ENTREPRENUERSHIP

FACULTY: SHARJANA SHAILY

NAME: ANIKA TAHSIN BINTI
ID: 47M0FM0F0218
1|Page
Are entrepreneurs made or
born?
1. Introduction:
‘Entreprenuership’ is the term that refers to the functions by an entrepreneur performed.
Entrepreneurship currently is a quite serious deal. Business colleges everywhere
throughout the world have courses right now some even make it their significant focal
point of instructing and research. P.J. Peverelli and J. Song 2012; Alan Gutermen
2012; Nadim A. & Richard G. 2008. Governments are additionally intrigued by the
entrepreneurs and routinely ask themselves how they can build up a progressively
entrepreneurial national culture. Numerous years back, a financial specialist called
Schumpeter perceived that hazard taking and attempting new advances and business
thoughts was basic for monetary development. Be that as it may, the present interest
with entrepreneurs would have even astounded Schumpeter. P.J. Peverelli and J.
Song 2012: 3; Rothbard 1995: 351. Therefore, the function of the entrepreneurship
can be viewed as:
(I) Using the opportunities and identifying the exist in the market;
(ii) The ideas converting into action;
(iii) To launch an enterprise promotional activities are undertaking; A Cole 1969
(iv) Making progress toward greatness in his/her field of work
(v) Uncertainties involved and bearing the risk, and
(vi) Fitting.
An example of entrepreneurship is the narrative of how Spanx was made. Furthermore,
this acclaimed disappointment wound up transforming into a super example of
overcoming adversity. Sara Blakely acknowledged she would not like to sell fax
machines everlastingly so she chose to go into business. Be that as it may, her
business thought really originated from her always cutting the gaps of the feet of her
spandex. Drucker 1985. So she went to incalculable producers to make underwear
hose without feet. Also, truly every producer snickered in her face. She was steady and
continued pushing through and in the long run persuaded one to enable her to out. She
at that point went to endless stores attempting to persuade them to stock her item.
What's more, she got dismissed a ton. So she one day chose to bring a store purchaser
into the washroom to change into her item and give her what it resembles. Also, she at
last got her item in stores. A long time later Spanx turned into a billion dollar

2|Page
organization and stockings are one of the most mainstream items around. Drucker
1985

2. Discussion & Analysis

Literature Review
2.1 Entrepreneurs Types:
a) According to the business types
– Entrepreneur Trading
– Entrepreneur Industrial
– Entrepreneur Agricultural
– Entrepreneur Service
b) According to the technology use
– Entrepreneur Technical
– Entrepreneur Non-technical
c) According to the Area
– Entrepreneur Urban
– Entrepreneur Rural
d) According to the gender
– Entrepreneur Men
– Entrepreneur Women

Example:
 Bill Gates, originator of Microsoft. There are most likely very few individuals that
have not been moved by one of his items, for example, Microsoft Windows,
Microsoft Office and Internet Explorer.
 Steve Jobs, co-founder of Apple PCs, which produces Macs, iPods and i
Phones, just as Apple TV.
 Mark Zuckerberg, the author of Facebook.
2.2 Skills required for Entrepreneurs
Being an entrepreneur resembles being a mother. One must be gifted in various
manners to be prepared to manage most emergency circumstances. Ask any
entrepreneur and they will have the option to portray a rundown of aptitudes they have
gotten on their adventure to build up their business from a juvenile plan to an out and
out beneficial organization. GEM 2001 One's prosperity depends on their capacity to

