Essay On Entrepreneurship Skills
ENTERPRENEURSHIP SKILLS DEVELOPMENT The basic concept of entrepreneurship is about developing a vision of what a company should be, and then executing that vision by translating it into concrete steps and following through. Who is an entrepreneur? An entrepreneur is a person who organizes and operates a business or businesses, on greater than normal financial risks in order to do so. Entrepreneurs tend to be personally involved in building and shaping their companies and develop strategies and systems that go beyond these limits. Enterpreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Entrepreneurship skills are associated with competence …show more content…
Business Strategy It’s easy to set your mind about the “right-now” aspect of your business, because the results are easy to see. But what about the long-term challenges and goals involved? How often are you projecting about those? Without a close eye on your business’ strategy and skilled assessment of that strategy relative to the industry and your competition, you can’t hope to grow it over time and remain competitive in the marketplace. Strategic key points include:- Business niche ¬– A good entrepreneur can build his business by concentrating on small and key market areas by identifying areas that are been addressed poorly or not at all by other firms, and developing and delivering service to that market. Business Placement – Choosing a business location is one of the most critical decisions an entrepreneur has to make. This is achieved by considering factors like competition, local labour market and ability for future growth. 5. Proper Financing While you don’t need to be an accountant or Finance Manager to run a successful business, you should still have a good understanding of your finances, profit margins, cash flow and funding. The more comfortable you are with all of these figures, the more confident you’ll be, and the better decisions you’ll make while running your
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More about Essay On Entrepreneurship Skills
- Joseph Schumpeter
- Entrepreneurship education
Entrepreneurship is by far the largest field contributing to the world’s economics. In terms of whether entrepreneurs are born or made, my pick would be that entrepreneurs are made. I don’t agree on the idea of entrepreneurship skills are genetic. For people who inherit family business or maybe an empire, those skills are learnt when they were growing up, watching their family members running the business . Being a risk taker sure is something that is just within ourselves but for a person to be able to detect opportunities and the ways of tackling those opportunities are something that meant to be learnt in classroom. Even in schools and universities, these skills are not just been taught theatrically but also the practicality. Students are encouraged to practice their entrepreneur skills before competing in the real world. Learning the basic rules on starting up a business and also getting the chance to run a small business in the institution gives the person a whole new level of exposure which is not something that a person is born with. Furthermore, students are able to widen their network in universities which could come as a big hand when they’re starting their own business in the future. Plus, one of the main key points in learning entrepreneurship skills, a person is able to detect within himself whether he has what it takes to be an entrepreneur. Research has shown that education does have a lasting effect on students which means that the skills that they have learnt in the classroom are proven to be used in long-term. For an individual who grows up having a family business is a plus point as he will get to absorb certain skills in entrepreneurship. However, entreprenuial skills are meant to be learnt and the idea of ... ... middle of paper ... ... that takes a certain amount of time to learn in order to identify certain entrepreneurial skills that need to be applied in the business itself. She admits that she inherits her boldness form her father but she had to learn how to use the quality for the business at the right time. This clearly shows that entrepreneurs are more likely made rather than born. Education offers a huge advantage. Entrepreneurial skills are not purely genetic, it is something that needs to be observed and learnt in order to practice it in the real game. Most of the entrepreneurs gain their skills through experience which is also a good source for learning. It is no doubt that some people are born with certain skills such as adaptive thinking and seeing reality with positive spin but these people also need to learn on how to practice those skills in entrepreneurship at the right time.
In this essay, the author
- Opines that entrepreneurship is the largest field contributing to the world's economics.
- Explains that learning the basic rules on starting up a business and also getting the chance to run small business in the institution gives the person exposure and broadens their network in universities.
- Explains that education has a lasting effect on students, and that the skills that they have learnt in the classroom are proven to be used in long-term.
- Explains that sm nasarudin had to start from the bottom and work his way up to become the joint group executive chairman today.
- Explains that ivanka trump, the daughter of usa's business tycoon, donal trump shows that entrepreneurial skills are meant to be observed and learnt.
- Describes ivanka as the executive vice president of development and acquisitions of trump organization. she handles all areas of the company's real-estate and hotel management platforms.
- Explains that entrepreneurs are more likely to be made rather than born, and that education offers a huge advantage. entrepreneurial skills are not purely genetic, but can be practiced through experience.
