September 6, 2012
1. Ask five entrepreneurs what the term entrepreneurship means to them. Be prepared to present the commonalities and difference of these definitions to the class. Can differences in the definition be explained by the “type” of entrepreneur interviewed?
Five local entrepreneurs were asked the question, “what does the term entrepreneurship means to you?” With that said, I was given unique definitions by each entrepreneur. Below, are the definitions given and the occupation of the five entrepreneurs that will be used in explaining the difference in their definition.
First off, Eloise Bain, an owner of a local shipping company, believes that entrepreneurship is, “ the prospect of creating an atmosphere of success in any business, by coming up with new innovative ideas that competes with its competitors, as well as formulating a base for economically profitable sound outcomes.” With that said, one can see that this concept of entrepreneurship has a heavy focus on creating a unique product or service that will produce a financial gain. Next off, Heidi Smith, a market vendor, states that, “an entrepreneur is an individual that has an idea, product and or service that they use for a basis to start their own business.” Heidi believes that the entrepreneur is the “business” or acts as the fundamental part of the development of the business. Thus, if they do not coincide the business will not work, unless there is a lot of capital in the investment. This shows that in her definition the entrepreneur is the business and for financial gain to occur the owner must put his all into it. Thirdly, Roustin Jones, a stock investor, believes that, “an entrepreneur is a person who opens a new business or funds his money in new ideas or products while taking the risk that their endeavour could fail.” It goes to say that this concept of entrepreneurship displays that one must think creatively and must love to be challenged,...