalfactorsplayan importantininfluencingentrepreneurship.Mostofthestudieshaveconcentratedontheeconomic, socialdimensionsoftheentrepreneurshipnoneofthestudyrevealsthesocioculturalshowmore content...

Sociologistssaythatsocioculturalstatusofentrepreneurs,family,casteandreligionplayan importantroleinthesocioculturalentrepreneurship.Theyconcludethatsocioculturaldiversity, socialacceptance,socioculturalsupportforentrepreneurs,socialization,socioculturalenvironment, familyrelationsandsupport,socialattitudeplayanimportantroleinthesociocultural entrepreneurship(DharmendraKumar,2014).Rahma(2014)inhisarticle"socioculturalfactors influencingentrepreneurshipactivities:AstudyonBangladesh"saythatreligion,family,education, socioculturalfeatures,poverty,genderrolevalues,peergroupinfluencetobeanentrepreneurs, politicalinstabilityplayanimportantroleinthesocioculturalentrepreneurship.Theyconcluded thatthissocioculturalfactorsinfluenceonentrepreneurshipwillbepositiveornegativebasedon thesociety(RahmaAkhter&FrahanaRahmanSumi,Socio–Culturalfactorsinfleuncing entreprneurialactivities:AstudyonBangladesh,

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TheConceptOfAnEntrepreneurship

Thedefinitionofanentrepreneurshipisacommonlyarguedpoint,withseveraldefinitionsgivenby manydifferentpeople.TheBusinessinActiontextbookdefinesentrepreneurshipasthecombination ofinnovation,initiativeandwillingnesstakerisksrequiredtocreateandoperatenewbusinessesand anentrepreneurasapersonwithpositive,forward–thinkingdesiretocreateprofitable,sustainable businessenterpriseAccordingtothisdefinition,asmallbusinessownercoulddefinitelybeclassed asanentrepreneur,asanyonewhorunsandownstheirownbusinessistakingriskswiththeir financeseverydayoftrading.However,thisdefinitionisnotenoughbecauseitonlyshowsonetrait oftheentrepreneur'spersonalityandbehavioralpatterns,which,accordingtomostothersources, doesnotgivethewholepicture.Inmostcases,thepersonorpartybehindthebusinessventure workstopresentsomethingnewtoaprospectivemarket.Thisincludesasignificantamountof planningandunderstandingtheneedsofyourpotentialmarket.Inotherwords,itisacompetitive optionthatrequiresrisk–taking,research,goodresources,anddetailedinnovationifyouexpectto besuccessfulIntoday'ssocietybeinganentrepreneurcantakeyoutothenextlevelwithinan industry.Itisabouttakinganinitiativetopresentsomethingnewormakeanimprovementon somethingalreadyinexistence.Thismeansthatyouneedtobealeaderwillingtotakerisksinorder toseeideas

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"Entrepreneurshipisawayofthinking,reasoningandactingthatisopportunityobsessed,holisticin approachandleadershipbalanced.Entrepreneurshipresultsinthecreation,enhancement,realisation andrenewalofvalue,notjustforowners,butforallparticipantsandstakeholders,"(Timmonsand SpinelliascitedinTweed,2011,p.68).Inthisessaythiswillbethedefinitionthatwillbeused throughoutFordecades'academicsandscholarshavedebatedwhetherentrepreneurshipcanbe taughttothosewillingtolearn,orifthoseindividualsarejustfortunatetohavetheinnatetraitsto becomeasuccessfulentrepreneur.Becauseofthis,manytheoriesanddefinitionshaveappeared basedontheactions,attributesandskillsthatpastentrepreneurspossessedandpresententrepreneurs currentlyhold.Thisessayhopestoarguethatanindividualcannotsimplybetaught entrepreneurship.Thiswillbedonebycoveringwhyentrepreneurshipcannotbetaught,howsome aspectsdohelp,andwhyyoucannotdevelopanentrepreneurshipmind–set.

Thisfirstparagraphlooksatwhyentrepreneurshipcannotbetaught.Whenlookingatthose educationalinstitutionsthatofferentrepreneurshipcoursesaroundtheglobe,notallcoursesare identical,butmanyhavedevelopedonesthatlargelyfocusondevelopingentrepreneurshipskills andtheunderstandingthatcomesalongwithit.HoweveraccordingtoHirschandPeters(ascitedby Henry,Hill,Leitch,2005a),theyhavecompiledalist ...Getmorecontent...

AtthebeginningofthecourseIhadonlyhadbasicentrepreneurknowledge,Iunderstoodthetraits, andtheamountofthoughtputintoabusiness.Iunderstoodaentrepreneurneededtobeabletoset goalsandhadtoestablishconnectionsandbusinesspartners.Iwasactuallyluckyenoughtohave takenaentrepreneurclassinhighschool.Whichtaughtmelotsonhowanentrepreneurbusinessis startedItalsotaughtmetherequireddeterminationandhardworkittakestobeaentrepreneur

WhatIdidn'tlearnfrommyhighschoolclassishowtoproperlysetgoals.Ididn'tknowthatthere wasaprocessandIdidn'trealizehowhelpfulitiswritingdowngoalsandphysicallyseeingthemI wasabletolearnS.M.A.R.Tgoalswhichhelpsyoustructureyourgoalstoaachievablestandard.I alsolearnedthedifferenttypesofgoalslikelongterm,shortterm,andimmediate.Ilearnhow importantgoalsettingcanbeandhowithelpsyoubetterachievethem.

IalsogottolearnabouttheskillsandcharacteristicsofaentrepreneurYouneedlotsoftraitstobea entrepreneur.Youneedtobeabletobeflexibleandself–reliant,beabletostructureyourselfisvery important.Youmustbeconfidentandbeabletotakerisks,beinganentrepreneurmeansknowing whentotakeactionandwhennottoo.Youhavetohavetraitslikepatienceandcreativity,a entrepreneurmustbeabletoberesourcefulandmustbeabletoseeproblemswhentheyoccur.You havetobeabletowork

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