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Entrepreneurships can be two ways whether it is by individual intention or entrepreneur taking by family firm. Based on Kuratko (2005) asserted that an entrepreneurship intention can be developed in ad individual since it is related to the individual characteristics of seeking opportunity, taking risk, and giving tendency to push an idea through. Entrepreneurial that become because of their family have a talent across generation, intelligence to success in business and has a dedication (Poutziouris, 2001). Business that from family has a benefit to the owner because there should ...
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This demographic adds an extremely powerful experience level to the business workplace, they have years of experience that they can pass down to blooming professionals that are fresh out of college. Also, the business world is experiencing a spike in non-Caucasian Americans, those that are African-American, Hispanic, Asian and many more races and ethnicities. These people help make the workplace diverse and they help to appeal to people of their Culture and credo. On the other hand, the people who have experience in the workplace will need to break the formality that they have been acclimated too since they have been in the business world. Entrepreneurship is a career within the business field, an entrepreneur is someone who takes a great financial risk to start and operate a business or
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More about Entrepreneurship Skills
- Ivanka Trump
Entrepreneurship Skills: Inborn or Gained?
The definition of entrepreneurship and entrepreneurial skills, leadership skills and self-confidence, analytical skills, entrepreneurship education.
Entrepreneurship is known as independent, related to risk activity that aims to systematically gain profit from property utilization, goods realization, rendering services, and order completion. Costin et al. (2018) define entrepreneurship as the ability of an individual to turn ideas into action; it is a key competence that helps people improve their creativity and self-confidence in diverse spheres. The capability to effectively perform such functions is related to the presence of entrepreneurship skills in the person in charge. Hence, one of the integral questions discussed by scientists and psychologists is whether such skills, characteristics, and virtues are inborn or can be gained and developed over time. Entrepreneurial skill is the quality that helps a person develop, create new services or goods valuable for customers and generate monetary profit by selling the produced goods (Costin et al., 2018). Inborn skills would mean that only a certain number of people is predisposed to business creation, effective management, being in charge, and fulfilling entrepreneurship. In case such qualities can be developed, diverse people will get the opportunity to increase the effectiveness of their regulating policies and create profitable business structures.
From one side, the first and the most significant quality in any successful entrepreneur is self-confidence and leadership skills. It is obvious that self-confidence is brought up and developed throughout childhood and fully depends on the individual situation, including parents’ attitudes towards the child’s development or the society. Therefore, self-confidence is built in the offspring from their birth by the social environment surrounding the individual. However, adults or teens with low confidence levels can overcome this traverse by visiting a psychologist, analyzing their fears, and practicing self-love. Additionally, such a notion as an entrepreneurial mindset can define and provide success and failure among businessmen (Wardana et al., 2020). Kuratko et al. (2020) divide the entrepreneurial mindset into such key perspectives as the cognitive, emotional, and behavioral aspects. Therefore, inner qualities, in other words, the cognitive aspect, related to the individual’s psychological health can be changed in different ways and hence do not fully define a successful businessman.
Although leadership skills can be developed, this factor is one of those that cannot be easily changed. In this case, the virtue depends on some constant showings such as temperament, type of personality, and the individual’s social integration. What is meant is that people generally cannot change their introvert or extrovert attitudes toward diverse situations, people, and outside triggers. According to Wang and Chen (2020), the CEO personality can be analyzed with the help of the Big Five model as the framework for personality traits estimation. For example, Lopez-Nunez et al. (2020) suggest that entrepreneurship is generally associated with openness, extraversion, conscientiousness, lower agreeableness, and neuroticism. Although such inborn characteristics cannot be changed to the opposite, they can be developed and slowly change over time. A person may be an introvert, but by growing older and gaining more social connections, being integrated into small communities, this virtue might change to a little more socially open one.
Other more rational skills are included in the portrait of an ideal entrepreneur as well. Castin et al. (2018) believe that the most crucial attributes required for establishing a successful business are risk and innovation aptitude, long sight, rapid decision-making, the ability to tolerate and understand others. Additionally, the ability to read reality factors, deal with complexity, compete, and bear high amounts of stress would be quite beneficial. Presenza et al. (2019) underline that risk-taking is significant for any business and start-up; that is why entrepreneurs should possess a strong, self-confident personality. Based on the conducted research, Kerr et al. (2019) state that entrepreneurs show the highest tolerance to risk in comparison with the inventor and non-inventor employees. Therefore, a good and successful entrepreneur is required to possess rational, analytical skills along with personal and psychological qualities supporting their mental abilities.
