entrepreneur essay sample

Essay on Entrepreneurship

Introduction

Entrepreneurship is a term that is widely applicable in the world of business. There are different definitions of the term entrepreneurship. The first definition identifies entrepreneurship as the process of creating a new business, with a view of making profits while bearing in mind all the risks that are involved. Different scholars have had their opinions about the description of the term entrepreneurship, including Stevenson, a renown expert in the topic. He defined entrepreneurship as the pursuit of opportunity beyond resources controlled. His definition is still widely applied by many in the world of business (Venkataraman, 2019). The second definition is linked to one Frank Knight, who defined it as the bearing of uncertainty and responsibility for risks within the financial market. Joseph Schumpeter also contributed significantly by defining entrepreneurship as the creation of new things in search of profits. Schumpeter also asserts that the role of creating new things is not only left to companies and other businesses but also individuals who make efforts in the area. The researcher introduced the concept of creative destruction to mean creation and invention of a new idea in the market that calls for the demise of the existing competitor. For instance, the emergence of Smartphones killed use traditional means of communication, such as telephone boots and regular use of letters. As such, Joseph Schumpeter contributed significantly as the term creative destruction is universal in the marketing. Marketing is a lucrative field that requires creativity for one to make an impact in the market. Fourth is Israel Kirzner who defined entrepreneurship as the process that led to discovery. It is important to note that most of the definitions by various scholars share a familiar concept, risk-taking and opportunity exploration.

A venture is considered as a small business that is started by one individual or groups with a view of gaining financially. The profits from the investment benefit all the backers of that particular project or business. There are many different ventures that an individual can offer to invest in. An enterprise should aim to make a financial gain to the individual or group that invested. The risk-taking tendency by entrepreneurs and the idea of profit making coincides with the typology of entrepreneurship. Examples of entrepreneurship ventures that many can get into include gazelle, microenterprise, small/lifestyle and medium enterprises.

A gazelle enterprise is a business venture that experiences rapid growth annually for period of over four years. Revenues of such an enterprise increase yearly by over 20% and must have a base capital of at least $100,000. Such companies experience high sales growth rates regardless of their size. However, most of such business ventures operate on the lower end of the scale. Company growth can be measured by the turnover or the number of employees working for the enterprise.

The second entrepreneurial venture is a microenterprise that employs a small number of people, usually less than 10. Microenterprises are started by small amounts of capital and they specialize in providing goods and services within its locality. All microenterprises venture into simple product lines and operate on small scale. Microenterprises contribute largely to the economy as they create employment. Business owners in such ventures enjoy small profits, which they use to improve their standards of living. As such, microenterprises agree to the typology of entrepreneurship by making profits for those who invest.

Small or lifestyle enterprises are business ventures started with aim of sustaining or maintaining a certain level of income. Such enterprises aim at sustaining a certain level of lifestyle for the entrepreneur. They employ a small number of people and maintain certain level of assets for owners. Lifestyle enterprises play a key role in employing people at the same time maintains a particular lifestyle for the owner, thereby, complying with the typology of entrepreneurship.

Medium size enterprises employ between 50 and 500 employees depending on the legislation in that specific nation. Such enterprises have a specified value of assets and in the UK, they have less than 250 employees. In the year 2013, there were over 5.2 million medium sized businesses, which comprised of over 99% of enterprises in the country. The aim of medium business enterprises is to make profit like any other entrepreneurial venture. As such, medium sized business enterprises agree to the typology of entrepreneurship.

According to Wennekers and Thurik (1999), a Schumpeterian entrepreneur is one who aims at capitalizing on the existing entrepreneurial abilities to make profits. In other words, a Schumpeterian entrepreneur will assess the current businesses that are operating and think of better services to people. The Schumpeter concept is Austrian. Existing product and service lines in the market require improvements for better service delivery (Wennekers & Thurik, 1999). A Schumpeter entrepreneur is an individual who capitalizes on such opportunities with a view of providing better services while making profits. An intrepreneur is a person who works for a particular organization and identifies better ways to improve quality and service delivery to customers. Innovative product development and marketing is the role of a manager working for that specific organization. As such, the manager is referred to as an entrepreneur. Managerial business owner is an individual who invests in a venture and entirely owns the business. Administrative business owners are not responsible for innovation and creative destruction in the market as these remains the work of managerial entrepreneurs. The main difference between the three terms described is that an administrative business owner is responsible for financing the venture while the rest work for the owner to ensure innovation and product development. A similarity known among the three types of entrepreneurs is the fact that they all aim to make profits for the owner of the business.

Miles & Snow (2009) classified organizations into four types, including prospector, defender, analytical and follower businesses. A prospector implies an organization that has difficulties in locating and exploiting a new product in the market. Such ventures require constant examination of the continually changing business world to succeed. The element of unpredictability makes a continuous check-up of the market a necessity to establish strategic production. According to the two researchers, prospector organizations have comprehensive product and service lines. Production in such cases prefers to promote creativity to efficiency. Defender organizations are defined as those entities that cannot survive in unstable environments (Miles, Miles, Snow, Blomqvist & Rocha, 2009). Their worry is how to maintain their current market share hence the need for them to operate in a relatively stable business environment. Cost leadership and specialization in a specific product line can well help solve the problem. Analyzer organizations refer to those that have both prospector and defender organization characteristics. They face a challenge of establishing in new markets and at the same have a problem of maintaining their current market share. Follower organizations refer to organizations that do not make long-term plans for business but instead ensure that managers study the dynamic world fast enough to cope with the changes.

Steve Blank in 2010 asserts that there are four types of entrepreneurs, namely small business owners, scalable, large business owners and large entrepreneurs. Small business owners face known risks in the market as they venture into product lines and services that are already known. A scalable business idea digs into the existing opportunity and turns it into a larger business through the expansion of its business activities. The aim of setting up such business entities is to take over the existing market and turn it out to make huge profits. On the other hand, a large business is an entity that has over 5000 employees or has a high financial turnover of over 1.5 billion Euros in a year (Blank, 2010). Any venture that does not feature any of the two characteristics or both of them cannot be termed as a large business. Social entrepreneurship involves start-up companies raising funds to solve cultural, social and environmental problems.

