how to be a good entrepreneur essay

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So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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10 tips for becoming a successful entrepreneur.

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Wilbert is the Founder and CEO of  Think Act Prosper , a global media and education company.

An entrepreneur is someone who comes up with ideas, products or services to solve problems for the world. The path of entrepreneurship is built differently for every individual, but all successful entrepreneurs need to be prepared for failure and criticism, and they should constantly be learning and improving themselves.

There is no secret recipe or holy grail to becoming a successful entrepreneur, but here are 10 tips to assist you on the journey ahead:

1. Develop a business plan.

A business plan materializes your ideas onto paper and helps you to envision how your business will be operated. In brief, your business plan should at least answer the following questions about your business:

• What is your product or service? What are your priorities?

• Where will you be operating your business? Where do you want to be in five years?

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• When will your business operate?

• Why should people buy your product/service?

• Who is your target segment? Who is your competition?

• How will the day-to-day operations be run? How will you deal with unforeseen emergencies?

These are just a tiny sample of questions to start your brainstorming process. The more questions you can answer, the more clarity you have about running your business.

2. Be frugal.

Think twice before buying anything or signing a lease. To determine if the expenditure is a necessary and good investment, refer to your business plan and ask yourself how your purchase will contribute to the success of the business, as well as any additional costs you could be incurring, such as depreciation and maintenance costs. Always aim to do more with less , and look for ways to reduce costs, such as bartering with other companies.

3. Continuously educate yourself.

Be a voracious learner. You can attend live seminars or classes online. I also recommend reading books by a successful entrepreneur you admire. Even if they aren't in the same field as you, you could learn a lot from both their successes and failures. Observing how they solve problems can give you tips on resolving your quandaries.

4. Build a winning team.

Behind every successful business is a reliable and competent team. This can include engaging an online personal assistant or working with a skilled accountant. Considering sales are the lifeblood of every business, I recommend making your first hire someone who can facilitate revenue by either increasing sales or making the sales process more efficient. I also recommend recruiting people who can take charge of multiple things for greater efficiency.

The key is to recruit the best people to help you achieve your goals, but more importantly, people who share your vision. Every teammate might bring a different skill set to the table, but the entire team should always be on the same page about the company’s vision and values.

5. Find a mind-body-soul balance.

Make sure you eat healthily and find time to declutter your mind. Your personal wellness is as important as your company’s bottom line. Even if your office is at home, find ways to unplug from work and recharge by going for a walk or exercising to release some endorphins (your body’s natural feel-good chemical). Excessive stress is detrimental to your health. Remember that your business thrives only if you do.

6. Take advantage of free marketing tools.

Some free marketing tools such as Google My Business and social media can be used for marketing and promotion. Many businesses create Facebook peer groups to spread the word and interact with like-minded people.

A valuable lesson I learned was that having excellent marketing on a decent product or service is better than having little marketing on an excellent product or service. The more people who know of your company, the better. Moreover, this ties in with tip No. 2 about being frugal and doing more with less: If you can gain publicity for no cost, why not?

7. Find a mentor.

Having a mentor you can trust is a valuable asset. Whether you’re in a mastermind group or have stayed in touch with your former teachers or other business associates, guidance is always valuable. Work with someone who has climbed that very mountain you are trying to navigate to shorten your learning curve.

8. Don't be afraid of networking.

Don't be afraid to seek help. Most of us have contacts who can contribute to our success. I’m not saying you should call them up and immediately start pitching to them, but you can always meet them to catch up over coffee or a meal and see if there is any way that they’re able to help.

You could also start with LinkedIn, which was meant for business networking in the first place. A friendly greeting and introduction with no expectations of any outcome is all it takes to start a conversation with a stranger. It might seem unpleasant and awkward at first, but the more you do it, the easier it becomes. I believe your network is your net worth.

9. Be financially prepared.

Starting a business always costs more than anticipated. You can allocate part of your revenue into an emergency fund to prepare against unexpected financial emergencies. As a last resort, you might have to take loans or inject your own money into the business. However, always pinpoint the root cause of the financial problems and resolve them if they are within your scope of control. 

10. Invest in insurance.

Risk management is a major part of an entrepreneur’s work. Every decision carries its own risk, some of which are completely unpredictable. No one will ever be able to predict what could happen tomorrow, so you should spare no expense to keep your business and property protected. I've observed many business owners who regret not purchasing insurance, only after misfortune strikes and their bill comes due. Consult an insurer to find out how to protect yourself and your business. Your future self will be thankful that you did.

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Essay on Entrepreneurship

Introduction to Entrepreneurship

Entrepreneurship is the cornerstone of innovation, economic growth, and societal progress. Entrepreneurship embodies risk-taking, innovation, and determination as entrepreneurs actively identify, create, and pursue opportunities to build and scale ventures. From the inception of small startups to the expansion of multinational corporations, entrepreneurial endeavors permeate every facet of our global economy.

This essay delves into the complex world of entrepreneurship, examining its importance, traits of prosperous businesspeople, function in economic growth, kinds of entrepreneurship, how to start one, obstacles to overcome, the ecosystem surrounding entrepreneurship, and motivational success stories of well-known businesspeople. Through this exploration, we aim to shed light on the dynamic nature of entrepreneurship and its profound impact on shaping our world.

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Historical Context of Entrepreneurship

Entrepreneurship, as a concept, has roots that stretch back centuries. It evolved in response to changing economic, social, and technological landscapes. While the term “Entrepreneurship” may be relatively modern, the spirit of entrepreneurship has been evident throughout human history.

1. Early Civilization and Trade

• Ancient Mesopotamia and Egypt: Merchants in ancient civilizations like Mesopotamia and Egypt actively engaged in trade, barter, and commerce, marking the earliest forms of entrepreneurship.
• Medieval Guilds: During the Middle Ages, guilds emerged as entrepreneurship centers, bringing together artisans and craftsmen to regulate trade, ensure quality standards, and foster innovation.

2. Age of Exploration and Colonization

• Age of Exploration: During the Age of Exploration, which lasted between the 15th and 16th centuries, international trade networks were formed, and as explorers looked for new trade routes, this encouraged commercial ventures.
• Colonialism: European colonial expansion in the 17th and 18th centuries created opportunities for entrepreneurial endeavors in trade, agriculture , and resource extraction, albeit often at the expense of indigenous populations.

3. Industrial Revolution

• Transition to Industrialization: The emergence of factories, mechanization, and mass production during the Industrial Revolution of the 18th and 19th centuries drove economic expansion and urbanization, so ushering in a revolutionary era for entrepreneurship.
• Innovations and Entrepreneurs: Visionary entrepreneurs like James Watt, Thomas Edison , and Henry Ford revolutionized industries through technological innovations, shaping the modern world.

4. 20th Century and Beyond

• Post-World War II Reconstruction: The aftermath of World War II saw a resurgence of entrepreneurship driven by reconstruction efforts, technological advancements, and the rise of consumer culture.
• Digital Revolution: The digital revolution, which began in the late 20th century and was marked by the widespread use of computers, the Internet, and information technology, fostered a new era of entrepreneurship focused on innovation, startups, and digital commerce.

5. Contemporary Entrepreneurship

• Globalization: In the 21st century, globalization has expanded opportunities for entrepreneurship, enabling businesses to operate across borders, access global markets, and collaborate on a scale never before seen.
• Social Entrepreneurship: Alongside traditional business ventures, the rise of social entrepreneurship reflects a growing emphasis on addressing societal challenges, promoting sustainability, and creating positive social impact.

Characteristics of Successful Entrepreneurs

• Visionary Leadership : Successful entrepreneurs have a clear vision of their goals and are adept at inspiring others to share. They can successfully communicate their vision and mobilize stakeholders behind it.
• Resilience and Persistence : Entrepreneurship is fraught with setbacks and obstacles, but successful entrepreneurs exhibit resilience in adversity. Despite obstacles, they continue to work toward their objectives and see setbacks as teaching opportunities.
• Risk-taking Propensity : Risk is a natural part of entrepreneurship, and prosperous businesspeople aren’t afraid to take calculated chances to seize opportunities. They possess the courage to step outside their comfort zones and embrace uncertainty.
• Creativity and Innovation : Entrepreneurs are creative people who are always looking for innovative approaches to addressing issues and satisfying consumer demands. Their imaginative mindset enables them to come up with original ideas and think outside the box.
• Adaptability and Flexibility : The business landscape is dynamic, and successful entrepreneurs demonstrate adaptability in response to changing circumstances. They are flexible and willing to pivot and adjust strategies as needed.
• Passion and Commitment : Passion fuels the entrepreneurial journey, driving entrepreneurs to pour their time, energy, and resources into their ventures. Successful entrepreneurs are deeply committed to their work and willing to make sacrifices to succeed.
• Strong Work Ethic : Entrepreneurship requires hard work, dedication, and perseverance. Successful entrepreneurs are willing to work long hours and exert the effort to build and grow their businesses.
• Effective Communication Skills : Effective communication depends on establishing and maintaining connections, obtaining funding, and promoting goods and services. Successful entrepreneurs possess strong communication skills, both verbal and written, enabling them to convey their ideas persuasively.
• Empathy and Emotional Intelligence : Understanding the needs and perspectives of others is crucial in entrepreneurship. Empathy and emotional intelligence are hallmarks of successful entrepreneurs. They build strong relationships with employees, customers, and partners.
• Strategic Thinking : Entrepreneurs must think strategically to navigate complex business environments and make informed decisions. Successful entrepreneurs possess strategic thinking skills, enabling them to set clear objectives, prioritize tasks, and allocate resources effectively.

