Introduction
Every individual has a distinct story of how their journey towards their chosen careers began. Doctors will say they have always had the desire to help people since they were little kids. Lawyers, judges, and other law enforcers will argue that they are focused on making the society a better place using justice and equality. This essay entails a description of the choice of entrepreneurship as my career path. Some business persons are propelled by the intense passion for solving challenges and change the surrounding. Others are driven by capitalistic aspirations while others simply do not have any other choice due to the lack of job opportunities in the market. The directive is to develop the factors that made me penetrate the field of business and the skills that have helped me survive in the industry.
My journey in the world of entrepreneurship started several years ago while still in elementary school. Since my family was not well-off, the sense of responsibility emerged at an early age driven by the passion of helping the household as well as myself. I began with small business endeavors of buying stationery or food items at a wholesale price to sell to my classmates. Though not entirely legal, the money enable me to purchase the few things that kids of my age had such as a cell phone, a nice bag pack, better reading resources, etc. Real progress emerged after getting my first job in high school in a café where I started to save up money for the small enterprise I would set up one day. The little taste I acquire at business in the elementary school filled me with the growing sensation that I would become a successful and active entrepreneur in my adult days. Though the journey has not been easy, I have never felt the urge to give up on entrepreneurship.
The Attributes of an Entrepreneur
Like any other field that one decides to pursue, there are specific musts that are needed to ensure that a person becomes successful. The first step that cements progress is venturing into an activity that you enjoy. When an individual gets into business, he or she should have stability, enjoyment, financial gain, and personal satisfaction. The person should also take the business seriously and develop an articulate plan that will outline the chronological stages to obtain the desired results. Since the objective of entrepreneurship is to acquire money in the long-run, the business person should spend funds and resources wisely to generate substantial profits. Always keep the interests of the customers as the primary priority of the corporation (Krueger, Liñán, and Nabi, 2013, 705).
Generally, an entrepreneur is propelled by ethics, risk-taking, critical thinking, creativity, communication, and teamwork. An entrepreneur should be a shameless and relentless self-promoter. The aspect entails utilizing any available opportunity and avenue to market the firm. The business environment today has made it easier for corporations to pursue advertisement and self-promotion through technology. With the emergence of ICT and social media, companies can brand themselves and deliver their intentions to millions of people spread out in various continents. As an entrepreneur, the internet and ICT have had a huge impact in assisting me to communicate with clients regardless of where they live (Kuratko, 2016, 41). It has also helped in projecting a positive reputation and image of the business as well as developing new items and services that can satisfy the requirements of the buyers.
Reading Summaries
The chapters provide vital data regarding how to craft a personal entrepreneurship endeavor. The venture relies on a business idea and creativity. It also depends on how the business person conducts himself in terms of behavior, characteristics, and nature. The corporation requires an articulate plan that will outline the aims and responsibilities of each stage in the entrepreneurial process. It also requires a source of capital, strategies for the development, and management of individuals within the organization. Flexibility and innovation have become the driving forces of business in today’s industry (Week 1, n.d., 16). An entrepreneur must thus learn how to adapt to changes and develop the company’s operations to cover emerging issues. The chapters also address the growing concept in corporate governance, that is, social entrepreneurship. Businesses have been earmarked as suitable elements that can instigate social change in the community by improving the lives of the public and the conditions in the environment.
Book Review Key Points
The Book “One Simple Idea” sheds light on how to start and run a corporation. It also develops a deep comprehension of the concept of entrepreneurship and its significance in business. Based on the title of the context, it is all about making an entrepreneurial idea clear, straightforward, and simple (Key and Sell, 2013, 49). The primary ideology that emerges regarding business is innovation. The entrepreneur has to have a broad vision that will assist him or her to find and create new services and goods that the market requires. The role of the professional is to embody the management and risk duties in a firm. The themes that prevail in entrepreneurship include ownership, creating value, uniqueness, growth, nonprofit or profit, and creativity. For sustainable development and returns, the business will require continuous innovation. There is also the need of commitment and critical thinking to expand ideas and outsmart rivals in the market. Commitment is seen from effective interactions, strong partnerships, corporate relationships, and team building. Risks stand out as eminent opportunities that the organization should manipulate in their favor to derive benefits (Key and Sell, 2013, 100). Ethics influences the entrepreneur’s behavior to produce quality and healthy items for the community. The book strongly believes in the affirmation that a business mind is not born, but instigated by circumstances within the surrounding.
Weekly Lecturers
Another basic ingredient in business is leadership or the technique to inspire others to see the mission depending on your perspective. The new management paradigm outlines the concept of complex leadership that entails the reinforcement of the executives and the organization such that both aspects appear as a unit. Complex leadership also directs attention on the fitness of the firm through simulations and distributed intelligence. The management helps in breaking down the myths in entrepreneurship such as business persons are misfits in society, inventors, must have wealth, etc. Critical thinking also stands out in entrepreneurship. It requires the expert to analyze conditions deeply and utilize supportive literature to back up essential ideas. Critical thinking is an infusion of skills such as discipline, self-awareness, honesty, rationality, and open-mindedness. Logical reasoning sustains the validity and stability of a business ideology enabling it to break down barriers (Week 2, 2016, 5).