The data presented is indicative of the importance of having small businesses and startups within the economy. The data is extracted from the office of national statistics in the United Kingdom. Moreover, the data presented include information regarding micro-businesses and small businesses contribution to the economy of the region that they operate. For instance, from the year 2010 to 2017, the country has been registering an increasing trend indicating that such businesses play a crucial role. On employment, micro-business ventures employed over 4,618,315 people in 2010, and by 2017 (“Employment – ONS”, 2019), the number of those depending on such businesses rose to 5,491,009. On the other hand, small businesses employed over 3,785, 801 people in the year 2010 to a whopping 4,450, 716 by 2017. As such, micro and small businesses within the economy play a key role in ensuring increased employment opportunities as indicated by statistics from the national office in the UK.

Another vital aspect presented in the data provided is the turnover involved annually in the event of operating such businesses. Like the data on employment, the turnover for both micro and small businesses has been fluctuating from the year 2010. It is also critical to note from the data that in some years, the turnover reduced instead of increasing. For instance, in 2010 the turnover for both micro and small businesses was 589,871,148 and 549,139,326 billions of Euros, respectively. In the following year 2011, the turnover reduced to 552,345,550 and 508,579,840, respectively. However, the figures have increased as of 2017 to 791,771,342 and 616,807,735 respectively. The growth in the turnover of micro and small businesses is a clear indication that they contribute positively to the growth of the economy in the United Kingdom.

In terms of inventory and general count, micro and other small businesses have significantly contributed and have seen an expansion. This is indicated by the data provided as the numbers have changed from 2010 to 2017. In the year 2010, micro-businesses had a count of 1,861,590, which increased to 2,386, 740 by 2017. Additionally, small businesses increased their count from 196, 520 in the year 2010 to a whopping 231, 715 in the year 2017. The graphs provided indicates the trend that has been experienced in the economy in regards to micro and other small businesses. Such ventures are contributing positively to the economy of the United Kingdom.

Small businesses and start-ups play a crucial role in the growth of the social economy. Social economy comprises a diversity of enterprises and organizations sharing common values and features. Such may include cooperatives, mutuals, associations, foundations, paritarian institutions and social enterprises who value social objectives over capital. The first and most important role that the businesses play is the creation of employment (Burns, 2016). For instance, in the United States in the year 2015, small businesses and startups created over 1.9 million jobs. There are over 30.2 million small businesses in the United States who employ approximately 58 million people. As such, small businesses contribute primarily to the growth of the economy by creating jobs.

Second, small scale businesses and start-ups contribute by ensuring that the GDP of the country grows. Social economy contributes to the overall GDP sum and its growth projects more taxes to be paid. A small business thriving locally will have more to give as taxes to the local government and hence a contribution to the GDP. Such money can be used locally to develop infrastructure within the community. As such, small businesses play a vital role in ensuring that the well-being of the community improves in the long run.

Small businesses quickly adjust to changes in the economic environment and act as a cushion to the local economy in cases where large businesses have failed. This is because in cases of unpredictability in the market, small business owners are customer-oriented and can flex quickly to suit the needs of the market. Large businesses have few options in case of a similar predicament and may not help the local economy as anticipated. As such, all small businesses around the world contribute positively to the growth of the social economy as their interest is not capital-driven.

Blank, S. (2010). What’s A Startup? First Principles. Steve Blank .

Burns, P. (2016). Entrepreneurship and small business . Palgrave Macmillan Limited.

Employment – ONS. (2019). Retrieved 23 July 2019, from https://webarchive.nationalarchives.gov.uk/20160105164129/http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Employment

Miles, R. E., Miles, G., Snow, C. C., Blomqvist, K., & Rocha, H. (2009). The I-form organization. California Management Review , 51 (4), 61-76.

Venkataraman, S. (2019). The distinctive domain of entrepreneurship research. In Seminal Ideas for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.

Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and economic growth. Small business economics , 13 (1), 27-56.

Cite this page

Similar essay samples.

Essay on Bad and Good Public Relation
Marketing strategies case study – SABIC
Essay on Resort Hotels
Song/Poem Analysis
Essay on Gymshark
Essay on Mental Emotional Health

Entertainment
Environment
Information Science and Technology
Social Issues

Home Essay Samples Business

Essay Samples on Entrepreneurship

What is entrepreneurship in your own words.

What is entrepreneurship in your own words? To me, entrepreneurship is the art of turning imagination into reality, the courage to chart unexplored territories, and the commitment to leave a lasting mark on the world. It's a journey of boundless creativity, relentless innovation, and unwavering...

Entrepreneurship

What is Entrepreneurship: Unveiling the Essence

What is entrepreneurship? This seemingly straightforward question encapsulates a world of innovation, risk-taking, and enterprise. Entrepreneurship is not merely a business concept; it's a mindset, a journey, and a force that drives economic growth and societal progress. In this essay, we delve into the multifaceted...

Social Entrepreneurship: Harnessing Innovation

Social entrepreneurship is a transformative approach that merges business principles with social consciousness to address pressing societal challenges. This unique form of entrepreneurship goes beyond profit-seeking and focuses on generating innovative solutions that create positive change in communities. In this essay, we explore the concept...

Evolution of Entrepreneurship: Economic Progress

Evolution of entrepreneurship is a fascinating journey that mirrors the changes in society, economy, and technology throughout history. From humble beginnings as small-scale trade to the modern era of startups, innovation hubs, and global business networks, entrepreneurship has continuously adapted to the dynamic landscape. This...

Importance of Entrepreneurship: Economic Growth and Societal Transformation

Importance of entrepreneurship transcends its role as a mere business activity; it stands as a driving force behind innovation, economic growth, and societal transformation. Entrepreneurship fosters the creation of new products, services, and industries, while also generating employment opportunities and catalyzing economic development. This essay...

