Introduction
This paper will examine whether repeat entrepreneurs search for opportunities differently than entrepreneurs who found only one company. Before examining the case for or against this theory, a brief discussion what makes up an entrepreneur opens this paper. From there it moves into a brief discussion of Howard Stevenson and his importance within the field of study of entrepreneurism. Then the focus turns to a case for or against whether repeat entrepreneurs search for opportunities differently than entrepreneurs who found only one company. To emphasize the findings discussed, a brief case study of a successful entrepreneur hopes to reinforce the concepts discussed. The paper will close with a summation of the findings and determination if repeat entrepreneurs search for opportunities differently than entrepreneurs who found only one company.
Entrepreneur
Before any real discussion of whether repeat entrepreneurs search for opportunities any differently than than entrepreneurs who found only one company begins, a brief discussion on what an entrepreneur is will ensure there is a clear understanding of what makes up an entrepreneur. According to Merriam-Webster (2013), and entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise. A more in depth view demonstrates that an entrepreneur is an individual who recognizes an opportunity to bring a new or different product to the marketplace. He takes the time to build a business plan to bring his product or service to the marketplace. Finally, he starts and manages the business looking to make a profit while assuming all risks for the business.
Howard Stevenson
Harvard Business School professor Howard Stevenson summed up ent...
... middle of paper ...
...2013). Entrepreneur. Retrieved from http://www.merriam-webster.com/dictionary/entrepreneur
Misner, I. (2003). Build relationships that last. Retrieved from http://www.entrepreneur.com/article/62140
Schurenburg, E. (2012). What's an entrepreneur? The best answer ever. Retrieved from http://www.inc.com/eric-schurenberg/the-best-definition-of-entepreneurship.html
Shaich, R. (2013). Every leader’s job: Discover tomorrow today. Retrieved from http://www.linkedin.com/today/post/article/20130507163249-25745675-every-leader-s-job-discover-tomorrow-today
Stoiber, M. (2011). How do you innovate dignity? Retrieved from http://www.marcstoiber.com/2011/06/02/how-do-you-innovate-dignity/
Ucbasaran, D., Westhead, P. & Wright, M. (2011). Why Serial Entrepreneurs Don’t Learn from Failure. Retrieved from http://hbr.org/2011/04/why-serial-entrepreneurs-dont-learn-from-failure/ar/1
Mc Cornish, Bruce. 2001. Antilogy, Why Business Fail While Individuals Succeed, John Wiley & Sons Inc.
This understanding does not come automatically. We make a conscious choice to challenge our assumptions and models. And usually, we do so as the result of a failure. This has been true from the time we first tried to walk or ride a bicycle. We fall down, it hurts, and we try another approach. An amazing number of high-ranking executives report that early failures in their careers taught them lessons that ultimately led to their success. Failure provides a motivation for organizations to learn,
Gino, F., & Pisano, G. (2011). Why leaders don’t learn from success. Retrieved from http://hbr.org/2011/04/why-leaders-dont-learn-from-success/ar/1
Failure and success are often seen as dichotomies of one another in the context of business, that is failure is the opposite of success or vice versa. However, in recent history the business landscape particularly that of the rise of entrepreneurs has led the ground work towards embracing failure as an important constituent for future accomplishment. Many of the world’s most successful business man come from a background of both personal and professional failures, such as Steve Jobs and Bill Gates, both of whom dropped out of colleges and have a long list of botched ventures prior to achieving the successful ventures that have established
In the documentary “Call of the Entrepreneur,” three successful entrepreneurs, Brad Morgan, Frank Hanna, and Jimmy Lai, are presented to explain their views on entrepreneurship and in turn leadership. Brad Morgan is the owner of a million dollar dairy and compost company, Frank Hanna is a merchant banker in New York City, and Jimmy Lai is the founder of Giordano department stores and Next Media. A central theme of the documentary is how each of these businessmen displays the characteristics of persistence, patience, and perseverance to overcome frustrating obstacles and become successful. The film defines entrepreneurship and explains how the entrepreneur responds positively to consumer demands and is able to organize and direct others toward a goal only the entrepreneur can see. The film shows that though some entrepreneurs are driven by greed and some are not, the ones that are successful are answering the needs of consumers.
Entrepreneurship is a powerful combination of imagination, enthusiasm, vigour, passion, excitement, insight, assertiveness, and hard work which enables great ideas to become more than just a dream but a reality (Bessant and Tidd 2011, p. 10). Bessant and Tidd (2011, p. 11) suggests entrepreneurship is a human characteristic which combines structure with passion, planning with vision, tools with the wisdom to use them, strategy with the energy to execute it and judgement with the propensity to take risks, and the new start up venture in which the lone entrepreneur takes a calculated risk to bring something new into the world.
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
“I've known entrepreneurs who were not great salespeople, or didn't know how to code, or were not particularly charismatic leaders. But I don't know of any entrepreneurs who have achieved any level of success without persistence and determination” -Harvey Mackay.
When embarking on a new venture, managing and existing business or trying to increase the success of a company, it is important to be aware that entrepreneurships not just about being innovative and taking chances.
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
Vital, A. (2013). Serial Entrepreneurs – The Founders Who Pursue Multiple Opportunities. Retrieved from http://fundersandfounders.com/serial-entrepreneurs-how-to-pursue-multiple-opportunities/
Simon (2007) found that no evidence to substantiate that entrepreneur are more self confident than non entrepreneurs and over confidence is bad for success in business, success as an entrepreneur is primarily determined by the individual’s smartens. According to Nandram and Samson (2007) the main determinants of a successful are found to be – watchful to spot the opportunities, persuasive, goal oriented, self confidence, creativity, courage, trustworthy, ambitious, capacity for empathy, perseverance and locus control. There was a significant relationship between need for achievement, innovation, internal locus of control, marketing and lack of bureaucracy and success entrepreneur. “Those entrepreneur’s personal characteristics such as need for achievement, need for cognition and internal, locus of control have positive influencer on firm performance” David and Edward
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.
An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs.