Entrepreneurship

Lessons in Self Made Success was an article based on how colleges are currently and how they should be teaching entrepreneurial skills. In the article it gave some facts on how entrepreneurialship is becoming more important and vital to society than it ever has been. “As the prospects for a stable single career with one company gradual disappear, young people are recognizing that their futures will depend on their ability to be creative, innovative, flexible, and entrepreneurial.” (Rosenfeld & Pages, Pg. 2). They’re a few good examples of successful entrepreneurs that have helped create this trend towards self made success.
I couldn’t think of a better way to define entrepreneur than one of the greatest business men of all time, Richard Branson. He is known for his daring tactics on life and business. His name brand, Virgin, is found throughout the world. His estimated net worth is valued at $5 billion. I see Richard Branson as a valued role model in my life and hope to be at such a level of achievement in my live as well. In the journal article Being Branson, the writer gave a break down of what makes him tick. They were able to give six key attributes that show his success and if followed could possible, make you just as successful. He calls himself a risk taker, a life long learner, a thrill seeker, self efficient and confident. He is also swift acting, willing to experiment, and an experience adventure. If Branson doesn’t know how to do something he surrounds himself with those who do, and learns from them. Entrepreneurs have to start some where, but with lots of hard work, and characteristics like Richard Branson we are all capable of reaching such accomplishments.
As Richard Branson has progressed and fallen, so has our economy. Within the last 20 years there has been a huge boom for new business start ups and entrepreneur’s. Many factors have helped us along in this process. For example, new technology such as cell phone pda’s that can do anything. We have become vastly dependent on these technological advances and rely of the new technology yet to come. Another example would be the way we interact within our environment. A cleaner, happier and less stressful workplace has proven to succeed. Overall economic growth has helped us advance within our lives and our economy. It is not just outer factors that contribute to an entrepreneur but many internal qualities.
As shown to be the best you need to have certain characteristics and qualities. In the article Becoming an Entrepreneur: How to Start a Business, they have given some qualities similar to those of Richard Branson. One characteristic would be a desire to achieve. If you don’t have a passion for something then you will never achieve what you want. Another simple and straightforward quality would be just plain hard work. In the life we live, hard work is the basis for everything. Nothing is ever just handed to you on a silver platter. Finally, you need to be nurturing and be willing to take responsibility for your actions. According to the article, Becoming an Entrepreneur and Being Branson article, these characteristics are key to success. “After generating new business ideas, prospective entrepreneurs must then carefully judge each possible venture based on its compatibility with life goals. Once personal goal requirements are satisfied, the next step is an evaluation of business viability.”( Hormozi, pg 3). With all the quality’s and tools that entrepreneurs have, there are a few things that need to be considered in order to not fail.
Entrepreneurship is a high risk endeavor that could lead to big success or big failure. To avoid the latter there are certain aspects one should look out for. In the article, The Stich House: A Case of Entrepreneurial Failure, there are quite a few mistakes that cause entrepreneurs to fail. For example, one should never create a self written contract without proper guidance. If the contract is not written right you are personally liable and all personal assets are at risk not just your venture. Another example is, not doing a sole proprietorship without understanding the consequences first. If it fails then the creator has to take the entire financial burden upon them self.
In conclusion, all four articles were very helpful to understanding how entrepreneurship can be risky but yet highly rewarding. Richard Branson being the pinnacle of all entrepreneurs explains that we all have what it takes to be the best. There are characteristics that an entrepreneur should have, but then again there are certain traits that will cause one to fail as explained in the Stich House: A Case of Entrepreneurial Failure article.


Bibliography:
Wilson, Sara. "Being Branson". Entrepreneur November 2008: 58-62.
Amir M Hormozi. "Becoming an Entrepreneur: How to Start a Small Business. " International Journal of Management 21.3 (2004): 278-285. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 16 Nov. 2008 http://www.proquest.com/

Stuart Rosenfeld, Erik Pages. "LESSONS IN SELF-MADE SUCCESS. " Community College Journal 78.3 (2007): 12-16,21-22. Research Library. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 16 Nov. 2008

Karl F Kampschroeder, Nancy Ludwig, Mary Ann Murray, Prasad Padmanabhan. "THE STITCH HOUSE: A CASE OF ENTREPRENEURIAL FAILURE. " Journal of the International Academy for Case Studies : INSTRUCTORS' EDITION 1 April 2008 31-35. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 16 Nov. 2008