Entrepreneurship

Entrepreneurship has a wide range of meanings. According to Drucker (2010), Entrepreneurs can be person who organize, manages, and presumes the risks of the business or enterprise. Entrepreneur more than a half are who prefer to work for themselves or have their own business rather than working under control of employers or others, presumes all the dangers and rewards of a given business risk of products and service, ideas offered for sale. On the other hand, people still use the words small business owner and entrepreneurship equivalence of meaning. While they use the words in usual, there are still differences between small business differ from the entrepreneurial ventures in these ways. For instance, some successful and effective entrepreneurs can make profit a various of million dollars over a lifetime. It seems to be increasing rapidly. Moreover, entrepreneurial venture has a higher risk than small business. Many entrepreneurs would be carrying on the opportunity and the idea no longer would exist for incentive of sure profits. Furthermore, entrepreneurship frequently associates substantial innovation more than a small business might display. The innovation offers the competitive benefit that outcomes in wealth creation. The innovation might be in the good or service or in the process when deliver it. This essay will first evaluate the main factors surrounding who becomes entrepreneurship. Then it will explain what starting business means from the viewpoint of stakeholders and discuss what are the factor for successful entrepreneurs. This essay argued that small firm’s growth is not the only one measure of an entrepreneur’s success.

There are many factors surrounding who becomes an entrepreneurs and start their own business. The main reason for who becomes an entrepreneurship is they want to be their own boss. Nothing is better than the freedom when you are a boss. According to Mielach (2013), small business owners more than a half start their own business because they want to be their own boss. The research from Mielach (2013) showed that the idea of creating something from the ground up were also motivated people. Moreover, almost of participants in this research said money is one of those reasons that they had started their own business, but money is not the main motivating reason for all of small business owners. The research showed that 43% of small business owners have never thought closing their own business. The challenge of new technologies lead to small business owners are seeking at the increase of new technologies as an opportunity to expand their business than a harmfulness for businesses (Hsu 2012). Most of participants in this survey said that new technologies like mobile marketing and apps were useful and helpful for their businesses. Furthermore, according to Lofstrom, Bates & Parker (2014), 37% of small business owners said they were happy to use new technologies into businesses. Only 32% of them said they are having difficulty catching up with all of new technologies. Email is still used for daily communication by some business owners. They preferred to use email as a communication tool for their business over social media and cell phones. From the survey, many of business owners rated their entrepreneurial idol. Most of them said Steve Jobs was the person who they want to imitate and followed by Ben Franklin and Walt Disney.

Secondly, family influenced entrepreneurs. According to Schoon & Duckworth (2012), The study shows that most of entrepreneurs have a father who had his own business rather than an employee. Moreover, entrepreneurs are more likely to be men than women. From the statistics, men were significantly more likely to be self-employed than women. From the sample groups of full-time employees, four in every five of entrepreneurs were male. Compared with one in every five entrepreneurs was a female. Men were predicted to be entrepreneurs at age 34 if they are coming from families where their father was self-employed. Men might be easier to influence than women by information about entrepreneurial activities, experience and the impulse for becoming self-employed. Some case shows that men are more likely to carry on with their family

business than women, while women seems to built their own business rather than continuing in the family business. Men and women who having a father that has his own business was definitely to work for oneself. The research from Bird (2014), states that development by family background and other people surrounding them, early socialization experiences in the family, early skills as predictors of later entrepreneurial activities, career choices were influenced young people to become entrepreneurs. The family is a powerful factor that can influence on entrepreneurs.

Thirdly, education and wealth are factors surrounding who becomes an entrepreneurship. The research from Schoon & Duckworth (2012), shows that high levels of education and wealth are related to entrepreneurship. Higher education levels increases in salary employment options and also increasing the opportunity to learn about specific skills about entrepreneurship. Education often provides specific skills needed to run certain types of ventures and improves one's analytical abilities. Educational credentials therefore impact the likelihood of entry into entrepreneurship in offsetting ways. It is often argued that the individuals most likely to become entrepreneurs have stronger human- capital credentials and higher personal net worth than non-entrants. Personal wealth serves as equity capital and facilitates borrowing to finance small-business start-up; advanced education provides needed skills (Lofstrom, Bates & Parker 2014). Advanced educational credentials both encourage and discourage entrepreneurial entry. There is still a concern about some individuals more likely than to become small-business owners than others. Empirical clarity is achieved by distinguishing between entries into different types of industries. In particular, educational levels presume small-business entrance, but not in the manner showed by prevailing conservative wisdom. Higher educational predict entrance into high-barrier fields, but the opposite consequence explains low-barrier business entrance. College graduates definitely choose into businesses where anticipated salaries are high. At the same time, skills most often possessed by highly educated people are needed to overcome entry barriers in high-barrier industries, so less educated people may be unable to enter even if they want to. Personal wealth holdings certainly presume entrance into high-barrier businesses but do not essentially effect the possibility of entrance into low-barrier fields. Hence, across a variety of the distribution, wealth appears to relieve capital constraints and facilitate

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