Understanding The Spirit Of Entrepreneurs

Entrepreneurial spirit is the implantation for creative inspiration. Tomorrow’s innovation and future economy are the key factors of successful entrepreneurship. By working hard you can gain physical capital to create a new idea or product for the market. A successful entrepreneur always improves his or her service to give the customer what they want. An ambitious entrepreneur must have leadership skills and mind set for innovation. Important sign of entrepreneurial spirit are to calculate risk-taking and engage in

Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

Bygrave and Zacharakis draws concept of entrepreneur close to heart of students. When I study this book, as well as I do my own research on my venture it makes sense to me. On the other hand, this book have reliable information-packed with unique resource to shows me how to identify good business opportunities, create a business plan, do financial projections, find financing, and manage taxes. Yet, this book also had other topics which include marketing, selling, legal issues, intellectual property, franchising, starting a social enterprise, and selling your business. These entire analyst, I find myself benefit from this book. The authors outline some fundamental assumptions supporting the belief that all entrepreneur venture should know before start up a business. The authors say “entrepreneurship is an iterative cycle between thinking and acting.” I find they statement is true. When I make the comparison of my bakery venture , I find myself far back compare to the rates the areas I do researches on it. But now I go through this book I think my idea of bakery was “widely used throughout the business world.” The authors pays particular attention to enlighten the entrepreneurs paths, they argue that it is important to prepare well business plan. I like these outlines which Bygrave and Zacharakis had developed:

Entrepreneurship education has been lauded as being able to create and increase awareness as well as promote self-employment as a career choice among young people (Clayton 1989; Fleming 1996). The objectives of entrepreneurship education are aimed in changing student’s state of behaviours and even intention that makes them to understand entrepreneurship, to become entrepreneurial and to become an entrepreneur that finally resulted in the formation of new businesses as well as new job opportunities (Fayolle and Gailly 2005; Hannon 2005; Venkatachalam and Waqif 2005). These day, many graduates are unable to get a job upon graduation. Students are now apparently searching for a business education that can help them with the necessary entrepreneurial

The entrepreneur’s vision, determination, and purpose become null-and-void without assets and capital (Mikic, Novoselec, & Primorac, 2016). The nature of business is founded on the exchange of money. Entrepreneurship based on a theory of ideas ends in naïve failure. The wisdom to secure capital, assets, and fiscal resources increases the likelihood of success.

According to Jensen & Luthans (2006), entrepreneurial leaders are capable of identifying opportunities and gaining advantage. They also successfully manage the change and gain advantage. I discovered this characteristic within me through a business challenge that was organised by university in which I was studying. The challenge included proposing a business idea and I managed to propose the business idea focused on niche market. I was awarded with the second price in the challenge that further strengthens my belief of identifying the opportunities and taking advantage from them, which is also one of the characteristic of entrepreneurial leader.

The purpose of writing this report is to show how much I have learned and experience from enrolling in BBA 220. It is also include the impression and my personal reflection about the unit itself, and also the reflection about group project. Before I start this unit, I do not understand much about entrepreneur and entrepreneurship at all. I just know that people who do business are businessmen. However, after joining this unit, my understanding toward entrepreneur become different. Entrepreneur is someone who is willing to take risk by inventing a new business that does not exist in the market or start up their own business to make profit or take benefit of an opportunity. On the other hand, according to Joseph Alois Schumpeter (1883-1950),

They help in intensifying competition with the help of technology they master in increasing productivity and thus contributing in the development of the country, followed by economic growth.(Dr. Sangya Shrivastava 2013) Entrepreneurship has been given much emphasis by organizations and governments in recent years. It acts as a vehicle for small businesses. We can see the increasing level of economic development when more of the population gets involved in entrepreneurship which is basically self-employment. Entrepreneurship plays a critical role in the development of the economy as this is the key contributor to innovativeness and product improvement. It is one of the important ingredients to the creation of new employments and in the building of communities in ways of offering them jobs. By contributing to local charities, taking part in local business, investing in projects in communities, and creating and participating in different networks in entrepreneurship, they build up robust communities which contribute to the community development. Governments have struggled to develop policies which will enhance entrepreneurship by understanding the critical difference existing between small business owners and entrepreneurship. At the same time, a misconception about entrepreneurs and where entrepreneurs can be found can also help the local people to create the right picture of entrepreneurship and thus become aggressive and contribute to

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.

It is a well recognized factor that entrepreneurship and entrepreneurs are important drivers of economic growth, because they encourage employment , innovation and improve the GDP of the country. “Entrepreneurship” became the buzzword in India only in the early part of the new century. Traditionally Indian have a very strong culture of security in income, barring a few communities like Marwaris, Punjabis, Parsis and Sindhis most other communities prefer to have secure jobs and are risk averse. Most of the entrepreneurial ventures were from these communities. This has changed considerable of late and one hears of several success stories were the entrepreneurs are self-made

Let’s face it! 99% of us are not the children of business tycoons. Only 1% of the population inherits a fortune. The rest of us have to create our destiny. Why does only a tiny fraction of this 99% become self-made millionaires, while the majority of the population continues to be middle class or poor? If you think that the only way the middle class can become rich is by hitting the lottery, then you are mistaken!

Taking this entrepreneur course has been the best thing I could do for myself. Not only did it grow my mindset, but it taught me how to focus and concentrate on meeting my goals. At the beginning of this semester I could not let go the negative self-image I had of myself. Since I have been able to reflect on who I am I am slowly able to let go of that past image. I now know that I am more than able to reach my goals with the proper mindset and skills. I have come a long way since the beginning of this course. At the beginning of this course we were asked what is most important in life, and when I chose myself I knew after that reflections that I was off to a great start. Putting myself first these last few months has been the best thing I

As much as entrepreneurial mindset is important for business success, it is also vital to understand the current level in each entrepreneurial community by identifying which factors are lacking that needs to be improved as a means to foster the success of entrepreneurs. The above statement relates with the fact that business success in the new economy is merely not a function of relevant skills; but requires people with entrepreneurial mindsets.

During a recent talent alignment seminar Gregg, a Kenyan of British origin shared some interesting experiences. The non-governmental organizational executive had proceeded abroad on a month’s business trip. Alongside, he temporarily delegated his responsibilities to Monica, his wife, who is also a colleague at work. But upon his return, Gregg was disturbed that operations had not been as smooth as he could have expected.

Although scholars are ambivalent with regards to the role of risk taking propensity when determining an entrepreneur, yet many studies have taken into account risk propensity as an entrepreneurial trait when it comes to identifying entrepreneurial intentions (Rauch and Frese 2007; Zhao et al 2010; Brandstätter 2011).