The Entrepreneurial Process

The entrepreneurial process encompasses the journey from ideation to establishing and growing a successful venture. Entrepreneurs must go through several phases and processes to realize their ideas and add value to the market.

• Opportunity Identification : The entrepreneurial process often begins with identifying opportunities in the market or recognizing unmet needs and problems. Entrepreneurs may draw inspiration from personal experiences, industry trends, market gaps, or technological advancements.
• Market Research and Validation : Once entrepreneurs identify an opportunity, they conduct thorough market research to assess the viability of their ideas. It involves analyzing target markets, understanding customer preferences, evaluating competitors, and validating demand for the proposed product or service.
• Business Planning : With a clear understanding of the market opportunity, entrepreneurs develop a comprehensive business plan outlining their vision, goals, strategies, and operational plans. The business plan serves as a roadmap for the venture, guiding decision-making and resource allocation.
• Resource Acquisition : Entrepreneurs must secure the resources necessary to realize their ideas. This may involve raising capital through investments, loans, or crowdfunding, recruiting talent, acquiring technology or equipment, and establishing partnerships.
• Venture Launch : The launch phase marks the official start of the venture, where entrepreneurs execute their business plans and introduce their products or services to the market, involving product development, marketing and branding efforts, setting up operations, and launching sales channels.
• Growth and Scaling : As the venture gains traction and generates revenue, entrepreneurs focus on scaling operations and expanding their market reach, often involving refining business processes, optimizing efficiency, entering new markets, and diversifying product offerings.
• Risk Management : Entrepreneurship inherently involves risk, and successful entrepreneurs must proactively identify, assess, and manage risks throughout the venture lifecycle. They must also implement risk mitigation strategies, diversify revenue streams, and maintain financial resilience.
• Innovation and Adaptation : In a rapidly evolving corporate environment, entrepreneurs need to innovate and adapt to stay competitive continuously. It includes launching new goods and services, utilizing cutting-edge technologies, and reacting to shifting consumer demands and industry trends.
• Network Building and Relationship Management : Entrepreneurs must build a strong network of relationships to access resources, expertise, and opportunities. It includes cultivating relationships with investors, customers, suppliers, mentors, and other stakeholders.
• Continuous Learning and Improvement : Entrepreneurship is a dynamic and iterative process, and successful entrepreneurs are committed to lifelong learning and improvement. They seek feedback, learn from failures and successes, and adapt their strategies based on new insights and experiences.

Types of Entrepreneurship

Entrepreneurship manifests in various forms, each characterized by distinct goals, approaches, and impacts on society and the economy. Understanding the different types of entrepreneurship provides insights into how individuals and organizations engage in entrepreneurial activities to create value and drive innovation.

1. Small Business Entrepreneurship : Small business entrepreneurship involves creating and managing small-scale enterprises typically operated by a single individual or a small team. These ventures often serve local markets and focus on providing goods or services tailored to specific customer needs.

Examples: Family-owned businesses, local restaurants, independent retailers, and service providers such as plumbers or electricians actively operate within their respective domains.

2. Social Entrepreneurship : Social entrepreneurship blends entrepreneurial principles that address social, environmental, or humanitarian challenges. These ventures aim to create a positive social impact while generating sustainable financial returns.

Examples: Nonprofit organizations, social enterprises, and initiatives focused on poverty alleviation, environmental conservation, healthcare access, education, and community development.

3. Corporate Entrepreneurship : Corporate entrepreneurship refers to activities undertaken within established organizations, including corporations, companies, and institutions. These activities foster innovation, explore new business opportunities, and drive organizational growth and competitiveness.

Examples: Corporate innovation labs, intrapreneurship programs, new product development initiatives, and strategic partnerships with startups or external innovators drive innovation within established organizations.

4. Technology Entrepreneurship : Technology entrepreneurship revolves around the development, commercialization, and utilization of technological innovations to create new products, services, or solutions. These ventures often operate at the intersection of science, engineering, and business.

Examples: Software-development startups, biotechnology companies, hardware producers, and businesses concentrating on cutting-edge technologies like blockchain, artificial intelligence, and renewable energy are some examples of tech startups.

5. Serial Entrepreneurship : Serial entrepreneurship involves individuals who repeatedly start, grow, and exit multiple ventures throughout their careers. These entrepreneurs leverage their experience, networks, and insights from previous ventures to launch new initiatives.

Examples: Entrepreneurs who have founded and successfully scaled multiple startups across different industries or sectors, such as Elon Musk (PayPal, SpaceX, Tesla) and Richard Branson (Virgin Group).

6. Innovative Entrepreneurship : Innovative entrepreneurship emphasizes the creation of groundbreaking innovations and disruptive technologies that transform industries and markets. These ventures challenge existing norms and paradigms and introduce novel solutions to complex problems.

Examples: Startups like Airbnb, Uber, and SpaceX are pioneering revolutionary technologies or business models, such as peer-to-peer lodging, ride-sharing, and space exploration and transportation, respectively.

7. Cultural Entrepreneurship : Cultural entrepreneurship involves the creation, preservation, and promotion of cultural products, experiences, and heritage. These ventures contribute to the enrichment of cultural diversity, identity, and expression.

Examples: Art galleries, museums, cultural festivals, heritage tourism initiatives, and creative industries like film, music, literature, and fashion contribute actively to the enrichment of cultural diversity, identity, and expression.

Challenges Faced by Entrepreneurs

1. Financial Constraints

• Limited Capital: Accessing sufficient funding to start and sustain operations is a common challenge for entrepreneurs, especially in the early stages of venture development.
• Cash Flow Management: A company’s capacity to remain viable and sustainable depends on its ability to manage cash flow, especially in times of variable revenue and expenses.

2. Market Competition

• Competitive Landscape: Entrepreneurs must contend with intense competition from existing incumbents, emerging startups, and disruptive innovators who are vying for market share and customer attention.
• Market Saturation: Saturated markets pose challenges for entrepreneurs seeking to differentiate their offerings and carve out a niche amidst a crowded marketplace.

3. Regulatory and Legal Hurdles

• Compliance Requirements: Entrepreneurs must navigate complex regulatory frameworks and legal requirements governing business operations, taxation, licensing, permits, and intellectual property rights.
• Litigation Risks: Legal disputes, lawsuits, and regulatory penalties can pose significant risks to entrepreneurs, requiring proactive risk management and legal counsel.

4. Failure and Resilience

• Fear of Failure: Fear of failure can immobilize business owners and inhibit their willingness to take risks, which keeps them from taking advantage of chances and exploring novel concepts.
• Resilience and Grit: Building resilience and maintaining a positive mindset are essential for overcoming setbacks, learning from failures, and persevering in adversity.

5. Market Uncertainty and Volatility

• Economic Fluctuations: Entrepreneurs must navigate economic uncertainties, market downturns, and macroeconomic factors that impact consumer spending, business investment, and market demand.
• Technological Disruption: Rapid technological advancements and disruptive innovations can render existing business models obsolete, requiring entrepreneurs to adapt and innovate to stay competitive.

6. Talent Acquisition and Retention

• Recruitment Challenges: Hiring and retaining skilled talent is a persistent challenge for entrepreneurs, particularly in competitive industries and niche sectors with high demand for specialized expertise.
• Team Building and Management: Building cohesive teams, fostering a positive work culture, and managing interpersonal dynamics are essential for organizational success and employee engagement.

7. Scaling and Growth

• Operational Scalability: Scaling operations to accommodate growth while maintaining efficiency and quality requires strategic planning, infrastructure investment, and process optimization.
• Resource Allocation: Entrepreneurs at every stage of venture development face the strategic challenge of effectively allocating resources to support growth initiatives, expand market reach, and capitalize on new opportunities.

8. Market Disruption and Adaptation

• Disruptive Forces: Entrepreneurs must foresee and react to disruptive factors that have the potential to transform sectors and jeopardize established business models. These forces include technology innovation, shifting customer preferences, and shifting market dynamics.
• Adaptability and Agility: It takes agility, flexibility, and capacity to change course in reaction to shifting market conditions so business owners can stay ahead of the curve and profit from new trends.

9. Mental Health and Well-being

• Stress and Burnout: Entrepreneurship can damage mental health and well-being due to the pressures of running a business, managing uncertainties, and balancing work-life demands.
• Self-care and Support Systems: Long-term business success depends on prioritizing self-care, getting help from peers, mentors, and mental health specialists, and maintaining a healthy work-life balance.

The Role of Entrepreneurship in Economic Development

• Job Creation : Entrepreneurship is a primary engine of job creation, as new ventures often require a workforce to support their operations. Entrepreneurs generate employment opportunities, reduce unemployment rates, and promote economic inclusion by starting and expanding existing businesses.
• Innovation and Technological Advancement : Entrepreneurs are at the forefront of innovation, pioneering new technologies, products, and services that disrupt industries and drive progress. Entrepreneurs introduce novel solutions to market needs through research, experimentation, and risk-taking, fueling technological advancement and enhancing productivity.
• Wealth Creation and Economic Growth : Successful entrepreneurship leads to wealth creation, as ventures generate profits, attract investment, and increase the overall wealth of individuals and communities. This wealth is reinvested in the economy through spending, savings, and investment, contributing to economic growth and prosperity.
• Regional Development and Economic Diversification : Entrepreneurship promotes regional development by spurring economic activity in previously underserved or marginalized areas. By establishing businesses and investing in local infrastructure, entrepreneurs contribute to diversifying regional economies, reducing dependence on specific industries, and enhancing resilience to economic shocks.
• Income Generation and Poverty Alleviation : Entrepreneurship allows people from various backgrounds to increase their wealth, create income, and enhance their quality of life. By creating self-employment opportunities and empowering marginalized groups, entrepreneurship serves as a pathway out of poverty and promotes social mobility.
• Export Promotion and International Trade : Entrepreneurial ventures often engage in international trade, exporting goods and services to foreign markets and contributing to trade balances. By tapping into global markets, entrepreneurs access new growth opportunities, expand their customer base, and drive economic integration and globalization.
• Ecosystem Development and Knowledge Spillovers : Entrepreneurship fosters the development of vibrant ecosystems comprised of startups, investors, incubators, accelerators, and support organizations. These ecosystems facilitate knowledge sharing, collaboration, and networking, leading to the diffusion of ideas and best practices across industries and regions.
• Cultural and Social Impact : Entrepreneurship transcends economic boundaries, shaping cultural norms, values, and attitudes towards innovation and risk-taking. Successful entrepreneurs are role models, inspiring others to pursue their aspirations and contribute to societal progress.

