Introduction To Entrepreneurship

Entrepreneurship is a process by which individuals pursue opportunities without regard to resources they currently control for the purpose of exploiting future goods and services.

Venture Capitalist, Fred Wilson said that entrepreneurship is an art of turning an idea into a business.

There are firms called entrepreneurial firms. entrepreneurial firms are proactive, innovative, and risk-taking. Entrepreneurial firms is not determined by the industry of the company, but it is about the behaviours , and the cultures of the company. So entrepreneurial firms could exist in any company that practice corporate entrepreneurship, however because of the imperative to innovate, entrepreneurial firms commonly exist in a firms that needed to be proactive, innovative, and risk-taking, for example, tech-company.

Corporate Entrepreneurship is an orientation toward acting entrepreneurially in an established firms. So, any firms that have and do the behaviours, and cultures of entrepreneurship practice corporate entrepreneurship, and the position of a firm on this continuum is referred to as it’s entrepreneurial intensity

Three Primary Reasons to Be an Entrepreneur:

1. Be Their Own Boss

This doesn’t mean that entrepreneur can’t work as team. Instead, many entrepreneurs want to own their own firm, have an ambition, or frustrated working in a traditional jobs.

2. Pursue Their Own Ideas

Some people are naturally alert when they recognize ideas and have a desire to make those ideas happen.

3. Pursue Financial Rewards

People start their own firms to pursue financial rewards, but this often fails to live up to it’s hype, as what Richard Branson said “It wasn’t just the money, it was the thrill of building the business and seeing the success of the idea”.

Characteristics of Successful Entrepreneurs

1. Passion for the Business

This passion typically are from the entrepreneur’s belief that the business will positively influence people’s lives and having passion is important so founders don’t give up and able to overcome challenges.

2. Product/Customer Focus

Steve Jobs said that “The Computer is the most remarkable tool we’ve ever built, but the most important thing is to get them in the hands pf many people as possible.” It means that customer focus is one of the most important thing as an entrepreneur.

3. Tenacity Despite Failure

Because of always trying something new, the possibility of failure exists. So it is important to have the tenacity despite failure.

4. Execution Intelligence

The ability to transform a solid idea into a viable business is a key characteristic to become a successful entrepreneurs, which is called execution intelligence. Idea is everywhere, important, and anyone can have a solid idea, but more important than that is to be able to execute properly. 

Common Myths About Entrepreneur

1. Entrepreneurs Are Born, Not Made

It is a mistaken belief that entrepreneurs are born. Studies shows that entrepreneur is not genetically different, so it is valid that entrepreneurs are actually made, not born.

2. Entrepreneurs Are Gamblers

Entrepreneurs are usually moderate risk takers, which means entrepreneurs are optimist but also realistic when taking risks.

3. Entrepreneurs Are Motivated Primarily by Money

4. Entrepreneurs Should Be Young and Energetic

5. Entrepreneurs Love the Spotlight

Some are flamboyant, but the majority doesn’t want to attract public attention. So it’s not about the job, but more about the personality of each entrepreneurs.

Types of Start-Up Firms

1. Salary-Substitute Firms

2. Lifestyle Firms

3. Entrepreneurial Firms

Changing Demographics of Entrepreneurs

Over the past 10 years, the demographics of entrepreneur firms has changed in US and around the world. Women, minorities, seniors, and young people own an increasingly larger number of them.

Economic Impact of Entrepreneurial Firms

1. Impact on Society

Because of innovations, productivity, health, entertainment, and lives are easier and better.

2. Impact  on Larger Firms

It affects the effectiveness of larger firms, such as supplying parts of products to larger firms.

The Entrepreneurial Process

1. Decide to become an entrepreneur

2. Developing successful business ideas

3. Moving from an idea to an entrepreneurial firm

4. Managing and growing the entrepreneurial firm

Personal Opinion

In my opinion, an entrepreneur must have, do, and understand the key characteristics to become a successful entrepreneur. They need to have the right mindset, proficient skillset, leadership, and a fighter mentality so they can overcome every problems and challenges.

References

Bruce R. Berringer; R. Duane Ireland. Entrepreneurship: Introduction to entrepreneurship (pp. 3-30).United States of America:Pearson.