Minority Entrepreneur Essay

Bygrave, W.D. & Zacharakis, A. (2014). Entrepreneurship, 3rd ed. Hoboken, NJ: John Wiley & Sons, Inc. ISBN: 978-1-118-58289-3

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.

Although much research has been launched into women entrepreneurship and immigrant and minority entrepreneurship as separate topics, there does not seem to be much focus on entrepreneurs who fit into both categories, the ethnic female entrepreneur. This profile covers a woman of ethnic background who launches an organization to create innovative solutions for profit. Owing to the fact that they belong to two categories that face the most challenges in entrepreneurial pursuits, it is necessary to find out how their special circumstance acts as a barrier to their

In Initial Human and Financial Capital as Predictors of New Venture Performance, Cooper et al (1994), reviewed a sample of 2994 entrepreneurs across various sectors, high-tech and non-high-tech, to determine whether an entrepreneur’s upbringing, experiences and education had a statistically significant relationship with the probability of success.

Entrepreneurs are risk takers in the market. They are willing to gamble their hard work for a business that may fail or succeed. Many fail to keep their business alive, however; others are lucky to compete and survive in the market. Entrepreneurs like Maribel Galsim, owner of Maribel’s Daycare, were successful in their business. Maribel’s Daycare was successful because of hard work, patience, and being adaptable.

“The fact that most new businesses fail is hardly a secret”(James Surowiecki). In this quote, Surowiecki is saying that all entrepreneurs know that when they start a business, it can either prosper or fail. Building a successful business takes time and money. However, it also takes a lot of commitment. One has to be focused on his or her goals, and they must do whatever it takes to accomplish them. The most important characteristic of an entrepreneur is determination because it can help a businessperson accomplish any goals they set and build a successful business.

Minority entrepreneurs have many barriers they have to overcome in order to be successful. Some typical problems they face are limited access to capital, lower equity investments, and less exposure to entrepreneurship. Minority entrepreneurs are twice as likely to be turned down for traditional lending, which can discourage them from even applying for a loan. Not only that but they are less likely to be considered by traditional or angel investors. They also generally live in run down areas, with poor schooling and less access to successful people. One entrepreneur who has hurdled over all the barriers and became extremely successful is Russell Simmons, the co-founder of Def Jam Records.

In another situation, a white man and a black man are both equidistant from the

As previously mentioned, this study included a preliminary questionnaire and semi-structured interviews. All participants read and signed informed consent forms, then interview times were scheduled. All interviews last approximately one hour. Participants were asked to reflect as well as be descriptive about the process of becoming a successful entrepreneur. Participants were asked to consider the resources, benefits, and networks through social cohesion that made certain economic achievements available. Within forty-eight hours of the interview, data was transcribed and coded from the voice recorder. The interview method was a semi-structured face-to-face interview environment using open-ended questions.

A lot of African-Americans find themselves dabbling into the entrepreneurship world. As aspiring business owners, many learn their lessons late in life. Often times, we only find out about these lessons through our own experiences and mistakes along the way.

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

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.

The cycle of poverty is an issue that is particularly prevalent in cities where the income gap between the wealthy and the poor is especially drastic. One solution to this cycle is to increase wealth in poor communities, which correlates with producing wealth in communities of color. One way to increase wealth is to target young, minority entrepreneurs. The purpose of this paper is to not only review the factors that hinder the success of minority entrepreneurs, but also to encourage more research regarding the topic. This paper will explore the four main factors that affect minority entrepreneurs: entrepreneurial experience, entrepreneurial activity, business incubation, and leadership capabilities.

As an entrepreneur you're in the uncertainty business, so you need a high tolerance for risk. You need to be willing to fail several times if necessary in order to get it right in the end, and you need to be flexible in your thinking. Your idea may need to change as your journey unfolds, and you need to be open enough to accept and work with that change. Uncertainty is a scary place, so you will need to deal with the fear associated with that. Fear of not knowing where next month's pay cheque is coming from, fear of failure. You must become accustomed to insecurity as a life choice. And you'll need the ability to think creatively so you can change perspective to solve all those inevitable problems that come up.

In this chapter, the socioeconomic and demographic profiles of the respondent-entrepreneurs are discussed. In the later sections the perspectives of these respondents about the importance of incubation centres in order to start or grow their enterprises are analyzed.