3|Page
receive and actualize the accompanying five basic abilities which are required to prevail
as an entrepreneur:
1. Willingness to Learn:
Learning is a consistent and deep rooted procedure. A great many people tragically
restrict their insight improvement to their scholarly courses of events. This tenderfoot
misstep and the disposition to be cool about further gathering information to build one's
development potential is hurtful
2. To deal with failure:
Entrepreneurship is unsafe as it is fulfilling. Indeed, even before one ponders the idea of
undertaking this adventure, one ought to be adequate to the idea of disappointment. No
business adventure is a straight line to progress, thus realizing step by step instructions
to oversee great and terrible occasions is major. Disappointment isn't the end - it's just a
data point while in travel to progress.
3. Money Management:
It's anything but difficult to lament that we don't have the blank idea where your cash is
going when we are not liable for the achievement and disappointment of a business. It's
an exceptionally straightforward math-in the event that we can't oversee cash, we can't
deal with a business. At last, the primary concern is benefit and one should be great at
doing the math on the off chance that you mean to rudder the ship. Kirzner 1983;
Knight, 1921; McClelland & Winter, 1969 To start with, you will have constrained
spending plan and you should be mindful about spending every penny such that it
acquires you back benefit some way. Along these lines, realizing your income can make
arranging and planning for money related needs a lot simpler. In this way, get adding
machine, open that exceed expectations sheet and start tallying where your pretty
pennies are going. GEM 2001
4. Creativity:
Is inventiveness simply constrained to a bright canvas? No, and as an entrepreneur,
you should use your imaginative streak to discover answers for regular issues. The
genuine fortitude of an entrepreneur is tried when they are set against the impalpable
and substantial issues for which there are no course reading arrangements. Every one
of the one needs to depend on is their diligence and inventiveness to think of new ideas
and adjust to the new circumstances rapidly and discovering answers for issues as and
when they emerge A Cole 1969
5. Communication:
On the off chance that we do not convey appropriately about our business to the correct
individuals, at that point by what method will you make it prosper? Brief and fresh
correspondence is vital for every single customers with cooperation, peers, customers,

4|Page
accomplices, some other partner and possibilities. It is basic to organize and the best
approach to stick out while organizing is by using successful correspondence methods.

Characteristics of Entrepreneurship
Some business authorities suggest that the spearheading drive is natural, a quality
obtained during labor, while others acknowledge that anyone can transform into a
business visionary. Whether or not an individual is bound to it or makes it, there are
qualities and attributes required for viable business entrepreneurship. P.J. Peverelli
and J. Song 2012: 3; Rothbard 1995: 351
1. Creative
Entrepreneurship begins with a thought. To be successful, you have to consistently be
considering new thoughts and better methods for getting things done.
In a meeting in Martyn Lewis' book "Reflections on Success," Virgin Airlines author
Richard Branson said, "I've gone into business, not to make money, but because I think
I can do it better than it's been done elsewhere. And, quite often, just out of personal
frustration about the way it's been done by other people."
2. Motivated
In a meeting with The Computerworld Smithsonian Awards Program, the late Apple
author Steve Jobs said, "I'm convinced that about half of what separates the successful
entrepreneurs from the non-successful ones is pure perseverance."
Due to their energy for their thoughts, entrepreneurs are happy to place in the extended
periods of time and difficult work required to dispatch and maintain a fruitful new
business. Is it true that you are self-spurred? Entrepreneurs work for themselves, which
implies there's nobody instructing them to get things done. You should be accountable
for your own time and how you spend it.
3. Flexible
As per proficient advancement mentor Ruchira Agrawal in an article for Monster, "As an
entrepreneur, you'll typically start out as a 'solopreneur,' meaning you will be on your
own for a while Miller, 1983. You may not have the luxury of hiring a support staff
initially. Therefore, you will end up wearing several different hats, including secretary,
bookkeeper and so on."
Entrepreneurs realize how to adjust to new circumstances. On the off chance that their
business necessitates that they figure out how to manufacture a site or send a receipt,
they'll do it. Whatever it takes, business visionaries are prepared and willing. They
generally approach things with a receptive outlook and are eager to change course on
the off chance that they have to. A Cole 1969

5|Page
 4. Adventurous
In a meeting with Y Combinatory president Sam Altman, Facebook originator Mark
Zuckerberg stated, "In a world that is changing so rapidly, the greatest hazard you can
take isn't facing any challenge."
Entrepreneurs realize that that generally will be successful, they should be happy to
face challenges. While they wouldn't fret strolling on the wild side, they don't trifle with
dangers. They realize how to get ready for the obscure and settle on a determined
choice that is best for them and their business. Drucker 1985

