Introduction
Based on the performance of many businesses and companies run by different personalities, the issue of entrepreneurship being an acquired skill or something that is inborn elicits a lot of debates and discussions. The best way to address the issue of entrepreneurship is by looking at the characteristics required in entrepreneurship against the use of these skills. This paper is thus discussing the workings of this virtue as a skill as portrayed by Inc. magazine and not as a gift by birth.
Entrepreneurship
Visionary- Being an entrepreneur one requires to have a defined course which he would like his business to take in the short run and in the long run. This is not unique to business only as it can be achieved through familiarizing oneself with the habit in other disciplines such as school work and career. In the social spheres we have ourselves more often than not strategizing, let’s say, where our relationships will lead and focus our energies in realizing the vision something that is not unique to entrepreneurs alone.
Innovative- In this times, technological innovations are an every day issue. An entrepreneur thus should make the best use of technology in cutting costs and increasing efficiency in work. This however is not unique to proved entrepreneurs alone.
Optimistic- A positive mind is necessary in our endeavors and the belief in the success of it. Entrepreneurship happens to be one of the users of this virtue.
Risk taker- Even being alive itself is risking death, so this issue is not unique to entrepreneurship as we do it a lot even without noticing.
Importance of strategic planning
A strategic plan is important in securing approval of the business and in seeking funding from external sources such as banks and other financial institutions. A strategic plan explains the business to other players who may be interested and probably have a role to play in ensuring the success of the business, be it in financing or other inputs in the business that maybe necessary.
It provides a foundation for more detailed planning such as financial planning and structural organization of the business. These additional plans are so detailed that including them in the initial strategic plan is not necessary in providing a foundation for other plans. It also stimulates change in acting on the other plans.
Assists in performance monitoring as the business progresses- A strategic plan contains detailed information on the business’s objectives and vision which have to be constantly evaluated to confirm whether the business is in the right track of achieving the listed objectives and vision statement.
Consideration in ownership decisions
- Ability to switch from one form of ownership to another.
- Taxation- Some form of ownership calls for higher taxation than others
- Capital requirements and cost of ownership itself.
- Exposure to liability
- Business goals and objectives
- Managerial abilities and control
- Management succession and handing over of business in case of sale
Schooling vs. entrepreneurship
I do not agree with the observation that entrepreneurship is detrimental to schooling. If we could carefully look at what are the objectives of schooling as opposed to learning, then we can understand that we are losing nothing by obtaining the best from the two worlds. Operating a business while schooling, more so for someone studying business related subjects, gives him a rare opportunity to apply his knowledge gained during class hours practically in his entrepreneurial capacity. The two thus work in complimenting one another rather than against one another if balanced properly. The question thus is not whether to run a business or not while schooling but the ability to balance the two for a win- win situation.
References
Charles Spinosa et al. (2000). Disclosing New Worlds: Entrepreneurship, Democratic, Action, and the Cultivation of Solidarity, Boston: MIT Press, pp. 18-40.
Rita, G. and Ian, M. (2000). The Entrepreneurial Mindset, New York: HBS Press, pp. 103-124.