This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
Global development is entering a phase where entrepreneurship will increasingly play a more important role. There are three schools of thought that are suitable for specific demographic areas. First of all, the economic growth in the period of 1970s-2000s created the development of social economic term called entrepreneurship. Additionally, the emerging nations', especially the BRICs - Brazil, Russia, India, China - impressive growth was steered by the noticeable entrepreneurial revolution. The importance of sustainable growth in these economies via maintaining resources, knowledge, markets, and low - carbon industrialization requires an exceptional on innovative entrepreneurship .Then, in those low developed countries, where the chances of employment are low, donators and development organizations have been changing the concern into cultivating cooperation towards private perspective or microeconomic growth, by this, supporting the youth entrepreneur has been the wise choices to renovate the economies (Wim, 2011).
Entrepreneurs can be made.
Entrepreneurship is generally meant the dynamic process of creating incremental wealth. This is wealth is created by individuals who are aggressive, creative, initiative and willing to take major risks in terms of equity, time, and /or career commitment of providing value for some product or service . The product or service itself may or may not be new or unique but the must somehow be infused by the entrepreneur by securing and allocating the necessary skills and resources (Donald, 2009).
Figure . Common Themes in Definitions of Entrepreneurship
Source: Gartner, W.B., 1990, 'What are we talking about when we talk about Entrepreneurship?', Journal of Business Venturing, Vol.5, pp. 15-28.
There are some different types of entrepreneurs which include nascent, novice, portfolio, habitual and serial. Within big organizations, there is also another term defining intrapreneurship which is the process of using organized efforts and means to pursue opportunities to create value and grow by fulfilling wants and needs via innovation and uniqueness, the only distinguishing factor between intrapreneurs and entrepreneurs is the scope of influence. Since the appearance, there have been many figments about entrepreneurs and entrepreneurship, perhaps, it is the consequence of the lack of doing in-depth research on the subject. As some researchers in the field have noted, the study of entrepreneurship is still merging, one of the most notable myths is "Entrepreneurs are born, not made".
In particular, the perception of "Entrepreneurs are born, not made" is that the characteristics of entrepreneurs cannot be taught or learned, that they are innate traits one must be born with, has long been prevalent. These traits include aggressiveness, initiative, drive, a willingness to take risks, analytical ability, and skill in human relation. Today, however, the recognition of entrepreneurship as a discipline is helping to dispel this myth. Like all disciplines, entrepreneurship has models, processes and case studies that allow the topic to be studied and the knowledge to be acquired (Donald, 2009).
Firstly, the innate characteristics seem to have certain effects on the actions of entrepreneurs, in particular, there are some willing to take risk, briskly seizing business chances and more open for new experiments. However, we all acknowledge that the markets are changing in every second all over the world, pioneer traders or entrepreneurs need to master the trends in order to predict and plan the business activities. The acknowledgement processes not only can be done by the ones having the natural entrepreneur's traits but all who are passionate on launching businesses. Obviously, with the help of internet and mass media, information regarding to business trends or prominent tendencies is spreading all over the globe even to the places that are reckoned as the back yards of the world (Zheng, 2009). Nowadays, with the supports of modern technologies and the high-rate competitions of the world business, the 'inborn' entrepreneurs do not really make the distinguishing as compare to the learned ones.
Moreover, if we assume that the innate entrepreneurs all are successful in their careers or in other words, there are 100 percent of them profit from business, the research of Cassidy Reid shows the converse results by indicating the figures of 50 percent fail in the first year and subsequently 98 percent are out of the business in the fifth year (Cassidy, 2012). It is such transparent number to determine the fact that innate characteristics do not really lead the victory of entrepreneurs. Besides, the one who was born with the recommended characters to be a dominating entrepreneur in the market, may make failures because of that belief, when he or she leans on the innate skills and skip the essential learnt skills or devaluate the need of other business factors for instance the financial, analytical elements. He or she is holding the very high chance to stumble at the very first step in launching the business.
Figure . Themes of learning and teachinglearning_process_web.jpg
There are some may dispute in case that inborn entrepreneur may need time and experiences after the failures to claim back the advantages, however, if they use the previous lessons to guide the next activities, they are using the framework of learning and teaching developed by Hughes and colleagues in 1992 as shown in figure 2, which are design to facilitate and support student learning, it consists of five stages. Again, the need of training over the intrinsic elements is highlighted.
