The Value of Teaching Entrepreneurship
An essential function of a family is to teach important values to their children. There are many important values that usually come to mind, but entrepreneurship is often overlooked. Children who are raised with the trait of entrepreneurship and decide to apply in their lives see life from an entirely different perspective than non-entrepreneurs. Entrepreneurs see opportunities all around them to make a profit and tend to make better financial decisions. Non-entrepreneurs do not take on projects with much risk involved and they do not see opportunities and everything. Entrepreneurs are more likely to have successful and rewarding careers. Therefore, entrepreneurship should be taught to children to enrich their future.
Several aspects
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One of the biggest expenses for most children is their college education. Entrepreneur start making money earlier in life than most people and therefore has more time to save up money for big expenditures. Another advantage to becoming an entrepreneur is there is no limit to how much you can make compared to an hourly wage earner. If you have a good business product or service you can charge less than a big company with lots of overhead costs, and you can make much more than non-entrepreneurs and minimum-wage. An example of this is when you can charge less than a big company with lots of overhead costs, and you can make much more than non-entrepreneurs working for minimum wage. An illustration of this is when Maury Klein highlights “While still in high school, he ( Warren Buffett) and a friend but a pinball machine for twenty-five dollars, installed it in a barbershop and Sue netted $50 a week from it” (54). This is a wonderful example, Buffett saw an opportunity and his high-risk for spending twenty five dollars upfront for a pinball machine showed he believed that his bed with pay off, and it really paid
I understood some common myths about entrepreneurs. They are said to be born, not made, outgoing energetics and gamblers motivated only by money. To deny the myth, we got introduced to businesses companies such as Tree Planet which aims to solve a social problem and benefit the community. In addition, I got to understand the difference between Exploration(Creative Thinkers) and Exploitation(Financial Managers).I got to know the ways for identifying opportunities such as observing a trend going on, solving a problem and finding gaps in the market (being a pioneer to others).
But this still does not give them any satisfaction. And most the time, during holiday because of poverty, student have to sells in the street in order to be be able to help their parents to pay for school tuitions, and sometimes most of them have to create a small business to be able to gain money to help their family, brother and sister schools. The government introduced entrepreneurship programs to promote and enhance skills acquisition, the spirit of creativity, self-reliance and self-independence. In other to examined the determinants of entrepreneurial intention amongst university students in Cameroon, the motivations and obstacles, to entrepreneurship among university students in Cameroon, and whether there is any significant difference between entrepreneurial intention and selected demographic variables (gender, entrepreneurship education, and family background). This could be an example to be carried out by other sub-Saharan countries, to reduce the rate of unemployment. The training and support of more qualified teachers is also something not to be disregarded in the improvement of youth unemployment in sub-Saharan Africa. The capacity of having good and well-
Another strategy for start-ups to follow during recessionary environment is a “Lean start-up” strategy (Singh et al., 2009). Many start-ups do not manage to survive because they spend a lot of money and time trying to produce products that customers might not need or like and therefore will mathematically drive the company out of business. This is what professor of HBS, Eisenman (Nobel, 2012). Ries, 2011, said; “startup success is not a consequence of good genes or being in the right place at the right time. Startup success can be engineered by following the right process, which means it can be learned, which means it can be taught”. The methodology on start-up businesses is all about avoiding waste in terms of money and time. A good example is through the Toyota Production System (Dennis 2002).
My love for business is not something I was born with. It took over a decade of experience and exploration to discover my passion. This discovery began ten years ago when I accepted a position at The Pitney Bowes Corporation. My job was to make unsolicited phone calls to prospective businesses in order to sell our base model postage meter. All that was required was reading a script, word for word, to potential buyers. Yet, after a week of working at Pitney Bowes, I still didn't know important details about the meter, like what it looked like, and how it actually operated. My manager acted a bit surprised when I asked to see the meter, but she agreed, and I took a walk to an adjacent building where I saw first hand what I was selling. It looked completely different from what I had expected, but by viewing and touching it first hand, my ability to convey to people what I was offering improved dramatically. Once I viewed the device, I felt more confident to adlib on the sales pitch. In a couple of weeks reading my hybrid pitch led to a higher rate of sales. People were more apt to buy from someone who sounded like a person and less like a robot. My sales steadily improved and in my third month I was the number one sales person out of over 200 employees. Management implemented some of my changes in the selling process and as a result, overall sales of the entry model postage meter increased significantly.