Workshops Bi Weekly
When I began attending the workshops, I could not shake off the excitement to have a practical forum to apply the essential information I was gathering in the course. In the first workshop, we introduced ourselves and went through the assignments and data from the entrepreneurial unit. We also assessed business events such as the risk-taking forum of Tony Hernandez. In the second session, we went through the homework provided in the first workshop to clear out any myths and misconceptions people had regarding entrepreneurship.
The teacher outlined what we were required to learn throughout the workshops. Later on, we teamed up to perform group activities that would enhance our understanding of business. The third session involved discussions about networking, management relationships, and the traits of an entrepreneur. We had a 10 minute period to jot down the first thing that came to mind regarding the field. In the fourth workshop, we visited a government business website to analyze the template and plans. The activity enabled us to grasp all the fundamental aspects and usefulness of a corporate plan.
In the fifth workshop, we were asked to provide business ideas that would be evaluated to point out the gaps. We then focused on the control of entrepreneurial transition and growth. In the sixth session, we looked at managing innovation and creativity in the firm using business models. The last workshop entailed discussions on the complex ideas or assignments that people had encountered during the sessions. The tutor told us that having understood all the relevant concepts in entrepreneurship, it was now up to us to interpret it based on our comprehension.
ICT & social media
The internet and advancements in technology are some of the changes that entrepreneurs have to keep up with in today’s corporate environment. Essential terms that crop up in social media include texting, blogs, e-mail, cyberbullying, social networking, inflection, amongst others. Another vital aspect of sustaining the appropriate social media relations is learning the etiquette of the internet. The etiquette entails learning the formats of texts or emails and how to respond to different individuals. Taglines and signatures help in indicating the name, contact details, and vision of the company to enhance its recognition (Week 12, 2016, 6).
Etiquette in the social media also helps in developing a language that is not too informal to outline the professional aims of the entrepreneur. The internet can sometimes become a distraction; hence, it is essential to define a thin line between business and entertainment. It also needs a person to be cautious because one slight mistake can ruin the reputation and image of the corporation (Turró, Urbano, and Peris-Ortiz, 2014, 362). Social media provides benefits such as better interactions, personal branding, uniqueness, marketing, surveying the current practices in the industry, and monitoring the activities of the competition. It also serves as a mechanism of choosing the appropriate people the entrepreneur should associate with based on their reputation on the internet (Week 12, 2016, 18).
Communications and Networking
Interactions and effective networking systems are the backbones of an enterprise. Hence, I have learned to build steady customer and partnership relations that will promote the business. Social networking has been the basis of creating a structure of persons who are crucial to the firm and tied by particular relationships (Week 12, 2016, 34). Another fundamental method of boosting communications and networking is team building by holding discussions with the right people within the industry. Interviews also assist in acquiring more knowledge and experiences to build the business. Hence, I have sought the ideas from the best minds in the sector occasionally.
Inspiration
Entrepreneurship is not a simple task that an individual magically wakes up one day, decides to pursue, and obtains success. When I started focusing on business, I enjoyed listening to quotes from famous business persons and reading inspirational articles and books. Learning from someone who defied the odds to become a successful and prominent person gives you the energy to face the challenges that emerge in entrepreneurship. Most influential persons start out small with infant ideas and relentlessly do everything in their power to generate suitable outcomes. They also miss out on many opportunities or encounter tough experiences that do not serve as setbacks but give them a renewed energy to focus on their vision (Drucker, 2014, 76).
Steve Jobs stood out to me based on his achievements as Apple’s founder and leader. He developed the idea of passion. According to his analogy, a business will take up the largest portion of your life; hence, it is fundamental to choose something that you will enjoy and deliver great outcomes. Passion enables the entrepreneur to be satisfied with whatever he or she is doing even though it may not generate quick returns at first. Just like the CEO of Zappos says, a person should first chase the objectives and not the money. The profits will start flowing in afterward. Therefore, patience is also an essential skill that an entrepreneur should possess.
Creativity and Innovation
Innovation is the primary function in business. It serves as a combination of perseverance and vision. Entrepreneurs should blend logical properties and critical thinking. Creativity and innovation both represent two different aspects. Creativity entails the origin of entrepreneurship while innovation is the effective implementation of the ideas that emanate from creativity or the practical application of the wisdom. Innovation thus serves as the mechanism that ensures business continuity and survival. Creativity can rise from the reinforcement of a system or the formulation of new ideas. It contains two prominent elements: processes and individuals. The procedures are goal-oriented or designed to conjure a solution while the people are the resources that bring about the solution (Week 1, n.d., 22).
