An Inside Look at ENTREPRENEURSHIP
What is an entrepreneur? Rather, who is an entrepreneur? The answer in short YOU ARE. Well, maybe not now
but you could be should you choose. An entrepreneur
is someone who uses creativity to design their lives and the lives of others in
the way they feel it should be, using methods believed to be appropriate while
taking full responsibility for outcomes and risks associated. That is DeMeitta
Wesley’s definition. Wikipedia
listed a similar definition and in addition, they listed 4 types of
entrepreneurs; Social entrepreneur, Serial entrepreneur, Lifestyle entrepreneur,
and Cooperative entrepreneur. View
detailed listing at http://en.wikipedia.org/wiki/Entrepreneur.
Social entrepreneur
A social entrepreneur is
motivated by a desire to help, improve and transform social, environmental,
educational and economic conditions. Key traits and characteristics of highly
effective social entrepreneurs include ambition and a lack of acceptance of the
status quo or accepting the world "as it is". The social entrepreneur
is driven by an emotional desire to address some of the big social and economic
conditions in the world, for example, poverty and educational deprivation,
rather than by the desire for profit. Social entrepreneurs seek to develop
innovative solutions to global problems that can be copied by others to enact
change.
Serial entrepreneur
A serial entrepreneur is one who continuously
comes up with new ideas and starts new businesses. In the media, the serial entrepreneur is
represented as possessing a higher propensity for risk, innovation and
achievement.
Lifestyle entrepreneur
A lifestyle entrepreneur places passion before
profit when launching a business in order to combine personal interests and
talent with the ability to earn a living.
Cooperative entrepreneur
A cooperative entrepreneur doesn't just work
alone, but rather collaborates with other cooperative entrepreneurs to develop
projects, particularly cooperative projects. Each cooperative entrepreneur
might bring different skill sets to the table, but collectively they share in
the risk and success of the venture.
What are the benefits of entrepreneurship?
According to entrepreneurweek.com:
“As the 2012 Presidential
Election draws closer, Republican politicians in America are taking to the
stage to share their ideas on ways to benefit the country’s economy. During his three years in office, the
Democratic president has repeatedly promised job creation to a frightened
nation whose citizens are facing economic crisis. But as the United States
stands through the current recession, entrepreneurship is quickly becoming a
very viable solution to many of the financial issues in the country.”
Creative Thinking of
Entrepreneurs/Creating Jobs
While some may wonder how
entrepreneurship could possibly help solve the critical situation which
Americans are finding themselves in, these self-starters have become a very
essential part of the American work force. The creative thinking of
entrepreneurs has helped many of them to flourish in the midst of a parched
financial desert. Better yet, these service oriented business owners are
helping to release a spring of economic activity in a wasteland of economic breakdown.
The entrepreneur spirit is
one that blooms in the midst of that desert. Entrepreneurs often shine the
brightest when under pressure, making them very important to their society as
they continue to benefit the economy in many ways. Although many promises have
been made by politicians who are trying to pass bills in the name of “job
creation,” it is the entrepreneurs who are actually creating the jobs. That is
simply because it is the entrepreneurs who create new businesses…and new
businesses hire employees, thus creating jobs. This is the most important
reason that entrepreneurship is vital to the nation’s economy.
As an entrepreneur starts
their business, they will require a number of employees to keep that business
going. Whether it is accountants, staff members, writers, web site creators, or
just manual laborers, most new businesses will need several employees. Not only
does the entrepreneur provide those employees with a job, but he or she will
also strive to help that employee succeed. This is because the success of the
employee will in turn benefit the entrepreneur.
From Public Assistance to
Taxpayers
With both the business owner,
and the employees now making more money, they will put that money back into the
economy as they purchase the necessities such as food, clothing,
transportation, etc. An unemployed person who might have found themselves using
government benefits such as food stamps, welfare, and more, as a revenue
generating entrepreneur, could now be a contributing member of society. The more that employee can make, the more
they can put back into the economy. And the more the employee is making, the
more the business owner is taking in. In turn, entrepreneurs pay taxes which go
back into the government programs to help those who have not found employment,
or are on unemployment.
Aside from creating jobs,
entrepreneurs also create a demand for more finished products as well. The
restaurant owner will need produce and other food products, the photo-journalist
will need camera equipment, film, computer programs, notebooks, pens, and more,
the fashion designer will need cloth and accessories, and so forth. As these
entrepreneurs purchase the needed items from suppliers, those suppliers will need
employees who can produce the needed items as well as keep inventory, handle shipping,
and more. As the entrepreneur’s business continues to grow, their benefit to the
economy grows with them.
Along with job creation and
fresh product demand, entrepreneurs will introduce new products, technologies,
and ideas into the market, which in turn can create even more jobs, starting
the cycle all over again. Take Steve Jobs, Bob Galvin, and Bill Gates for example.