Entrepreneurship and Innovation

• Catalysts of Change : Entrepreneurship acts as a catalyst for innovation, sparking the creation of groundbreaking ideas, technologies, and business models. Innovators, in turn, fuel entrepreneurial endeavors by presenting new solutions and opportunities ripe for exploration.
• Market Disruption : Entrepreneurs often disrupt markets through innovative products or services, challenging established norms and creating new market segments. This disruption prompts further innovation as incumbents respond with their advancements, leading to a cycle of continuous improvement and evolution.
• Risk-Taking and Experimentation : Entrepreneurship thrives on risk-taking and experimentation, essential ingredients for innovation. Recognizing that failure is often a prerequisite for eventual success, entrepreneurs strategically take calculated risks to transform their creative visions into reality.
• Ecosystem Collaboration : Vibrant entrepreneurial ecosystems foster collaboration between entrepreneurs, researchers, investors, and policymakers. By combining varied knowledge and resources, these collaborations promote innovation by quickening the development and commercialization of innovative ideas.
• Customer-Centric Solutions : Successful entrepreneurs understand the importance of innovation in addressing customer needs and pain points. They leverage innovation to create customer-centric solutions, driving adoption and loyalty while continuously refining their offerings based on feedback and market insights.
• Technological Advancements : Entrepreneurial ventures often drive the adoption and commercialization of emerging technologies. Entrepreneurs propel technological advancements forward by recognizing new technologies’ potential and integrating them into innovative products or processes.
• Social and Environmental Impact : Entrepreneurship and innovation increasingly address pressing social and environmental challenges. Social entrepreneurs leverage innovative business models to tackle issues such as poverty, healthcare, education, and environmental sustainability, creating positive change on a global scale.
• Economic Resilience and Competitiveness : Nations with thriving entrepreneurial ecosystems and a culture of innovation are better positioned to adapt to economic disruptions and maintain competitiveness in the global marketplace. Entrepreneurship and innovation foster economic resilience by driving productivity, creating jobs, and fostering economic diversification.

Ethical Considerations in Entrepreneurship

• Transparency and Honesty : Entrepreneurs should prioritize transparency and honesty in their dealings with stakeholders, including customers, employees, investors, and partners. Providing accurate information, being truthful about risks, and avoiding deceptive practices build trust and credibility.
• Fair Treatment of Stakeholders : Entrepreneurs should treat all stakeholders fairly and equitably, considering the interests and well-being of employees, suppliers, customers, and the community. Fair labor practices, non-discriminatory policies, and responsible supply chain management demonstrate a commitment to ethical conduct.
• Responsible Innovation : Entrepreneurs should pursue innovation responsibly, actively considering the potential social, environmental, and ethical implications. Entrepreneurs should consider the broader impact of their products or services, prioritizing safety, sustainability, and ethical use.
• Respect for Intellectual Property : Entrepreneurs must respect intellectual property rights and avoid infringing on others’ patents, trademarks, copyrights, or trade secrets. Protecting intellectual property created by the venture also safeguards against unfair competition and promotes innovation.
• Environmental Sustainability : Entrepreneurs should integrate environmental sustainability into their business practices, minimizing negative environmental impacts and promoting resource efficiency. Sustainable sourcing, eco-friendly manufacturing processes, and carbon footprint reduction initiatives demonstrate a commitment to environmental stewardship.
• Social Responsibility : Entrepreneurs are responsible for contributing positively to society, addressing social issues, and supporting community development. Socially responsible initiatives such as charitable giving, volunteerism, and ethical sourcing enhance the venture’s reputation and foster goodwill among stakeholders.
• Ethical Marketing and Advertising : Entrepreneurs should adhere to ethical standards in marketing and advertising, avoiding deceptive or manipulative tactics that mislead consumers. Clear and truthful communication, respecting consumer privacy, and avoiding false claims uphold integrity in marketing practices.
• Data Privacy and Security : Entrepreneurs must prioritize protecting customer and employee data, respecting privacy rights, and implementing robust cybersecurity measures. Safeguarding sensitive information against unauthorized access, breaches, or misuse is essential for maintaining trust and compliance with data protection regulations.
• Corporate Governance and Accountability : Entrepreneurs should establish sound corporate governance practices that promote accountability, integrity, and ethical behavior within the organization. Transparent decision-making processes, independent oversight, and ethical leadership foster a culture of accountability and responsibility .
• Continuous Ethical Reflection and Improvement : Entrepreneurs should actively integrate ethical considerations into the fabric of their ventures, engaging in continuous reflection and improvement. Regular ethical assessments, stakeholder engagement, and responsiveness to feedback help ensure ethical conduct remains a priority as the venture evolves.

Case Studies

Success Stories of Entrepreneurs and Lessons Learned from Failures

1. Steve Jobs (Apple Inc.)

• Success Story: Steve Jobs co-founded Apple Inc., leading it to become one of the world’s most valuable companies. He revolutionized industries with products like the iPhone, iPad, and Macintosh.
• Lessons Learned from Failure: Throughout his career, Jobs experienced many failures, including being fired from Apple in 1985 due to internal strife. However, in 1997, Steve returned to Apple, helping it achieve remarkable success. However, he returned to Apple in 1997, leading it to unprecedented success. His failures taught him the importance of perseverance, innovation, and resilience in adversity.

2. Sara Blakely (Spanx)

• Success Story: Sara Blakely transformed the fashion industry and empowered women worldwide by founding Spanx, a multi-billion-dollar shapewear company.
• Lessons Learned from Failure: Blakely faced multiple rejections when pitching her idea to manufacturers and investors. However, she persisted, self-funding her venture and learning from each rejection. Her experience taught her the value of persistence, self-belief, and resilience in overcoming obstacles.

3. Elon Musk (SpaceX, Tesla)

• Success Story: Elon Musk co-founded SpaceX, which revolutionized space exploration, and Tesla, which pioneered electric vehicles and sustainable energy solutions.
• Lessons Learned from Failure: Musk experienced numerous setbacks and near-bankruptcy with SpaceX and Tesla. Despite facing criticism and skepticism, he remained steadfast in his vision, learning from failures and leveraging them to fuel future successes. His journey underscores the importance of resilience, risk-taking, and relentless pursuit of goals.

4. JK Rowling (Harry Potter)

• Success Story: The Harry Potter series, authored by J.K. Rowling, became a global phenomenon, inspiring generations of readers and selling over 500 million copies worldwide.
• Lessons Learned from Failure: Rowling faced rejection from multiple publishers before finally securing a book deal for Harry Potter. Her experiences taught her the value of perseverance, belief in oneself, and the transformative power of resilience. Rowling’s journey exemplifies the importance of resilience in facing rejection and adversity.

5. Jeff Bezos (Amazon)

• Success Story: Jeff Bezos founded Amazon, which he turned from an online bookshop into the biggest e-commerce platform in the world and one of the most valuable firms.
• Lessons Learned from Failure: Bezos experienced failures and setbacks throughout Amazon’s journey, including failed product launches and financial challenges. However, he embraced failure as a learning opportunity, iterating on ideas and remaining focused on long-term goals. Bezos’ experience underscores the importance of adaptability, customer obsession, and a willingness to experiment.

Entrepreneurship is a beacon of innovation, economic dynamism, and societal progress. From the visionary leadership of pioneers like Steve Jobs to the relentless determination of trailblazers like Sara Blakely, the entrepreneurial journey is marked by triumphs forged from failures. Aspiring entrepreneurs must embrace resilience, creativity, and ethical conduct to navigate the challenges and opportunities that lie ahead in shaping a brighter future through entrepreneurship.

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Essay Samples on Entrepreneurship

What is entrepreneurship in your own words.

What is entrepreneurship in your own words? To me, entrepreneurship is the art of turning imagination into reality, the courage to chart unexplored territories, and the commitment to leave a lasting mark on the world. It's a journey of boundless creativity, relentless innovation, and unwavering...

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What is Entrepreneurship: Unveiling the Essence

What is entrepreneurship? This seemingly straightforward question encapsulates a world of innovation, risk-taking, and enterprise. Entrepreneurship is not merely a business concept; it's a mindset, a journey, and a force that drives economic growth and societal progress. In this essay, we delve into the multifaceted...

Social Entrepreneurship: Harnessing Innovation

Social entrepreneurship is a transformative approach that merges business principles with social consciousness to address pressing societal challenges. This unique form of entrepreneurship goes beyond profit-seeking and focuses on generating innovative solutions that create positive change in communities. In this essay, we explore the concept...

