Entrepreneurship name: sibanarayan dash

Entrepreneur

Are entrepreneur born or made ..??

conclusion

Entrepreneurship- Entrepreneurship is the process of designing, launching and running a new

business

It has been described as the "capacity and willingness to develop, organize and manage a
business venture along with any of its risks to make a profit."[3] While definitions of
entrepreneurship typically focus on the launching and running of businesses, due to the high
risks involved in launching a start-up, a significant proportion of start-up businesses have to
close due to "lack of funding, bad business decisions, an economic crisis, lack of market
demand, or a combination of all of these.

Since the late 18th century, business has constituted a main composition of the society. As the
success of Jobs Steve, Bill Gates and Warren Buffett, many people start their own business in
chase of profit. There are entrepreneurs growing everyday while some others bankrupting. We
start thinking whether entrepreneurs are born. You may think that entrepreneurs are born
successful, and they owned an enormous business. However, entrepreneur is not defined as the
one who has made their business tremendous, but the one who starts his own company and
employs himself .Therefore, anyone can become an entrepreneur if he or she starts his or her
own business and works for himself or herself. There are no boundaries among people, but your
working position determines whether you are an entrepreneur. Entrepreneurs are not
naturally born, but nurturally made. Entrepreneurship is actually not a destiny, but a
qualification. In the research “Nature or Nurture: Decoding the Entrepreneur”, it shows that
the entrepreneurs share some common characteristics . It is the qualities that make
entrepreneurs successful.

Entrepreneurs Are Born or Made?

Entrepreneurs are born not made
As a child, Dhirubhai Ambani set up a stall to sell bhajias at the village fair to supplement the
meagre earnings of his family[Ref 1].

While still in high school, Steve Jobs started selling ‘blue boxes’ that would allow you to place
free calls , to fellow students[Ref 2].

Richard Branson started a youth-culture magazine at the age of 16.[Ref 3]

Most of those with an innate desire to create their ventures are very headstrong, driven, filled
with energy, flooded with ideas, extremely passionate, are risk takers, gregarious and
persuasive.

According to John Gartner, author of ‘The Hypomanic Edge’, the condition that defines their
unique personality traits is called hypomania, a term defined as “a mild form of mania, often
found in the relatives of manic depressives. Hypomanics are brimming with infectious energy,
irrational confidence, and really big ideas.

They think, talk, move, and make decisions quickly. Anyone who slows them down with
questions “just doesn’t get it.” Hypomanics are not crazy, but “normal” is not the first word that
comes to mind when describing them. Hypomanics live on the edge, between normal and
abnormal.”[Ref 4]

Given these arguments one can easily be forgiven for considering that all entrepreneurs are
born and not made.
However, for every Richard Branson, Steve Jobs or Dhirubhai Ambani there are several others
who transformed from being employees.

Entrepreneurs are made not born

According to an Ernst & Young report ‘Nature or nurture? Decoding the DNA of the
entrepreneur’,[Ref 5] out of 685 entrepreneurial leaders surveyed, more than half described
themselves as “transitioned” — meaning that they had some experience outside of the world of
entrepreneurship before launching their ventures.

The report further states that ‘although there are notable examples of entrepreneurial leaders
who left college to form hugely successful businesses, such as Bill Gates of Microsoft or Mark
Zuckerberg of Facebook, these are very much in the minority.’

Among the survey respondents, some form of business experience was considered a vital
foundation that increased the chances of future entrepreneurial success and about 45% of the
respondents said they had started their first venture after the age of 30.

Entrepreneurs are not born. Entrepreneurs are not like athletes, they don’t need natural
inherent body and muscles. An athlete’s child may grow up an athlete, but it would not happen
in an entrepreneur’s family. Many businesses bankrupted everyday, including some
entrepreneur’s family. However, entrepreneurs are nurtually made, and they own some special
qualities and also need some trainings and experiences as athletes. Many people from non-
entrepreneur’s families start their own business and become entrepreneurs everyday. Dhirubhai
Ambani, the most enterprising business man who’s father is a school teacher, started his
business on his own .Warren Buffett, is not born as an entrepreneur either. He started his
company when he was 27 years old using his earns from his pervious investments, made a great
profit from his unique and accurate opinion on the stock market, and his Berkshire industrial
Kingdom became a famous huge business in the world .There are many examples of
entrepreneurs who started their businesses as a green hand, instead of inheriting from their
families. Thus we could not say that entrepreneurs are born, however, the entrepreneurs
acquired many qualities that made them success.

