How to Define Entrepreneurship?

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Table of Contents

Introduction
Main Body
Conclusion
References

Introduction

Entrepreneurship can be defined as the readiness to venture into any profit-making business, regardless of the risks, but with the mindset of succeeding. Basically, it is all about pursuing opportunities beyond resources controlled. The willingness to take risks is part of the spirit needed when starting a business; however, one should consider various factors so as to ensure that the odds of the business model are in their favor. In any business venture, the entrepreneur needs to budget on labor, capital, natural resources, and land in order to make profits. With the ever-increasing competitive market, people ought to be more creative and aggressive in order to succeed; therefore, one should be willing to try out new ideas. Some of the risks involved in entrepreneurship are mostly in financing, task execution, demand, and technology. Moreover, it is the task of the entrepreneur to manage the risks, engineering solutions that will enhance cash flow (Baron & Shane, 2008).

Main Body

With the responsibilities usually assigned to the entrepreneur, partnering with other individuals is arguably profitable as it helps in shifting risks, by allowing entrepreneurs to leverage other organization’s resources. Also, lean experimentation is highly recommended especially when trying out a new product in a new market venture. By limiting resource expenditure, entrepreneurs can determine the success of the product in the market without wasting considerable resources by relying on luck. In addition, one can be able to address the risks involved in the business before committing the resources to achieve the milestone. In today’s dynamic business environment, consumers are hardly predictable, and therefore, there is the need to understand the likes and dislikes of the targeted consumers in order to respond to the demand.

According to scientists, firstborns are known to make the best entrepreneurs; however, it is not factual that all firstborns make successful entrepreneurs. It is for this reason that these questions are relevant;

Does birth order affect entrepreneurial capabilities?
Are firstborns smarter than the rest of the siblings?
Does being a firstborn shape one into becoming a responsible entrepreneur?
Are firstborns pressured to achieve more?
Does genetic composition affect one’s personality?

Conclusion

With the assuming role that firstborns usually take in taking care of the rest of their siblings, managing a company is usually habitual. Given the assuming roles placed on them, they are shaped into holding a responsive role, and as a result, they develop strong personalities. As Leman (2009) argues, firstborns are natural leaders as they possess qualities that make a successful entrepreneur. Most of them are usually reliable, well organized, serious, hard-driving, critical and perfectionists. Firstborns are also known to have an entrepreneurial spirit as they are risk-takers, innovative, but cautious. In terms of their aptitude, firstborns have a higher IQ and drive than the rest of the siblings, making them more suitable to handle entrepreneurial pressure. Additionally, parents tend to pressure firstborns into achieving more so as to set the pace for the other siblings, and for this, they are seen doing their best to climb the corporate ladder. Based on a statistical analysis of small and big businesses all over the world, it is evident that firstborns tend to flourish in entrepreneurship, then other siblings in the birth order. Though these assumptions were not passed by a credible theory, numerous research studies have stood in support of the fact that firstborns make the most successful entrepreneurs.

References

Baron, R. A., & Shane, S. A. (2008). Entrepreneurship: A process perspective. Mason (OH: Thomson/South-Western.

Leman, K. (2009). The birth order book: Why you are the way you are. Grand Rapids, Mich: Revell.

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How to Define Entrepreneurship?

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