Passion and Motivation
Question:
Discuss about the Entrepreneurship in International Emerging.
The mission of this task was to discover whether the entrepreneur matches the personality attributes. The personality and personal history lead people to become successful entrepreneur. There were various attributes of entrepreneurs that were noted from the interview. The first noted attribute is passion and motivation (Muralidharan & Pathak, S. (2017).
Passion is a fundamental trait in the entrepreneurship. This trait makes an entrepreneur to work on again and again without becoming bored. Also, it help keep entrepreneurs awake because they have not finished their work. It also makes an entrepreneur built and improve upon their strategies over and over. Passion further makes the entrepreneur to enjoy their tasks and continue to do it for a life (Molina, Ortega & Velilla, 2017).
The demonstration of passion as well as motivation determines the success of an entrepreneur in any entrepreneurial venture. Success for an entrepreneur is a function of passion as well as determination. It drives entrepreneurial activities from building and implementing prototype, to pitching his idea to venture capitalist. Risk taking is another key attribute of the entrepreneur. They are ready to drive deep into the future of the uncertainty. However, it has to be acknowledged that not all risk takers are successful entrepreneurs (Karwowski & Stockhammer, 2017).
What distinguishes a successful entrepreneur from others is that successful ones are willing to risk their time and money on unknown. They at the same time keep resources, plan as well as bandwidth for the dealing with the unknown unknowns in reserve. When a successful entrepreneur is evaluating risk he will ask himself whether the risk is worth the cost of his career, time as well as money. A successful entrepreneur will what he will do in case the said venture fails to pay off (Omisakin, 2017).
A successful entrepreneur will also have such attributes as self-belief, hard work and disciplined dedication. An entrepreneur enjoy what he does and believe in himself and is confident and committed to his project. An entrepreneur, occasionally might show stubbornness in his intense focus on as well as faith in his idea. Yet the flip is his demonstrated discipline and dedication.
The adaptability and flexibility is another essential attribute of a successful entrepreneur. It is better to be passionate and even stubborn regarding what to do. But being rigid about a client or market needs shall culminate in failure. An entrepreneurial venture is never simply around doing what one believe is good, but further making successful business out of the venture.
Market needs remain dynamic: alterations are a repeated phenomenon. Successful entrepreneurs welcome every suggestion for optimization and customization which improves their offering along with satisfies client besides market needs. A product that is developed for oneself solely might qualify as a hobby, however, a product for market need to satisfy the needs of the market.
Choosing the right path is effective for individual who want to be either employees or entrepreneurs. Making a decision on the career path remains the single most significant choices one make in his life. A career which one is not solely successful in, but further enjoy doing will affect all the elements of one’s life in a non-negative manner. But do people really explore every option prior to making a given decision. An average individual will switch career paths various times within his lifetime for numerous reasons. But when making a choice, it remains significant to regard all different variables which play out in a career, encompassing financial stability, job security and job market.
Risk-Taking
A fundamental query which get neglected by numerous individual looking to begin a new career, or merely entering job market for initial time, is whether or not people want to be entrepreneur or employee. Indeed, most individuals struggle with distinction between two as they solely saw employment as choice which was available for them. People are usually encouraged to land a great job, and several of us do not think about establishing their individual employment by becoming business owners.
Knowing the distinction between employment and business mindset is essential to fathoming which alternative would work for an individual and how being an employee or owner of a business can suit an individual’s personality as well as goals. The key different between self-employment and employment is having extra control. An entrepreneur has extra freedom in making a decision on workload and work hours besides having less supervision with regards to how work is undertaken. An entrepreneur has to take on challenges and work hard to thrive but the outcome are worth struggle (Nielsen et al., 2017).
An entrepreneurship is for people who are driven, want to take on challenges, want extra control of time and money, as well as thrive in happiness of building individual future, taking entrepreneurial path might be the unsurpassed choice. An entrepreneur has to get prepared to be responsible for every financial cost of organization, marketing as well as promoting oneself, and gaining clientele. Mentorship is significant to successful entrepreneurship as mentors teach and guide entrepreneurs through needs and responsibilities of industry
Certain differences exist between entrepreneurs and employees. Being an entrepreneur revolves entirely around mindset. Differentiating an entrepreneur from an employ is appropriate. The first difference is that entrepreneurs enhance their skills whereas employees enhance their weaknesses. Entrepreneurs do not see weakness as bad thing like employees. An entrepreneur draws his strength from the weakness. An entrepreneur thrives on the lousy work since placing out lousy work implies that at least he is producing, and it is better to create and fail than not creating at all. Employees on the other hand remain under watchful eye of their bosses and strive for perfectionism with a view that no one needs a black mark (Terry, 2017).
Entrepreneurs assert ‘no’ to opportunities while employees embrace them. The distinction between successful individual and really successful individual is that really successful ones say no to almost everything (Schwens et al., 2017). Entrepreneurs delegate while employees practice the “DIY”. Entrepreneurs frequently look for means to get things off their corresponding plate as they are aware that monetary value of their time, and emphasize on things solely they can do. Employees on the other hand are opposite as they attempt to do everything themselves, and see it as weaknesses where they cannot juggle it all.