Evolution of Entrepreneurship: Economic Progress

Evolution of entrepreneurship is a fascinating journey that mirrors the changes in society, economy, and technology throughout history. From humble beginnings as small-scale trade to the modern era of startups, innovation hubs, and global business networks, entrepreneurship has continuously adapted to the dynamic landscape. This...

Importance of Entrepreneurship: Economic Growth and Societal Transformation

Importance of entrepreneurship transcends its role as a mere business activity; it stands as a driving force behind innovation, economic growth, and societal transformation. Entrepreneurship fosters the creation of new products, services, and industries, while also generating employment opportunities and catalyzing economic development. This essay...

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Entrepreneurship as a Career: Navigating the Path of Innovation

Entrepreneurship as a career is a compelling journey that offers individuals the opportunity to create their own path, shape their destiny, and contribute to the economy through innovation. While the road to entrepreneurship is laden with challenges and uncertainties, it is also marked by the...

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Home » Home » Essay » Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100, 200, 300, & 500 Words)

Entrepreneurship is the driving force behind innovation, economic growth, and job creation. It encompasses the ability to identify opportunities, take risks, and bring new and innovative ideas to life. In this essay, we will explore the various aspects of entrepreneurship, its importance in today’s world, and the qualities that make a successful entrepreneur.

Essay on Entrepreneurship (100 Words)

Entrepreneurship means starting your own business. It’s a way for people to use their ideas to make money. But it’s not easy. It takes hard work, courage, and a good plan. Entrepreneurs are important because they create new jobs and help the economy grow. They think of new ways to solve problems and make life better. Starting a business can be risky, but it can also be very rewarding. You get to be your own boss and make your own choices. So, entrepreneurship is a good path for people who want to bring their ideas to life.

Essay on Entrepreneurship (200 Words)

Entrepreneurship is the act of starting and running a business. Many people dream of being entrepreneurs because they want to be their own bosses and make something new. It can be a shop, a tech company, or even a small home-based business. Being an entrepreneur is exciting but also challenging. You have to make plans, manage money, and know how to sell your product or service.

Good entrepreneurs are creative and brave. They are willing to try new things and take risks. But risks can also mean failure. That’s why it’s important to learn from mistakes and keep going. You also need to know how to manage money well because running a business costs money.

Entrepreneurs help communities. They create jobs and can make new things that improve people’s lives. They also pay taxes, which helps the government do its job. In short, entrepreneurship is good for everyone. It gives people a chance to make their dreams come true and helps the world be a better place.

Essay on Entrepreneurship (300 Words)

Entrepreneurship is about taking your ideas and making them into a business. It’s a great way to make a living and create something new. But starting a business is not easy. You need to have a good idea, a plan, and the skills to make it happen. Here are some things to think about if you want to be an entrepreneur.

First, you need a business idea. It should be something you are passionate about because you will be spending a lot of time on it. Then, you need to make a business plan. This is like a map that shows you how to make your business successful.

Money is also important. Starting a business can be expensive, and you might not make money right away. You’ll need to figure out how to pay for things like rent, supplies, and employees. Some people save up money, while others get loans or find investors.

One of the biggest challenges of entrepreneurship is handling failure. Not all businesses succeed, and that’s okay. The important thing is to learn from your mistakes. Many successful entrepreneurs failed several times before finding success.

Another thing to consider is your impact on the community. Businesses can do a lot of good by creating jobs and offering new products or services. Some entrepreneurs even start businesses that solve big problems, like clean energy or healthcare.

In the end, being an entrepreneur is about more than just making money. It’s about taking risks, facing challenges, and making the world a better place. It’s a hard but rewarding path, and those who succeed can make a big difference. So if you have a dream and the will to make it happen, entrepreneurship could be for you.

The Importance of Entrepreneurship

• Economic Growth : Entrepreneurship plays a crucial role in driving economic growth by creating new businesses, products, and services. It fosters competition and encourages innovation, leading to increased productivity and efficiency in the economy.
• Job Creation : Entrepreneurs are job creators. They not only create jobs for themselves but also generate employment opportunities for others. Startups and small businesses are known to be significant contributors to job creation, especially in developing economies.
• Innovation and Technology : Entrepreneurs are at the forefront of innovation and technological advancements. They constantly challenge the status quo and introduce new ideas, products, and processes, driving progress in various industries.
• Societal Development : Entrepreneurship has a positive impact on society by addressing social problems and meeting unmet needs. Social entrepreneurs focus on creating ventures that tackle issues like poverty, education, healthcare, and environmental sustainability.

Qualities of Successful Entrepreneurs

• Passion and Motivation : Successful entrepreneurs are driven by a strong passion for their ideas, products, or services. They are motivated to overcome challenges and persevere through setbacks, fueling their determination to succeed.
• Creativity and Innovation : Entrepreneurs possess a high degree of creativity and are constantly seeking new and innovative solutions. They think outside the box, challenge conventions, and find unique ways to add value to the market.
• Risk-taking and Resilience : Entrepreneurs are willing to take calculated risks and step out of their comfort zones. They understand that failure is a part of the journey and are resilient enough to bounce back from setbacks and learn from their mistakes.
• Adaptability and Flexibility : The business landscape is ever-evolving, and successful entrepreneurs are adaptable and flexible. They embrace change, pivot when necessary, and stay ahead of market trends and customer demands.
• Leadership and Vision : Entrepreneurs are visionaries who can inspire and lead their teams. They have a clear vision of what they want to achieve and possess the ability to communicate and align their goals with others, turning their vision into reality.

Key Steps in the Entrepreneurial Journey

• Identifying Opportunities : Successful entrepreneurs have a keen eye for identifying market gaps, unsolved problems, and emerging trends. They conduct thorough market research to understand customer needs and assess the viability of their ideas.
• Business Planning : Once an opportunity is identified, entrepreneurs develop a comprehensive business plan. This includes defining their target market, analyzing competitors, outlining their value proposition, and formulating a strategic roadmap.
• Securing Funding : Entrepreneurs often require financial resources to launch and grow their ventures. They explore different funding options such as bootstrapping, seeking loans, attracting investors, or crowdfunding to secure the necessary capital.
• Building a Team : Entrepreneurship is rarely a solo journey. Successful entrepreneurs build a team of skilled individuals who complement their strengths and contribute towards achieving the company’s goals. They understand the importance of delegation and collaboration.
• Execution and Iteration : Entrepreneurs turn their ideas into action by executing their plans and continuously iterating their products or services based on customer feedback. They are agile and adaptable, making changes and improvements as they learn from the market.
• Scaling and Growth : As the venture gains traction, entrepreneurs focus on scaling their operations. They explore opportunities for expansion, enter new markets, and invest in resources to support growth while maintaining a strong customer-centric approach.

Entrepreneurship fuels innovation, drives economic growth, and creates opportunities for individuals and societies. Successful entrepreneurs possess a unique combination of passion, creativity, resilience, and leadership skills. By identifying opportunities, taking risks, and executing their ideas, entrepreneurs contribute to the development of a thriving business ecosystem. It is through their entrepreneurial endeavors that new products, services, and solutions emerge, shaping the world we live in.

Q1: How does entrepreneurship contribute to economic growth? A1: Entrepreneurship drives economic growth by creating new businesses, products, and services. It fosters competition, encourages innovation, and increases productivity and efficiency in the economy.

Q2: What is the role of entrepreneurs in job creation? A2: Entrepreneurs are job creators as they not only create jobs for themselves but also generate employment opportunities for others. Startups and small businesses are significant contributors to job creation, especially in developing economies.

Q3: How do entrepreneurs contribute to innovation and technology? A3: Entrepreneurs are at the forefront of innovation and technological advancements. They challenge the status quo, introduce new ideas, products, and processes, and drive progress in various industries.

Q4: What societal impact does entrepreneurship have? A4: Entrepreneurship has a positive societal impact by addressing social problems and meeting unmet needs. Social entrepreneurs focus on creating ventures that tackle issues like poverty, education, healthcare, and environmental sustainability.

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10 Characteristics of Successful Entrepreneurs

• 07 Jul 2020

Multiple factors go into starting a successful business venture, including a strong concept and initial funding. But, perhaps the most important ingredient is the entrepreneur. These are individuals who must transform their ideas into a fully operational business.

If you’re thinking about launching your own venture, you might be wondering if you have what it takes to be an entrepreneur . But first, what’s an entrepreneur, and what do they do?

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What Is Entrepreneurship?

While entrepreneurship is commonly thought of as the process of starting a business, there are several nuances to consider.

In the HBS Online course Entrepreneurship Essentials , entrepreneurship is defined as “the pursuit of opportunity beyond the resources currently controlled.” An opportunity can be a myriad of things, but the course describes it as "a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs.”

Entrepreneurs —either as individuals or in teams—discover opportunities throughout their personal and professional lives. They form hypotheses on ways to deliver value to customers and perform structured tests to validate their ideas. This often involves recruiting teammates through networking and investing funds to determine how they’ll deliver a product or service at an acceptable cost.

Great entrepreneurs come from all walks of life. In Entrepreneurship Essentials, it’s noted that “there’s no single personality profile, and it’s important to pay attention to the entrepreneurial team, rather than focus on the individual.” And while that's true, there are certain characteristics and skills that are particularly important for entrepreneurs to have when starting and leading a venture.

Here are 10 characteristics shared by successful entrepreneurs.

1. Curiosity

Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. An entrepreneur's ability to remain curious allows them to continuously seek new opportunities. Rather than settling for what they think they know, entrepreneurs ask challenging questions and explore different avenues.

This is validated in the online course Entrepreneurship Essentials , where entrepreneurship is described as a “process of discovery." Without curiosity, entrepreneurs can’t achieve their main objective: discovering new opportunities.

