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Nobody can reject that money is really important in life , it helps us do whatever we like and a statement is given to discuss that all you need is money to be an entrepreneur. I do not totally agree with this statement because of some reasons and this essay will describe, indicate different elements and prove that money is not all for its success. With evidence of reading and researching I think that being an entrepreneur need more things such as: the passion, ability and experience. The passion it will help you a strong motivation to implement your ambition. Of course, an entrepreneur has to have good ability with many fields; they will run and manage their business right direction which they desire. Business always faces with many risks, suffers from pressures around and a leaders need get over them quickly. Moreover they need have innovative strategies and motivations for products & services to compete with other companies. And the other important thing is experience, it will help a leader an overview about problems and troubles which brings many disadvantages for business are to assist you find suitable solutions .When experience has a lots , you can treat and control sudden situations more exactly. Being an entrepreneur need many different elements to support and money is not all. As Harold, G (n.d) said that: "In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later". We can see that money plays an important role but it doesn't decide everything and entrepreneur should have and combine all elements together, they will get the better effects to maintain and develop their business.
All you need is money to be an entrepreneur.
The passion which is defined as the energy that can bring you more into what you do.I totally agree that the passion is the first element which helps us strong motivations to get the desire. You can get your personal satisfaction, financial purpose, stable attitude and enjoyment with what you want to put into your business. So if you do not have any passion with jobs, you will be difficult to succeed in running your business. You have to think of yourself as an entrepreneur so you will have a deep responsibility with your choices. You learn how to organize and maintain business through researching related resources and have right directions as real experts. As we know Oprah W (n.d) is one of the most famous entrepreneurs through her media and publishing interests. She is called as queen of media over the world. Her passion quotes was that: "Passion is energy. Feel the power that comes from focusing on what excites you" or "Ignoring your passion is like dying a slow deathâ€¦Passion whispers to you through your feelings, beckoning you toward your highest good. Pay attention to what makes you feel energized, connected, stimulated- what gives you your juice. Do what you love, give it back in the form of service, and you will do more than succeed. You will triumph" or Donald T (n.d) is one of millionaires with quote "without passion you don't have energy, without energy you have nothing" or "Nothing is as important as passion. No matter what you want to do with your life, be passionate" of Jon Bon Jovi (n.d) is a famous musician, song writer. Through many famous quotes of successful entrepreneurs agree that the passion is really important to help you follow the dreams and ambitions so passion is one elements to contribute and build an entrepreneur.
Moreover to be an entrepreneur need ability which is the second element, it is expressed with many aspects such as: skills, knowledge etc. AsÂ Lou H (n.d) said that: "ability is what you're capable of doing. Motivation determines what you do. Attitude determines how well you do it" or Donald K (n.d) has quote that "A man of ability and the desire to accomplish something can do anything". We can see the second element which is really important is ability. Firstly if you have ability, you will know how to run business right direction based on your skills. You have to create the great ideas and evaluate them how to impact to your business. Your business plans must be shown your goals, strategies; action steps and answers some questions such as: who is your customer? How is your business plans implemented? What are my objectives, strategies, action steps to get your goals? Can you think of ways to solve problems? How much money can yours earn? etcâ€¦( Tamara, M n.d) so you must be a creative mind if you want to become an entrepreneurs. Always think of costs, manufacture time, output and quality of products or services which bring benefits for yours. You need to take time, calculation, describe detail about your products or services which can satisfy customers. You have to analyze about market, demand and supply in order to you can give innovative strategy to compete with other competitors. Â With your ideas investors will be interested in investment their money and bring many opportunities to develop yours.
With problems and troubles, you are not able to forecast consequences which can happen to your business so an entrepreneur need know how to face with taking risks and suffering from pressures around. You always have to remember a sentence: "Failure is the mother of success" to take experiences and find how to get over them. Many businesses had serious problems but they did not know how to maintain theirs and their businesses were closed. So you should build business plans effectively and reduce risks. Being a success entrepreneur you need be brave to face with pros, research more to find the good solutions. Furthermore an entrepreneur is an independent person to make decisions on their own. You do not feel to be afraid of rejection from other colleagues. And a leader need have ability to persuade employees, partners, and customersÂ in order to support for your business plans whether challenges will happen to you.
Besides, an entrepreneur needs identify opportunities for your business with steps such as: spotting, assessing, selecting and executing upon opportunities. You must be able to spot an unmet need which is potential for business. After sporting unmet need, you need analyze them to assess and determine marginal success of finance and human resources. Next step is selecting opportunities which play an important role to gain success and the last step is executing Upon Opportunities which step is combined among creativity, passion, persistence, focus, responsibility, intelligence, planning and energy. An entrepreneur has to know how to take and select opportunities for them to maintain and develop business day by day (anonymous, n.d).Moreover a leader should build a network system for business because nowadays technology plays a major role in the management and unlimited information. It helps business update and deal with any problems more quickly, exactly as well as save time for everyone in business. Another advantage of technology is sure that it allows you to monitor progresses and helps limited risks (Tamara ,M n.d ). As we know Steve job is one of the fathers of the personal computing era and the founder of Apple. He has quote in 1996 that: "These technologies can make life easier, can let us touch people we might not otherwise. You may have a child with a birth defect and be able to get in touch with other parents and support groups, get medical information, the latest experimental drugs. These things can profoundly influence life. I'm not downplaying that" or Bill ,G (n.d) said that: "information technology and business are becoming inextricably interwoven. I don't think anybody can talk meaningfully about one without the talking about the other". Two of famous entrepreneurs emphasize how technology is important in business as well as life nowadays.
