PLANNING A NEW VENTURE IN EDUCATION-ED 614

Entrepreneur Self-Portrait

While Barringer & Ireland (2019) define entrepreneurship as the process through which individuals go after opportunities without regard of the resources they are in current control of to exploit future goods and services, I resonate more with their definition of entrepreneurship that refers to it as the art of turning an idea into a business. This is because, from an early age, I have been continuously drawn to creating new ideas and bringing them to life. A combination of some of my skills and character traits has inspired me to take on the opportunities and challenges that come with being an entrepreneur. One of these skills is problem-solving. Unlike most people, I do not cower in the face of problems but rather strive to find innovative solutions to everyday challenges. This skill is significantly complemented by my resilience. I understand that entrepreneurship is filled with uncertainties and setbacks; however, my ability to bounce back from challenges has always been one of my defining characteristics. In addition to the above, I pride myself on being adaptable. Not only has this skill brought out my creativity but it has also enabled me to think outside the box and quickly adjust to new situations. In today’s fast-changing world, I understand the importance of being flexible and open to new ideas.

I believe that the above-mentioned characteristics are fundamental in supporting the success of an entrepreneurial activity. A character such as resilience helps a leader stay motivated even when faced with failures or setbacks thus enabling them to keep pushing forward and learning from their mistakes. This character is crucial in the success of an entrepreneurial activity as entrepreneurship is full of ups and downs. Further, this character might help an entrepreneur to maintain focus on the goals over a long period. Problem-solving skills are also important for leaders in ensuring the success of an entrepreneurial activity. This mindset allows leaders to tackle obstacles and turn problems into solutions. This skill can also be detrimental in identifying market gaps and developing products and services that address unmet needs (Barringer & Ireland, 2019). Finally, I believe that adaptable leaders are more open to experimentation and learning from failure, a skill essential for navigating the unpredictable nature entrepreneurial ventures.

Among the many entrepreneurs I admire and hope to emulate is Sam Walton, well-known as the founder of Walmart. To begin with, Walton can be considered a master problem solver. He is constantly finding ways of reducing costs by innovating the logistics and supply chain system to streamline Walmart’s operations and therefore allow the company to sell products at relatively lower prices while maintaining profitability. Moreover as initially stated, it is important for an entrepreneur to know how to identify problems and either turns them into solutions or opportunities. Walton was able to do this and ended up providing retail services in rural America. Even though serving rural America posed distribution challenges he was able to design an efficient network that ensured goods reached the underserved areas cost-effectively. More importantly, Walton’s leadership showcases resilience and adaptability (Tedlow, 2001). Walmart’s expansion required adaptability to local markets and different business environments. Under his leadership, the company successfully navigated these shifts and adapted to meet the needs of different regions and demographics.

Barringer & Ireland (2019) posit that an entrepreneur requires prior industry experience to be successful in the field. I therefore believe I will require training and development in entrepreneurship to help me refine my leadership skills and therefore become a successful entrepreneur. This will mean hands-on training where I can work as an intern under other entrepreneurs and leaders. Additionally, working in the industry will not only help me acquire experience but also build social networks. The authors also note that the depth and extent of a person’s social network affect the recognition of opportunity. This will also help me develop a work ethic similar to that of Sam Walton as recognized globally (Panel, 2024). Take a look of my self-portrait below.

References

Barringer, B.R. & Ireland, R.D. (2019). Entrepreneurship: Successfully launching new ventures. New York: Pearson.

Panel, E. (2024, August 13). 10 entrepreneurs weigh in on the business icons who have inspired them the most. Forbes. https://www.forbes.com/councils/theyec/2023/01/19/10-entrepreneurs-weigh-in-on-the-business-icons-who-have-inspired-them-the-most/

Tedlow, R. (2001, July 23). Sam Walton: Great From the Start. HBS Working Knowledge. https://hbswk.hbs.edu/item/sam-walton-great-from-the-start