Posted: March 18th, 2023
In the contemporaneous context of extremely intense competition, a leader must be a highly skilled entrepreneur as to ensure the success of his organization. Entrepreneurship basically refers to a set of strategies implemented to change a current organization for the better or ensure the success of a starting business, all in the background of the limitations imposed and opportunities offered by the micro and macro environments and with the scope of retrieving benefits, while also assuming the risks. The current paper is structured into three primary areas, namely the key features of entrepreneurship, the initiatives of entrepreneurs and finally, a compare and contrast of entrepreneurs and small businesses, all organized under a TEE structure.
Key features of Entrepreneurs
T: Topic sentence: In order for a leader to be a good entrepreneur, he must possess certain qualities, such as internal locus of control, tolerance for ambiguity, high energy levels, awareness of passing time, the need to achieve or self-confidence.
E: Explain what it is: The internal locus refers to one’s strong belief that he is the sole person in charge of his life and faith and he alone can control it. The tolerance for ambiguity refers to the behavior of some managers in regard to uncertain or vague information and generally materializes in their openness to the information as they see it a source of future benefits. The energy levels of an entrepreneur must also be high as to ensure his commitment and efforts in succeeding. The awareness of passing time must also be increased for the entrepreneur to objectively realize and quantify the temporal limitations and achieve success within the given time boundaries. The need to achieve will stimulate and motivate the leader to increase his performances and finally, the self-confidence will reveal a strong and determined entrepreneur, who will both emphasize on his core competencies, but will also identify and strengthen his limitations.
E: Example: The business community is filled with extraordinary individuals who became successful entrepreneurs. One of them is Donald Trump, who stated that the most important thing to remember is never to lose sight of the actual goal. He stated that it is somewhat natural for successful entrepreneurs to let their guard down at times, but they should not do so, as they need to stay focused at all times. Founder and Chairman of Dell, Michael Dell, states that an entrepreneur’s success is given by his ability to take risks and invest all of his resources into a business he considers to be successful. Foremost, he must always be aware of the changes affecting the environments and he must adjust to them.
2.2 Initiatives of entrepreneurs
T: Topic sentence: The formation of good entrepreneurs does not depend solely on the personal characteristics of each individual aspiring to this position, but also on the external opportunities, most often materialized in initiatives to develop and support entrepreneurs.
E: Explain what it is: The initiatives implemented for the formation of skilled entrepreneurs are focused on multiple domains and have two primary directions. First of all, they are aimed to remove any barriers from the path to formation of an entrepreneur. This could easily refer to an increased and easier access to education or the removal of discriminatory practices. The second set of initiatives is oriented towards the specialization of the entrepreneurs and could refer to specialized courses, training or the sharpening of the senses and the skills it takes to become a good entrepreneur.
E: Example: the list of examples in the field of entrepreneurs’ initiatives is rather broad, moreover since the contemporary business and scholarly communities are increasingly focused on the role and responsibilities of the entrepreneur. The Ewing Marion Kauffman Foundation has set the basis for numerous such initiatives, the most relevant examples in this sense being offered by the Advancing Innovation Initiative, the Initiative for Closing the Gap for Women and Minority Entrepreneurs or the Urban Entrepreneur Partnership Initiative.
2.3 Entrepreneurs and Small business
T: Topic sentence: The concept of entrepreneurship has often been assimilated with the management of small businesses, however, certain particularities exist and they reveal the difference between the two organizational forms.
E: Explain what it is: The management of small businesses refers to the actions implemented in order to successfully administrate an independent small size entity. Entrepreneurship on the other hand refers to the actions taken to cease an opportunity, to research more or to implement various strategies that ensure the gaining of a comparative advantage and ensure a most successful outcome.
E: Example: The examples for the small business management in comparison to the entrepreneurship basically revolve around the features that differentiate the two, such as size, risks, sector or growth. In this particular instance, in terms of size and risks, entrepreneurships can be small, medium or large and involve fluctuating levels of risk, whereas SMB can only be small and generally face limited risks. In terms of sector and growth, the entrepreneurship can be found in all private, public or non-profit, and it is centred on high levels of growth, whereas SMB is only private and has variable growth focus.
Entrepreneurship refers to the art and science of developing and implementing the most suitable strategies with the available resources, in the given circumstances and with the present risks in the hope of retrieving the most beneficial outcomes. It can be found at every level, at every size and it is driven by innovation and determination.
Schaper, M., Volery, T., 2004, Entrepreneurship and Small Business: A Pacific Rim Perspective, Wiley
2008, Grants and Initiatives – Entrepreneurship, Ewing Marion Kauffman Foundation, http://www.kauffman.org/initiatives.cfm?topic=entrepreneurshiplast accessed on June 4, 2008
2008, Fragments of Donald Trump’s Speech, Retrieved from You Tube, http://youtube.com/watch?v=HXYURZOwbtg&feature=related, June 4, 2008
2008, Michael Dell’s Advice to Entrepreneurs, Retrieved from You Tube, http://youtube.com/watch?v=bBsCZpomy24&feature=related, June 4, 2008
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