EXPERIENTIAL EXERCISE

REFLECTION ON RESULT OF EXPERIENTIAL EXERCISE

My result of 88% does not surprise me at all, because I've always known that I am a high achiever. I give in the absolute best of myself in everything i do because life is a game of garbage in and garbage out. I am a go-getter. I dream a lot and i don't just stop at that, I work towards it, and this has influenced various aspects of my life.

CHARACTERISTICS OF AN ENTREPRENEUR

1.    Calculated risk takers: entrepreneurs before embarking into any venture or taking any risk, compare the chances of success to that of failure, in other words, they take well thought out risks. Unlike gamblers, entrepreneurs weigh the possible outcomes before making decisions
2.    Profit-oriented: the main purpose of entrepreneurship is to make profit and add value to the society. Entrepreneurs aim at making higher profits annually, unlike small business owners who stick to ‘stable profits.’
3.    Tolerance for failure: most business owners who fail after one or two trials often give up and lose hope. However, this is not the case with successful entrepreneurs, who persevere and persistently strive until they reach their target. In other words, they have high tolerance for failure.
4.    Innovative: entrepreneurs are people who think outside the box, i.e. they think of new ideas, exploring different ways to improve their business in order to make more profit, unlike small business men who stick to their stable sales.
5.    Persistent: as stated earlier, entrepreneurs keep trying and never give up, they keep applying new strategies and innovations until they attain their goal.
6.    Aggressiveness: although entrepreneurs can be cool, calm, and collected individuals, when it comes to competing with their counterparts for customers and other benefits, they fight tooth and nail to surpass others. Some may even adopt violence, which is kind of extreme.
7.    Sense of power and authority: there is this air of superiority and authority usually associated with the presence of successful entrepreneurs. When they are in an environment, people around try to be at their best behaviour and appearance because an important personality is present.
8.    Hardworking: entrepreneurs are extremely hardworking people. Always busy looking for new strategies to employ, exploring new ideas in order to improve and expand their businesses.
9.    Capacity for enjoyment: although entrepreneurs are very busy and hardworking individuals, they do not forget to take time out to relax and cool off the sweat. After all, all work and no play makes entrepreneurs boring people.
10.    Efficient and reliable: entrepreneurs make it a priority that goods and services are available and accessible to customers, and they leave no stone unturned in doing so.
11.    Responsiveness to suggestion and criticism: entrepreneurs do not ignore the suggestions and criticisms made by the public instead they apply them in ways that will impact positively in their businesses. After all, as they say – the customer is always right!

There are many other characteristics of an entrepreneur which I would have loved to elaborate on, but I’ll just stop at these few due to time factor.
  

REPORT ON CHAPTER 1: THE REVOLUTION AND IMPACT OF ENTREPRENEURSHIP
     What is Entrepreneurship? Entrepreneurship can be defined as a self-motivated process of visualization, transformation, and creation, which involves the application of energy and passion towards the conception and execution of new ideas and creative solutions (Kuratko 21). Entrepreneurship can also be defined as the process of doing something new and different (innovation) for the purpose of creating wealth and adding value both to the individual and the society (Kao 69-70).
    Certain myths exist about who entrepreneurs are. Some of them include that:

1.    Entrepreneurs are extreme risk takers (MYTH): I agree that entrepreneurs are risk takers, however, to say that they are ‘extreme risk takers’ is completely out of it! Extreme risk takers are gamblers and gamblers do not take ‘calculated’ or ‘well thought out’ risks, however, entrepreneurs do. Before embarking on a venture, entrepreneurs compare the chances of failure to that of success and depending on what the results show, decide whether or not to take the risk. Gamblers on the other hand do not weigh the possible outcomes before making decisions.

2.     All Entrepreneurs need is money (MYTH): capital (money) is an essential tool for an entrepreneur. However, to say that ‘all entrepreneurs need is money’ is completely wrong! Money is only one of the many tools. Recall that from the definition of entrepreneurship, it involves the application of energy (plenty of it) and passion (the driving force/motive). Without these two elements the idea will not come to reality.

3.    Entrepreneurs are doers and not thinkers (MYTH): saying that entrepreneurs are doers and not thinkers supports the first myth which says that entrepreneurs are gamblers and therefore is wrong. As the saying goes ‘failing to plan is planning to fail.’ Entrepreneurs however do not plan to fail, this is why they take well planned (well thought out) risks, unlike gamblers. From the definition of entrepreneurship; a dynamic process of vision, change, and creation… these key words emphasize the fact that careful planning is one characteristic of an entrepreneur. An example of ‘doers and not thinkers’ are people who sell sand in the desert! (what an idea)

4.    Entrepreneurs are born and not made (MYTH): there is a saying that certain people are born great, while others learn to be great, however, that is not evidence enough to support the myth that entrepreneurs are born and not made. One reason is that entrepreneurs are not characterized by a heritable gene that makes them what they are. Certain skills needed to be a successful entrepreneur are learnt through formal/informal education. However passion and energy are inborn.

5.    Entrepreneurs must fit a certain profile (MYTH): to support this myth is only been stereotypical. Anyone can be an entrepreneur provided you have new ideas (innovations) that can create changes and bring profit, and you’re driven by the energy and passion to implement these ideas, thereby creating a solution. Anyone can rise to the top it all depends on hard work and determination.

6.    Entrepreneurs are always inventors (MYTH): this is truly a myth because most entrepreneurs actually invest in already existing inventions. For instance, Aliko Dangote is a successful entrepreneur who deals in cement, rice, sugar and other commodities which he did not invent.

 WORKS CITED

Kao, R.W.Y. “Defining Entrepreneurship: Past, Present and?” Creativity and Innovation Management. (1993)  2:69-70.<http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8691.1993.tb00073.x>

   
     Kurakto, f. D. Introduction to Entrepreneurship. South-Western Canada: Cengage Learning, 2009.

FORMAL INDUCTION 2 ENTREPRE.....

 HELLO BLOGGER BUDDIES! MY NAME IS CHRISTIANA O. OKERE, A SOPHOMORE AND SCHOLARSHIP STUDENT OF THE AMERICAN UNIVERSITY OF NIGERIA, CURRENTLY STUDYING NATURAL AND ENVIROMENTAL SCIENCES. THE ESSENCE OF THIS BLOG IS MAINLY TO DISCUSS TOPICS RELATED TO ENTREPRENEURSHIP. ALTHOUGH, I'M NOT ONE FOR BUSINESS-RELATED DISCUSSIONS; I'D NEVER LIKED THE SUBJECT  'BUSINESS STUDIES' DURING MY HIGH SCHOOL DAYS. I ACTUALLY PREFER DISCUSSIONS RELATED TO SCIENCE, ESPECIALLY MATHS, PHYSICS, CHEMISTRY AND BIOLOGY, HOWEVER, I'LL DO MY BEST POSSIBLE TO ENJOY THIS COURSE AND HOPEFULLY, WITH THE HELP OF MY VERY CONSIDERATE INSTRUCTOR, MS. JELENA ZIVKOVIC, MY INTEREST IN THE COURSE WILL DEVELOP AS TIME PROGRESSES.............