Additionally, such feature as business or entrepreneurship education is a common thing in the modern world. Students who chose this degree as their major mostly learn such subjects as accountancy, business studies, marketing, economics, and the like. Hence, these studies aim to develop in young adults their personal skills along with professional knowledge to make them able to implement both in their future business activities. Several studies were conducted on the topic of the correlation between entrepreneurship education and future success and skills development. For example, Hahn et al. (2020) argue that as a result of both elective and compulsory courses, a higher increase in their entrepreneurial skills experiences those students who have stronger and more intensive entrepreneurial intentions. Lindberg et al. (2017) highlight that favorable attitudes towards entrepreneurship should be created among students in EE courses or training. Therefore, the same courses in business education taken by diverse students produce various effects on their personal abilities related to business, as well as entrepreneurial thinking and qualities.
It is well-known that schools provide children with basic knowledge of business and economics, and this opportunity puts most students in the same situation regarding economic education. Hahn et al. (2020) conclude that entrepreneurship education generally plays a supportive role for individuals’ education in other subjects and majors. Additionally, entrepreneurial education is especially important for transition economies as creating good specialists is a core factor of all countries’ development (Voda & Florea, 2019). Hence, in some cases, elective courses in business-related subjects are more efficient than compulsory ones.
Motivation is one of the core factors defining the success and necessity of entrepreneurship studies. Based on their conducted research, Galvao et al. (2020) concluded that motivation and the entrepreneurship program under study show a positive relationship existing between them. This means that the individual’s intention and motivation to succeed in business in many cases defines the courses’ or training’ effectiveness. Seun and Bilkis (2017) claim that students developed through giving rewards are more likely to create a business in the future as such studying process enhances their motivation. In addition, great achievements in business usually contribute to those who show strong interest in a product or activity, identification with it, the goal of continuity of a family business, motivation to higher income, and attraction to risk-taking.
Are Entrepreneurs Born or Made?
Although entrepreneurial skills can be developed through diverse training, education, courses, and seminars, some people are more predisposed to being businessmen, and others are less. Personal characteristics, people’s traits, their background, educational level, and psychological problems or aspects define their solid skills that generally cannot be changed, only developed. However, some additional skills can be trained in order to enhance chances for being a successful entrepreneur. Any person can be a great businessman; the only difference is in the inborn characteristics that make it easier or more difficult for particular individuals to establish profitable businesses.
Costin, Y., O’Brien, M. P., & Slattery, D. M. (2018). Using stimulation to develop entrepreneurial skills and mind-set: An exploratory case study. International Journal of Teaching and Learning in Higher Education, 30 (1), 136-145. Web.
Galvao, A., Marques, C., & Ferreira, J. J. (2020) . The role of entrepreneurship education and training programs in advancing entrepreneurial skills and new ventures. European Journal of Training and Development, 44 (6/7), 595-614. Web.
Hahn, D., Minola, T., Bosio, G., & Cassia, L. (2020). The impact of entrepreneurship education on university students’ entrepreneurial skills: A family embdedness perspective. Small Business Economics, 55 , 257-282. Web.
Kerr, S. P., Kerr, W. R., Dalton, M. (2019). Risk attitudes and personality traits of entrepreneurs and venture team members. PNAS, 116 (36), 17712-17716. Web.
Kuratko, D. F., Fisher G., & Audretsch, D. B. (2020). Unraveling the entrepreneurial mindset. Small Business Economics, 57 , 1681-1691. Web.
Lindberg, E., Bohman, H., Hulten, P., & Wilson, T. (2017). Enhancing students’ entrepreneurial mindset: A Swedish experience. Education + Training, 59 (7/8), 768-779. Web.
Lopez-Nunez, M. I., Rubio-Valdehita, S., Aparicio-Garcia, M. E., Diaz-Ramiro, E. M. (2020). Are entrepreneurs born or made? The influence of personality. Personality and Individual Differences, 154 , 1-5. Web.
Presenza, A., Abbate, T., Meleddu, M., & Sheehan, L. (2019). Start-up entrepreneurs’ personality traits: An exploratory analysis of the Italian tourism industry . Current Issues in Tourism, 23 (17), 2146-2164. Web.
