Theories Of An Entrepreneur

From my interview with Valdis Dunis, there were insights about the entrepreneur’s reasons, strategies, approaches and motivation for starting and owning a business. Other insights that I discovered were the realities of entrepreneurship that contradict or confirm the myths about entrepreneurship.

Reason and motivation of starting an entrepreneurial venture

Valdis emphasize that the reason for someone to become an entrepreneur should be based on making the world better and to create a “baby”. The first he described as his motivation to become an entrepreneur. The motivation to start up a company, especially with new innovation, enables the entrepreneur to change the world, make it better, and improve on existing issues while the entrepreneur will feel good. This could be described as self-actualization based on Maslow theory of Hierarchy of Needs.

He describes the later as entrepreneur’s attachment to their venture. They want it to last forever, symbolizing it as their children and nurturing to adulthood, from a baby at the startup stage, to adolescent, teenager, and adult. However, Valdis did warn about the downside of this attachment. If the entrepreneur is overly attached to their business then they are late to realize to exit the business when in trouble.

This in a sense is that the entrepreneur will have to convince a lot of people. Starting with the entrepreneur. This he describes as conducting a feasibility study of the pros and cons of the idea before selling or pitching the idea to other people that will contribute in the venture. For example, colleagues you want to join, investors that bring money and suppliers that will support the technical components. In this circumstance, Valdis states that the entrepreneur to be successful must always be prepared to sell himself then selling his