An entrepreneur is a person who sets up a business or businesses, taking on financial risks in hopes of making a profit. Prior to presenting our entrepreneurship promotion project, many of our students had a limited, if any idea, of what an entrepreneur is. The purpose of our entrepreneurship promotion project was to educate our fellow classmates on the roles of an entrepreneur and what it takes to become one. Entrepreneurs have to work through extreme measures in order to gain success aside from the fact they shall not dwell on failure and stay motivated to achieve their set goals. This project provided the possibility for our students to meet face to face with real entrepreneurs and discuss the challenges they are faced with choosing to be
Globally, it is felt that entrepreneurship emerged as a progressive and developmental idea for the world of business, Scott (1986). Hence it is in the consideration that entrepreneurship is the vital ingredient not for the current era of globalization only, but also for the future potential performers for creating diverse opportunities, Mita (2002). Entrepreneurs are identified as creator, innovator
Entrepreneurship is a powerful combination of imagination, enthusiasm, vigour, passion, excitement, insight, assertiveness, and hard work which enables great ideas to become more than just a dream but a reality (Bessant and Tidd 2011, p. 10). Bessant and Tidd (2011, p. 11) suggests entrepreneurship is a human characteristic which combines structure with passion, planning with vision, tools with the wisdom to use them, strategy with the energy to execute it and judgement with the propensity to take risks, and the new start up venture in which the lone entrepreneur takes a calculated risk to bring something new into the world.
More and more countries are giving more and more importance to entrepreneurship studies and entrepreneurial programmes which have contributed largely to develop and shape an attitude and inclination towards entrepreneurship as a career in students. But still there is a popular question if entrepreneurs are born or made. There have been lot of research to determine if entrepreneurs are a special breed of human, with a need to achieve and succeed or if they can be created through education, training and
The article of ‘’entrepreneurship and Comparative advantage’’ written by Carmen Elena Dorobat and Mihai-Vladimir Topan shows the relationship between comparative advantage and entrepreneurship and the role of entrepreneurship in the international trade. It also goes in depth to explain the importance and the need for the entrepreneurship in the modern society and the ways it can affect the certain aspects of the economy of a nation and furthermore explains in brief the history of entrepreneurship. The article also explains the relation of entrepreneurship and international specialization and the important concept of the entrepreneurial judgment.
•Knowledge- Knowing what they are doing is crucial to the business world, if an entrepreneur opens up a business because they want to, then they will lose that business in a second as they do not have the skills to keep finances and products afloat.
Entrepreneurships can be two ways whether it is by individual intention or entrepreneur taking by family firm. Based on Kuratko (2005) asserted that an entrepreneurship intention can be developed in ad individual since it is related to the individual characteristics of seeking opportunity, taking risk, and giving tendency to push an idea through. Entrepreneurial that become because of their family have a talent across generation, intelligence to success in business and has a dedication (Poutziouris, 2001). Business that from family has a benefit to the owner because there should ...
Entrepreneurship - a special kind of activity. Its constant conditions are limited resources, competition and uncertainty of the situation. The main tools of the entrepreneur are: thrift, cooperation and innovation. Consequently, enterprise is the independent economic entity, with rights of a legal entity, which is based on the use of labor collective property produces and sells products, works, and provides services.
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.
Being an entrepreneur, is advanced citizenship, you have to want it real bad. Entrepreneur is not entitlement. Being an entrepreneur is a life commitment. Like in the movie Wall Street, a famous line was "You can 't be a little bit pregnant." The fact is you can 't be an on again, off again entrepreneur.