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Entrepreneurship in Action Report

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Updated: Apr 12th, 2021

Socialization

The influence of parents

This book Anyone can do it, written by a successful businessman Duncan Bannatyne, shows how different external factors can shape a person’s identity and his/her attitude toward entrepreneurship. When speaking about the socialization of Duncan Bannatyne, we should primarily discuss the influence of his parents who acted as major agents of socialization. For instance, his father’s stories about war, especially about the courage and determination of soldiers taught him that without the strength of will and the ability to overcome one’s fears, he will not be able to achieve any success in life. Duncan Bannatyne says “When I am determined to do something, I usually do it” (Bannatyne, 6). To some extent, this belief became a motto of his life. Another important agent of socialization was his mother. He taught him that without hard labor he could hardly make any progress in his life. The author points out that his mother often stressed their poverty, and this led to Bannatyne’s complete aversion to poverty (Bannatyne, 6). These examples show his parents laid the foundations of his entrepreneurial career, although their might have done it unintentionally.

Significant experiences

When still a young boy in School, Duncan, who was from poor family background, did not have a bicycle like other boys and he felt out of place. He believed that if he owned one, he would be accepted by his peers. As a result, he engaged in his first entrepreneurial activity and obtained a paper round. The owner of the local shop promised to give him a paper round but on the condition that he produces 100 names of the potential clients. Having the opportunity, he searched for the names till when he got the list. In point of fact, it was his first business mistake as he gave the list for free instead of selling the list of names of the potential customers. Certainly, this small entrepreneurial activity cannot be regarded as sufficient experience for a future career but it demonstrated to him that a successful business person was the one who had persistence, diligence.

The support, received by Duncan Bannatyne

In the previous section of this paper, we have shown how various circumstances of Duncan Bannatyne’s life impacted his worldview and prompted him to become an entrepreneur. The influence of family background and community can hardly be underestimated but it is also important to show different people assisted him in his career.

Lack of financial support from the parents

At this point, we need to discuss the support which Duncan Bannatyne received from other people. His parents could not help him with his education and Duncan could not afford college (Bannatyne, 15). Thus, he had to develop entrepreneurial skills on his own. Certainly, modern scholars emphasize the importance of proper training which is indispensable for every business person. They also admit that there are certain qualities that can hardly be trained or taught; one of them is intuition or the ability to make decisions on the basis of the information without having sufficient evidence (Shane, 115). Dunkan Bannatyne did not manage to obtain proper education due to lack of financial and he often had to rely on intuition and instinct rather than on empirical knowledge. Yet, every starting entrepreneur has to remember that they are not sufficient for decision-making. The author says that the most important step is to do in-depth research of the market since one cannot rely on “gut instinct alone” (Bannatyne, 73). Thus, it is possible to say that insufficient financial support from the family and lack of educational opportunities developed Bannatyne’s intuition, on the one hand, and made him very cautious, on the other.

Support offered by investors

As the author states in his book, for a very long time, he was virtually penniless. However, one should not suppose that no one was willing to assist him. For instance, several banking institutions gave him funding so that he could expand his business (Bannatyne, 292). This assistance provided a powerful boost to his company. Duncan was able to convince these institutions that his business was worth investing money in. We should note that the author is rather reluctant to admit that investors’ help was of crucial importance for the success of this enterprise. In part, it can be explained that very few investors were willing to assist him. However, he does not deny the fact at least some of them did help him. Overall, his example suggests that a successful business person must prove to other people that his/her enterprise will break even and generate profits. This ability might have a profound influence on the development of the company.

Involvement of key people

Secondly, one should not forget about the emotional support, offered to Duncan Bannatyne by his wife. She believed in his entrepreneurial skills and encouraged this activity even at those times when he was not particularly successful (p 113). In his book, Bannatyne acknowledges that without the reassurance of his family and friends, he might not have fulfilled his ambitions. This argument is supported by those scholars, who study the personality of entrepreneurs. For instance, Scott Shane believes that the encouragement of other people is essential for every person who intends to start or runs his own business (Shane, 256). Similar views are expressed by other scholars, such as Jessica Livingstone, who examines the history of famous companies and their founders. Many of them admit that family support greatly contributed to their achievements (Livingstone, 245). Hence, we can argue that Duncan Bannatyne’s example is not unique. Moreover, the experience of this entrepreneur shows that emotional support should not be downgraded. Sometimes, it can be more significant than that financial help.

Operating resources

Apart from that, one should remember that Duncan Bannatyne’s successes could not have been possible without effective managers and committed employees. The author acknowledges that without the active involvement and enthusiasm of some executive officers, he would have found it very difficult to run his company (Bannatyne, 148). The thing is that Bannatyne had to manage twenty day-care centers and at that time he was facing very intense competition. These people ensured that his businesses performed to their full capacity. Overall, this support that Duncan Bannatyne received was indispensable condition for achievements.

Thus, the example of Duncan Bannatyne shows that a successful entrepreneur is someone who possesses such qualities as determination, will, and ingenuity. However, it also shows that without the support of other people such a person is rather to accomplish his goals. These are the factors that can have a long-lasting effect on a person’s business career.

References

Bannatyne, D. 2006 Anyone can do it: My story. New York: Orion.

Jessica, L. 2007. Founders at work: stories of startups’ early days, Berkeley. CAA Press.

Reynolds, D. 2007. Entrepreneurship in the United States. Boston:Springer.

Shane, S. 2003. A General Theory of Entrepreneurship: the Individual- Opportunity Nexus. New York: Edward Elgar.

2011. The Official Website. Web.

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