Economic Growth

Stressed out with your paper?

Consider using writing assistance:

100% unique papers
3 hrs deadline option

Entrepreneurship as a Career: Navigating the Path of Innovation

Entrepreneurship as a career is a compelling journey that offers individuals the opportunity to create their own path, shape their destiny, and contribute to the economy through innovation. While the road to entrepreneurship is laden with challenges and uncertainties, it is also marked by the...

Corporate Entrepreneurship: Fostering Innovation

Corporate entrepreneurship represents a strategic approach that empowers established organizations to embrace innovation, take calculated risks, and explore new opportunities. In an ever-evolving business landscape, the concept of corporate entrepreneurship has gained prominence as companies seek to maintain their competitive edge and adapt to changing...

Challenges Faced by Entrepreneurs: Innovation and Success

Challenges faced by entrepreneurs are a testament to the intricate journey of turning visionary ideas into tangible realities. While entrepreneurship is often associated with innovation and opportunity, it's also characterized by a multitude of hurdles and obstacles that test an entrepreneur's resilience and determination. In...

300 Words About Entrepreneurship: Navigating Innovation and Opportunity

About entrepreneurship is a dynamic journey that involves the pursuit of innovation, creation, and the realization of opportunities. It is the process of identifying gaps in the market, envisioning solutions, and taking calculated risks to bring new products, services, or ventures to life. Entrepreneurs are...

Best topics on Entrepreneurship

1. What is Entrepreneurship in Your Own Words

2. What is Entrepreneurship: Unveiling the Essence

3. Social Entrepreneurship: Harnessing Innovation

4. Evolution of Entrepreneurship: Economic Progress

5. Importance of Entrepreneurship: Economic Growth and Societal Transformation

6. Entrepreneurship as a Career: Navigating the Path of Innovation

7. Corporate Entrepreneurship: Fostering Innovation

8. Challenges Faced by Entrepreneurs: Innovation and Success

9. 300 Words About Entrepreneurship: Navigating Innovation and Opportunity

Advertising
Comparative Analysis
Organizational Structure
Employee Benefit

Need writing help?

You can always rely on us no matter what type of paper you need

*No hidden charges

100% Unique Essays

Absolutely Confidential

Money Back Guarantee

By clicking “Send Essay”, you agree to our Terms of service and Privacy statement. We will occasionally send you account related emails

You can also get a UNIQUE essay on this or any other topic

Thank you! We’ll contact you as soon as possible.

Entrepreneurship - Essay Samples And Topic Ideas For Free

Entrepreneurship involves the process of designing, launching, and running a new business, which is often initially a small business, offering a product, process, or service for sale or hire. Essays might cover the characteristics of successful entrepreneurs, the challenges and rewards of entrepreneurship, the impact of entrepreneurship on economies, and various support systems and resources for entrepreneurs. We’ve gathered an extensive assortment of free essay samples on the topic of Entrepreneurship you can find at Papersowl. You can use our samples for inspiration to write your own essay, research paper, or just to explore a new topic for yourself.

Entrepreneurship Awareness Session

Methodology We conducted descriptive research about awareness and training sessions for public entrepreneurship in Quetta. We circulated 100 questionnaires for our survey to gauge public opinion, determining if these sessions were beneficial for entrepreneurship and the effects they had if conducted in Quetta. In this survey, 100 participants provided answers about the awareness and training session for public entrepreneurship in Quetta. When asked if they knew about entrepreneurship, many indicated 'yes' while others did not. In fact, 91% of respondents […]

Entrepreneurship’s Prelude: the Formative Years of Mark Cuban and Maverick Success

The journey of Mark Cuban, from a bartender to a billionaire, offers an arresting narrative that traces the contours of American entrepreneurial spirit. His early years are not just a prelude to his later success; they form the crucible in which the mettle of the man was tested and shaped. This exploration delves into the lesser-discussed epoch of Cuban’s life – his formative young years – to glean insights into the making of an iconoclast business magnate. Born in July […]

Failures and Success in Business

Our life is made up of both bright and negative sides which are interconnected. There are two phenomena that characterize human life which are failure and success. At some point of our lives, most people are struggling. It is critical and essential part of our lives. Though failure can be describe as a lack of success, an unsuccessful individual, business or item, a lack or deficiency of a desirable quality, people usually have to fail before they succeed in their […]

We will write an essay sample crafted to your needs.

What is Entrepreneurship: Traits, Risks, and the Pursuit of Dreams

Unlocking the Entrepreneurial Spirit: Characteristics of Business Success One of the biggest aspirations of the American dream is to own your own business. However, most people will never realize this dream because they do not possess the character, skills, and motivation required to start and grow a successful business. An entrepreneur, as defined in the context of business, is one who is successful at starting and growing a business and is able to initiate change through business decisions and leadership […]

Entrepreneurship Crafted: Lori Greiner’s Ingenious Path to Success

Lori Greiner's journey from a young, spirited inventor to a self-made millionaire embodies the quintessential American dream of innovation and entrepreneurship. Before she became known to millions as the "Warm Blooded Shark" on ABC's "Shark Tank," Greiner's foray into the world of business began with a simple, yet revolutionary, idea. This essay chronicles the early career of Lori Greiner and the formative experiences that molded her into a powerhouse of entrepreneurship. Greiner's voyage into the entrepreneurial landscape began in the […]

Great Tacticians: Mahatma Gandhi and Steve Jobs

Steven Paul Jobs was an American inventor, designer, and entrepreneur who was the co-founder, chief executive and chairman of Apple Computer. Born in 1955 and died in October 2011. When Jobs was 21 years old, he started Apple Computer in his family garage, together with Steve Wozniak. Jobs sold his Volkswagen bus and Wozniak his beloved scientific calculator and funded entrepreneurial venture. Jobs and Wozniak are credited with revolutionizing the computer industry with Apple by democratizing the technology and making […]

