Entrepreneurship is by far the largest field contributing to the world’s economics. In terms of whether entrepreneurs are born or made, my pick would be that entrepreneurs are made. I don’t agree on the idea of entrepreneurship skills are genetic. For people who inherit family business or maybe an empire, those skills are learnt when they were growing up, watching their family members running the business. Being a risk taker sure is something that is just within ourselves but for a person to be able to detect opportunities and the ways of tackling those opportunities are something that meant to be learnt in classroom. Even in schools and universities, these skills are not just been taught theatrically but also the practicality. Students are encouraged to practice their entrepreneur skills before competing in the real world.
Learning the basic rules on starting up a business and also getting the chance to run a small business in the institution gives the person a whole new level of exposure which is not something that a person is born with. Furthermore, students are able to widen their network in universities which could come as a big hand when they’re starting their own business in the future. Plus, one of the main key points in learning entrepreneurship skills, a person is able to detect within himself whether he has what it takes to be an entrepreneur. Research has shown
that education does have a lasting effect on students which means that the skills that they have learnt in the classroom are proven to be used in long-term.
For an individual who grows up having a family business is a plus point as he will get to absorb certain skills in entrepreneurship. However, entreprenuial skills are meant to be learnt and the idea of ...
... middle of paper ...
... that takes a certain amount of time to learn in order to identify certain entrepreneurial skills that need to be applied in the business itself. She admits that she inherits her boldness form her father but she had to learn how to use the quality for the business at the right time.
This clearly shows that entrepreneurs are more likely made rather than born. Education offers a huge advantage. Entrepreneurial skills are not purely genetic, it is something that needs to be observed and learnt in order to practice it in the real game. Most of the entrepreneurs gain their skills through experience which is also a good source for learning. It is no doubt that some people are born with certain skills such as adaptive thinking and seeing reality with positive spin but these people also need to learn on how to practice those skills in entrepreneurship at the right time.
Hisrich, R.D. and Peters, M.P., (2004) Entrepreneurship, Fifth Edition – International Edition, McGraw-Hill Higher Education
But this still does not give them any satisfaction. And most the time, during holiday because of poverty, student have to sells in the street in order to be be able to help their parents to pay for school tuitions, and sometimes most of them have to create a small business to be able to gain money to help their family, brother and sister schools. The government introduced entrepreneurship programs to promote and enhance skills acquisition, the spirit of creativity, self-reliance and self-independence. In other to examined the determinants of entrepreneurial intention amongst university students in Cameroon, the motivations and obstacles, to entrepreneurship among university students in Cameroon, and whether there is any significant difference between entrepreneurial intention and selected demographic variables (gender, entrepreneurship education, and family background). This could be an example to be carried out by other sub-Saharan countries, to reduce the rate of unemployment. The training and support of more qualified teachers is also something not to be disregarded in the improvement of youth unemployment in sub-Saharan Africa. The capacity of having good and well-
“There is no one definitive profile of an entrepreneur. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and smarts." (Principles of Entrepreneurship)
An essential function of a family is to teach important values to their children. There are many important values that usually come to mind, but entrepreneurship is often overlooked. Children who are raised with the trait of entrepreneurship and decide to apply in their lives see life from an entirely different perspective than non-entrepreneurs. Entrepreneurs see opportunities all around them to make a profit and tend to make better financial decisions. Non-entrepreneurs do not take on projects with much risk involved and they do not see opportunities and everything. Entrepreneurs are more likely to have successful and rewarding careers. Therefore, entrepreneurship should be taught to children to enrich their future.
More time to learn – When children are introduced to entrepreneurship at a young age, they have more time to experiment and learn about the various aspects, than would a person going through mid life crisis. Even the little mistakes they make today could help them a long way when they start something new in the future.
A family business refers to a company where the voting majority is in the hands of the controlling family; including the founder who intend to pass the business on to their descendants (IFC, 2013). Just like all other companies, family businesses are strategically planned and are also innovative thus they have the capacity to accomplish internal growth and stability. A family business can be successful through innovation. Innovation is a group of elaborated connected procedures of search and unearthing, carrying out tests, simulation and implementation, expansion, and promotion of new services and goods (Hisrich, 2013). This paper explores entrepreneurship and family business in the international perspective.
Some of it depicts business visionaries as verging on legendary characters who acquire their abilities from an exceptional hereditary mix. In any case, examination lets us know that entrepreneurship can be learned. The information in this article gives a few attributes and aptitudes you
When considering entreprenurship, I reckon it’s vital to consider the contrast between the skills and genuinely being an entrepreneur. Being an entrepreneur is much more
Entrepreneurships can be two ways whether it is by individual intention or entrepreneur taking by family firm. Based on Kuratko (2005) asserted that an entrepreneurship intention can be developed in ad individual since it is related to the individual characteristics of seeking opportunity, taking risk, and giving tendency to push an idea through. Entrepreneurial that become because of their family have a talent across generation, intelligence to success in business and has a dedication (Poutziouris, 2001). Business that from family has a benefit to the owner because there should ...
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
Dollonger, M. J. (2002). A framework for Entreprenership. In M. J. Dollonger, Entrepreneurship strategies and Resources (pp. 5-6). New Jersey.
One of the hardest jobs I have had in life was being an entrepreneur. I was not one of those students who just had a hobby and tried making some extra money; I was a true entrepreneur. Back in 2010, while attending Texas State University, my best friend and I co-founded an online marketing company. Once we finished the legalities of starting a new company, we were finally prepared to set out and build our business, Row.net. In the article by Jayson Demers titled, 7 Communication Skills Every Entrepreneur Must Master, he highlights 7 critical skills that did, and would have helped me in my short time as an entrepreneur. I will be going over 4 of the 7 critical skills and how they helped my short tenure as an entrepreneur
1. WHY? Develop your "why". As an entrepreneur, not all times you have in business will be perfect. In fact, there will be many, many difficulties along the way. However, if you can develop your why, you can achieve success. Your why must be this personal, passionate, emotional drive that keeps you going, when the world tells you to give up. It is the reason you commit and work so hard. Pushing on when it seems all the odds and world is against you. Your "why" becomes your driving will to wake up and do it again tomorrow.