The drive they have to continuously ask questions and challenge the status quo can lead them to valuable discoveries easily overlooked by other business professionals.

2. Willingness to Experiment

Along with curiosity, entrepreneurs require an understanding of structured experimentation, such as design thinking . With each new opportunity, an entrepreneur must run tests to determine if it’s worthwhile to pursue.

For example, if you have an idea for a new product or service that fulfills an underserved demand, you’ll have to ensure customers are willing to pay for it and it meets their needs . To do so, you’ll need to conduct thorough market research and run meaningful tests to validate your idea and determine its potential.

3. Adaptability

Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario, but successful business leaders must be adaptable.

This is especially true for entrepreneurs who need to evaluate situations and remain flexible to ensure their business keeps moving forward, no matter what unexpected changes occur.

4. Decisiveness

To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation.

Being decisive doesn’t always mean being correct. Entrepreneurs need the confidence to make challenging decisions and see them through to the end. If the outcome turns out to be less than favorable, the decision to take corrective action is just as important.

Check out our video on the characteristics of successful entrepreneurs below, and subscribe to our YouTube channel for more explainer content!

5. Self-Awareness

A great entrepreneur is aware of their strengths and weaknesses. Rather than letting shortcomings hold them back, they build well-rounded teams that complement their abilities.

In many cases, it’s the entrepreneurial team, rather than an individual, that drives a business venture toward success. When starting your own business, it’s critical to surround yourself with teammates who have complementary talents and contribute to a common goal.

Related: 10 Tips to Help You Boost Team Performance

6. Risk Tolerance

Entrepreneurship is often associated with risk. While it’s true that launching a venture requires an entrepreneur to take risks, they also need to take steps to minimize it.

While many things can go wrong when launching a new venture, many things can go right. According to Entrepreneurship Essentials , entrepreneurs who actively manage the relationship between risk and reward position their companies to “benefit from the upside.”

Successful entrepreneurs are comfortable with encountering some level of risk to reap the rewards of their efforts; however, their risk tolerance is tightly related to their efforts to mitigate it.

7. Comfort with Failure

In addition to risk-management and calculated decision-making , entrepreneurship requires a certain level of comfort with failure.

“Of startups that have more than one employee, 70 percent survive at least two years, half last at least five years, and a quarter last 15 years,” says Harvard Business School Professor William Sahlman in Entrepreneurship Essentials . “Even then, only a small fraction of the survivors get to be significant employers.”

The reasons for failure are vast and encompass everything from a lack of business scalability to low product-market fit . While many of these risks can be avoided, some are inevitable.

Despite this, entrepreneurs must prepare themselves for, and be comfortable with, failure. Rather than let fear hold them back, they maintain a positive attitude to allow the possibility of success to propel them forward.

8. Persistence

While many successful entrepreneurs are comfortable with the possibility of failing, it doesn’t mean they give up easily. Rather, they see failure as an opportunity to learn and grow.

Throughout the entrepreneurial process, many hypotheses turn out to be wrong, and some ventures fail altogether. Part of what makes an entrepreneur successful is their willingness to learn from mistakes, ask questions, and persist until they reach their goal.

Related: How to Become a More Resilient Leader

9. Innovative Thinking

Innovation often goes hand-in-hand with entrepreneurship. While innovation in business can be defined as an idea that’s both novel and useful, it doesn’t always involve creating an entirely new product or service. Some of the most successful startups have taken existing products or services and drastically improved them to meet the changing needs of the market.

Although innovation doesn’t come naturally to every entrepreneur, it’s a type of strategic mindset that can be cultivated. By developing your problem-solving skills , you’ll be well-equipped to spot innovative opportunities and position your venture for success.

10. Long-Term Focus

Most people associate entrepreneurship with starting a business. While the early stages of launching a venture, such as securing funding , are critical to its success, the process doesn’t end once the business is operational.

According to Entrepreneurship Essentials , “it’s easy to start a business, but hard to grow a sustainable and substantial one. Some of the greatest opportunities in history were discovered well after a venture launched.”

Entrepreneurship is a long-term endeavor, and entrepreneurs must focus on the process from beginning to end to ensure long-term success.

How to Develop the Qualities of an Entrepreneur

There’s no right or wrong way to be an entrepreneur. Characteristics and behaviors like experimentation, persistence, and innovation can be developed with time, experience, and training. As long as you possess the entrepreneurial spirit, you'll be able to seize opportunities and overcome challenges throughout your journey.

Are you interested in learning the ins and outs of entrepreneurship? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

This post was updated on August 14, 2023. It was originally published on July 7, 2020.

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6 tips on being a successful entrepreneur

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How To Become a Successful Entrepreneur

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Latest Update 19 Jan, 2024

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The way to success in business is challenging. What does it take to be a successful   entrepreneur ? Robert Kiyosaki, the famous American inventor ,businessman, the author of best-sellers Rich Dad Poor Dad ,Rich Dad’s Cashflow Quadrant, serves an inspiration for many people in the business world. Here are his top success principles .

First of all, Robert Kiyosaki thinks that the more you experience, the smarter you become. His life story proved this .He started several businesses and some of them went bankrupt. After the failure of his businesses he decided to make small investments into real estate and that experience made him a great real estate investor today.

Secondly, Kiyosaki strongly believes that the more you give ,the more you receive. If you create an excellent product for your customers , so in return they will buy more and become your customers. Robert Kiyosaki made a lot of money but he gave a lot of money to the world. According to him, what we think will determine the results in our life. When he was broke, he used this as an opportunity to learn and grow. The main thing you need to do is to change the way you think. As a result, your life will change too. “ Your biggest asset is you”, as Robert Kiyosaki said.

The rule of thumb in business is FOCUS which means Follow One Course Until Successful. That is what Kiyosaki did after a real estate investment seminar in 1997 and he followed it until he became successful. If you want to be rich , you have to stay focused until you achieve a result.

Kiyosaki also considers that hard times bring new opportunities. When things are tough, the economy will go down and there are a lot of opportunities for business. Robert made more money when the economy was in crisis.

Most famous entrepreneurs failed many times before they became successful. For example, the billionare entrepreneur Jack Ma failed his university entrance exams twice and was rejected from thirty jobs before he founded China’s most successful technology company Alibaba. That’s why it is very important to get over the failure if you want to succeed. As Robert Kiyosaki advised not to be afraid to lose.

One of the success lessons from Kiyosaki is to be financially educated. He believes that you have to equip yourself with the necessary financial education if you want to earn income in your business. In his books he teaches how to build passive income which makes you rich.

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Therefore, the key factor for success is to build and acquire assets that will give you passive income.”The Rich Dad company is getting stronger because every year we add more assets”, as Robert Kiyosaki admitted.

Another suggestion from Kiyosaki is to stop saving money and hedge it against inflation.

In his book Rich Dad Poor Dad he says that the rich do not work for money , they use their money to work for them. They work to acquire more assets which provide them with passive income .

Summing it up, if you follow these Robert Kiyosaki’s tips ,you are sure to succeed in your business. If you want to be financially educated, his best-seller Rich Dad Poor Dad is for you.

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How To Be A Successful Entrepreneur Essays Example

Type of paper: Essay

Topic: Entrepreneurship , Bachelor's Degree , Success , Love , Life , Job , Development , Workplace

Published: 03/27/2020

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This work is about successful entrepreneur and some specific characteristics a successful entrepreneur must possess. Today an entrepreneur is one of the spread professions. However not all people know what it represents in particular. From this paper you can find out what a person should do in order to be a successful entrepreneur. Everyone wants to be successful in his life no matter what kind of job he does. In order to be successful in any sphere, first of all, you must be hard-working. You can achieve nothing without hard work in your life. Nothing comes to you like a charm. You must earn it for your labour. All successful entrepreneurs started from little work, they were not born like this. They pass through different phase in their life and achieve their goal. Of course, it is not so easy road, which you must get over. There are ups and downs in any work in life and you should stay strong in order to be a successful entrepreneur. There is great range of people today, who can be the best example of successful entrepreneurs we can learn from. Bill Gates, Michael Dell, Larry Ellison, Ted Turner, Phil Knight, Vince McMahon, Rupert Murdoch and Steve Jobs are one of them, who made the grade and became famous due to their great work. They see any opportunity to make money. We should mind that they are also ordinary people as we are, and any of us could be in their shoes. You should just believe in yourself and never give up. I think that all people are able to do that. I think that first thing that can help us to be a successful entrepreneur is love for your job. It is not only about entrepreneurs, but all jobs in our life. They say “Do what you love or love what you do”. In my opinion, only great desire to work can bring you success. There are a lot of situations in our life everyone face every day, which may be both good and bad. However, none of them must have been a reason for you to stop. You can never know what is in store for you. Whatever happens in your life, you should never quit, if you really love your job. If you fail, just accept your failure as a second chance to fulfill yourself and show that it is not a limit for you stop, and it can only make you stronger. I consider that any failure in our life is the best teacher. It said “do not be afraid to fail, but be afraid not to try”. So just mortgage yourself to a cause. You should remember that anything that's done is done for the best. Secondly, in order to be a successful entrepreneur you must have all characteristics of a leader. This means that first of all you must be ambitious. In case you face any problem during your career path you must have an ambition to solve them easily. Leaders do not stay in one place. They set goal and go ahead to achieve it in any possible ways. Furthermore, you must be patient and be a man of spirit. Never lose your courage and strive for your dream. All famous successful entrepreneurs had kept going to their goals for long time because of their patience. They gathered experience for years and never gave up on their dreams. Moreover, leaders are self-motivated, which is also good step to your goals. They challenge themselves to learn more new things and develop their knowledge constantly. They must be perfect example that other people can set as a role model, who will motivate them and inspire to work hard. Finally, you must be disciplined and well-organized to be a good entrepreneur. You must be ready for any problem you may face in your life career. So you must take your time to plan and organize all your actions and focus on your goals. You must be disciplined enough to achieve your objectives. Evaluate all pros and cons of your job and try to make the right decisions. Do not stuck in one place and develop your abilities and skills. Also value your time and try to spend it to develop your personality.