Creativity and Ethics: Case Study on Ruslan Kogan

Ruslan Kogan is an Australian entrepreneur and founder of Kogan.com. Since his early ages, Ruslan was interested in technology he started working for himself at the age of nine. He used to collect lost golf balls, clean them and sell them to golfers. Later, Kogan left this well-paying job and started selling TVs online from his father's garage. He started the TV business by approaching television manufacturers claiming that he was interested in buying 100,000 TVs, giving the manufactures the […]

The Apple Company and Planned Obsolescence

Failure is not a state, not a status, not an attribute proper to some, "losers", it is a possible step in any life course, and in an entrepreneur's life failure is naturally linked to risk taking. Not all entrepreneurs have the same relationship to their company, however all have a relationship to success and failure. Losing the business that one has created is first a personal injury, narcissistic, intimate, it is often a traumatic event on many levels. In a […]

What is the Fundamental Difference between the New and the Old Generation in Business

Collective portraits of generations in business are fundamentally different. An individualist oriented towards creativity and innovation has replaced a responsible and pragmatic person of labor. The overwhelming majority of young entrepreneurs are convinced that representatives of their generation differ in their worldview, worldview, and values ??from entrepreneurs of the older generation - a total of 78% of respondents answered this way. However, one-fifth of young entrepreneurs are of the opinion that there is no difference between them and the entrepreneurs […]

View of Students about Unemployment

This study considers the effectiveness of public and private sector SME-development programs and the current development of SMEs in AJK. The study presents several major findings and includes a brief review of international literature. To examine the status of small and medium-sized enterprises and their developmental strategies, a questionnaire survey was conducted among owners and top managers. A Chi-square test was used to analyze the information. The results reveal that SMEs face numerous challenges, including burdensome business rules and regulations, […]

Understanding of Capitalism

Capitalism has been defined in different ways, but the main point is that it involves several organizations holding factors of production and a large number of potential investors unable to get into the market. This essay will mostly address the issue of capitalism as it is in American continent the first part looks into the authors who have supported the ideas that capitalism is driven by the greed of investors and has related costs for its success. The second portion […]

Technological Development

As a group we have decided to discuss innovation as it pertains to leadership. When looking at the transformational map we have discovered five major keys related to innovation which are business model innovation, innovation for social benefit, innovation systems, technological innovation, and government innovation. After performing extensive research on each of these categories we have ultimately decided to focus on technological innovation as we believe that it may be one of the most impactful influencers on leaders moving forward. […]

Why People Love Music and its Influence on them

'Behind the success of every small business, there is a family.' Family-owned businesses are recognized as a thriving segment in the entrepreneurial world. They have existed in every part of the world and have played a vital role as part of economic development. As an aspiring entrepreneur, it is vital to learn the uniqueness of running a family-owned business. It is also important to distinguish its challenges and rewards. The best information can be obtained through the guidance of existing […]

Tony Hsieh’s Entrepreneurial Spark: Cultivated in the Early Years

Early Years Throughout his early life and well into high school, Tony Hsieh, author of Delivering Happiness, has had many, many significant decisions which helped shaped him as a person and an entrepreneur. Of the of the very first significant events in his entrepreneurial life came when he was very young: he tried to create a worm breeding company at age 9. After having been gifted a box of mud that was supposed to contain dozens of earthworms, and dutifully […]

Improving the Work of the Company’s Employees with the Help of Public Works

In reviewing the case of former President, CEO, and founder of Ryla, Inc., Mr. Mark Wilson, I was able to distinguish several traits of his personality. Mr. Wilson appeared to have a Type “A” personality, characterized by an eagerness to achieve levels never seen before within call center management. Type “A” entrepreneurs tend to make starting a business their number one priority. The ambitons that drive them include taking high risks to make their visions a reality and succeeding in […]

The Gender Bias in Law, Media, and Social Interactions

Gender inequality denotes unequal treatment or awareness of people based on their gender. It results from changes in socially built gender roles as well as physically through chromosomes, brain structure, and hormonal differences. Prejudice may take different forms. It is direct when practices openly distinguish treatment on the basis of gender. It is indirect when practices do not make clear reference to gender, they include desires that advantage persons of one sex. Regardless that these gender differences exist in the […]

We Must Practice Kindness

When I first began writing this speech, the only thing I could think of was the hundreds, if not thousands, of people in the audience who would expect so much from me. Who was I to let them down? So, I did what any reasonable person my age would do: I asked my parents for help. They only said one thing—to speak from the heart. I then got to thinking about this class and this year. Teachers have said we […]

Several Changes in Chemical Engineering Practice

Sustainability Engineering is a radical approach to the long-lasting advancement of the human condition. Sustainable Engineering essentially means utilizing materials and other resources for the purpose of engineering and design in a manner that allows future generations to fulfill their requirements. Sustainable engineering can be applied to numerous other branches, such as materials, products and processes, design, chemicals, energy, etc. It refers not only to the resources but also to increased productivity derived from them, in order to produce maximum […]

Tips to Build a Successful Brand Business for Millennials Lessons from Entrepreneur Neil Mathew

Serial entrepreneur, Neil Mathew, is making his mark in the luxury market when it comes to luxury concierge and real estate by being the Founder of Imperial Fleet LLC, Co-Founder of Avalon Diamond Club, and an avid Real Estate Developer. Along with his success in building these businesses, he gained interest to become a motivator and life coach to many aspiring entrepreneurs. Neil say's, "We are living in a world where young millennial are more bold and fearless when it […]

AI as the Future of Technology and a Big Asset for IBM

Executive Summary In this memo, we provide analysis and recommendations that will transform I.B.M. from a slow-moving tech giant with a shrinking revenue to an innovative, fast-growing, and multifaceted leader making aggressive revenues in the A.I. era while complying with corporate value and further building the brand. Our macro environmental analysis indicates that A.I. is the future of technology, and it will bring huge economic benefits. In order to catch the new tech wave, I.B.M. must develop to be a […]

