EDUCATION OF ENTREPRENEURSHIP-ED 609

Component of Entrepreneurship

The concept of entrepreneurship presupposes comprehensive insights into its theoretical and practical details. I will assess the various qualities of an entrepreneur and an entrepreneur and dissect all the qualities present in me. In this essay, I will establish some important theories of entrepreneurship, analyze some self-entrepreneurship competencies, perform a personal SWOT analysis and finally evaluate if I am more suitable for being an entrepreneur or an entrepreneur.

Theories and Qualities of an Entrepreneur

The wide study of entrepreneurship has led to the development of a number of theories that explain the conduct and attitude of entrepreneurs. Among the most influential theories are:

Schumpeter’s Theory of Innovation: This theory focuses on the entrepreneur as a sequence changer who adjusts the markets by a new change in the product, process and services. According to Schumpeter, the main function of an entrepreneur is to innovate, and further spur growth (Rybnicek et al., 2019). Entrepreneurs display the necessary strategic vision and courage that will enable them to defy what has been practiced for so long, as well as the opportunities of venturing into the unknown.

Kirzner’s Theory of Entrepreneurial Alertness: Kizner states that entrepreneurs are unique people who have the ability to foresee opportunities within the market that can be overlooked by those around them (Liu et al., 2019).This theory is centered on the ability to believe that the entrepreneur can discern opportunities before other entrants notice the spaces that exist. Evaluations suggest that alertness is an important characteristic of successful entrepreneurs.

Effectuation Theory: Known as the ‘Business Model Generation Theory,’ it was proposed by Saras Sarasvathy. The theory focuses on how an entrepreneur can use available resources to generate opportunities rather than predict them (Brown & Cornwall, 2000). It means that great start-up leaders rely on their capacity to learn new systems and apply them to their business organizations through trial and error.

McClelland’s Need for Achievement Theory: According to this theory, there is a belief that entrepreneurs have a strong need to achieve, which defends them from other people (Rybnicek et al., 2019). It is widely spoken that entrepreneurs are mainly energized by the urge to compete and set very ambitious aims and goals to take timely and well-measured risks towards achieving those aims and goals.

These theories shed light on some essential qualities defining an entrepreneur. These include:

• Risk-taking: Entrepreneurs are ready to take risks and enter the unknown, hoping to gain something more or at least not lose everything.
• Innovation: Entrepreneurs are passionate about innovation and try to develop new concepts that can address social issues.
• Leadership: Leadership is required at strategic levels to direct those in their teams and develop decisions that can enhance the achievement of collective visions (Brown & Cornwall, 2000).
• Resilience: Sometimes failure is unavoidable, but strong business people can bounce back and soldier regardless of the circumstances.

The Self-Assessment

After undertaking the entrepreneurial self-assessment test, I began to see an entrepreneur’s potential, starting from the kind of entrepreneur I would be through my skills and experience and where I would need to develop. The assessment tested diverse skills vital in entrepreneurship, like risk-taking, leadership skills, creativity, and decision-making skills, as well as coming up with new ideas (McMullen et al., 2021). They helped me create a clear picture of my entrepreneurial venture preparedness.

Observations: I particularly noted that my leadership and problem-solving skills had come out very strong during the assessment. These findings showed that I am well suited for the responsibilities of a manager, a motivator, and a problem solver; all these skills benefit any business owner. Moreover, the results of creativity and innovation indicated that I perform well in these aspects, which confirms the presence of eccentric but effective exploration of fresh opportunities in a given situation. This capacity for innovation makes them fit with many of the theories of entrepreneurship, especially Schumpeter’s theory, which principally examines the disturbance of the market by innovation by the entrepreneur. However, the assessment revealed a significant trait that can potentially limit my effectiveness as an entrepreneur: risk aversion. Entrepreneurs are comfortable with risks and can make high-risk decisions for high gains regarding uncertainties. However, the assessment revealed that I am more conservative, particularly regarding financial and career risks. Consequently, this could limit how I chase opportunities or risk high rewards but high-risk new business opportunities. Being aware of this tendency has made me reconsider how my attitude toward risk might affect my entrepreneurial process.

Surprises: I was particularly shocked to learn how much of a risk-avoidant person I am. In one way, I perceive myself as liberal-minded and ready for new experiences and ready to try out new ideas, but the test revealed that when it comes to making decisions that are related to risks and profits, I become very conservative. This finding was surprising to me because prior to this study; I considered myself to be reasonably comfortable with the unknown. The results convinced me of the fact that I might have to spend some more time developing a risk-taking propensity, even if it is a reasoned risk-taking propensity to be an entrepreneur.