The third element is experience which is known as the nature of events someone or something has undergone with any jobs will bring for you different skills such as : sales, marketing or management...You have to face with people , difficult situations which you need to think of giving the best ways to support for your business. However if you do not have much experience in business , the limited information about market, sales, organization, management etc you will be waste of time, give bad solutions. On contrast if you have experience, you will run yours right direction, understand problems and deal with problems more quickly. Of course an entrepreneur really need much experience in order to get to speak to employees and answer all given questions. Doing work with experience you will show your ability, passion, interest, confidence and it will give you a good understanding of your strengths and weakness. As Tom K (n.d) quote that: "there are no failures- Just experiences and your reactions to them" or Donal T (n.d) said that: "Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you're generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don't make". Everyone needs experience with each field, it helps us get over difficulty easier and limit risks. Moreover an entrepreneur with much experience will be useful in selecting and recruiting employees in order to provide good human resources for yours through some steps such as: Planning includes: structure, focus, identity, prepare; Implementation includes: contact, motivate, evaluate and the last step is closure which includes : select, offer , candidate joining (anonymous, n.d). With each step your business will recruit many suitable employees for each necessary position in company.
Furthermore, if an entrepreneur has much experience, he will build good relationship with partners or customers easier. As Bill, G (n.d) said that: "Our success has really been based on partnerships from the very beginning" relationship in business is really important for each company and just having experience can assist you to handle good partners. The partners will keep your business going and cooperate together in order to develop, bring benefits and compete with other companies. AÂ goodÂ businessÂ partnership has clarified responsibilities, expectations and how to cooperate effectively such as: investment, competition and manufacture products or services.
Entrepreneur is known as a person who runs a company or business. They finance or make decision which belongs to operation of business. All important problems such as: organization, arrangement, open new projects of business need be allowed by an entrepreneur and they need to find solutions when facing with the risks and disadvantages. An entrepreneur has to predict opportunities, make plans and manage the business in order to bring benefits and gain profits for theirs. We can see under framework of the Entrepreneurial Personality which supports more elements to be an entrepreneur. They include: internal locus of control, high need for achievement, moderate risk taking propensity. An entrepreneur must have ability to run business, reduce risks and disadvantages (both Jekyll, I 2005).You often thinks of ideas, innovative strategies and how to implement them to get achievement for company in future.
Figure 1: Framework of the Entrepreneurial Personality
(Source: signed: DLA 2005 proceedings, Jekyll Island, Georgia, June 5-8, 2005).
And One clear example about a successful entrepreneur is Mark Zuckerberg who set up networking site that has widened over the world: Facebook as well as Ceo and president of the business, he is one the youngest billionaires in the world. Mark Zuckerberg was born in a normal family but he showed his intelligence from an early age and was interested in computer programs. With his passion he arrived in Palo Alto in order to apply in college, established a social-networking site and created Facebook which is used popularly nowadays. From his childhood, he really inspired in computer and by following his desire he got achievement noticeably. His father said that Mark Zuckerberg'passion helped him be a successful entrepreneur so the passion plays an important role to get the desires for anyone. As well as Mark Zuckerberg Oprah Wfrey is well-known as the queen of media over the world however she was born in a poor family stayed with her grandmother in Mississippi. She undergoned so many difficulties in her childhood but with her passion and ability she established her first talk show which was called "people are talking" in 1976 as well as worked as anchor and news reporter. With her ability, enthusiasm personality, passion she expanded some programs such as: The Oprah Winfrey etc. Besides with her experience she published two magazines: O, the Oprah magazines, O at home and extended her business as well as a partner of Oxygen Media, a cable channel . In the recent year, Oprah Winfrey is rank as one of famous entrepreneurs over the world and became the first Africa-American billionaire woman. All her achievements get today because her passion, ability and experience which help her have strong motivation to succeed. With these evidences, we can see that being an entrepreneur need include many elements and undergone difficult period get success like the.
Based on elements which are reminded above we can see that money is not all to be an entrepreneur. Being an entrepreneur need have many different elements to support for running their business. This essay describes and indicates different elements and shows that just money is not enough to become an entrepreneur. These elements are referred such as: the passion, ability, experiences of an entrepreneur with the purpose proves to be a good entrepreneur need collect many faces. They know how to realize an overview about problems and troubles which brings many disadvantages for business to find suitable solutions . As Oprah Winfrey has quotes that: "how do I define success? Let me tell you, money's pretty nice. But having a lot of money does not automatically make you a successful person. What you want is money and meaning. You want your work to be meaningful, because meaning is what brings the real richness to your life" Most of successful entrepreneurs have undergone difficulty and get their desire with the passion, ability, experience and meaningful money. And one more time I want to assert that being an entrepreneur needs many different elements to be complex and build a prosperous business in future.