My Ups and Downs in Life as an Aspiring Entrepreneur

Introduction A career that I am interested in pursuing is Entrepreneurship. An entrepreneur is a person who organizes and operates a business. Being an entrepreneur takes on greater than normal financial risks in order to do so. One day, I would like to own my own business and be a successful entrepreneur. I want to be an entrepreneur because I want to be my own boss. To be a successful entrepreneur is more than starting new adventures every other day. […]

Barbara Corcoran: an Entrepreneurship Journey of Resilience and Success

Barbara Corcoran's appellation epitomizes resilience, ingenuity, and triumph within the fiercely competitive realms of real estate and entrepreneurial enterprise. Renowned for her formidable presence as a "Shark" on the acclaimed television series "Shark Tank," Corcoran's odyssey from humble diner waitress to real estate magnate and influential business luminary serves as a testament to her unwavering resolve and astuteness. This exposition delves into the import of Barbara Corcoran's age vis-à-vis her professional trajectory, accentuating that her accomplishments transcend temporal confines, embodying […]

Entrepreneurship at its Finest: Richard Branson’s Path to Virgin Success

Richard Branson's odyssey from an aspiring entrepreneur to a global titan of industry is a narrative of unyielding ambition, innovative stratagems, and an unwavering faith in the potency of brand recognition. As the progenitor of the Virgin Group, Branson has delved into some of the most fiercely competitive arenas, such as the telecommunications sector with Virgin Mobile, showcasing his talent for disrupting entrenched domains and erecting industry-leading enterprises. This exposition delves into the pivotal epochs of Branson's trajectory, elucidating the […]

Andrew Carnegie: Merging Entrepreneurship with Philanthropy

Andrew Carnegie's narrative epitomizes the quintessence of the American Dream, delineating a trajectory from humble origins to emerge as one of the most influential magnates and benefactors of the 19th and early 20th centuries. Hailing from Scotland in 1835, Carnegie immigrated with his kin to the United States, seeking greener pastures. This account delves into Carnegie's forays into industry, his paradigm-shifting business methodologies, and his enduring imprint on philanthropy, proffering insights into a figure whose legacy endures in shaping contemporary […]

Pioneering Prosperity: the Distinctive Essence of Free Entrepreneurship

Embarking on the exhilarating odyssey of entrepreneurship, I find myself standing at the threshold of possibility, eager to chart my course amidst the boundless expanse of free enterprise. This dynamic economic paradigm embodies the quintessence of liberty, endowing individuals with the autonomy to pursue their entrepreneurial dreams unimpeded by the shackles of bureaucratic constraint. As a budding entrepreneur, I am captivated by the unparalleled opportunities that abound within the realm of free enterprise, where innovation reigns supreme and the spirit […]

Concept of an Entrepreneur in Business Essay

Introduction, reference list.

This essay talks about an entrepreneur. It seeks to define who an entrepreneur is, how one becomes an entrepreneur; whether he is born an entrepreneur already or whether he acquires the skills of entrepreneurship in life. It will therefore, examine various aspects that are likely to influence one into entrepreneurship.

It will analyze character traits inherent in an entrepreneur. These include an individual’s level of innovation and creativity, his ability to recognize and take up opportunities and the amount of risk one is willing to get into when starting a business.

It will focus on the effect of family and upbringing upon one in becoming an entrepreneur, the effect of culture and various policies by different governments and their impact upon an individual. At the end of the discussion, it will be established that an entrepreneur is both born and nurtured. One’s environment plays a critical role in shaping one’s ideas and character into becoming an entrepreneur.

An Entrepreneur

This is a person who ventures into a business despite the risks inherent. He plans, starts, and runs the business growing it to maturity. Unlike a business man who runs a business and becomes part of a larger business community, an entrepreneur takes the risk to star up a new venture, which he expands and grows to a full business empire which he is master.

What Makes an Entrepreneur

Two propositions have been put forward to explain an entrepreneur. One is that he is born and not made and the other is that he is nurtured and not born. Those who argue than an entrepreneur is born posit that some people are born with certain innate characteristics necessary for entrepreneurship.

These individuals are more likely to take risks, identify and take up business opportunities and are more welcoming and ready to explore new experiences that seem promising to their businesses.

Some, like Shane (2010), argue that entrepreneurs are made. They further state that anyone has the capability of making an entrepreneur. All one needs is a passion, determination and good mentorship to become a good entrepreneur. The difference is that these people need to work harder than those born with characteristics of entrepreneurship.

To some extent, learning and adapting these skills by nurture is of benefits as an individual learns them from professionals who will guide him on how much of the skills are beneficial, and to what extent do the skills become harmful. This is unlike one who is born with the skills and does not know how to regulate them to attain balance between enough and too much.

For instance, an individual born with the traits of risk taking might overindulge to take risks even when failure is inevitable. One who learns the art of risk taking will be cautioned that some risks are not worth taking. It has been established that many entrepreneurs fail to succeed because they are too confident and reliant on their innate skills than those that they learn (Mount, 2009).

A survey from a business training program at the University of Southern California found out that people who got such skills through formal training and coaching were more likely to succeed than those who did not get such training at all.

Students learnt to sell items they were not even familiar with or which their cultures and religion prohibited them from associating with. Another study in Peru of women banking entrepreneurs showed that women who attended business training lessons increased their sales by 16% than those who did not.

Entrepreneurship requires persistence, optimism and hope that things will be well, coupled with hard work to attain one’s goals. These traits can be learnt and acquired by anyone who wishes to acquire them.

Scientific Proof

Scientific studies have been done on this topic to determine whether entrepreneurs are born or made. Scott Shane, a professor of entrepreneurial studies at Case Western Reserve University, co-directed a study that observed entrepreneurial activities of identical twins who share 100% of their genes.

The study concluded that 40% of entrepreneurial skills were inherited, while the other 60% was acquired through interaction with the environment.

Exposure to an entrepreneurship environment has tremendous effects on influencing persons, who would otherwise not venture into entrepreneurship. This is according to a study at Munich’s Ludwig Maximilians University which found out that such exposure had influence on 18% of students who had never dreamt of becoming entrepreneurs (Klein, 2010).