The self-assessment supported my ideas about my strong leadership and creative skills, as well as the information about the areas that I need to work on, like risk-taking. This has been eye-opening and given me a better idea of where exactly I need to work to be judged more ready for entrepreneurship.

Self-SWOT Analysis

To further analyze my entrepreneurial potential, I conducted a SWOT analysis and completed a personal strength, weakness, opportunities, and threats assessment. It was useful to apply this exercise to analyze its applications to entering the world of entrepreneurship.

Strengths Creativity and innovationStrong leadership and communication skills Problem-solving and critical thinking	Weaknesses Risk aversion Tendency toward perfectionism Limited technical skills in finance and coding
Opportunities Access to a supportive professional network Growing interest in technology and innovation Opportunities to learn from experienced mentors	Threats Economic instability and market fluctuationsIncreasing competition in my fieldTime management challenges

Strengths: I strongly believe that an important aspect of any enterpriser is creativity or the ability to develop unique ideas for his business. These skills help me find specific approaches to issues and assert that I am not like everybody else. Also, I have leadership and communication skills that are crucial when dealing with people or teams and engaging stakeholders (McMullen et al., 2021).

Weaknesses: The self-assessment revealed that my major weakness is my fear of risk. Being cautious sometimes is good, but at the same time, it can keep me from grabbing daring opportunities. I also like being very particular about things because sometimes it slows down my work since I do not want to proceed until all the aspects have been fine-tuned. In addition, I believe that I am deficient in most technical fields, including but not limited to finance and coding, even though I shall try to enhance them to meet the job requirements.

Opportunities: I am privileged to have developed close working relationships with professional contacts who can act as role models and agree to business collaborations. Also, the enhanced adoption of digitization in organizations across various sectors provides multiple prospects for innovative contributions with new techniques. I am encouraged that there are chances to learn from successful entrepreneurs and harness these opportunities to grow.

Threats: Market conditions create external threats, such as economic instability and fluctuations, and risks, such as radical price changes. These are things that I cannot control but may, in one way or another, influence business growth and development among entrepreneurs. Also, there is increased competition in my field, so I have to develop product innovation regularly. Organization and time management tasks are still tricky since I have to accomplish many things simultaneously.

Synthesis and Conclusion

Entrepreneur vs. Intrapreneur: After reflecting on my self-assessment and SWOT analysis, I believe I am better placed to be an intrapreneur. Intrapreneurs apply it within organizations that already exist to be innovative, which I consider as having well-developed leadership abilities, and I embrace creativity. In innovating, creating ideas, and solving problems, I am an entrepreneur, but the fear of risk makes the concept of intrapreneurship appropriate for me at this stage of my life. I can utilize these competencies in a big organization without taking on all the financial and operational responsibilities.

Reflection on Professional Goals: To a large extent, this assignment has helped me broaden my understanding of my professional aspirations, mostly in education. I have discovered that I have a vested interest in creating change for improvement processes in highly formalized work settings. Regardless of whether I consider intrapreneurial positions or starting my own business in the future, this has given me an idea of what areas I should work on and what doors are open to me. The goals of an educational program are now clear to me, and I wish to employ them to bring positive change in my area of specialty.

In conclusion, this exercise has been invaluable in helping me understand my entrepreneurial potential. By conducting a SWOT analysis, I understand the direction that fits my present skills and plan to develop my career. Regardless of the path I have ended up selecting, whether it is being an entrepreneur to start my own business or an intrapreneur to create innovation within an existing organization, I now feel better equipped to face and capitalize on future situations.

References

Brown, R.J., & Cornwall, J.R. (2000). The entrepreneurial educator. Lanham, MD: Scarecrow Press, Inc.

Liu, X., Lin, C., Zhao, G., & Zhao, D. (2019). Research on the effects of entrepreneurial education and entrepreneurial self-efficacy on college students’ entrepreneurial intention. Frontiers in Psychology, 10, 869.

McMullen, J. S., Brownell, K. M., & Adams, J. (2021). What makes an entrepreneurship study entrepreneurial? Toward a unified theory of entrepreneurial agency. Entrepreneurship theory and practice, 45(5), 1197-1238.

Rybnicek, R., Bergner, S., & Gutschelhofer, A. (2019). How individual needs influence motivation effects: a neuroscientific study on McClelland’s need theory. Review of Managerial Science, 13, 443-482.