Allen, K. (1995), Launching New Ventures: An Entrepreneurial Approach, Upstart Bergman, P.T. (2002), The Essential Guide to Web Strategy for Entrepreneurs, Prentice Hall PTR Finley, L. (1994), Entrepreneurial Strategies: Text and Cases, PWS-Kent Publishing

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Why I want to be an entrepreneur — the essay

Jennifer Arguello

I started this blog to cover my journey in entrepreneurship among other things. As I am taking personal stock in what has gone on in the last year, I came across this essay I wrote for an application. I thought I would share it since it captures the essence of what and why I want to be an entrepreneur. Perhaps some tenets will resonate with you. At least that is my hope.

Write 2–4 paragraphs on why you want to be an entrepreneur:

“I want to make a difference in the world” is the standard answer to this question. The difference for me is that *I am* making a difference in this world, but not at enough scale and not fast enough to solve the problems I see facing society. I chose my given field of computer science because I knew it would give me the foundation to attack various problems and that technology moves so fast I would never get bored. I am the type of person that must constantly be intellectually stimulated and I can get bored rather quickly. It just so happened that at 6 years old my parents gave me a little QWERTY keyboard as a toy and what I thought was play turned out to be programming. You can say I found my calling rather early in life. This insatiable curiosity is something I feel I will be able to fulfill as an entrepreneur.

However, being a geek has never been enough. I was brought up in a family who was not rich, but still managed to help people. From constraints came creativity and both my mother and father taught me a great deal about this. My father came to this country with $36 to his name. His mottos were “nothing is impossible” and “we all should be a little crazy”. He brought up his kids this way. My mother was deeply spiritual and no matter what hardships were faced, she had this blind faith everything would work out and it did. Even if we had nothing to give she would figure out a way to help people. She would do this repeatedly while being a new immigrant barely speaking English. The examples my parent role models gave me resulted in my ability to go through walls to reach my goals and a tendency to put myself in sticky situations knowing that everything would work out. This showed through many times in my academic and athletic accomplishments. Having courage and perseverance are characteristics that attract me to being an entrepreneur. I do not like taking the easy road and people think I’m weird. Then again, “being a little crazy” to me means I’m on the right track for me.

Lastly, I want to speak about leadership and why it is another reason I want to be an entrepreneur. As much as I am not a talker, it does not mean I am a loaner. I am a do’er and besides I believe we have two ears and one mouth, hence we should listen twice as much as we speak. Being a conformist has never been my forte, therefore, when something feels binding I generally figure a way to change the situation for the better. Since I do not like to reap the benefits by myself, I like more folks to be affected. I have held a myriad of leadership positions throughout my life both formal and informal. If you ask me what is one of my most proudest achievements, I’ll tell you it’s how one summer I went to Harvard Business School for a week , came back to start a mock company with 7 others, and by the end of the summer had a viable business with many potential paying customers. The point is that I could not keep what I learned at Harvard inside, I had to share it, and what better way to share than to put it into action with my friends by solving a need for our internship program. My formula for success has been to find the toughest challenge, master it, standardize it, scale it, teach others (or transition to others), and then move onto the next challenge. Incrementally I get better and in turn I help make others better.

All in all, I know I have the talent to be an entrepreneur. With more coaching and resources, I know I can become a successful one.

Provide 2–4 paragraphs on a field that you are passionate about:

The field I am most passionate about is educational technology. First there is my love for education. I love learning and I love teaching! As much as I have aspired to be a teacher one day, I have never reached the point where I think that is where my talents would be best utilized. Mainly because I think the institution of education is busted and I do not want to attack the issues from within it. However, you do not have to be a teacher to teach. I have held tutoring positions since grade school days and have continued in some form or another to do it on the side or be in a position where I am educating or training people. The reason I am so gun ho about education is because to me education opens doors. Anyone can learn. It is universal. No matter what color, what age, what gender, or what economic status, education is beneficial to all and I believe it is a right to have access to it. This is why so much of my life has been dedicated to either tutoring folks or providing better access to education.

In the last 15 years, most of my work has been done through an organization for the advancement of Hispanics in science and technology called the Society of Hispanic Professional Engineers (SHPE). This organization has enabled me to hold several leadership positions in which I have lead events exposing engineering to students at various levels of education. Being a women and a Latina, I am in a unique position to influence and excite students about technology in a time when the number of technical degrees needs to increase. When in college, I worked tirelessly to make sure minorities in engineering majors were utilizing all the resources the university had to offer and surviving college life in general. For many SHPE members, they were the first in their family to go to college; therefore, having a support system at school greatly increased their chances of completing their engineering degrees. Yet, relying on students or volunteers to provide support is not very sustainable. Students have their own studies to worry about and volunteers usually have a full time job. Non-profit organizations may be able to stem the tide, but again without being a self revenue generating entity you’re at the mercy of donors. There has to be a better way. A way technology can address the scalability, sustainability, and accessibility challenges of providing an education.

In summary, here are the three things about me that drive this passion towards educational technology:

• I am passionate about making the world a better place by enabling those around me to do better
• I have an insatiable fascination of people and technology which drives me to find new ways to bring valuable innovation to the masses
• Even though I do not have engineer in my title anymore I am still a geek at heart.

As you have already read, I am technical and this is why educational technology to me is the perfect marriage of two of my loves. The other thing to note, is that the above three characteristics are not specific to any one demographic. I do not care if someone is blue, purple, or green, if they want to learn and get an education then I want to help them. It just so happens that I have focused where I think I can make the most impact, however, my passion has no bounds which is another reason I am excited to be a “maker”, I mean an entrepreneur, and see how much impact I can really achieve.

Originally published at www.jenniferarguello.com on June 26, 2012.

Written by Jennifer Arguello

Product Manager, Engineer, CSEdK12 Educator and Activist, FUTBOL addict, maker of a better world, destroyer of the status quo!

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Essay on Why Do I Want To Be An Entrepreneur

Students are often asked to write an essay on Why Do I Want To Be An Entrepreneur in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Why Do I Want To Be An Entrepreneur

Introduction.

I want to be an entrepreneur because it gives me the freedom to express my ideas. It’s like being a painter, but instead of a canvas, I use business strategies to create my masterpiece.

Independence

Being an entrepreneur means I am my own boss. I can make decisions and set my own rules. This freedom allows me to shape my business in a way that matches my vision and values.

Entrepreneurship allows me to be creative. I can come up with new ideas for products or services and bring them to life. This is exciting and fulfilling, like solving a puzzle.

I want to make a difference in the world. As an entrepreneur, I can create jobs, solve problems, and contribute to the economy. This gives me a sense of purpose and accomplishment.

In conclusion, I want to be an entrepreneur because it allows me to be independent, creative, impactful, and constantly learning. It’s a challenging but rewarding path that I am excited to embark on.

250 Words Essay on Why Do I Want To Be An Entrepreneur

Passion for creativity.

Being an entrepreneur means creating something new and unique. I want to be an entrepreneur because I love the idea of turning a simple thought into a successful business. It’s like painting on a blank canvas, where the colors are my ideas and the brush is my hard work.

Freedom and Control

As an entrepreneur, I get to be my own boss. This means I can make my own decisions, set my own goals, and work at my own pace. This freedom and control are very appealing to me. It’s like being the captain of my own ship, steering it in the direction I want.

Opportunity to Learn

Every day as an entrepreneur brings new challenges and opportunities to learn. From managing finances to understanding customer needs, every task is a learning experience. This constant learning and growth is something I look forward to as an entrepreneur.

Making a Difference

Entrepreneurs can make a positive impact in people’s lives through their products or services. I want to be an entrepreneur because I want to make a difference. I want to create something that can bring a smile to someone’s face or make their life a little easier.

Financial Independence

In conclusion, becoming an entrepreneur is about much more than just making money. It’s about passion, freedom, learning, making a difference, and financial independence. These are the reasons why I want to be an entrepreneur.

500 Words Essay on Why Do I Want To Be An Entrepreneur

Being an entrepreneur means starting your own business and taking on financial risks in the hope of profit. It’s a path that requires courage, creativity, and a strong desire to succeed. I want to be an entrepreneur for several reasons.

Opportunity to Innovate

Being an entrepreneur gives me the chance to bring new ideas to life. I can find creative ways to solve problems and make people’s lives better. This is exciting because it means I can make a real difference in the world. I can create products or services that people need and want, and that can change the way we live and work.

Personal Growth

Running a business is a great way to learn and grow as a person. I’ll face many challenges and obstacles, but overcoming them will make me stronger and smarter. I’ll learn about different aspects of a business, like marketing, finance, and management. I’ll also learn about myself – my strengths, my weaknesses, and my ability to handle stress and uncertainty.

Leaving a Legacy

Finally, I want to be an entrepreneur because it gives me the chance to leave a legacy. My business could be something that lasts long after I’m gone, benefiting future generations. It could also inspire others to pursue their own entrepreneurial dreams.

In conclusion, being an entrepreneur is about more than just making money. It’s about having the freedom to pursue your passions, the opportunity to innovate, the chance to grow as a person, and the possibility of leaving a lasting legacy. It’s a challenging path, but one that can be incredibly rewarding. And that’s why I want to be an entrepreneur.