The two aspects of nature and nurture exist in interplay at making entrepreneurs. In spite of the lessons and exposure, one has to have the right attitude and confidence needed by an entrepreneur to make one.

On the other hand, one might possess the right attitude and traits necessary for entrepreneurship, but not have the right knowledge on how to handle contemporary challenges in the business world. The skills might end up being wasted.

Traits of an Entrepreneur

As an entrepreneur, one must be able to think of ways, and in some cases alternative ways, to get things done. One needs creativity and an innovative mind that thinks fast how possible to carry out plan or achieve some goal.

Opportunity Recognition

An entrepreneur must able to recognize opportunities and take advantage of them to improve his business. A number of entrepreneurs have confessed to having strong intuition. They are able to predict trends and ‘feel’ that some venture is worthy or risky taking. They should be keen in analyzing market trends and whenever they spot an opportunity, they should take it up immediately.

Risk Taking

An entrepreneur is a risk taker from the onset of his start-up of a business. He goes out to venture into the unknown with possibility of success or failure.

Even when a business suffers setbacks, as it sometimes will, an entrepreneur should push on, and not pack up and leave. He is required to take up opportunities whenever he spots them. This is a risk as he is not certain whether they will pay of well, but he takes them up any way (Deakins & Freel, 2006).

An entrepreneur should be ready to live without a paycheck. This means that the venture has some ambiguities about the amount he will be taking home. It can be none or a lot. This is a risk he must embrace and be ready to work through. It is for this reason that many people prefer to take up jobs instead of entrepreneurship to guarantee their pay on a regular basis.

The Effect of Family, Upbringing and Environment on an Entrepreneur

Many entrepreneurs are made as a result of encouragement from their parents and family members. Up to 70% of them went through some ‘event’ during their childhood that shaped their desire to become entrepreneurs. This event could be bereavement of a significant family member that exposed the child to some sort of financial struggle (Gubrium & Holstein, 1993).

While the above case is true to a number of entrepreneurs, some do not have to go through any hardships. These are born into families where significant members of the family are entrepreneurs and influence them into the area.

They could start running established family businesses and then later develop entrepreneurship ideas that will expand the business or venture on their own. In such cases, these persons receive full support of the family by encouragement and financial support to attend college and receive necessary sills.

In some cases, the family may be passive to entrepreneurship activities but the individual has passion for certain business ideas. He may not receive support from his family, but the family may not also oppose his ideas. In such a case, the individual has to go out on his own to a large extent to start up the business.

Sometimes family may inhibit one from becoming an entrepreneur if they have witnessed bad experiences from such a venture. A real entrepreneur understands that entrepreneurship is about risks and will not back down from pursuing his ambition.

According to Aldrich (2003), the way one is also brought up can influence his desire to become an entrepreneur. If skills such as saving, budgeting, and raising money earning money are imparted on him from a tender age rather than being given freely, one can grow up knowing that they have to earn money and that every case is an opportunity to earn.

The opposite is also true. For a child who is not encouraged to earn money through various ways, but relies on parents and guardians for support, they may not know the importance of earning their own money. The child will grow up relying on others and is likely to seek employment more than start up a business.

Lastly, the environment is critical in shaping one’s entrepreneurial skills and ambition. If one grows up in a family or community with a substantial number of entrepreneurs, he interacts with them more than with other people. These interactions are likely to shape his desire of becoming one too.

Poverty is another environmental aspect that can turn one into an entrepreneur despite his real ambition. The child, due to lack of financial ability to see him through to college, may be forced to start up small business to meet his needs.

It is evident that many people in the rural areas become entrepreneurs than those in urban areas. It is not that they are born entrepreneurs than those in the urban areas; it is because they lack sufficient means to seek higher education and get jobs.

The Effect of Government Policies

Many entrepreneurs own small businesses. Therefore, they suffer the greatest impact of governmental policies than large firms.

For instance, small businesses have been found to pay more for health policy for their workers than large businesses do. Such costs become overwhelming to an entrepreneur who, at the start up of a business, struggles to balance between branding the business and building a strong customer base.

Governments enact and control policies that touch on entrepreneurship in a great deal and if these policies are not well regulated, they adversely affect small businesses.

Inflation, for instance, is determined by interest rates set by the Federal Reserve, policies on cost of labor are controlled and regulated by the federal sector, business regulations and procedures such as licensing, certification, and permits are done by governments. These have not been favorable to entrepreneurs as they are designed in ways that benefit large businesses through economies of scale.

Governments have, however, be credited for trying to protect entrepreneurs from unfair competition from large businesses. One such policy used to protect the business is rewarding them a set percentage of government contracts.

Starting and Growing a Business

Starting up a business is a detailed task that requires an entrepreneur to lay down a concrete plan that will see him through the business. The entrepreneur then takes baby steps to grow the business to maturity. Such a process needs persistent and focus because of the many hurdles likely to be incurred.

The process of growing a business requires much similar tactics as those of starting up a business. The entrepreneur will still have to take steps at a time, although this time they may not be baby steps as he has some experiences and will have conquered the initial hurdles.

He is more familiar with the tactics involved and more confident of his actions and the direction of the business. However, he still needs to be persistent and hardworking (Kellermanns & Eddleston, 2006).

It is normal that when starting up a business, an entrepreneur will employ someone or a few people to assist him. As the business grows, it is necessary that he quits being the manager and employ a management team that will be responsible for managing the business fully.

This is recommendable for a business to avoid the owner’s subjectivity while handling issues. This should not lead to a conflict of interest between the entrepreneur and the management team as the team is directly under the entrepreneur even if they control the day to day running of the business.

An entrepreneur is a risk taker, who goes out of his way to put some business idea into practice. Anyone can become an entrepreneur with the right training. With sheer determination, he can become a successful entrepreneur.

One needs to be innovative and have a creative mind that seeks ways of solving issues, be able to recognize and embrace opportunities is they present themselves, and be willing to take risk as long as it is reasonable promising.