3. Critical Analysis
Challenges faced by Entrepreneurships
Each entrepreneur faces their lot of difficulties. In any case, there are some comparative
and cut over each industry. Some difficulties give extraordinary entrepreneurial practice
when one defeats them. Thusly, starting another business at any age is full of hazard.
This shouldn't demoralize you. McClelland & 1961
Here is a glance at a part of the difficulties of youthful entrepreneurs face;
1. Cash flow management
Income is fundamental to independent company endurance, yet numerous
entrepreneurs battle to take care of the tabs (not to mention themselves) while they're
trusting that checks will show up Down & Warren 2008. You pay out a vocation, send a
receipt and after 30 days (ideally) afterward get paid.
2. Marketing strategy
Situating your administration/item in such a way that we will augment on the profits is
demonstrating to be a test to numerous entrepreneurs. This is on the grounds that a few
entrepreneurs are wandering into their tasks totally insensible of the Dos and Don'ts3.
Capital
We need to begin or develop our business, yet we have minimal funding to do it with.
McClelland & 1961. Here, tolerance and appropriate control is required with regards to
the money board. Constantly it is assessed that our business won't get in the initial
three to four months. In this manner, a little tolerance is required.
4. Criticism and self-doubt
As a youthful entrepreneur, we will get to know that not every person will pay attention
to us. They will reveal to us that we are too youthful to even consider building a
successful business. They will rush to reveal that exactly what they think they are
fouling up

6|Page
5. Finding Customers
Regardless of whether you offer the best-quality administration/item accessible in
today’s market, the odds of disappointment will be high on the off chance that it don't
discover successful clients.
Publicizing may assist us with discovering individuals who will truly be keen on our
administration/item. On the off chance that we don't have cash for advertisements,
attempt to discover clients inside our friend network or relatives. Give a chance to them
to spread the news to their companions too McClelland & 1961

Theories:

Causation Vs Effectuation
The following figures (source) illustrate these differences and the actual elements of the
casual vs effectuation process.

7|Page
 Opportunity Recognition Model
Opportunity acknowledgment is actually a methodology that is found in the way that
individuals and associations with an innovative mentality approach new business
undertakings or considerations. From different points of view, it is a consistent
conceptualizing in which individuals scan for ''as good as can be expected ways'' of
tending to issues. It could be a sparkling clean business thought or even new things or
organizations that fulfill customers' needs and wants. Kirzner 1983; Knight, 1921;
McClelland & Winter, 1969
You've likely had an idea sooner or later and considered, ''Hey, I wager I could make
cash doing this current!'' That's a case of opportunity recognition. Opportunity
recognition is significant in light of the fact that it enables a business to remain important
and be effective long haul.

Innovation funnel Model

The Innovation Funnel is a component that empowers a steady stream of thoughts that
can be screened for reasonability. The Innovation Funnel, likewise alluded to as Funnel

8|Page
Management Process, is a well-known methodology for advancement that is utilized by
numerous organizations to make an imaginative and reasonable activity plan. Down &
Warren 2008
The core of the Innovation Funnel is to produce whatever number thoughts as could be
expected under the circumstances, a huge part of which will be refined and changed
over into solid advancement plans. This makes a channel like shape, from bunches of
thoughts to a couple of thoughts. GEM 2001. As the best thoughts will remain, the
Innovation Funnel is a phenomenal instrument to needs thoughts and guarantee that
the best will be completely evolved and propelled undertakings, items, or different
advancements can be propelled.

Innovation Theory:
This theory was propounded by J.A. Schumpeter. As indicated by Schumpeter,
business visionary is essentially a pioneer and trailblazer is one who presents new
mixes. Reynolds, P.D. 200
This theory is created by Joseph Schumpeter, who accepts that business visionary
helps the procedure of improvement in an economy. Schumpeter's hypothesis of
business enterprise is a spearheading work of financial advancement. Improvement in
his sense suggests that completing of new blends of business enterprise is essentially
an imaginative movement. As indicated by Schumpeter a business visionary is one who
sees the chances to develop, i.e., to complete new mixes of ventures. He says that a

9|Page
business person is one who is inventive, innovative and has a premonition.
Schumpeter, J.A.1934
As per, advancement happens when the business person:
I. Presents new goods
ii. Presents new techniques for creation
iii. New market opens
iv. Successes of new wellspring of supply of crude material
v. Doing new association.
The theory accentuates on development, disregarding the hazard taking and sorting out
capacities of a business visionary. Schumpeter, J.A.1934 Schumpeter's business
person is an enormous scope agent, who is once in a while found in creating nations,
where business visionaries are little scope representatives who need to mirror as
opposed to advance.

