Discuss about the Entrepreneurship in International Emerging Economies.
Entrepreneur is someone that is regarded an initiator of business and someone who drives the business and is responsible for it. He is the one that keeps on initiating new ideas into a business or come up with a unique idea to start a new business. Sometimes it might happen that the entrepreneur is not the one that gives new ideas. However, he is surely the one to bring those ideas into reality. He also carries out the activities of a leader and inspires the group to follow the ideas put forward by him. This makes the entrepreneur responsible of the future of the venture that he has set with his own projections (Mukherjee, 2016). However, entrepreneur is very different from stakeholder. An entrepreneur might not hold the equity of the venture; however, he has the duty to carry out the leadership role.
Bill Gates is one of the most successful entrepreneurs in the world. He has always believed in achieving his goal by working hard for it. He started his small business with the help of his friend named Traf-O-Data. They started this company to analyse the demand for computers n the world. This business helped them to earn a good amount of $20,000. However, Bill Gates then took admission in Harvard University in 1973. After dropping out from college he started his own venture called Microsoft. His new company was started with an aim that every household will own a computer and Microsoft will make sure that their software is in every computer. Now he is one of the richest and well-established man of the world that inspires every person’s dream.
This paper will discuss about the recent interview with Bill Gates to analyse his vision of being an entrepreneur and not an employee of a company. Further, the report will discuss about some attributes that is pointed out by Bill gates, which an entrepreneur should have. This will help to know that being an entrepreneur is better than being a professional.
In his recent interview, Bill Gates has pointed out five attributes or attitude a person should possess in order to be successful in life as well as an entrepreneur (Carland, Carland, & Stewart, 2015). Firstly, according to him a person should learn to say no as and when necessary. There will be many instances in life where one needs to look after their own self and say no to other. He has viewed that opportunities are unlimited in life, however, saying no for projects that are not possible for you to do is very important in the end (THE BILL GATES INTERVIEW, 2017). Secondly, he answered that criticism is a part of our life and it is important for a person to accept those criticism with a smile. Criticism always helps a person to recognise their weakness and work on it to be better person. Thus, one should always say a thank you to the person who criticise them. Thirdly, he pointed out that in order to be successful one should be optimistic to situations as and when necessary. Being optimistic will help a person to start a new business easily in such a world. Fourthly, one should be ready to accept failures in order to get successful in future. This is because the success received after experiencing a failure is more enjoyable. It also helps the person to learn good things and encourage them to take up new opportunities in future without fear (Bill Gates, 2017). Lastly, he said that one should be too focused on their goal and tries to progress on that continuously. One need to set their goal first and then find out ways to achieve those goals. This requires them to be focused and plan the things that is necessary to achieve the objective (Mas-Tur, 2015).
According to Gates, every company has their own day and success is inevitably good on those days. Every company has that one element that help them t drive their business such as driving element for Microsoft is internet. Thus, entrepreneur should have that strong vision to look out the element that will drive their ideas into success. Along with this, he is of the view that every company is hit by crisis and it is then the entrepreneur should be calm and take up the reins. On doing this, he needs to analyse the current market situation and move accordingly. He point out that one can only succeed as an entrepreneur by finding joy in everything they do The (Road to Success, 2017). Thus, an entrepreneur should not accept things that do not give happiness as it would never create into success. Lastly, an entrepreneur should be really focused in choosing their employees as they are the driving force of success and prosperity for their business (Hampel-Milagrosa, Loewe & Reeg, 2015).
Form the above interview overview of Bill Gates it is clear that a person should possess certain attributes in order to be a successful entrepreneur (Tasnim, Yahya, & Zainuddin, 2014).
Vision:
A success entrepreneur should have a strong vision of what is going to happen in future because of the decision he take at present. It is only through a successful vision an entrepreneur can succeed in his objective and lead his team. A person should always try to figure out something different, which is impossible for others. This will help them stand out of everyone in the crowd of larger number of entrepreneur.
