The Role Of Personal Values In Entrepreneurship In America Business Essay Introduction
Almost every man and woman of intellect and character wants to be rich and famous. I can’t imagine anyone who doesn’t dream of joining the elite class of the likes of Bill Gates, Andrew Carnegie and Walt Disney just to mention a few. We are often mesmerized with such “rags to riches” tales of individuals who build successful business ventures from almost nothing. Robert Kiyosaki (2000) said that his father passionately advised him to learn how to make money, if he (Robert) wanted to be rich (p. 14). This secret of “making money and creating wealth”- in order to be rich is what we are all looking for. What is the secret then, and how can we replicate it to turn lead into gold. Entrepreneurship seems to be the myth to unearth. With unemployment proving to be the conspicuous socio-economic challenge of the next century, governments and individuals are turning focus on entrepreneurship and creation of small business enterprises to solve this problem (Rainer & Jim, 2009, p.1-2). Fashions come and go, but the field of entrepreneurship and small business development and promotion remains one of the most consistent ventures that attract intervention and funding from donors and governments. It is also a significant driver of economic progress in any society. Needless to say, entrepreneurship outshines almost all other factors when evaluating the success of richest men in the American society, talk of Bill Gates, Walt Disney or any other. Thesis Statement: The Issue
Successful entrepreneurship has both ups and downs. Is it all about having the necessary monetary capital, government connections and superior brands and products? Or are there other hidden or intangible values that a successful entrepreneur should posses? Some people argue that, “personal values” of an entrepreneur determine-to a greater extend, the success and corporate strategy of any business enterprise, others disagree and give convincing arguments to defend their point of view. The purpose of this study is to find out to what extend “personal values” determine the development of a successful business venture (entrepreneurship). The position of this paper is that in this era where the business environment is rapidly changing, “personal values” determine-to a greater extends the success or failure of entrepreneurs in the American society and any other part of the world. The study adopts an analysis of credible literature to support the problem of study (thesis). Objective points
This study will focus on three credible issues under the umbrella of the thesis statement; (1) what defines a “model type” entrepreneur (successful); are personal values part of this? (2) In what ways can personal values influence the success or failure of an entrepreneur? (3) What strategies are most effective in nurturing a sustainable entrepreneurial activity? Key words; Entrepreneur, entrepreneurship, personal values, enterprise Definition of Terms
Who is an entrepreneur and what is Entrepreneurship?
Entrepreneurship may be viewed as a kind of leadership orientation, to be precise, leading a business venture or enterprise. Robinson et al. (2007) defines the term entrepreneur as “a person who creates something of value and assumes the risk of building a business around it” (p. 413). This definition incorporates risk, innovations and implementation. Studying entrepreneurship often focuses on managing innovation, maximizing profits and minimizing risks. To achieve this, the “personal values” of an individual play a big role.
The concept of entrepreneurship has a long history. During the mercantilist years, the term “entrepreneur” was used by French mercantilists to refer to a person who buys goods at certain prices with an intention of selling them at unpredictable prices in future. This definition satisfied every body until when Jean Batiste Say wrote in 1803 and broadened the term to “bringing...
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