Understanding entrepreneurs, especially the successful ones is not just a simple intellectual exercise. This statement begs to know who entrepreneurs really are, what makes them different from others, what do they do differently, why they do things differently, etc.
Who is An Entrepreneur: According to Wikipedia, an entrepreneur is a person who organizes a venture to benefit from an opportunity, rather than working as an employee. Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to market.
Entrepreneurs are unique people, constantly risking all for the good of expected success. They are constantly seeking ways to find silver linings in dark clouds; constantly seeking what to create out of challenging situations – ways to provide goods and services that consumers have always wanted but no one seems to know how to go about producing them. Those who prove to be successful in taking on the risks of a startup are rewarded with profits, fame and continued growth opportunities. While those that fail often suffer losses and become less important in the markets.
It is better to become what you understand than remain what you do not understand.
The economic situation of many countries especially Nigeria calls for a renewed vigor on the importance of entrepreneurship pursuits as a way out of the economic quagmire many find themselves. Across these countries, schools are rushing to introduce entrepreneurship classes; self-help books for business founders are topping the best-seller lists, and governments are sponsoring different programs aimed at kick-starting the entrepreneurship culture of their citizens.
In all of these, I am inevitably made to ponder on this question: Are entrepreneurs made, or born? Can every single individual out there be persuaded or compelled into entrepreneurship?
To give an answer to this question, my quest took me to review the works of one of the professors I was fortunate to be in class with Noam Wasserman at Harvard business school, USA.
According to Noam, entrepreneurship can be taught – “Take the lessons about what works and what doesn’t, analyze and organize them, and then teach them—just as we do with engineers, doctors, and lawyers.”
But, according to a different school of thought led by Victor W. Hwang, Entrepreneurship can’t be taught in a regular classroom any more than surfboarding can. To learn it, you have to get your feet wet in the real world.
He went further to infer that Entrepreneurship is also a team sport, not a solo skill. We all know the myth of the “lone genius” entrepreneur tucked away in a basement or garage tinkering with an invention. In reality, an entrepreneur has to deal with lots of different people daily, all of whom present social barriers to overcome, whether it’s geography, culture, language or just plain distrust.
While it is difficult to conclude on which of the 2 points is a superior argument, I am made to conclude that entrepreneurship is learned through the aggregate experience of a life that is lived.
In Nigeria, some are born entrepreneurs, while majority are forced to become entrepreneurs by the hand life DEALS THEM.
Olufemi Akineymi
To be a successful entrepreneur, however, one must possess certain skills, traits, and social qualities. This is particularly so because entrepreneurship is not for the faint-hearted. As often quoted by many – “The road to entrepreneurship is often a treacherous one filled with unexpected detours, roadblocks, and dead ends. There are lots of sleepless nights, plans that don’t work out, funding that doesn’t come through and customers that never materialize.”
Some of these are:
- Nonconformity: Low conformity to rules
- Self-efficacy: Individuals with a high level of self-efficacy believe they are capable of attaining set goals
- Achievement Motivation: Entrepreneurs have higher achievement motivation than the rest of the population
- Preference for Innovation: Entrepreneurs seek to do new things or familiar things in new ways
- Low Uncertainty Avoidance: Entrepreneurs are more likely than others to accept uncertainty
In conclusion, Entrepreneurs are at the vanguard of the recovering global economy, and collectively, we must pursue what it takes to make the world a better place to live in.
I will say entrepreneurship can be taught. Their are many theories that have been developed on entrepreneurship which need to be learnt by potential entrepreneurs. Entrepreneurship does not only involve recognising problems in the society and providing solutions to them. An entrepreneur organizes all other factors of production. The theoretical knowledge learnt is applied to effectively manage and organize the entrepreneurial Business.
I will say entrepreneurship can be taught. Their are many theories that have been developed on entrepreneurship which need to be learnt by potential entrepreneurs. Entrepreneurship does not only involve recognising problems in the society and providing solutions to them. An entrepreneur organizes all other factors of production. The theoretical knowledge learnt is applied to effectively manage and organize the entrepreneurial Business.
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