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Home — Essay Samples — Business — Business Success — The Most Important Skills You Need To Have As An Entrepreneur

The Most Important Skills You Need to Have as an Entrepreneur

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Successful Entrepreneur: Main Characteristics Essay

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An Entrepreneur is a person who owns an enterprise; he/she manages the enterprise and assumes all the risks of that enterprise. “The difference between a successful entrepreneur and a failed one is that a successful entrepreneur is the one who lives in the future and is creative,” (Scarborough, 2003). They will always thrive on any change that is before him. When we relate this character to Bill, we see Bill as innovative and a good craftsman to the point of him being loved by the customers including Mr. Hugo.

There are some characteristics traits which make Bill to be a self confident man, this has been seen when the owner wants to give the control of the shop to Bill after he retires from the shop and he knows that Hugo Shop will prosper under the control of Bill. Bill is realistic, he accepts the management of Hugo shop because he knows the problems Mr. Hugo was going through in maintaining the shop and thus is in a position to deal with those problems if they arise. “Mr. Hugo and his wife found satisfaction in the symbol of success in their business and they wanted to continue that tradition of success with the shop; they are leaving the shop to Bill because he is the right candidate” (Scarborough, 2003).

There are some characteristic traits which can hinder Bill from succeeding in his new business. Firstly lack of planning, business planning is so important, “it requires one to analyze every business situation and problems which may occur in the day to day running of the business” (Scarborough, 2003), and it is through business planning that one is able to achieve set goals that you have set for your business. Secondly if Bill does not manage his money wisely he is bound to fail miserably because the lifeblood of any business is the cash flow. Bill needs to buy inventory and pay for the raw materials that are needed in the shop and at the same time he needs money to pay for his wages. Bill should be keen when handling money, he should make sure that the cash flow in the Hugo shop keep flowing and the bills are paid right on time because many business have wound up due to the owner negligence with the cash of the business.Bill should take everything seriously in order not to fail, but if he become lazy he will be easily be sidetracked by the business and he will no longer be motivated in the running of the business.

In order for Bill’s business to succeed he must take many things into consideration. Firstly, Bill should remember it is through the customers and not about the products or the services that he will be selling or the price that he will be selling his products, “but if the customer is satisfied, the business will succeed “(Moore 2005). Anything Bill will do to his business must be focused on customers including all the policies of the business and he can achieve this through advertising, “opening early and closing late than the normal business around that location and lastly he must be friendly to his customers” (Moore, 2005).

The terms of sales by Mr. Hugo were good because instead of being given a lump sum of money at a go. Mr. Hugo knew Bill was a hardworking man and he can turn the shop into a successful one when it is under Bill management, part of the profit which will be realized under Bill’s ownership will go directly to Mr. Hugo, with that he will have a say on the shop even if he retires.

Reference List

• Moore, C.W. (2005). Small business management: an entrepreneurial emphasis . New York: Cengage Learning Publisher.
• Scarborough, N.M. (2003). Effective small business management: an entrepreneurial approach . London: Prentice Hall Publisher.
• The Hyper Presidentialism of Hugo Chavez
• Effective Communication Strategies in "Les Miserables" by Victor Hugo
• Hugo Chavez and Control Over Citgo Gas Corporation
• Manu Chandaria - Famous Enterpreneur Across Africa
• Small Business Success Survey
• Accreditation and It’s Importance in Business
• Entrepreneurship in the Modern Economy
• Entrepreneurship Amidst Economic Downturns
• Chicago (A-D)
• Chicago (N-B)

IvyPanda. (2021, December 26). Successful Entrepreneur: Main Characteristics. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/

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IvyPanda . 2021. "Successful Entrepreneur: Main Characteristics." December 26, 2021. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/.

1. IvyPanda . "Successful Entrepreneur: Main Characteristics." December 26, 2021. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/.

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IvyPanda . "Successful Entrepreneur: Main Characteristics." December 26, 2021. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/.

How to Be a Successful Entrepreneur with the Right Mindset essay

In my life I have had an opportunity to meet several successful entrepreneurs. They are entirely different people with dissimilar interests. So, how come that all of them become successful? Do they possess some inborn qualities or is it something that everyone could learn? Well, I believe it is both. There are several features of a good entrepreneur and I would like to discuss them with you.

First of all, any business experiences troubles occasionally. And in this moment a gooda entrepreneur demonstrates insistence. The genuine entrepreneur has faith on oneself and own goods and services.

Business is all about people. So, if you wish to succeed you have to be a good mixer. Whether it is with clients, employees, suppliers, it is crucial that you communicate in an effectual manner to guarantee the business is run as easily as possible (ODonovan, 2012).

A good entrepreneur is a brave entrepreneur. Sometimes it is better to risk than to remain in a safe position. Still, it is vital to distinguish between stupidity and calculated risk. This can prevent the company from having some distasteful surprise in the future.

Working in the sphere of business may be extremely hard sometimes. That is why a good entrepreneur always remains motivated. To keep going forward the entrepreneur should never give up (ODonovan, 2012).

And the last feature is the time management. Businessmen should always valuate own and other people’s time. A to-do list may be very helpful to manage the workload.

From my personal point of view, these features should be present in a good entrepreneur who wishes to succeed. There are many additional characteristics but this might be for my next post.

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• Ray Kurzweil on how AI will transform the physical world

The changes will be particularly profound in energy, manufacturing and medicine, says the futurist

B Y THE TIME children born today are in kindergarten, artificial intelligence ( AI ) will probably have surpassed humans at all cognitive tasks, from science to creativity. When I first predicted in 1999 that we would have such artificial general intelligence ( AGI ) by 2029, most experts thought I’d switched to writing fiction. But since the spectacular breakthroughs of the past few years, many experts think we will have AGI even sooner—so I’ve technically gone from being an optimist to a pessimist, without changing my prediction at all.

After working in the field for 61 years—longer than anyone else alive—I am gratified to see AI at the heart of global conversation. Yet most commentary misses how large language models like Chat GPT and Gemini fit into an even larger story. AI is about to make the leap from revolutionising just the digital world to transforming the physical world as well. This will bring countless benefits, but three areas have especially profound implications: energy, manufacturing and medicine.

Sources of energy are among civilisation’s most fundamental resources. For two centuries the world has needed dirty, non-renewable fossil fuels. Yet harvesting just 0.01% of the sunlight the Earth receives would cover all human energy consumption. Since 1975, solar cells have become 99.7% cheaper per watt of capacity, allowing worldwide capacity to increase by around 2m times. So why doesn’t solar energy dominate yet?

The problem is two-fold. First, photovoltaic materials remain too expensive and inefficient to replace coal and gas completely. Second, because solar generation varies on both diurnal (day/night) and annual (summer/winter) scales, huge amounts of energy need to be stored until needed—and today’s battery technology isn’t quite cost-effective enough. The laws of physics suggest that massive improvements are possible, but the range of chemical possibilities to explore is so enormous that scientists have made achingly slow progress.

By contrast, AI can rapidly sift through billions of chemistries in simulation, and is already driving innovations in both photovoltaics and batteries. This is poised to accelerate dramatically. In all of history until November 2023, humans had discovered about 20,000 stable inorganic compounds for use across all technologies. Then, Google’s GN o ME AI discovered far more, increasing that figure overnight to 421,000. Yet this barely scratches the surface of materials-science applications. Once vastly smarter AGI finds fully optimal materials, photovoltaic megaprojects will become viable and solar energy can be so abundant as to be almost free.

Energy abundance enables another revolution: in manufacturing. The costs of almost all goods—from food and clothing to electronics and cars—come largely from a few common factors such as energy, labour (including cognitive labour like R & D and design) and raw materials. AI is on course to vastly lower all these costs.

After cheap, abundant solar energy, the next component is human labour, which is often backbreaking and dangerous. AI is making big strides in robotics that can greatly reduce labour costs. Robotics will also reduce raw-material extraction costs, and AI is finding ways to replace expensive rare-earth elements with common ones like zirconium, silicon and carbon-based graphene. Together, this means that most kinds of goods will become amazingly cheap and abundant.

These advanced manufacturing capabilities will allow the price-performance of computing to maintain the exponential trajectory of the past century—a 75-quadrillion-fold improvement since 1939. This is due to a feedback loop: today’s cutting-edge AI chips are used to optimise designs for next-generation chips. In terms of calculations per second per constant dollar, the best hardware available last November could do 48bn. Nvidia’s new B 200 GPU s exceed 500bn.

As we build the titanic computing power needed to simulate biology, we’ll unlock the third physical revolution from AI : medicine. Despite 200 years of dramatic progress, our understanding of the human body is still built on messy approximations that are usually mostly right for most patients, but probably aren’t totally right for you . Tens of thousands of Americans a year die from reactions to drugs that studies said should help them.

Yet AI is starting to turn medicine into an exact science. Instead of painstaking trial-and-error in an experimental lab, molecular biosimulation—precise computer modelling that aids the study of the human body and how drugs work—can quickly assess billions of options to find the most promising medicines. Last summer the first drug designed end-to-end by AI entered phase-2 trials for treating idiopathic pulmonary fibrosis, a lung disease. Dozens of other AI -designed drugs are now entering trials.

Both the drug-discovery and trial pipelines will be supercharged as simulations incorporate the immensely richer data that AI makes possible. In all of history until 2022, science had determined the shapes of around 190,000 proteins. That year DeepMind’s AlphaFold 2 discovered over 200m, which have been released free of charge to researchers to help develop new treatments.

