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Entrepreneurship

Entrepreneurship

Introduction

In the video presented Cameron Herold
talks about himself finding out in his own assessment about how he at a young
and early age, relating his accounts of his father teachings, and when he
himself recognizing his own patterns and making judgmental decisions by selling
various products. This video will demonstrate to you to recognize these
distinctive patterns and to motivate yourself to let out the Entrepreneurial
spirit that it’s hidden within you and possibly start teaching others.

Nobody has identified an entrepreneur and
opinions differ as there is no real definition of what an entrepreneur is, the
earliest reference was coined by Richard Cantillon, which describes an
entrepreneur as a, “self-employment person with an uncertain return”.
Schumpeter’s entrepreneur is a person that carries out new combinations, in
which may take the form of new products, processes, and markets, organizational
forms, or sources of supply.

Entrepreneurship is a process in which a
person motivated by an idea is going and have the willingness to take a risk or
has the ability to exploit it or to pursuit it for personal gain. There are
different paths to entrepreneurship, including starting a business based on a
new concept, based on an existing concept, or buying an existing business.
Entrepreneurs are not planned but are push toward self-employment as workers in
the United States are precipitated to become one due to changes in the market.
There is no agreement as to why a person chooses to be an entrepreneur or work
for someone else but there are some factors that have been identified in
determining entrepreneurship (1) the individual, (2) ethno cultural
environment, (3) the circumstances society and a combination of these (Dana,
1997). Casson defines Entrepreneurship as the exercise of judgment in all sorts
of different business situations.

 If self-employment were easy the people that are
self-employed would be higher paid, it is a fact that this is one of the most
difficult careers one could choose, as I mention there are some disadvantages,
as personal sacrifices, ownership of certain responsibilities, and little
margin for error. And there are some advantages as well, free or independent,
challenging, and total financial control.

In the new economic faced by America that
includes a large capacity of unemployed managers in which chances of having
their position back in a large firm are slim, for these people the appeal of
making it on their own is easy to understand, they have a talent, experience,
contact, communicative skills and a strong desire that they can be make clear
that Entrepreneurship is the clear path for them.

The
prime barrier of entry to be an Entrepreneur would be the capital requirements
to start a business. The existence of barriers to entry into entrepreneurship
and the strategies to overcome them can be noted, such as, lack of wealth
mentioned earlier, lack of contacts, educational qualifications, bad
negotiating tactics, organizational skills, development of product innovation
(vision), and market making skills. All these skills according to Herold can be
learned and overcome if learned and recognized properly. Entrepreneurs often
start ventures based on their alertness for, and recognition of, patterns that
signal likeliness of success. Ireland, Hitt, and Sirmon (2003) point to
opportunity recognition as central to the entrepreneurial mindset, while
Ardichvili, Cardozo, and Ray (2003) find that entrepreneurs “sense” a market
need or underutilized assets. Baron and Ensley (2006) find that entrepreneurs
detect recognizable, exploitable patterns.

http://www.ted.com/talks/cameron_herold_let_s_raise_kids_to_be_entrepreneurs.html

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