How Did I Become an Entrepreneur - Essay Example

Entrepreneurship An entrepreneur is an individual who undertakes to engage in a certain business undertaking with the thirst to fill a niche that exists in the market. This is done through the engagement in business undertakings. As such, through the entry into the market, he is able to satisfy a demand that exists in the market. Through this, he gets income from his investments. Entrepreneurs seek at majoring in the activities that are not engaged in. they are people who go alone and who believe in a one on approach into the business activities. In order for the entrepreneurs to be successful, they must undertake some special tasks and must possess some key qualities and skills. They areas indicated below. a. the attribute of being risk takers This is the attribute that defines most all entrepreneurs. This is due to the fact that they seek at taking massive risks. This is through the venturing into field and areas that have not been ventured before. They are also areas where those who tried to venture before failed in their attempts. They seek at venturing with the hope that with it, they will be able to get returns that will accrue from the undertaking of the business initiatives (Bygrave and Zacharakis, 2014). According to theorists, the initiatives that have the highest levels of risk have higher returns as compared to those with low levels of risks. The entrepreneurs hence try to put this into force. With this, they believe that the returns that will be made from their operations will be very high. They engage into the business with full knowledge of the risks that exist in the market. An entrepreneur who is not a risk taker cannot be defined as an entrepreneur. b. one must be an opportunity seeker An entrepreneur must be able to identify and act an opportunity that he sees in the market. This is especially so in situations where the other people see nothing in it but chances of little or no success. In this, he gathers adequate resources to foster his process of undertaking the task. They include adequate financing, required equipment and other technical assistance that will facilitate his undertaking of the business activity. c. The attribute of utmost commitment The entrepreneur must have a trait of being able to fulfil the tasks that are required of to be completed. This must also be through the adherence to the time specifications that are called for in the activities. The entrepreneur must hence undertake and do whatever it takes to meet the contractual obligations as are required of him. The contractual engagements can be either to his customers or to the suppliers of the goods and the inputs of the company. The entrepreneurs are also committed to the work and to their responsibilities. With this, they are able to take full responsibility to the results of their work. The responsibility is not only to themselves but also rather also to the customers who seek to use the commodities of the company. d. The attribute of creativity and innovativeness Entrepreneurs are very creative people. They are also very innovative. Innovativeness is where they try to alter the processes that were in use before to get a different look of them. With this, they also alter the working of some input and some of their equipment. The sole reason for this is to get better results from them as compared to before. Innovativeness results to reduced costs and great efficiencies in the times that are spent in the undertaking of activities. Creativity is the trait of thinking outside the box. This is where they use the resources that are at their disposal to come up with something new that would not have been thought of. e. The entrepreneurs are also goal setters The entrepreneurs go an extra mile to see to it that they have set high goals to be attained by them. This is especially to as to attain maximum utility for the company. The goals despite being very high are attainable by the company (Klaus, 2014). With this, they are also able to monitor the performance of their respective businesses in comparison with the set standards. This is usually to be able to turn to alternative measures if they are not beyond the set standards. f. The entrepreneurs are also persistent The entrepreneurs are also very persistent people. With this, they do not give up until a certain set goal or objective of a company has been achieved. They keep on trying and put in place all the means that are possible to achieve a goal that they have set for the company. They do not mind to incur any cost for as long as it is directed to the achieving of a certain set goal or objective of the company. g. Attribute of information seeking The entrepreneurs have the attribute of being utmost information seekers. With this, they undertake to seek all the relevant information to the job description. With the information that they get, they are able to make well-informed decisions. The information also helps them to understand the market patterns and trends. They are hence well equipped with what the market needs. With this, thy can be able to undertake to implement their goals and objectives without the fear that they will not be achievable. h. Attribute of persuasion The entrepreneurs have the attribute of being very persuasive people. This is the ability to influence the other people, groups and agencies. This is usually for the sole objective of being able to maintain the business contracts that are beneficial to the company. They are also maintained at the highest levels possible. This has the impact of fostering the company ability to undertake its mandate. It is also in line with the goal attainment process. i. Attribute of self-confidence All entrepreneurs have the attribute of having high degrees of self-confidence. This is where they are able to develop themselves to be able to undertake the businesses well and in an efficient manner. This is also the ability of belief in oneself to undertake a hard or a difficult task. It is also in the meeting of a challenge that looms in the business. Self-confidence is what results to self-actualization. Book reviews There are books that are present in the stores. They contain some of the skills and styles that were used by the most successful entrepreneurs in the past to gain success. Through the review of these books, I became knowledgeable on the best ways to use to be successful in my venture. The book reviews are hence attributable to the success I have continually attained in the entrepreneurship. Identification of market trends and niches Before i became an entrepreneur, I had to undertake some certain tasks that were necessary. This was to be able to have the quality and the knowledge to undertake the tasks I undertook effectively. I first identified the market trends that existed. With this, I was able to understand the demand patterns that existed in the market. Through the identification of the trends, I became aware of the faults that exists in the market. Interviews, discussions and information seeking Information seeking is also a crucial undertaking. I gathered the information from many different sources. One of the ways I used was the use of questionnaires