Much more laboratory research is needed to populate larger simulations accurately, but the roadmap is clear. Next, AI will simulate protein complexes, then organelles, cells, tissues, organs and—eventually—the whole body.

This will ultimately replace today’s clinical trials, which are expensive, risky, slow and statistically underpowered. Even in a phase-3 trial, there’s probably not one single subject who matches you on every relevant factor of genetics, lifestyle, comorbidities, drug interactions and disease variation.

Digital trials will let us tailor medicines to each individual patient. The potential is breathtaking: to cure not just diseases like cancer and Alzheimer’s, but the harmful effects of ageing itself.

Today, scientific progress gives the average American or Briton an extra six to seven weeks of life expectancy each year. When AGI gives us full mastery over cellular biology, these gains will sharply accelerate. Once annual increases in life expectancy reach 12 months, we’ll achieve “longevity escape velocity”. For people diligent about healthy habits and using new therapies, I believe this will happen between 2029 and 2035—at which point ageing will not increase their annual chance of dying. And thanks to exponential price-performance improvement in computing, AI -driven therapies that are expensive at first will quickly become widely available.

This is AI ’s most transformative promise: longer, healthier lives unbounded by the scarcity and frailty that have limited humanity since its beginnings. ■

Ray Kurzweil is a computer scientist, inventor and the author of books including “The Age of Intelligent Machines” (1990), “The Age of Spiritual Machines” (1999) and “The Singularity is Near” (2005). His new book, “The Singularity is Nearer: When We Merge with AI”, will be published on June 25th.

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By invitation june 22nd 2024, vladimir putin’s war against ukraine is part of his revolution against the west.

From the June 22nd 2024 edition

Discover stories from this section and more in the list of contents

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Harriet Harman on how Parliament has changed over four decades

It is more in touch with voters, says the longest-serving female MP—but there is more work to do

He is leading Russia into a new phase of strategic confrontation, says Stephen Covington, a longtime NATO adviser

What good are whizzy new drugs if the world can’t afford them?

Bringing gene therapies and obesity drugs to the masses will require financial innovation too, says Steven Pearson

Why political centrists must rediscover their passion

They need to be clear about what opposing populism does and doesn’t mean, argues Yair Zivan

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American business should not empower a criminal, says Reid Hoffman

No rational CEO would want a capricious strongman in the White House, argues the entrepreneur

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Guest Essay

Our Pandemic Puppy Brought Pure Joy. Losing Him, Pure Heartbreak.

By Margaret Renkl

Ms. Renkl is a contributing Opinion writer who covers flora, fauna, politics and culture in the American South.

The first good thing about Rascal was his wiggling, leaping “You’re awake!” greeting at the start of every day. My husband loves me, and my children love me, but not one human being has ever been as glad to see me as that buoyant little dog was every single morning of his life in our house.

Rascal was born to be airborne. For a creature with severe intervertebral disc disease, that kind of leaping is a disastrous risk. We tried at first to limit the danger — carried him down steps, closed doors to keep him off the beds, piled sofas high with items he couldn’t easily scale. No such efforts ever worked. Because the second good thing about Rascal was his irrepressible joy.

There is no gratitude like the gratitude of an animal rescued from a life of pain and fear and hunger. Rascal’s refusal to go on a walk with any house sitter told me he had never forgotten being a frightened stray scooped up from the Nashville streets by Metro Animal Control. The third good thing about Rascal was his undimmed delight in what may have been the first real home he ever had.

For this little rescue dog, home was at once a playground and a sanctuary. He turned bed making into a wrestling match with the covers. He turned laundry folding into a game of keep-away, and then a game of tug of war.

But even more than he loved erupting into play, he loved settling into ceremony. At our house, the workday was obliged to begin with lap time, coffee and a book, and to end with lap time, peppermint tea and a book. If I ever tried to skip one of these sacraments, sitting down too early at my desk or staying there too late, he would lick my feet until I remembered where I was supposed to be. The fourth and fifth good things about Rascal were the way he turned household tasks into games, and happy times into rituals.

Really, could there ever be a sweeter way for a dog to tell his person, “It’s time for our walk” or “I need to pee” or “You forgot to snuggle with me while you drink your coffee”? Sweetness was the sixth good thing about Rascal.

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Thinking of Laying Off Staff? Here's Why Job Cuts Might Be Bad For Your Business Layoffs are a short-sighted approach that reduces workers to data points and budget line items while ignoring the value of retaining employees over the long term, even when economic times are tough.

By Craig Kielburger Edited by Micah Zimmerman Jun 18, 2024

Key Takeaways

• While layoffs may be inevitable in economic cycles, they seem to increasingly serve as a method for CEOs to enhance short-term financials rather than consider the long-term value of retaining employees.
• The reflex to trim workforces for a small financial boost does not always pay off.

Opinions expressed by Entrepreneur contributors are their own.

Earlier this year, an old story about former Nintendo CEO Satoru Iwata went viral , posthumously praising him for taking a 50% salary cut rather than laying off staff.

Why would a story from 2013 suddenly make headlines? Likely because it provided such a stark contrast to current trends in North America, where employee layoffs are reaching levels not seen since the dot-com crash of the early 2000s.

The tech sector is being hit particularly hard. According to NPR , 2023 was "a bloodbath for the tech industry, with more than 260,000 jobs vanishing."

The cuts were blamed on a post-pandemic hiring binge and high inflation, which lowered consumer demand. Yet, the layoff trend continues into 2024. According to NPR, tech companies collectively laid off approximately 25,000 employees during the first four weeks of this year.

While some layoffs are inevitable due to basic economic cycles of recession and growth, they seem increasingly to be a method for CEOs to please shareholders by providing small, short-term bumps to a company's bottom line.

I think it's a short-sighted approach that reduces workers to data points and budget line items while ignoring the value of retaining employees over the long term, even when economic times are tough.

As Iwata said shortly after announcing his personal salary cut, "If we reduce the number of employees for better short-term financial results, employee morale will decrease. I sincerely doubt employees who fear that they may be laid off will be able to develop software titles that could impress people around the world."

The reflexive instinct among many CEOs today seems to be a throwback to the Jack Welch brand of management of the 1980s. Welch, the CEO of General Electric from 1981 to 2001, was known for being relentless in his pursuit of profit and his preferred method for achieving it: firing employees. According to a profile in the New Yorker, "no single corporate executive in history has fired as many people as Jack Welch did."

Related: This Job Hack to Escape Layoffs Is Gaining Popularity — But It's Divisive: 'It Altered My Brain Chemistry'

He pioneered the " ranking and yanking " method, in which he developed a grading scale for employees and fired the bottom 10% every year. His ruthless style was revered at the time. But his legacy is mixed, with much of his success attributed to financial chicanery.

While his management style eventually lost favor in the 2000s and 2010s, CEOs' desire to prune workforces for short-term relief seems to be gaining new momentum.

But does it improve a company's bottom line in the long run? Even small cuts can quickly change a company's culture, causing employees to go into self-preservation mode and stifling innovation and creativity.

I know all too well how costly it can be to lose long-term , loyal staff due to extreme circumstances. Like countless other companies and not-for-profits, my charitable organization had no choice but to lay off staff in response to the COVID-19 pandemic. It was one of the most difficult decisions I have ever made because I know the value employees at all levels can bring to an organization and the impact it would have on those employees' lives.

And it's a decision that rarely pays off in the long run. According to a report in Time , layoffs can often harm a company's financial performance over time. They don't consistently boost profits and can lead to lower employee engagement and customer service quality.

Conversely, while it doesn't always show up on a balance sheet, there are so many benefits to fostering an environment where employees feel safe and valued and want to stay with a company in the long term.

The majority of my team has been with our organization for over ten years, with many in the 15- —to 20-year range, and I see the benefits of that dynamic every day. Employees who feel emotionally safe in their jobs provide a challenging function that is critical to decision-making and are loyal to their organization, something that can only be earned through mutual trust.

Related: I Turned My Layoff into a Learning Lesson and Became My Own CEO — Here Are the Lessons I Learned Along the Way

Empowered employees work harder because they are invested in long-term outcomes. They know that they will be around long enough to see their contributions come to fruition and are not just on a one or two-year stop before looking for their next job.

They are also comfortable taking risks and driving innovation . Too often, companies achieve a level of success and become complacent and risk-averse, which ultimately leads them on a path to failure. That's why loyal and dedicated employees are so critical. They have the security to challenge leadership to continue innovating and driving impact or speak up when they see their leaders making potentially bad decisions.

A stable workforce also fosters better relationships with clients and suppliers, creating continuity and consumer confidence. A company constantly cutting and adding jobs cannot effectively maintain these relationships or conduct effective, long-term business planning.

Retaining an engaged workforce is particularly important in the era of " quiet quitting ," in which disengaged employees do the bare minimum level of work to keep themselves employed. This trend is not surprising given that so many employees are worried they could be cut at any moment. That insecurity can also fuel the tendency of employees to take on a side gig that will give them a softer landing if they are cut.

Related: TikTok Layoffs: 'Large Percentage' of Employees Laid Off

But don't just take my word for it. Data shows that employee retention leads to higher productivity , reduced turnover and training costs, and employees who have higher morale and miss fewer work days, all of which are good for an organization's bottom line .

Instead of constantly trimming workforces to create short-term bumps, business owners — large and small — should consider the benefits of investing in employees and nurturing a secure, stable workforce. Finding other ways to tighten budgets and keep your workforce intact is a decision you will never regret.

Entrepreneur Leadership Network® Contributor

Social Entrepreneur and New York Times Bestselling Author

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