Today, entrepreneurship is a working process where people can demonstrate their qualities and knowledge and earn money by designing and launching new businesses. It is frequently compared with the idea of the American Dream because this form of business presupposes the possibility to believe in personal powers and abilities, inspire other people, and set clear goals (Solomon et al. 164).
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Entrepreneurs are people who are ready to take risks of creating and promoting a new form of business, and their choices usually depend on their lifestyle preferences, opportunities, and future plans. It is not an easy task to become a successful entrepreneur because a number of skills have to be possessed, and certain evaluations must be developed.
After learning a new chapter, it turns out to be easier to understand the essence of entrepreneurship and personality traits which are common to successful entrepreneurs. For example, Solomon et al. identify that these people should be real risk takers (165). However, a decision to start a new business can hardly be spontaneous, so entrepreneurs should calculate risks and analyze various outcomes to be prepared for any of them.
Another quality includes flexibility, which means to be self-directed, make decisions, and react quickly to various situations with dignity. Cooperation with people presupposes motivation, leadership, and communication is based on personal fulfillment and understanding. It is not enough to set goals and make sure specific directions are chosen. Sometimes, entrepreneurs must pay special attention to certain aspects and concentrate on particular tasks to be able to see the whole picture as a system thinker (Solomon et al. 166). There are many types of entrepreneurs, and I want to become a lifestyle entrepreneur.
The distinctive feature of this style is a combination of flexibility and the possibility to work at home when necessary and avoid corporate bureaucracy (Solomon et al. 167). I am looking for more than just potential profit, and I want to be satisfied with every decision made and every person to hold on business.
After taking several entrepreneurial quizzes online, I got an opportunity to understand if I can become an entrepreneur, and what kind of entrepreneur I may be. There are certain factors that determine the traits of entrepreneurs, and I realize that my skills and knowledge are enough to meet many of them. For example, like any entrepreneur, I am obsessed on innovation and the quality of work that is offered to customers. In addition, I appreciate freedom in everything I have to do. As a result, I define myself as a good candidate to be an entrepreneur because I am a true freedom seeker. I will never stop doing something, because every minute, a new discover occurs in different fields. It is hard for me to sit quietly and wait for something to happen.
However, at the same time, I am not always sure that I can cope with all those tasks and meet all expectations. This particular thought of burning out is holding me back because I do not want to fail. Therefore, it is necessary to gain new skills on how to keep a work-life balance. I have to learn how to combine work, friendship, and family in order not to become one of those businesspeople who have no one with whom to spend a Christmas Eve or celebrate another birthday party. Entrepreneurship is my chance to do what I love the most and develop my abilities in the way I find the most appropriate one. My freedom of job choice should not turn into jail for life.
In general, entrepreneurship has a number of benefits, but its success depends on a person’s readiness to work regularly and hard. I am open to new ideas and improvements, and I also want to find several good examples to learn from and understand the peculiarities of entrepreneurship. Solomon’s chapter is a good source of information and a strong starting point, but my task is never to stop and focus on innovation, technologies, and self-development.
Solomon, Michael R., et al. Better Business. 5th ed., Harlow, 2016.