In fact, entrepreneurship can be successfully learned and trained. There were many surveys and studies supporting this view, one of the most noticeable papers was the literature review conducted in ten years from 1985 to 1994 of Gorman, Hanlon and King. In the review, they mentioned the entrepreneurship and business education with most of observational examinations and analysis on the relations between them, the results determined the entrepreneurship can be taught or at least be encouraged by education (Gorman, Hanlon & King, 1997). Sharing the same idea, "In my experience working with hundreds of entrepreneurs and teaching on the faculty at the University of Southern California's entrepreneur program, it is clear that much of entrepreneurship can be successfully learned. However, it is also clear that people who take positive action and are focused and committed and continue on despite some negative feedback or setbacks have skill sets and personality traits that can be inborn or learned." a longtime entrepreneurial consultant John J. Rooney, managing director of Capital Partners IBG in Manhattan Beach, California USA, he agrees (Karen, 2010).
It is true when says learning is essential factor to be a successful entrepreneur, as we all acknowledge that the educational procedures provide students the analytical schools of thought, and these schools guide and arrange the creative thinking in each person, so even how smart and imaginative the person is, he or she needs to have these cognitive learning to generate the correct activities and get the positive results.
Additionally, in the modern educational system as what I am having now, chances are provided to students to have the practical lessons and trainings which are really useful for us. As the evidence of this, we are offered opportunities to work and run events for example exhibitions and conferences or in a narrower perspective, we execute the activities of school's clubs. They are favorable circumstances that provide the practical experiences of planning ideas from the concept to final products, services, in other words, it is the practice in the process of planning, organizing, leading and controlling - management process (John, 2011), entrepreneurs who self-monitor the organization definitely need to be conveyed these experiments.
Besides, education also encourages future entrepreneurs via assessment and it does supply chances for them to get the diversity of thoughts and business opportunities. By giving a plenty of appraisal approaches, students are able to improve their entrepreneurial skills in communications, human management or evaluation via presentations, industrial projects assessments (University College London, 2012). Also, I think the period of time required for education is the best moments for potential entrepreneurs to form, plan, execute and retest their business proposals, through this, entrepreneur can minimize the probabilities of failures in their very first step of launching business operation. A research of Cone in the year of 2005 stated that one thousand and eight hundreds United States of the America Universities providing at least one course of entrepreneurship (Tom, 2007), the figure is absolutely an reliable tool to show the belief of the world in the usage and efficiency of education on entrepreneurs' development.
Last but not least, in my point of view, the success of entrepreneurs is still depending on many other factors which are, for example, financial status, business environment and institutions, social network. There are reasons why these elements are obviously significant and they should be aware of when we talk about the victories of entrepreneurs rather than focusing on merely the innate traits of those who believe. Financial condition is a compulsory component for an entrepreneur to take care of, it is said that finance - the provision of money at the time, the art and science of managing money (newagepublishers, n.d.)- in a business is holding the exact function as what blood is supporting the human being. Human needs blood for transporting nutrition and oxygen throughout the body to maintain the survival, similarly, business's owners or entrepreneurs need finance to function the operating activities in order to be exist in the market and grow. At different stages of the business development, entrepreneurs need the particularly adequate financial conditions, the needs of finance will increase when the sizes of business are enhanced, the needs may also vary in different types of industries and levels of operating that the entrepreneurs are attending. So there is a requirement to master the finance management in the organizations of the entrepreneurs.
Furthermore, it is essential to fully understand the laws and institutions in the current contexts of doing business, Steve Jobs with Apple Inc. is a reliable case that entrepreneurs should acknowledge from, by deeply comprehend the markets and the applied institutions in nations, Apple has been dominating the mobile devices industries for long and is one of the most valuable brand in the world, Steve Jobs did provide a series of lessons to entrepreneur, one of them is the lesson for legal leaders (Sean, 2011). The world business environment keeps changing more and more, therefore the laws and institutions in nations, trading blocks are altered as follow. Entrepreneurs are better aware of this issue, no one is born with the innate understanding about the world or regulations of trade, so entrepreneur have to learn and train themselves in the appropriate contexts. Likewise, the network, which is very important to do business, will be enhance day by day when entrepreneurs communicate with the ones who are sharing the same motivation and passion of creating new business and determining themselves in the markets.
It is undeniable that entrepreneurship is very crucial to the growth, innovation, efficiency and effectiveness of the economy in the current situation of the world. By this, there are needs to enhance the standardization of entrepreneurship to cope with the changes in the international market and the prominent of globalization. The fact is that to be a successful entrepreneur, it is necessary to be trained well and to master the processes of business, however, the high level of education is also the factor of prevention the appearance of entrepreneur due to the good qualities of being employed. The personal characteristics are also important factors to create a good entrepreneur, without the talent components, it is hard to acknowledge the flow of education or is slow to master the acquired skills, whilst time is a key factor for entrepreneurs especially for SMEs' operating activities (Small and Medium enterprises).