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What is Entrepreneurship?
Entrepreneurship can be defined in many ways, but in simple words, it is a process of starting, launching, or running a new business. Entrepreneurship refers to the concept of developing and managing a business to gain profit by taking several risks. Big entrepreneurs can then bring positive emotions among the other entrepreneurs and there is a huge risk factor in becoming an entrepreneur.
But when someone becomes an entrepreneur, there comes a question if his or her social identity encourages positive emotion among other entrepreneurs. Entrepreneurial identities and emotions can have profound effects on entrepreneurs (Murnieks, C. Y., Mcmullen, J. S., & Cardon, M. S.). Having a social identity gives you a lot of importance. The individual can transform how the environment influences them and they can also influence their decisions. According to Social Identity Theory, an undifferentiated social environment is confusing and provides little guidance for individual behavior (Tajfel, Billig, Bundy, and Flament). We acknowledge that emotions can exist both as a trait disposition and as a sensation at a given point (Watson).
To be a social icon entrepreneur a person should have the maximum knowledge of the relationship between opportunity confidence and new value creation. The risk-taking element in becoming self-employed is one of the most discussed theories in the entrepreneurial literature. Conventional wisdom asserts that being an entrepreneur means making risky decisions; hence more risk-averse individuals are less likely to become entrepreneurs. (Marco Caliendo, Frank M. Fossen, Alexander S. Kritikos).
When an entrepreneur seeks an opportunity, there is always a doubt as to whether he can achieve that opportunity. Sometimes this uncertainty prevents the person from taking his or her business idea ahead. Acting on a particular opportunity requires an intention to create value for the prospective customers. Therefore, to understand the formation of such value creation intention, we need to consider the configuration of beliefs and desires in the context of its inherent uncertainty (Dimov). The most important thing that keeps the business going is the production innovation and entrepreneurial experience.
Elon Musk – A successful entrepreneur
One of the greatest individuals in the entrepreneurship world is Elon Musk. He is worth over USD 20 billion and has recently gone up to the 4th richest person in the world. He is defined as a real-life Iron Man. He is the founder of the most popular businesses like Tesla Motors, PayPal, and Space X.
Musk’s key to success:
There are a lot of indicators that predict the success of an entrepreneur like their attitude, confidence, and risk-taking ability which are discussed above, and most of these qualities can be found. The way an entrepreneur approaches the external and internal settings of his company reveals the methods and strategies he is capable of using. For example, the method by which he aims to establish growth and survival strategies can allow us to consider his risk awareness. (Serial Entrepreneur Elon Musk)
Musk’s Philosophy:
Elon Musk’s has very unique ways of thinking and his approach to the problems. One of the most important key points of Musk is that he never gives up. For example, his Space X mission failed several times as his rocket exploded just after the launch. This was a huge loss to Space X, but still, he did not give up, and gradually it’s now one of the best space organizations in the world. He has said in one of his speeches to the students “Do something important.” And I completely agree with this statement. These words made Elon Musk go to high school.
Conclusion
Social icon entrepreneurs can easily influence other entrepreneurs as this is a normal psychological effect in humans. The amount of risk and confidence they invest in the business, there is more and more chance of success. Risk attitudes have an impact on the decision to become self-employed (Marco Caliendo, Frank M. Fossen, Alexander S. Kritikos). If an individual has the required opportunity confidence, then the amount of innovation can increase. Coming to Iron Man, the personality of Elon Musk is very unique compared to the other entrepreneurs. His strong commitment, risk-taking attitude, confidence, etc will surely take him ahead till he becomes one of the richest and most successful entrepreneurs.
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