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Reflective essay on entrepreneurship
Reflection about entrepreneurship
Reflective essay for entrepreneurship
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The Journey Thus Far and What Lies Ahead
What art we to speaketh of?
This essay aims to examine the academic literature on entrepreneurs and entrepreneurship. It will then proceed to articulate any associations or inconsistencies between the definitions established from literature and the real world examples of entrepreneurs which will encompass individuals running small businesses in counties to founders that are now in-charge of multi-million/billion dollar operations. Subsequently, by employing reflective thinking, this essay will recollect and review the teachings of this course thus far. The takeaways from the teachings will then be applied to the real world practice of entrepreneurship and the quantitative and or qualitative impacts of the lessons learned will be observed. Established knowledge will then be put in comparison with future career prospects to analyse and shed light upon gaps in knowledge.
Academia, what hast thou to tell us?
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Not all entrepreneurs create ventures deliberately by seeking out opportunities, some resort to it as a means of survival in the face of unforeseen and unfavourable circumstances. Farmer turned entrepreneur Mark Edwards is the archetype of one such personality. After taking a huge hit in meat prices due to competitor Tesco and reduced demand for his product, he was forced to innovate in order to afford a living, which is when he came up with the idea of Farmer Ted’s Farm Park. Although, the reasons for building Farmer Ted’s may not be in complete accordance with literature, the traits expressed by Mark Edwards in the process of creating his venture embody many of the universal characteristics of successful entrepreneurs. Adaptability, creativity, passion, grit and courage are only a few of the plethora of traits that Mark encompasses within
Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Sounds complicated, right? Well, it can be. As a teenager I dreamed of working for myself, changing the world, giving people jobs and being my own boss. It all sounded so easy, but the reality is it isn’t. In The E-Myth Revisited, Michael E. Gerber explains why people have confused what being an entrepreneur consist of and he guides you can be a successful business owner. Gerber does this by giving us an in depth understanding of the what, whys and how’s. In this paper I will give a short but informative summary on Gerber’s points.
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.
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
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.
This paper examines the myths associated with what it takes to be an entrepreneur, the profiles and the common characteristics among these successful entrepreneurs.
Conclusion: In conclusion, as Steve said "I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance" that the secret of success. The person who wishes to success, he should recognize his weakness and formulates a plan to overcome them and he must have a clear goal for life. What's need is an idea put into action followed with proper planning and persistency.
We are living in a world that is constantly changing, a place full of uncertainties, in an age of entrepreneurial revolution. Organizations around the world have been actively looking for ways to remain competitive. This can be seen from the rapid pace of innovation in the area of technology, where new products are being released in within short time spans that we had a hard time keeping up with it. Such turbulent environment has created opportunities for companies. However those who failed to join in the revolution will be eliminated from the competition. Therefore to stay ahead of the competition, it is essential for organizations to be entrepreneurial. Entrepreneurship is the process of creating value by bringing together a unique combination
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.
According to Deakins and Freel (1998), the literature on entrepreneurship process has attempted to dichotomies into two approaches, which is from the nature of entrepreneurs and their role in econo...
Majalah Niaga(2013); Super Entrepreneur Tip: Do not Ever Stop Trying- edition 26; available from [magazine] pp 30-32. Retrieved on 7 March 2014
"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.
When faced with the word “Entrepreneurship”, most people would think of ‘opening a business’, ‘innovation’, ‘new discovery’, ‘new idea’, ‘being your own boss’ and so on. We have heard these words so frequently that we automatically confine the entire concept of Entrepreneurship into these keywords. However, Entrepreneurship is not solely about them. Entrepreneurship is a broad concept and different people—experts, lecturers, entrepreneurs themselves—may come up with their own definition.
These theories have their roots in economics, psychology, sociology, anthropology and strategic management. The multidisciplinary nature of entrepreneurial management is given a close examination in this thesis.
The entrepreneurship involves more than just problem solving in a typical management position. An entrepreneur must find, evaluate and develop an opportunity by overcoming with the forces, which resist the creation of something innovative.
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.