Motivation, knowledge, and critical thinking are the basic postulates of creativity. They charge up the entrepreneur’s ability to create ideas and concepts. Innovation, on the other hand, is developed by discrepancies, market changes, process needs, and unexpected circumstances. The process structure depicts the relationship amongst entrepreneurship, innovation, and creativity as a combination of a market pull and a technological push. Some of the greatest ideas arise from teamwork and constant interactions with those that the entrepreneur shares a similar focus (Week 1, n.d., 30).
Risk-Taking
Risks are sometimes classified as a synonym of entrepreneurship because to start a firm requires the individual to place his psychological, financial, and employment well-being at stake. If someone is focused entirely on becoming a successful business person, he or she must be prepared for the challenges and risks that come with the venture. Some of the risks that I have had to face to become an entrepreneur include abandoning a regular wage, sacrificing capital, estimating the public’s interests, trusting individuals, conforming to deadlines, donating health and personal time, and relying on the business’ cash flows.
Entrepreneurship entails saying goodbye to a current job, if the person had one, to pursue an uncertain endeavor. The business individual has to dive deep into his or her account to get the corporation started. Though there is the option of relying on external assistance; however, depending on your finances is the appropriate way of escaping debts or legal issues. The entrepreneur’s daily necessities depend on the revenue of the business. Hence, when things get rough and profits dwindle, the individual may have to let go of some fundamental items or activities. The person also has to rely on the perceptions of the public regarding the company (Baum, Frese, and Baron, 2014, 21).
Social and Ethical Responsibility
Business is expected to serve a common good or advantage to acquire loyalty from the public. Hence, it is essential for a firm to focus on social entrepreneurship. The domain entails acting as an agent of social transformation or change by producing better environmental and community outcomes. It is not all about personal gain, but changing the worldview, people, and the society (Week 13, n.d, 4). Social entrepreneurship arises from ethical and corporate social responsibility. Sometimes it becomes difficult to create a balance between the role of business, which is to maximize profits, and social responsibility. The entrepreneur should find a specific niche instead of trying to do everything for people (Week 4 and 5, n.d, 8).
Ethical and social responsibilities also conflict with the interests of the shareholders. Therefore, the leader must ensure that he outlines the essence of the practice towards generating long-run stability and boosting the image of the company. As an entrepreneur, I have developed a deep sense of moral and social responsibilities because I understand the vital role that the public plays in promoting my business. The society acts as the source of customers and employees. Hence, I participate in volunteer work and consumer services to sustain better relationships with the buyers and highlight issues in the community that I can assist in managing or alleviating.
Reflections and Conclusions
The moment I opted to pursue entrepreneurship, I devoted all my time, attention, and resources to the cause with the hopes of accomplishing my goals. I did not want to wake up one day in the future filled with regret for having not taken an action. However, I could not undertake the issues in business without first grasping the skills and knowledge regarding entrepreneurship. The abilities have propelled me to adapt to various changes in the dynamic environment and find solutions to difficulties that have threatened the success and continuity of the firm (Baum, Frese, and Baron, 2014, 32). Another factor that has played a central role in marketing the organization is social media. By learning the appropriate etiquette and ways to use the internet in my favor, I have managed to create the appropriate brand that has attracted a set of loyal parties.
Social and ethical responsibility have enabled the enterprise to solidify the objective of making the surrounding a better place. Also, it has helped in building stronger relationships with employees, the public, and regulatory bodies. Through ethical and social adherence, the firm can avoid litigation challenges that may threaten its continuity (Fayolle, Liñán, and Moriano, 2014, 33). As a rising entrepreneur, I have also learned to appreciate the works of other business persons and utilize them as stepping stones or mechanisms of directing the company to obtain the desired outcomes. Conclusively, the field of entrepreneurship is a combination of various factors that sustain a corporation.
References
Baum, J.R., Frese, M. and Baron, R.A., 2014. The psychology of entrepreneurship. Psychology Press.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fayolle, A., Liñán, F. and Moriano, J.A., 2014. Beyond entrepreneurial intentions: values and motivations in entrepreneurship. International Entrepreneurship and Management Journal, 10(4), pp.679-689.
Key S. and Sell C., 2013. One Simple Idea for Startups and Entrepreneurs. New York: McGraw Hill.
Krueger, N., Liñán, F. and Nabi, G., 2013. Cultural values and entrepreneurship. Entrepreneurship & Regional Development, 25(9-10), pp.703-707.
Kuratko, D., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Morris, M.H., 2012. Entrepreneurship as experience. John Wiley & Sons, Ltd.
Turró, A., Urbano, D. and Peris-Ortiz, M., 2014. Culture and innovation: the moderating effect of cultural values on corporate entrepreneurship. Technological Forecasting and Social Change, 88, pp.360-369.