So what are those qualities that make a successful entrepreneur ?

* The main quality of entrepreneurship is innovation, which is not obtained naturally.
Innovation is a new product, a new technology, a new source, and a new market . There are
many examples of entrepreneurs bankrupted due to lack of innovation.

For example, Carrozzeria Touring, an Italian automobile coachbuilder company, ceased his
business in 1966, due to the substitution of the new automobile construction .

On the other hand, the famous company, Apple, make its success by innovation. As we all know,
Apple will release his new product or innovation of its existing products every year, and the big
success of iphone, ipad and imac make Steven Jobs the most well-known famous entrepreneur.
It is the same with Microsoft. Microsoft releases its new products every year. We all have
noticed that every year we will update our system to the new window. The popularity of the
system proves the success of Microsoft, and makes Bill Gates the famous entrepreneur.

After all, the sense of innovation is not grown natural, it comes from opportunities. When there
is problem, there is opportunities .Several years ago, there is no softwares in the computer, and
Bill Gates made his entrepreneurship from creating the first software, window. The Body Shop
International, was created by Anita Roddick because ” she was tired of paying for unnecessary
perfume and fancy packaging when she bought makeup” . The problem that Anita faced made
her start her own business to solve the problem. The problem finding quality is the quality that
everyone were born with, and the opportunity is just coming from those problems.

* The second quality of entrepreneurship is experience, which is exactly extracted from

posteriority. About 60 percent of the entrepreneurial leaders are “transitioned”, and the
number one ranking factor of success is the experience as the employee . People can learn
terminologies and skills for business evoked as their language, and the procedures of running a
business become his or her conditional reflex, which will make their future operating business
effectively and efficiently. From the previous experience, the entrepreneur can easily tackle the
key of a problem and forecasting the development of his or her business.

Yu Min Hong, a great entrepreneur, started his tutoring school, New Oriental, after his
experience of teaching and tutoring in Peking University. He extracted his way of teaching from
his previous experience of teaching, and used the teaching method in his company. The big
success of New Oriental make Yu Min Hong one of the greatest entrepreneurs in China, and his
method of teaching spreads all over the country. The rules of business are simple, making a
business plan, ordinating your customers, operating and developing the business. From your
previous experience, you will have the blueprint of your business, and moreover, you have
already have your customers when you start.
Thus with your employment experience, you are actually jumping the first two steps, which are
making a business plan and ordinating customers, and directly shortcut into the third step —
operating and developing the business.

* The third quality of entrepreneurship is knowledge, which is not in born but acquired from
education. ” And if experience is the best education, the classroom is not far behind. Higher
education was ranked the number one factor by almost one-third of respondents, just behind
employee experience” . Entrepreneurs are facing with various of challenges from finance,
operation, organization, and laws. Operating the business requires you understand financial
statements. Financial statements, consisting of income statement, cash flow statement and
balance sheet, is a tool for entrepreneurs to track their operations . The knowledge of financial
statement is not acquired naturally, it is obtained from study. Not only the understanding of
financial statement, but also the financial ratio analysis are needed as an entrepreneur. In order
to cooperate with government, the entrepreneur needs to know the regulations such as taxes
and franchising. The lack of finance knowledge may be fatal. The Native Americans sold their
lands to a British hundreds years ago and they are excluded from their homeland by the
foreigners, however, if they lent the lands with a low rate, they will still be able to buy it back
today and even gained some returns from lending. Henry Ford surrendered most of his stocks
for the demanded capital, and he spent even more years than he expected to receive money to
buy back his stocks .Some of the entrepreneurs even gain returns from investing using finance
knowledge. Warren Buffet-“The Oracle of Omaha” , Peter Lynch-mutual fund manager,
Benjamin Graham-“The Father of Value Investing”, give us vivid instances of making money just
through their wisdom of investing strategy driven from their solid knowledge obtained in school
. The knowledge will drive the entrepreneurs make the right decision for their business and
operate better.

