Entrepreneur needs to turn visions into reality
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A person who manages and organizes an enterprise is an entrepreneur. When one need is met, another will crop up. This is Maslow’s theory of human motivation: Hierarchy of needs. Apart from business people who generate income we also have other forms of entrepreneurs who’s elements include environmental protection, morality and ethics. Understanding your motivation of getting into business is one component of psychological elements of entrepreneurial activity. There are some foundation stones that make businesses operate appropriately. These are politics, environment, social and technology. They are uncontrollable. In developing countries small micro economic activities are popular as opposed to the large scale, highly technical economic activities in developed world. It is difficult to define what an ethical behavior is but in the nutshell treating others as you might like them to treat you more or less explains what ethics is. The limited time available to the entrepreneur presents strain in that they have to see how best to share it between work and family. From an entrepreneurial point of view society benefits from being open and welcoming to migrants because most of these people come with a different perspective and offer new opportunities in the process. Entrepreneur activity within an organization is referred to as intrapreneurship. Speed is the greatest challenge for future entrepreneurs because you can get right or wrong very fast meaning you need to research widely.
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Entrepreneurs are different from others
Entrepreneurs see something that no one else can see . They can have a vision and an image of something they see that should be, rather than what is. This can be anybody within the organization. An entrepreneur is somebody who can make change; not necessarily a businessperson. They are agents of change. They have a capacity to develop something that didn’t exist; not only talk about it but actually develop it. The driving forces behind an entrepreneur: Push factor; being pushed out of your society to a place that will allow you to be who you are. Pull factor: Maslow’s hierarchy of needs, when one need is met another crops up. The entrepreneur wants to make a difference. They have drive and commit. They believe in themselves. They’ve got optimism that they can do good or do bad. These are factors that the entrepreneur cannot control. But the entrepreneur can control the planning aspect of the business: Defining the problem, data collection and its analysis, and also Identifying available alternatives with a view to selecting the most attractive of them. It means that an entrepreneur is involved in doing, checking and acting.
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Types of entrepreneurs: business people and other groups
Passion of an entrepreneur is the ability to find an opportunity and accept rejection from others and themselves. If an entrepreneur does not know where they want to go they get lost. The two elements of deciding whether you will go forward are cognition and attitude. Cognition is understanding of the opportunity. The entrepreneur will make a decision whether or not it is a decision worth progressing or not to progress. It is one thing to think we can do it another thing to have the attitude to follow it through. Because it is a good idea it does not mean it will work. You have to commit the passion, the time and the effort. A great idea dies if there is lack of attitude to want to achieve outcome. If you have the desire to make it work, you have answer to cognition so that your attitude will be yes. And you will move forward to a better opportunity. The commitment from attitude and the business element to actually make something will enable motivation.
Entrepreneurs need to learn from their activity. They have to learn from the process and ultimately evaluate their goals and activities and their process. In your work evaluate whether you have the attitude to commit yourself and the cognitive ability to communicate information and the motivation to make what you are doing as best as it can be.
Business people are entrepreneurs who generate income. This is one element of being an entrepreneur; We also have other groups of people who are developing other entrepreneurial activities. Another element of entrepreneurship include: Areas of environmental protection, ethics and morality; the capacity to ensure that what they are doing is appropriate and right for society as they see it.
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The foundation stones making business operate appropriately
Politics: Democratic societies are different from totalitarian ones. There is openness and freedom in a democracy while a totalitarian state is closed. There are many restrictions in a totalitarian state which end up affecting how businesses are run and also ownership of property. Economic: Developed and underdeveloped countries present different challenges especially in terms of ease in setting up an enterprise. Are things like banks, roads and well development communication systems in place? Social: The freedom availed to the citizens affect education, movement and behavior. This ultimately affects ability of entrepreneurs to develop. Technology: Technological level enables efficient communication and also enables entrepreneurs to move forward. All these are things we can’t control.
Planning is something we can control. Define the problem you want to solve first and foremost, and then collect relevant data to define it. Quality data enables you to make cognitive decisions and influence your attitude in the process. Analyze this data with your mind and also by inviting experts to give their suggestions. You need to have alternatives to choose from. From these alternatives choose the best. Finally evaluate and review your findings so as to find out whether your goals are arrived at or not. You can change this if necessary. From all this we can see that the entrepreneur does checks and finally acts.
Key elements of planning: Some things are not quantifiable. You have to work with everyone around you and appreciate them, whether an enemy or a competitor, your customers and suppliers. You should never give up even when things are hard and difficult. Don’t over-committed in things not adding value and ensure you generate accurate data to enable you get the right information.
