Enterpreneurship Essay Example | Topics and Well Written Essays - 750 words

Enterpreneurship - Essay Example An entrepreneurial mind is very innovative, and always comes up with new ideas of ventures which are thoughtfully planned. Entrepreneurs come up with ways of utilizing the available resources despite how few they may be, with the aim of making a profit. Uncertainty is a major trait of entrepreneurship since it entails coming up with something new which has not been existing in the market. Consequently, this means that as entrepreneur one has to be able to create market for what he has introduced, since he has the sole responsibility of ensuring business growth (McFadzean, O'Laughlin & Shaw, 2005, p. 350). Successful entrepreneurs have been found to be always positive as being negative may lead to the fail of a business opportunity. From the above understanding of entrepreneurship, I believe that I possess a few traits of an entrepreneur. I was able to exploit a few ideas while in college from which I was able to generate a small amount of capital. Particularly, since there was a lot of demand for photocopying services within the collage, I was able to start a photocopying shop (Parboteeah, 2000, p. 28). Though there were numerous shops within the college offering similar services, I did not give up. I aimed at locating the shop in a strategic position which was convenient and easily accessible to the students. The business lasted for a period of two years; when I moved out of that environment, on completion of my studies in search of greater opportunities (McFadzean, O'Laughlin & Shaw, 2005, p. 358). Despite the fact that the business was not able to generate a remarkable amount of profit, it gave me a significant amount of knowledge in the field of business. According to Parboteeah (2000, p. 32) the key aspect of entrepreneurship is coming up with new ideas, and this is what any business needs in order to grow. Innovation always keeps a company’s products in the market as the company will be able to beat its competitors through new strategies. Without c onstant innovations a company is likely to fail due to changes in technology, as well as market changes. Market changes within a short time hence, it is important for business managers to understand that what interests the market today, might not be of much interest come tomorrow (Johnson, 2001. p. 137). As a result, adding an entrepreneurial mind to a company is very important because the company will be assured of its survival and growth. Starting up a new business has many challenges and it requires one to be persevering, otherwise his whole business idea can be wasted (Parboteeah, 2000, p. 47). We all have weaknesses because we are human, and my biggest weakness is impatience as sometimes I feel like giving up. Also am not very good in multi-tasking since I feel that I have to accomplish one mission before venturing into another one. Moreover, I hate working under pressure because too much work may make me feel discouraged and instill a feeling of despair within me. I have paid for this weakness sometimes, however I have learnt to keep pushing on even when things seem very difficult (McFadzean, O'Laughlin & Shaw, 2005, p. 372). The most important strategy to the success of in business is to cultivate a positive attitude within you (Johnson, 2001. p. 140). Change all the self talk within you to appropriate positive talks that will drive you towards the attainment of your set goals. Focusing particularly on the lack of the ability to work under pressure, this might be due to laziness and the fear of stress. Stress comes as a result of one feeling that he does not have the capability of handling that amount of work. Stevenson, & Lundstrom (2002, p.235) explains that it is possible to overcome this through a change of attitude and putting more focus