Aldrich, H., 2003. The Pervasive Effects of Family on Entrepreneurship: Toward a Family Embeddedness Perspective. Journal of Business Venturing , Vol. 18 (5): 573-596.

Deakins, D., & Freel, M., 2006. Entrepreneurship and Small Firms . McGraw-Hill Education: Berkshire.

Gubrium, J., & Holstein, J., 1993. Family Discourse, Organizational Embeddedness, and Local Enactment. Journal of Family Issues , Vol. 6(3): 321-345.

Kellermanns, F., & Eddleston, K., 2006. Entrepreneurship: Theory and Practice. Journal of business venturing , Vol. 7(4): 23-26.

Klein, K., 2010. Are Entrepreneurs Born or Made? Small Business , Vol.3 (1):23-26.

Mount, I., 2009. Scientists and Academics Battle out the Nature Vs Nurture Debate. Small Business , Vol. 5(2):18-34.

Shane, S., 2010. Born Entrepreneurs, Born Leaders: How Your Genes Affect Your Work Life. Oxford: Oxford University Press.

Chicago (A-D)
Chicago (N-B)

IvyPanda. (2023, December 24). Concept of an Entrepreneur in Business. https://ivypanda.com/essays/an-entrepreneur/

"Concept of an Entrepreneur in Business." IvyPanda , 24 Dec. 2023, ivypanda.com/essays/an-entrepreneur/.

IvyPanda . (2023) 'Concept of an Entrepreneur in Business'. 24 December.

IvyPanda . 2023. "Concept of an Entrepreneur in Business." December 24, 2023. https://ivypanda.com/essays/an-entrepreneur/.

1. IvyPanda . "Concept of an Entrepreneur in Business." December 24, 2023. https://ivypanda.com/essays/an-entrepreneur/.

Bibliography

IvyPanda . "Concept of an Entrepreneur in Business." December 24, 2023. https://ivypanda.com/essays/an-entrepreneur/.

The Definition of Entrepreneurship and Entrepreneurial Behavior
Entrepreneurial Personality Essay: Traits & Characteristics
Independent Entrepreneurship, Intrapreneurship, and Social Entrepreneurship
Entrepreneurial life of Richard Branson
Entrepreneurial Education for University Students
Entrepreneurship and its Components
Enterprise and Entrepreneurial Management
Women in Entrepreneurship
Entrepreneurial Process
The Entrepreneurship, Its Theories and Networking
The opportunity to succeed for women entrepreneurs in Saudi Arabia
Sources of Business Start-up Capital
Social entrepreneurship: What Everyone Needs to Know by Bornstein and Davis
Business Press Coverage of Politics and Policy
The Artwork Brinco by Judi Werthein

How It Works
All Projects
Write my essay
Buy essay online
Custom coursework
Creative writing
Custom admission essay
College essay writers
IB extended essays
Buy speech online
Pay for essays
College papers
Do my homework
Write my paper
Custom dissertation
Buy research paper
Buy dissertation
Write my dissertation
Essay for cheap
Essays for sale
Non-plagiarized essays
Buy coursework
Term paper help
Buy assignment
Custom thesis
Custom research paper
College paper
Coursework writing
Edit my essay
Nurse essays
Business essays
Custom term paper
Buy college essays
Buy book report
Cheap custom essay
Argumentative essay
Assignment writing
Custom book report
Custom case study
Doctorate essay
Finance essay
Scholarship essays
Essay topics
Research paper topics
Top queries link

Entrepreneur Essay Examples

“Intellectual property refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.” (WIPO) In the broad sense intellectual property represents a temporary exclusive right fixed by law, as well as personal non-property rights of authors on the result...

Entrepreneur

879 words | 3 page(s)

A founder’s agreement is one of the most important documents that anyone can have when trying to start a business. In short, this is an agreement between the founding partners that is designed to lay out all the rights and responsibilities that each partner has in running the business. This...

906 words | 4 page(s)

I was recently able to interview Susan, a photographer who is married to one of my cousins. Susan operates a photography studio in the rural town where she and my cousin reside. I sought to ask her about her experiences founding the studio, established five years ago, and about the...

933 words | 4 page(s)

They see more than what others see and often see these opportunities before other people see. They are quick in exploiting opportunities because they have come to realize that it is better to be the first to identify an opportunity and also be fast in exploiting the opportunity. Maxwell posits...

578 words | 2 page(s)

While academic research on entrepreneurship predominantly emphasizes success, the overwhelming majority of businesses are prone to entrepreneurial failure. In practice, the entrepreneurial shortcomings especially concern start-up businesses. Statistically, half of the newly established businesses fail in the first 5 years. In this respect, Cope (2011) claims that “failure represents one...

436 words | 2 page(s)

My entrepreneurial idea, “Private Recyclables Collection, Inc” will offer privatized but affordable pickup of recyclable household material such as aluminum cans, glass bottles, and cardboard boxes to lower-income and rural communities in the United States where the local government typically does not offer these specialized collection services. While environmentalism seems...

595 words | 2 page(s)

The nature of this project is to understand the leadership styles and effectiveness of the styles of two leaders. This paper will compare and contrast the leadership styles and traits of Steve Jobs of Apple Inc and Bill Gates of Microsoft. The concepts and techniques derived from this investigation are...

1768 words | 6 page(s)

Green Tires Company will operate in a highly competitive environment. Analysis of the business environment reveals that current businesses that engage in similar ventures as the company does face significant challenges, including changing consumer preferences, government regulations, and changes in technology (Pahl, Richter, & University, 2007). As such, performing an...

670 words | 3 page(s)

Critical success factors contributing to the success It is important to note that business by its nature is very competitive world over and thus each one requires a unique selling point to outsmart the competitors. Italian point ventured into the Vietnam market with its coffee brand which the company has...

1003 words | 4 page(s)

My father and I have been running our bicycle rental franchise for several years now. We have decided to create a compensation system for our employees. In developing our compensation system, we plan to use the principle of positive reinforcement as well as the other three consequences i.e. negative reinforcement,...

