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.
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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
Bootstrapping is when an entrepreneur starts a business with little capital. Kawasaki says, “Entrepreneurs can bootstrap almost any business” (80). This business model has low up-front capital requirements, short (under a month) sales cycles, short (under a month) payment terms, recurring revenue, and word-of-mouth advertising which could beneficial to a beginning entrepreneur. The art of recruiting is employing those that are better than you; those that have more to offer the business, including their weaknesses. Don’t underestimate what they could possibly do for the future of the business. The last principle of activation is the art of raising capital. Pitching plays an important role in this principle; however, offering your investors a real picture of what your company is about is most important. Disclose everything about your business. Don’t leave anything in the closet for the investors to find out later, which could damage credibility. Kawasaki also suggest that an entrepreneur’s beginning investors could include venture capitalists, foundations, friends and family
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).
Entrepreneurs forever ought to begin any business by themselves if they one thing got to be done. They create the bounds and become dedicated towards achieving their goals, vision, mission and objectives. Businessmen are headworker, creative, positive minded and opportunities taker further. They are doing not anticipating someone to grant them permission.
Starting a business requires many factors to be successful. The desire to be one’s own boss, pursue one’s own idea or for financial rewards; all must be done with savvy and persistence. Failure should not be an option but a learning process that guides future decisions. We see in the case of the Savvy Entrepreneurial Firm the tenacity and persistence against all odds to survive and be successful because the entrepreneurs were passionate and believed their product would improve the everyday lives of individuals. The analysis of this case attempts to explore the character of individuals and their tenacity to remain firm in their business endeavors.
When was the last time you laid in bed staring at the ceiling? Many nights I have laid in bed considering how best to convey my passions and plans. Being an entrepreneur is more than owning and running a business, it is sparked from the soul and manifests every time I push forward. Often, I feel like a rubber band. I stretch myself farther and farther until I adjust to the new tension; then, I do it again. Change is not an option; it is an absolute. To me, entrepreneurship is synonymous with the need to improve.
Driven by an intense commitment and determined perseverance, entrepreneurs work very hard at what they do. They excel and want to win. Entrepreneurs are amazing people with a high respect of character. They use their mistakes as something to learn from rather than a failure. No matter the outcome, they believe in themselves and have an extreme confidence not only in themselves, but also in what they do.
There stands many poems about entrepreneurs. The poem Entrepreneurship by Eric Niehoff presents the exact attitudes needed by an entrepreneur to attain success. “Creative and driven, bound to succeed, seeing opportunity, where others concede” (Niehoff).This illustrates t...
By understanding ones entrepreneurial identity or to be able to construct ones identity can help to develop the capacity of a person’s entrepreneurial learning in study or in workplace.
What is Entrepreneurship? In simplistic terms it is defined as the activity of setting up a business or businesses, taking on financial risks in the HOPE of profit. Why in the world would a person want to assume the financial risk on an opportunity that may or may not pan out? One could argue that it is best to obtain a quality education and go to work for an established company; however, an Entrepreneur is a person that sees how a company or an opportunity that hasn’t been successfully explored and they convince themselves that they can do it better than anyone or business can and this is how I will do it! Prior to an entrepreneur saying this is how I will do it, they must go through a process of innovation. My wife and I are no different, we spent the past three years formulating our business plan to provide our clients with first class services. The innovation theory that is applicable for our business venture is healthcare disruptive theory and I will explain how important it is innovation theory to the overall innovation and entrepreneurship competency framework.
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 ...
Unlike Schumpeterian entrepreneur who is the one to introduce a new product, a new technology, or a new method of production which is more efficient. Kirnzer had given us a description of entrepreneur form endoplasmic.
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.
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
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.
entrepreneurs have the ability to come up with new ideas in various situations of which one might have never imagined. Entrepreneurs have a curiosity that identifies overlooked niches and they are constantly trying to innovate (Robinson, 2014). They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.