and interviews. I also relied on the use of discussions. This is with the people who have knowledge in the field. They include business people who have been in the area before. Information can also be gathered from the customers themselves. From them, I understood the weaknesses that exists in the process. With interviews, I got the chance to have direct contact with the respondents. With this, I was more conversant with the trends in the market. The weekly lectures I used the lectures to my advantage. This is because they enabled me to be conversant with the patterns that are in the market. The skills that are passed in the weekly lectures assisted in my risk identification, avoidance and management process. The knowledge is also essential in the proper identification of the most successful trends and markets to join. The wisdom is great for the continued success I have made in the market (Morris, 2014). The weekly lecture notes that were provided made me gather adequate information on the risks that were present in the market. It also gave me the insights as to how I could handle all the risks that were present. Use of the internet and the social media Another good source of information that i relied upon is the internet and the social media. In the internet, other entrepreneurs explain some of the risks that they took and some of the challenges that they encountered when beginning their operations. They also give an insight as to the means and ways that they used in the conquering of the many risks that existed. This made me to be well equipped and conversant with the demands and the risks that are present in the market. With the information at hand, I was able to adjust myself. The social media on its part is an effective source of information and knowledge for the entrepreneurs. This is because it gives room for discussions for people from all the corners of the world. The people discuss the trends and other niches that exist in their markets. They also explain some of the strategies that have been used by the most successful entrepreneurs in the world. An insight is also given on the different ways that they used to counter the risks that existed. Bi-weekly workshops I used the workshops to my advantage. Through them, I was able to discuss with knowledgeable people on the most efficient and successful ways to carry out businesses. Important discussions take part in the workshops and much and relevant knowledge is passed. I used this to my added advantage. I used it to transform the idea I had to be a successful venture and undertaking. Inspiration People who had made it great in their life inspired all the activities that I undertook. How they took great risks to get good results from their operations was a motivation to me. Through the social media and the internet, I was able to get inspiration (Lambing, 2014). This inspiration is important because it enabled me to get the drive that was required for the continued undertaking of the tasks. Creativity and innovation Innovation is the process by which the entrepreneurs convert opportunities into marketable ideas. It is also a combination of utmost perseverance and the vision of the entrepreneur. I used creativity and innovation to the benefit of my own undertaking. Innovation involves the coming up with new strategies for operations. This is where one alters the functioning of the resources at his disposal to get the best out of them. I also came up with new processes that had not been used before and implemented them in the venture. This is the aspect of invention. Invention also has efficiency in terms of cost, resources used and the time spent in the operations. Creativity was in the means of administration and carrying out the business. Risk taking Risks make up the largest part of the life of the entrepreneurs. In order to achieve the success I have achieved, I had to make great risks in my operations. As earlier stated, all entrepreneurs make great risks in their undertakings. I as such engaged in a market where no business had been able to make it. With this, the chances of success were minimal (Rata, 2014). I used all the knowledge I had gathered and the information I had gained to see to it that I was able to empower myself. With this also, I was able to thrive and flourish in my venture. Social and ethical responsibility I undertook to be socially responsible to the community at large. The business in order to have continued growth and success must be socially responsible to the community. This is through the continued operations of the business. Social responsibility can be through giving back to the community. I undertook at giving back to the community in the processes. They include in such activities as general cleanup activities that arose. It was also in tree planting forums that were undertaken by the community (Short, 2014). Through this, the company received the support of the general society. Social responsibility cam also be through engagement in undertakings that are fit for the health of the society. The practices of the business should be within the environmentally acceptable standards. Through this, such activities as pollution should be removed. The business should also engage in activities that reduce the greenhouse effect that contributes to global warming. Through the ensuring of this, the business is able to achieve its set goals and objectives. The returns that are made from their operations are also enhanced. Overall reflection and conclusion In conclusion, entrepreneurs should strive to their level best to see to it that they stick to their set goals and objectives. They should ensure that they are also ethically and responsible to the society where they are based. They should have high degrees of internal self-drive. This is to be motivated when undertaking their own tasks (Szycher, 2014). They should also seek for motivation from people who have made it I their own fields. It is also crucial to have full knowledge of an environment of a place before embarking on it. This is because the lack of information can be detrimental foe the success of the business undertaking and for the entrepreneur. With the ensuring of the above stated measures, the success of the entrepreneurship business will be achievable and the returns that will be good for the business. The main reasons that underlie my becoming of an entrepreneur and the continued success that I have achieved is the passion I had. I also had adequate knowledge that had been acquired from the workshops and seminars. The discussions with knowledgeable people also fostered this. The risk taking also played an important part in this. The weekly lectures also facilitated this. References Bygrave, W& Zacharakis, A2014, Entrepreneurship, London, Rutledge. Klaus, R2014, Entrepreneurship, Springer International Publishing. Lambing, P2014, Entrepreneurship, New York, Taylor & Francis. Morris, M2014, Entrepreneurship, Chichester, Wiley. Rata, G2014, Social Economics and Entrepreneurship, Newcastle upon Tyne, Cambridge Scholars Publishing. Short, J2014, Social entrepreneurship and research methods, Bingley, U.K: Emerald. Szycher, P2014, Guide to Entrepreneurship, CRC Press. Read More