Bob Galvin was the head of the development of those integrated circuits which
would later be used by people such as Steve Jobs to create the cell phone. The new technology which these three men
alone brought to the table is still adding billions of dollars to the economy
each year. With these thoughts in mind, perhaps those politicians who truly
wish to help create jobs and boost the economy will see that supporting
entrepreneurship in America is a great way to do just that.
Angela Kaye Mason is a
researcher, writer, business woman, and contributor at entrepreneurweek.com
blog network. She may be reached at eweekcomauthor@gmail.com. Follow Angela on
Twitter @AngelaKayeMason”
What are the Pros and Cons of entrepreneurship?
I
To everything in life there
are advantages and disadvantages; entrepreneurship is no exception. As a matter
of fact, entrepreneurship involves a lot of risk taking. Yet, it can pay off
very nicely as well, with rewards such as profits and the opportunity to be
your own boss and make your own decisions.
Here are some pros and cons to consider:
Pros
• Excitement: Due to
its high capacity for risk, there is a lot of adventure.
• Rules and regulations:
Work in a current job is difficult to do because of all the "red
tape" and consistent administration approval needed.
• Originality: Some
people feel that they can offer a new service/product that no one else has
offered before.
• Competition:
Employees feel they can offer their current company's product/service at a
lesser expense to the public.
• Independence: Some
people wish to be their own boss and make all the important decisions
him/herself.
• Salary potential:
Generally, people want to be paid for the amount of work they do in full; they
do not want to be "short-changed."
• Flexibility:
Entrepreneurs can schedule their work hours to spend quality time with family
or any other reason.
• Rational salary:
They are not being paid what they're worth and would rather work on their own
and earn the money they should be earning for their efforts.
• Freedom:
Entrepreneurs can work whenever they want, wherever they want, and however they
want.
Cons
• Salary: Starting
your own business means that you must be willing to give up the security of a
regular paycheck.
• Benefits: There will
undoubtedly be fewer benefits, especially when considering that your business
will be just starting off.
• Work schedule:
The work schedule of an entrepreneur is never predictable; an emergency can
come up in a matter of a second and late hours will have to be put in.
• Administration: All
the decisions of the business must be made on your own; there is no one ranked
higher than you on the chain of command in YOUR business.
• Incompetent staff:
Often times, you will find yourself working with an employee who "doesn't
know the ropes" as well as you do due to lack of experience.
• Procedures: Many
times during your entrepreneurial life, you will find that many policies do not
make sense, nor will they ever make sense.
Well Known Entrepreneurs…
Mary Kay Ash- The founder of Mary Kay
Cosmetics created a business that has helped some half a million women
fulfill their dreams of business ownership. A best-selling author and powerful
motivational speaker, Lifetime Television named her the Most Outstanding Woman
in Business in the 20th Century.
Ben & Jerry’s (The Man Behind
Icecream) - Ice cream is a sweet treat that few can resist. Although
vanilla is the most popular flavor in the U.S., there are a seemingly endless
number of varieties and manufacturers. One of the best-known purveyors is Ben & Jerry’s, the brand synonymous
with funky flavors like Cherry Garcia and Chunky Monkey and a groovy Vermont
vibe.
Michael Dell (Innovator of the Personal Computer Industry)- Michael Dell, born
February 1965, started the road to success out of his University of Texas dorm
room in with just $1000 and an idea in 1984. Michael Dell is both Chairman and
CEO of his company with a net worth of over $30 billion. Dell sells directly to the customer so to avoid middleman mark-ups.
Simon Cowell- (Music Mogul Millionaire) - Simon Cowell is best known as the
obnoxious judge on the hit TV show American
Idol whose cynical comments sent contestants running out the door in tears,
but what most don’t know is that his work didn’t start there and most
definitely won’t end there. His list of achievements is long and includes being
a successful record producer and executive for the BMG UK record company to gathering wannabe entrepreneurs on his
show, American Inventor.
Less Known Entrepreneurs…
ADORA SVITAK - Born: October 15, 1997 (age 14).
Adora Lily Svitak is an American child prodigy and internationally
published author, known for her essays, stories, poems, blogs, and full-length
books. Wikipedia.
SAVANNAH BRITT - At age 14 Savannah Britt took Fashion Magazine Sector by storm. She is a teen socialite turned entrepreneur,
who heads her own fashion magazine for girls!
EMIL MOTYCKA -
Emil Motycka started mowing lawns when he was 9 years old and in his senior
year of high school he earned $135000 from his company Motycka Enterprises.
Search these names on the
World Wide Web for more information about them.
Read about these SUCCESSFUL CHILDREN on 50WISE website.
Entrepreneurship allows
freedom from mundane work and limiting pay.
It challenges abilities and tests skills with the reward of high
satisfaction. Creative innovation may be
the most reliable employer yet. It is
favored in the U.S. economy and embraced by even children. If you have ever considered going into
business for yourself, no matter how much thought you have given the idea, tell
yourself YOU CAN. Now create an innovative plan to your claim of entrepreneurship today.
Sincerely,
DeMeitta Wesley
creative
