Entrepreneurs Are Born Not Made And How The Small Start Ups Changed The Business Industries Essay

Entrepreneurship is a term that has reentered the public vernacular over the last few years, many times in reference to what is wrong with America but what it means is rarely defined. Furthermore, it is generally agreed that more Entrepreneurship is a desirable trait but how to go about encouraging it is again a point of contention. This paper will address a specific facet of entrepreneurship and attempt to discover what are the key drivers to foster an entrepreneurial spirit from childhood.

Title I and Title V of the Americans with Disabilities Act 1990. This is also administered by the EEOC to aid small businesses. This law makes it illegal to discriminate against a

more child care centers, dry cleaners, fast-food restaurants, and other services to assist people more than ever before.

Almost every entrepreneur had a rocky start and most small businesses fails during the first year of its opening. Two entrepreneurs in their twenties, who wanted to help people live a better and healthy life, loaned some money to open a small business selling natural food store in Texas. At the time, there are not many natural foods markets around. The couple named their business SaferWay as a spoof on Safeway. Like almost all entrepreneurs, they had a rocky start, they even got kicked out of their apartment for storing food products. After a couple of year, the two entrepreneurs agreed to merge SaferWay with Clarksville Natural Grocery and named the new business Whole Foods Market. Even after the merge the company continued to have challenges like any other businesses. In less than a year after opening, a devastating flood wiped out Whole Foods inventory plus thousands of damages. Without any insurance the company’s future looked undesirable. Thanks to the community, they opened the store again in a month.

Small businesses were once the backbone of the United States economy. After a time these business owners expanded, merged, and bought other businesses. This historic business trend has created some the well know corporations we know of today. One example would be the development of Wal-mart. Today, small businesses operate in the shadows of “big box” stores. However, small business owners account for more than 90% of, but only less than 5% or 10% of the GDP, “gross domestic product.” As a manager of a large corporation or a prospective business owner it is wise to be knowladgeble of new competitors, state of the economy, and current management trends. There are trends today that will change everyone’s expecatons of small business

America founded the principle of freedom. One of the liberties is the ability to start or to own a business. Entrepreneurship helped establish the US economy. Small business and business ownership are the heart of the American business world. Since early colonial times, early Americans have looked for ways to start a better life. Today, business owners have transformed and developed the American economy into a mega structure. Throughout the start of the American economy, there have been numerous changes that have helped shaped the economy. The small businesses have a unique history and characteristics as well as the advantages and challenges.

Small businesses are essential to the fabric of the American economy. Specifically the franchise model offers an easy way for an entrepreneur to attain success in the increasingly difficult and murky economical landscape. The U.S. Census Bureau estimates that over 13% of the total American workforce is compromised of franchisee employees. That equates to roughly 7.9 million workers. And while many have found unbound success within the realms of franchising, there are risks specific to undertaking such an expenditure.

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

In recent years, the Information technology sector has really taken-off and boomed up due to various factors such as enormous funding, alliance activities, revolutionarising technology and a rapid increasing domestic market.

There are two reasons entrepreneurs form business entities: to protect personal assets and to reduce taxes, limited liability companies (LLCs) do both. Since their widespread application in the 1990’s, LLCs have become the most popular U.S. entity formation (Garcia-Gallont & Kilpinen, 2015). As is the case of corporations, limited liability provides “a mythical ‘corporate veil’” (p. 411) that protects the members’ personal assets from creditors (Albert, 2015).

Over the years, especially around the year 2000 till date, entrepreneurial education has taken different approaches in ensuring the effectiveness of the education system (Gibb & Price, 2014). These different approaches taken is to ensure the effectiveness and efficiencies of the outcome of entrepreneurial education in achieving its argued importance (Fayolle, 2007). Over time, continuous arguments had arisen among scholars pertaining to the contribution of entrepreneurial education towards influencing students to become entrepreneurs. For instance, the studies of Adelaja (2015), Lourenço, Jones, and Jayawarna (2015) and Elmuti, Khoury and Omran (2012) conclude positive influence of entrepreneurial education on intention to become entrepreneurs among students. While the conclusions from studies such as and St-Jean and Mathieu (2015), Bilić, et al. (2011) and Lorz (2011) conclude that entrepreneurial education has no significant relationship with the intention of students to become entrepreneurs.

What happens when your paychecks stop? I am no longer employed. Perhaps this is the time for me to pursue self-employment! Starting a small business in this tough economy won’t be easy. But after experiencing workplace bullying, the most devastating experience any employee can be subjected to, I am willing to consider the risks. Bhide (1999) found in his research “most startups derive from individuals seeking self-employment rather than the conduct of an entrepreneurial effort to develop new products, markets, technologies, and so on” (p. 19).

The new century has brought upon the most advanced consumer products that are simply magical. The smartest man from only a few decades ago could never imagined that a hunk of metal, electricity, and glass the size of a wallet could give the average American access to all of the worlds documented information. Technology has shaped the world at an alarming rate, it is a crazy time to be alive. Technology changed how we interact with our peers and loved ones, in my opinion, humanity has evolved.

The overall objective of this individual assignment is targeted in two separate, yet strongly interrelated sections. Our first task is concerned with one inspiring entrepreneurial story and its reasons for success. Furthermore, other factors for success will be discussed, in the light of relevant literature. Additionally, I will identify the personal takeaways I can take from it. To support this, I also intend to explain the logic used to identify these takeaways. Other interesting details of this entrepreneurial story, but not relevant for the main critical analysis, will be placed in the appendix.

INSTRUCTIONS TO CANDIDATES 1. This question paper consists of four (4) parts : PART A (20 Questions) PART B (20 Questions) PART C (5 Questions) PART D (2 Questions)