1006 words | 4 page(s)

According to many people, positioning is described in terms of customer base. The major competitors of the Jordan Shoes Company are Adidas, Puma, and Fila. The concept of product positioning is a perception of consumers where they create in their minds with regards to the company’s nature together with its...

682 words | 3 page(s)

Jordan’s Furniture was established by Samuel Tatelman in Walthem, Massachusetts in 1918 and was operated solely by him until his son entered the business in the 1930’s (Commons, 2017). In 1973, the grandson’s of the founder took over the business and utilized a new mode of advertisement, which was the...

754 words | 3 page(s)

The following essay addresses the question “what makes fast food restaurants so successful?” In particular, it analyzes the various aspects of fast food chains that make them so appealing, from the aggressive marketing and wide accessibility, to the somewhat addictive nature of their foods. Basically, the essay demonstrates what has...

1011 words | 4 page(s)

1. The “Happy Cows” campaign was very successful because it found a way to distinguish cheese from California from other regions, while also entertaining Californians and others with its humorous depiction of cows, which became an easily recognizable mascot for the California cheese industry. The messaging was also simple and...

617 words | 3 page(s)

Conceptual Framework The conceptual framework in this research consists of four independent variables and an independent variable. The independent variables include internet marketing strategies, mobile marketing strategies, and social media advertising. These independent variables contribute to sales effectiveness, which is a dependent variable. The connection between the dependent and the...

581 words | 2 page(s)

In this research proposal, the problem statement is that despite online retailers in Malaysia operating on the same platform, the sales effectiveness differs from business to business. Put in another way, while some retailers report enormous profits at the end of each trading period, other only report losses (Grewal et...

1020 words | 4 page(s)

The backdrop of online retailing is the concept of online shopping. In online shopping, the customers make their orders, select deliver the address, process payment. Since the inception of online shopping, significant changes have been witnessed. For instance, in the past, there were no mobile wallets. However, at the moment,...

908 words | 4 page(s)

Convergent thinking is the process of combining ideas based on the information that those ideas have in common . I have been required to think convergently in the past when attempting to determine the most ideal place for me to live, what apartment complex would be best, whether a house...

962 words | 4 page(s)

Even the most passionate opponents of Apple products and Steve Jobs admitted that he had an enormous impact on the technological industry. Technological innovations offered by Jobs have changed people’s approach to consumer electronics and, eventually, their everyday experience. His death in 2011 showed that the global community believed him...

600 words | 3 page(s)

Question One In very pragmatic terms, Dick Solomon's approach to the waitress reflects Expectancy Theory, certainly in regard to how he is setting the parameters by which she may be guided. The theory is largely about choice processes made by understanding determinants, and Dick neatly presents a simple set of...

981 words | 4 page(s)

The psychological analysis of human behavior is beneficial in an array of fields. Anticipating how an individual will react to a given situation can give insight to financial trends, marketing analysis, and many other areas of business. The problem with the analysis of an individual’s behavior is that individuals rarely...

579 words | 2 page(s)

The sampling approach used by Numi will serve as a means of generating market research information by keeping track of the different demographics that sample the different teas. Another way Numi would be able to generate marketing research data from advertising is create an advertisement that requests people go to...

294 words | 1 page(s)

Strategies Associated with Incremental Change and Radical Change Whenever an individual or company plans to set up an innovation strategy, it is always important to make a decision on whether to choose incremental or radical change. Both choices have different strategies that serve different goals. For instance, incremental change often...

661 words | 3 page(s)

When it comes to those who are cost conscious at the grocery store, Aldi’s is the place to go for the grocery conscious individual(s). Aldi’s does not have any name brand food items and instead relies on the food items and companies that are somewhat unknown and unheard of. Aldi’s...

625 words | 3 page(s)

Summary “Rethinking Marketing” by Rust, Moorman, and Bhalla (2010) discusses how in spite of the technological innovations that are available in the world of marketing today, businesses are either failing to take advantage of these technologies or they are failing to utilize these technologies to the fullest extent possible. Companies...

899 words | 3 page(s)

Have a team of vetted experts take you to the top, with professionally written papers in every area of study.

Home / Essay Samples / Life / Career Goals / From Dream to Reality: My Path to Entrepreneurship

From Dream to Reality: My Path to Entrepreneurship

Category: Life , Business
Topic: Career Goals , Dream Career , Dream Job

Pages: 2 (836 words)

Downloads: -->
Bjerke, B. (2007). Understanding entrepreneurship. Cheltenham, U.K.: Edward Elgar, p.17.
Business.qld.gov.au. (2016). Being an entrepreneur | Business Queensland. [online]
Casson, M. (1982). The entrepreneur. 1st ed. Cheltenham, U.K.: Edward Elgar, p.373.
Krueger, N., Reilly, M. and Carsrud, A. (2000). Competing models of entrepreneurial intentions. Journal of Business Venturing, 15(5-6), pp.411-432.
Petty, W. and Bygrave, W. (1993). What does Finance have to say to the entrepreneur?. Journal of Small Business Finance , [online] (2), p.132.
Shmavonian, K. (2012). Chairman Vu, Vietnam's Coffee King. [online] Forbes.com.
Witzel, M. (2012). Case study: Trung Nguyên coffee | Financial Times. [online] Ft.com.

--> ⚠️ Remember: This essay was written and uploaded by an--> click here.

Found a great essay sample but want a unique one?

are ready to help you with your essay

You won’t be charged yet!

Adversity Essays

Inspiration Essays

Empathy Essays

Fear Essays

Hope Essays

Related Essays

We are glad that you like it, but you cannot copy from our website. Just insert your email and this sample will be sent to you.

By clicking “Send”, you agree to our Terms of service and Privacy statement . We will occasionally send you account related emails.

Your essay sample has been sent.

In fact, there is a way to get an original essay! Turn to our writers and order a plagiarism-free paper.

samplius.com uses cookies to offer you the best service possible.By continuing we’ll assume you board with our cookie policy .--> -->