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...
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Failure and learning have a complicated, yet important relationship with each other. In ‘A Nation of Wimps’, Hara Marano writes about how through trial and error humans can become successful. An article by Robert I. Sutton of the Harvard Business Review, talks about a method of learning from failure. Dr. Everett Piper describes in the article ‘This is Not a Day Care’. It’s a ‘University’ that students who do not repent their sins can not learn from them.
In my quest to gain as much knowledge of the business world as I can, I have come across another personal goal of mine: to overcome my immense fear of failure. Every regular human being has an innate fear of failing, whether it be because of societal pressure, or instinctually ingrained behaviors, it is present in everyone. The goal of taking this entrepreneurship class was originally to learn about creating your own business, but after reading Tina Seelig’s What I Wish I Knew When I Was 20: A Crash Course on Making Your Place in the World, I have become driven to be able to step out of my comfort zone. This book covers a multitude of topics, nearly all boiling down to one lesson; Always take the risk.
Predecessors said that failure is the mother of success but in my personal experience, success is also the mother of failure. A quote from a successful male entrepreneur in Malaysia which is Tan Sri Robert Kuok Hock Nien. He was born on October 6, 1923 in Johor Bahru, Johor and is the youngest among the 3 siblings. His father was a Chinese business man, helped his uncle to run rice, soybeans and sugar business. Since the Kuok family became local small rich, Robert’s father able to provide education for him and he was graduated from the popular Singapore Raffles College. Good education became a foundation or base for Robert to manage his business.
Cultivating a taste for failure and chaos Schmidt encourages it: “Please fail very quickly—so that you can try again.. he had praised an executive who made a several-million-dollar blunder: “‘I’m so glad you made this mistake. Because I want to run a company where we are moving too quickly and doing too much, not being too cautious and doing too little. If we don’t have any of these mistakes, we’re just not taking enough risk.’”
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.
"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.
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.
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.
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...
We learned a lot of things in this course, but I think the most important lesson I learned is that it’s not easy to be an entrepreneur. I was surprised to hear in the first class that 80% of startups fail, but after reading The Art of Start and E-myth Revisited I understood why this happens more often than one might expects. Some people start their own businesses for the wrong reason and some start with wrong mindset. I’ve always thought that if someone has a brilliant business idea and hardworking they will succeed and grow their business. However, now I know that there are many things to consider before starting any business. In fact, there are many strategies that an entrepreneur could follow to achieve success, such as know your customers, work “on” the business, and how
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.
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.
Most successful entrepreneurs are have a passion for their product or service as well as a desire to solve a problem and make life easier, better, cheaper (10 Qualities of successful entrepreneurs, 2010). Their desire to be an entrepreneur is mostly due to in internal factor rather than an external such as money.
Majalah Niaga(2013); Super Entrepreneur Tip: Do not Ever Stop Trying- edition 26; available from [magazine] pp 30-32. Retrieved on 7 March 2014