* The fourth quality of entrepreneur is a good sense of dealing with people, communication.
People are not born with good communication since we all start from learning languages, but
they can start learning communication skills at an early age. Communicating well means the
entrepreneurs will get their potential customers and gained more customers from a fabulous
customer service. Salespeople will probably become successful entrepreneurs since they will
touch the customers directly and know their needs (Mariotti and Glackin, 2010). Great
entrepreneurs in the U.S. Such as Ray Kroc –founder of McDonald, Aristotle Onassis, King C.
Gillette, and W. Clement Stone, are started from sales . They sensed people’s need and started
their entrepreneurship. A good communication is prepared, not born, in order to sell your
product. The entrepreneurs need to know their products, their business field, as well as their
customers. Still, communication skills are built up from the accumulated experience. We learn
communication skills through the relationships and the society of others. It is a connection
between people, and the successful entrepreneurs will know the people’s pros and cons through
communication, thus will determine their future path of the business.

Apart from innovation, experience, knowledge, and communication, qualities such as teamwork
& leadership, integrity, and passion are also important . Teamwork and leadership is an
essential ability that was gained from life, not born. It required the entrepreneur “address
complex problems by utilizing strengths of different group members” and “create a synergy that
increases innovation and successful outcomes” .The team has a big impact on the business, so
the entrepreneur need to organize his team well. It is the entrepreneur and leader’s task to
“communicate and listen, ask questions and summarize, articulate a goal, and build members
confidence” .These tasks like communication are not born, however, they are trained through
tasks and group projects. That’s why the business schools are teaching and training students the
above skills. In addition to it, integrity, which leads to an honest business, is also a personal skill
that were highly influenced from the living environment, not born. The business would not exist
long if it cheated its customers. “Integrity is a deal-breaker” (Anderson, 2008). The
entrepreneurs need to convince the clients to buy their product or invest their companies
through the method of integrity, so that they will gain profit and get funding for their business.
Passion, similar to ambition in entrepreneurship, makes your employment and business
experience upgrade into entrepreneurship level (Kamai, 2011). Everyone have passion, and
passion makes entrepreneurs start and grow their businesses. Passion is a personal quality that
was acquired from experience. It is a kind of confidence of your business you alight with. Only
when the entrepreneur targets his or her goal, will he or she have passion in the business. Thus,
Teamwork & Leadership, integrity and passion are not made, but acquired after born.

Conclusion.
In conclusion, there is many people become entrepreneurs. Famous entrepreneurs like Jobs
Steve, Bill Gates, and Warren Buffet made their business enormous. These famous successful
entrepreneurs are not athletes who were born with inherent body and muscles, but they are
nurturally made and trained through the practice of their business. Entrepreneurs shared the
same posterior qualities. A good sense of innovation will survive a business from a crisis and
make it the leader of its field, and the entrepreneurs find opportunities from problems and
make the innovations. Rich experience, ranking number one of the factor of entrepreneurship,
will make the entrepreneurs easily overcome some business crisis and forecast its development.
Well-rounded knowledge in the field, like the application of financial statements, knowing the
government regulations is essential for the entrepreneurs to operate their business. Good
communication skills, gained from experience of dealing with people, will get the business
leader potential customers and gained a huge profit from it. In addition to all the above,
teamwork and leadership, integrity, and passion are also keys to entrepreneurship which are
acquired through training and practice. Moreover, these qualities are acquired, not born. One
can achieve a good sense of entrepreneurship by tempered himself through practice and could
gain the qualities in the tempering. Only by one’s effort to acquire and temper the qualities, will
he or she become an entrepreneur.