Seun, A. W. A. O., & Bilkis, A. I. A. (2017). What motivates your entrepreneurship? Born or made. Petranika Journal of Social Sciences & Humanities, 25 (3), 1419-1447. Web.
Voda, A. I., & Florea, N. (2019). Impact of personality traits and entrepreneurship education on entrepreneurial intentions of business and engineering students . Sustainability, 11 (4), 1-24. Web.
Wang, S., & Chen, X. (2020). Recognizing CEO personality and its impact on business performance: Mining linguistic cues from social media. Information & Management, 57 (5), 1-11. Web.
Wardana, L. W., Narmaditya, B. S., Wibowo, A., Mahendra, A. M., Wibowo, N. A., Harwida, G., & Rohman, A. N. (2020). The impact of entrepreneurship education and students’ entrepreneurial mindset: The mediating role of attitude and self-efficacy. Heliyon, 6 (9), 1-7. Web.
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Entrepreneurial Skills and Management Report
Entrepreneurship is very important in promoting the economy and can be improved by creativity, which brings in new ideas. The entrepreneur becomes even more important because of the relationship the business and its management form with not only its customers but also its suppliers and also its employees (Kuratko, 2008). Potential investors in the company are also interested in how well the management team or leader can work together in teams with other people and how quickly and rationally they can come up with solutions to any problem the company faces. Entrepreneurs should be aware of the production process of their offering, the industry and market they are about to enter, and most importantly the customers and competitors (Hew and Loi, 2004).). Entrepreneur and innovation are not homogeneous traits. An aptitude for leadership stems in part from the use of knowledge. The following are the characteristics of good leaders:
An entrepreneur is self-confident.
One of the greatest challenges most entrepreneurs are having or lack of self-confidence, which may affect their business. He should be confident and comfortable with a business idea and establish open communication with stakeholders. Someone must guide the processes that lead to the achievement of something in the best way possible. Although the creation and maintenance of a healthy work environment is the responsibility of everyone in business, entrepreneurs take the vital role of steering people, events, and other circumstances in that direction. Oftentimes, a healthy organizational culture is a key to the success of institutional aims that includes fulfillment of personal aspirations. Entrepreneurs should create a sound purpose and lead the people towards collaborative work that empowers and encourages them to be creative and dynamic. Entrepreneurs should properly define their relationship with those they handle and exercise their power not just to realize institutional goals, but for the benefit of the individuals involved as well. Ethical purpose and sound values must always be maintained while pursuing institutional goals. It is not just the organization’s that is in focus, the realization of individual potentials should is also given importance(Solita and Banastao. 2008).
Entrepreneurs are ambitious
It is clear that an entrepreneur is a highly ambitious and experienced person who can boldly take decisions to frame the vision and long-term goals of a business.
An entrepreneur is not just one that has to ensure profit; he has to be agile to avoid dangerous situations. He must create and maintain a healthy organizational culture for that is where the crux in administration lay. The best entrepreneur is those that are placed on a pedestal by their followers. They should maintain an open mind and an open ear towards the needs and aspirations of their followers. They should never brush these aside and act on them. They should make it known that they value their people’s welfare. Maintaining an air of cooperation and camaraderie is another way of ensuring that harmony in feelings and pursuit is on track. An entrepreneur that makes sure the people are getting along well despite the pressures of mission and goals has the job half done. An entrepreneur that is on the helm of an organization that takes pride in the collective process is one that has taken leading into some degree of perfection(Kumar, 2008).
An entrepreneur is hard working
Entrepreneur should be hard working and have the attitude to work in a professional environment will be selected. They should have pleasant personalities and should be committed to providing excellent service. Entrepreneurs should spearhead the creation and maintenance of dynamic organizations where people feel that they have a purpose-driven life. They should be the agents of change where they shape the overall vision of the institution. An entrepreneur should be able to define a synergistic push towards the attainment of individual and institutional goals. They should be able to lead and enlighten their followers in the direction of their self-actualization. That is one of the most important functions that they should adhere to and advocate for in their circles. While creating a shared need to be a part of and improve the institution, the entrepreneur must also make sure that the wants, needs, and other aspirations of the people are met(Bolton and Thompson, 2004).