Conclusion
In conclusion, there is numerous individuals became entrepreneurs. Acclaimed
entrepreneurs like, Bill Gates, Warren Buffet and Jobs Steve made their business huge.
These well-known effective entrepreneurs are not competitors who were brought into
the world with characteristic body, yet they are made naturally and prepared through the
act of their business. Entrepreneurs had a similar back characteristics. A decent feeling
of will endure the advancement of a business from an emergency and to make it the
pioneer of its field and the entrepreneurs discover openings from issues and put forth
the innovations. Only by one's attempt to gain and temper of the characteristics, will the
person in question become a entrepreneurs.

References
1. Acs, Z.J. & Audretsch, D.B. (1990). Innovation and Small Firms. Cambridge, MA:
MIT Press.
2. Alvarez, S.A. & Busenitz, L.W. (2001). The entrepreneurship of resource-based
theory. Journal of Management, 27, 755-775.
3. Audretsch, D.B., Castrogiovanni, G.J., Ribeiro, D., & Roig, S. (2005). Linking
entrepre-neurship and management: Welcome to the International
Entrepreneurship and Man-agement Journal. International Entrepreneurship and
Management Journal, 1, 5-7.

10 | P a g e
 4. Barringer, B.R. & Bluedorn, A.C. (1999). The relationship between corporate
entrepre-neurship and strategic management. Strategic Management Journal,20,
421-444.
5. Brown, T.E., Davidsson, P. & Wiklund, J. (2001). An operationalization of
Stevenson ́s conceptualization of entrepreneurship as opportunity-based firm
behaviour. Strategic Management Journal,22, 953-968.
6. Bruyat, C., & Julien, P-A. (2000). Defining the field of research in
entrepreneurship. Jour-nal of Business Venturing, 16, 165-180.
7. Busenitz, L.W., West III, G.P., Shepherd, D., Nelson, T., Chandler, G.N., &
Zacharakis, A. (2003). Entrepreneurship research in emergence: Past trends and
future directions. Journal of Management, 29, 285-308.
8. Coviello, N.E. & Jones, M.V. (2004). Methodological sigues in international
entrepreneur-ship research. Journal of Business Venturing, 19, 485-508.
9. Eckhardt, J.T. & Shane, S.A. (2003). Opportunities and entrepreneurship.
Journal of Man-agement, 29, 333-349.
10. Fiet, J.O. (2001). The pedagogical side of entrepreneurship theory. Journal of
Business Venturing, 16, 101-117.
11. Finkle, T.A., Kuratko, D.F. & Goldsby, M.G. (2006). An examination of
entrepreneurship centers in the United States: A national survey. Journal of
Small Business Management, 44, 184-206.
12. Hitt, M.A., Ireland, R.D., Camp, S.M., & Sexton, D.L. (2001). Guest editors ́
introduction to the special issue strategic entrepreneurship: entrepreneurial
strategies for wealth crea-tion. Strategic Management Journal, 22, 479-491.
13. Kihlstrom, R.E. & Laffont, J.J. (1979). General equilibrium entrepreneurial theory
of firm formation based on risk aversion. Journal of Political Economy, 87, 719-
748.
14. Knight, F. (1921) Risk, uncertainty and profit. Boston, MA: Houghton Mifflin.
15. Lee, S.M. & Peterson, S.J. (2000). Culture, entrepreneurial orientation, and
global competi-tiveness. Journal of World Business,35, 401-416.
16. Leibenstein, H. (1979). Branch of economics is missing – Micro-Micro theory.
Journal of Economic Literature, 17, 477-502.
17. McClelland, D.C. (1961). The achieving society. Princeton, NJ: Van Nostrand.
18. Miller, D. (1983). The correlates of entrepreneurship in three types of firms.
Management Science, 29, 770-791.
19. Reynolds, P.D. (2005). Understanding business creation: Serendipity and scope
in two dec-ades of business creation studies. Small Business Economics, 24,
359-364.
20. Schumpeter, J.A. (1934). The theory of economic development. Cambridge:
Harvard Uni-versity Press. Schumpeter, J.A. (1942). Capitalism, socialism and
democracy. New York: Harper.
21. Shane, S.A. & Venkataraman, S. (2000). The promise of entrepreneurship as a
field of re-search. Academy of Management Review, 25, 217-226.

11 | P a g e
 22. Stevenson, H.H. & Jarillo, J.C. (1990). A paradigm of entrepreneurship research:
Entrepre-neurial management. Strategic Management Journal,11, 17-27
23. Tushman, M.L. & Anderson, P. (1986). Technological discontinuities and
organizational environments. Administrative Science Quarterly, 31, 439-465.

12 | P a g e