The entrepreneurs mono-task while employees (try to) multitask. There is never such a thing as multitasking. Despite what employees need, such a statement is a self-evident truth. Entrepreneurs thrive on risk while employees evade it. An entrepreneur further believe in seasons while employees have a belief in balance. An entrepreneur is never threatened by smarter individual but hire them but employee are threatened by smarter people (Muralidharan & Pathak, 2017).
Self-Belief and Discipline
Various reasons make an individual to be entrepreneur than an employee or a professional. From the interview, several reasons stood out to influence one’s decision to be an entrepreneur. People love to entrepreneurs to be able to set their individual schedule around their family lives. Some interviewees like a busy Mon of two said that she liked being entrepreneur because entrepreneurship avails flexibility to schedule clients around her children’s sport, school schedules as well as doctor appointments.
Another interviewee chose to be an entrepreneur because it presents opportunity to take calculated risk on a passion. Another interviewee chose to be an entrepreneur because it allowed her to rediscover himself constantly. To her, entrepreneurship helped him discover his passion for what he is pursuing, his strength in challenging scenarios as well as his resilience in case of a barrier (Goyal, Sergi & Kapoor, 2017). Another interviewee loved owning his own business and feels there is often something he can do to improve.
Another interviewee chose to be entrepreneur since it allows him to literally own his destiny. He believed that it gave him chance to earn more money by working harder. Another interviewee chose to be an entrepreneur because it provides an opportunity to able to create something from nothing. He got to bring his new programs and ideas to his clients and to hard-working professional daily. Another interview got into entrepreneurship because it gave him the motivation and discipline to become the hardest-working version of himself (Bellavitis et al., 2017).
Another interview preferred entrepreneurship since it provided endless possibilities where one can be as creative and innovative as he wants to be with most rewarding results. Another interview decided to be an entrepreneur because it allowed him to create his own definition of success. Another interviewee was attracted to entrepreneurship because it enables him respond to opportunities swiftly unlike his past corporate life whereby making decision could be prolonged that the said opportunity really vanished before every party might get together to reach a decision to proceed (Shepherd & Patzelt, 2017).
Conclusions
The conclusion I made from the understanding entrepreneurship and entrepreneur in terms of attributes of an entrepreneur and reasons why people choose to being entrepreneurs instead of employees. As revealed above, it is clear that GEM principles aligns to the attributes of an entrepreneur. Specific attributes are necessary for one to be a successful entrepreneur and this has been affirmed by the principles of GEM (Anggadwita et al., 2017).
This interview has greatly impacted my intended approach to the project. After having understood the various reasons why people choose entrepreneurship rather than employment, I will subsequently, focus my project on entrepreneurship rather than employment.
References
Anggadwita, G., Anggadwita, G., Luturlean, B. S., Luturlean, B. S., Ramadani, V., Ramadani, V., … & Ratten, V. (2017). Socio-cultural environments and emerging economy entrepreneurship: Women entrepreneurs in Indonesia. Journal of Entrepreneurship in Emerging Economies, 9(1), 85-96.
Bellavitis, C., Filatotchev, I., Kamuriwo, D. S., & Vanacker, T. (2017). Entrepreneurial finance: new frontiers of research and practice: Editorial for the special issue Embracing entrepreneurial funding innovations.
Goyal, S., Sergi, B. S., & Kapoor, A. (2017). Emerging role of for-profit social enterprises at the base of the pyramid: the case of Selco. Journal of Management Development, 36(1).
Karwowski, E., & Stockhammer, E. (2017). Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies. Economic and Political Studies, 5(1), 60-86.
Molina, J. A., Ortega, R., & Velilla, J. (2017). Feminization of entrepreneurship in developing countries.
Muralidharan, E., & Pathak, S. (2017). Informal institutions and international entrepreneurship. International Business Review, 26(2), 288-302.
Nielsen, S. L., Nielsen, S. L., Gartner, W. B., & Gartner, W. B. (2017). Am I a student and/or entrepreneur? Multiple identities in student entrepreneurship. Education+ Training, 59(2), 135-154.
Omisakin, O. M. (2017). Economic Contributions and Challenges of Immigrant Entrepreneurs to Their Host Country–Case of African Immigrants in Auckland, New Zealand. Journal of Business Administration Research, 6(1), 25.
Schwens, C., Zapkau, F. B., Bierwerth, M., Isidor, R., Knight, G., & Kabst, R. (2017). International Entrepreneurship: A Meta?Analysis on the Internationalization and Performance Relationship. Entrepreneurship Theory and Practice.
Shepherd, D. A., & Patzelt, H. (2017). Researching Entrepreneurial Decision Making. In Trailblazing in Entrepreneurship (pp. 257-285). Springer International Publishing.
Terry, T. (2017). Reasons Why BTU Has Good Building Services!!.
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