As the world increasingly gets interconnected, globalization is the norm and leaders must be able to manage this change. Opportunities abound in globalization and those ill-equipped to take advantage of the prospects will be on the losing side. Indeed, the world will eventually gain the ability to use its resources; the world in business is a situation that is golden for the enterprising mind. There are potential customers in just about every country in the world where possible partners, suppliers, and competitors may emerge. A manager must go to great lengths to realize a profit in this globalization: “In theory, the gains of the winners in trade always outweigh the costs to the losers” (Abrams and Kleiner,2003, p. 1). Making a profit in the global scenario seems very promising; the main thing is how to see and manage these opportunities. Before, managers looked into the dynamics of their customer base in their own country to try and make some earnings(Vermeulen and Lucian, 2008).
Entrepreneurs are committed
An entrepreneur is committed to upholding an environment of trust, founded upon honesty, ethical actions, respect, and openness. This environment is facilitated by encouraging and reward dynamic and open communication on everything, in all directions, and among all employees without fear of retaliation. Creating trust supported by ethical behavior is a vital element for mission success. He considers diversity, the capability of people as its most potent tool for accomplishing mission success. Recognizing this insight improves the possibility of seeing and resolving challenges to mission success. He should be committed to an environment that promotes teamwork and practices that advance partnership, equal opportunity, constant learning, and openness to advancements and novel ideas. Lastly, he/she is committed to fostering a certain culture that makes full use of individuals’ talents, time, and opportunities in pursuit of excellence to attain the utmost standards(Philip and Scheff, 2008).
Entrepreneurs have a strong ego
He should have self-esteem in determining what do and not do. He should recognize ethical issues as well as reasoning through ethical results of decisions is important. As an effort of strategic thinking, the ability to see the consequent order of effects is very important. Nothing could be more rewarding than improving an individual’s well-being, while at the same time enhancing his or her self-esteem. Self-esteem has a positive impact on individuals, giving them the capacity to function in a given social setting. As people increasingly emphasize physical appearance, one’s confidence levels are usually determined by his or her appearance about others(Pinson, 2008).
Entrepreneurs are autonomous
An entrepreneur should be autonomous that is an individual who behaves voluntarily and is self-directed. The conscience decides how an individual feels and should e behave in the way they believe to be right. They are therefore responsible for their behaviors and so cannot cause harm to others if it is against their beliefs(Sharma, 2010). A corporation is an ongoing entity that does not stop or finish with a person, thus to ensure that the company which the first leader or entrepreneur created remains operational with the correct mission and vision it is important to instill leadership in others and delegate responsibilities. Good entrepreneurship also includes proper delegation. In a transactional leadership style, the leader considers himself to be at the forefront while the remaining are his followers and he engages in a transaction of labor for money equation. However, nobody can achieve everything by working alone. The best synergy is created by teams and therefore effective team building is vital to achieving the goals of the organization and making employees satisfied with their jobs and making them feel an important part of the company. Here comes the role of transformational leadership to understand that there is something bigger than a transaction. They challenge their people to grow emotionally, professionally, and intellectually.
A reflection on the extent of entrepreneurial skills required
An entrepreneur in any venture is important as he ensures that the business meets its objectives, goals, and the reason for which it has come into the business, however, as companies grow, and expand their products and markets. It becomes increasingly important to delegate responsibilities to the right people, ensure their growth and development so that they can become the leaders of tomorrow(Mohanty, 2005). In many organizations, the principal and agency relationship is established to ensure that day-to-day operations are handled smoothly by the agency in case the principal is no longer available and the company keeps operating and servicing the customers.
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Kumar, S., 2008 . Entrepreneurial development . Chicago: New Age International.
Kuratko, D., 2008. Entrepreneurship: theory, process, and practice . Cengage Learning.
Mohanty, S., 2005. Fundamentals of entrepreneurship . New York: PHI Learning PVT. Ltd.
Philip, K. & Scheff, J. 2008. Standing room only: strategies for marketing the performing arts . Harvard: Harvard Press.
Pinson, L. 2008. Anatomy of a business plan: a step-by-step guide to building the business and securing you company is future . Tustin: Out of Your Mind & into the Marketplace.
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Importance Of Entrepreneurial Skills
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Skills Required For A Successful Entrepreneur
Essay on social entrepreneur.
Entrepreneurs support economic activity and growth entrepreneurial process requires capabilities, such as skills, decision-making and business acumen technology entrepreneurs: the danger is having exclusive focus on the product or service without due consideration to whether it addresses a real market problem with customers who would be willing to pay for it.
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