Elements that affect national character
What are the characteristics that define various societies: Definite components that define their makeup? Every society has its own national characteristics. These affect personality of entrepreneurs found in different societies. Is corruption acceptable? Is it a determining factor in pushing for favors? If it is so then you have to align to it so as to succeed there. In other societies corruption is not allowed and entrepreneurs have to live with that. Some societies are accepting making good environment for entrepreneurship, otherwise entrepreneurs escape to locations where they are able to be creative freely. Although some citizens have intellectual capacity they may escape if persecuted at home. They escape to an accepting society and take capacity to add real value there. Societies that accept differences and failures are attractive to entrepreneurs because here they understand what development really is. In developing societies micro enterprises like cottage industries are popular. On the other hand developed countries create national and international opportunities. They thrive on large scale projects. Entrepreneurial development depends on the culture, how things move forward, acceptance and capacity to accept failure. Accepting failure guarantees progress.
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What is appropriate behavior and what isn’t
Your ethical behavior will define your ethical activities as an entrepreneur. It is individually driven. Entrepreneurs have to make determination on how to operate and what drives them. Different people define origin of ethics differently. Some say it is from human experience. Others say it’s a religious component. How we behave as human beings or entrepreneurs is affected by our ethics. What we take ethical behavior as. Ethics is not simple. It is complex and is critical on how we survive and live our lives.
Other components determining ethical behavior: Laws and governance. In developed countries where these two components are well developed corruption cases are minimal as compared to developing countries where law and governance is not well entrenched. The media: It must be free and able to articulate its position so as to be able to hold people to account for their behavior and deeds. Level of education: When people are educated they have insight which is an essential ingredient for good ethical behavior to thrive. We live in a complex society requiring us to uphold diligence and appropriate behavior.
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Conflict between family and work
Entrepreneur burden: These are the basic issues that entrepreneurs deal with. They always talk of these issues when socializing. There are three key elements of the entrepreneur complex model. Time, focus and strain based; this leads to family, work conflict. An entrepreneur has to figure out how well to balance between work and family. Work: This is the whole activity of generating income. Family domain: All the elements that you have to do at home. An entrepreneur should balance between family and work duties. There is always conflict between the two. Time commitment: You have to be at work most of the time especially as an entrepreneur. Family can suffer because of your taking too much time at work. But you need the income so as to support the family. Conflicts resulting in issues relating to career, family satisfaction and life stress are the results of conflict between work and family. Time relates to total amount of time we have. Focus: Are we thinking of other things other than the family? The strain is the pressure one might place upon the other (family and work). If you don’t properly weigh the two, it leads to alienation, bankruptcy, anxiety and lose of opportunity because most of your quality time is taken up by work or family.
Migrants bring capacity to see things differently
There are a lot of homegrown entrepreneurs but a migrant will nearly always bring in capacity to see things differently. They are able to see things that others couldn’t see. They are networked, passionate and committed. The recipient country gives migrants capacity to really add value to it and to them. However not all migrants succeed or are a blessing to the recipient country.
The migrants find indigenous people in the new country. These indigenous people find it hard to let the migrants integrate into the broader society. The migrants have a view point, vision and passion that the indigenous people don’t understand. Their culture and languages they speak are different. These hosts fail to appreciate how things have changes in the modern world. The main challenge they have is, letting the migrants to integrate into the broader society. It is not an easy path but it has to be taken eventually. The hosts have to learn it is not a question of tolerating the migrants but of embracing them. Indigenous people must accept that there is need to embrace difference rather than strive to tolerate it.
Intrapreneurship: Entrepreneurs are life blood of future organizational growth
Intrapreneurship is the entrepreneurial activity within an organization; within a large organization or in government. What are the characteristics of an organization that may allow intrapreneurship? The culture of organization; if the culture is positive and is interested in you it will also be interested with your entrepreneurial idea. Acceptance of failure is critical in an organization because only then will it be able to accept intrapreneurial ideas. Organizations must be willing to accept failure as part of the learning exercise for growth. Such companies readily accept ideas for intrapreneurship. The generation of ideas can come from anyone within the organization. The organization must be willing to absorb ideas and absorb the people who create them. The greatest challenge of an intrapreneur is that organization managers may not be willing to try out their ideas because they are comfortable with the present state of success. When an intrapreneur is unable to sell his ideas to an organization they become entrepreneurs.
The future lies in your hands as an entrepreneur
One of the critical determinants of entrepreneurial development in the future is speed. Carrier pigeons and later wireless and telephones were used to communicate information. An entrepreneur has to engage and relate to people otherwise his great idea is of no use. The key drivers to the future for an entrepreneur are capacity to use the World Wide Web (www). It allows us to talk to the world. The future for the entrepreneur is something they can develop and evolve. Challenges the future brings; speed, capacity to engage; our ability to connect our enormous advantages. Computer applications in use today are fast. With their high speed, you can get it right or wrong very fast. Your village keeps on getting bigger with aid of fast communications facilitated by computer applications. You need to do your research so as to get your facts right. Corporate social responsibility, the media and pressure groups will influence how you see things.