Taking advantage of unfair chances:
There will be chances, which will look unfair to a person. However, in order to become an entrepreneur it is necessary that one figure out the consequences that are best for them and do accordingly even if it unfair. This is because these chances can never be executed or accepted by everyone and if a person accepts it he/she can make themselves stand out of the crowd.
Uniqueness:
Uniqueness is one of the most important attributes that a person needs to become a successful entrepreneur. This is because a normal idea can be developed by anyone and there will be many in the crowd, which will try to execute same ideas leading to failures. Thus, an idea that is different and focused will help them earn achievements throughout their life.
Challenges:
Next is challenges which is very necessary and evitable a entrepreneur has to face throughout their business life. This is because the ideas they are coming up with are new and involves a lot of risk. Thus, being ready to accept challenges and risk is the only way they can survive (Lee-Ross, 2015).
These attributes are slightly different from those of GEM, which stated that an entrepreneur should have attitude and Aspirations.
One of the most important factors to be considered by an entrepreneur is that they need to incorporate continuous innovation to their ideas in order to be different from others. However, it is being considered that entrepreneurs are finding it difficult to incorporate innovations in their ideas. This is because they face tight capital market that they need to invest in their new business. This shows that an entrepreneur even having a great idea will face downfall in teh first few years of their business because of lack of funds. This is the time when the patient and challenge of the entrepreneur is tested (Leutner et al. 2014).
Next important barriers faced by business while putting innovation is the rules that are out on teh usage rate of the resources. Thus, this tests the entrepreneurs ability to vision out things even in that scarce resources and employ it in its business (Kuratko, 2016).
Some of the business lack control power and creativity that they can bring to their business. This is the main reason behind failure of most of the entrepreneur even having a lot of resources and ideas to put. Thus employing the idea with a creativity in it will not only help them to move forward easily in their business and in a faster rate (Drucker, 2014).
Conclusion
The interview of Bill Gates that has been analysed above give a lot of motivation and help to the person who is planning to be and entrepreneur in near future. He has suggested the crucial behaviour that an entrepreneur should have normally such as patience, challenging, insightful and many more. Thus, a person should possess all these skills in order to become successful in this field.
Entrepreneurship is better than other professional jobs only for a person that loves to take up challenges and initiate new ideas in life. This is because a normal job becomes monotonous in long run; however, being an entrepreneur will help them experience new things every day. It si also important that a person should have leadership skills for being an entrepreneur as he/she will have to assist a lot of member and employers working under him/her to make a dream come true. However, a person should be ready to take up a lot of responsibility and no holiday job for becoming an entrepreneur, as the condition of the business needs to be continuously assisted for success
References
Bill Gates (2017). CNBC. Retrieved 13 August 2017, from https://www.cnbc.com/2013/11/01/an-exclusive-interview-with-bill-gates.html
Carland, J. C., Carland, J. W., & Stewart, W. H. (2015). Seeing what’s not there: The enigma of entrepreneurship. Journal of small business strategy, 7(1), 1-20.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Hampel-Milagrosa, A., Loewe, M., & Reeg, C. (2015). The entrepreneur makes a difference: Evidence on MSE upgrading factors from Egypt, India, and the Philippines. World Development, 66, 118-130.
Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning
Lee-Ross, D. (2015). Personality characteristics of the self-employed: A comparison using the World Values Survey data set. Journal of Management Development, 34(9), 1094-1112.
Leutner, F., Ahmetoglu, G., Akhtar, R., & Chamorro-Premuzic, T. (2014). The relationship between the entrepreneurial personality and the Big Five personality traits. Personality and individual differences, 63, 58-63.
Mas-Tur, A., Pinazo, P., Tur-Porcar, A. M., & Sánchez-Masferrer, M. (2015). What to avoid to succeed as an entrepreneur. Journal of Business Research, 68(11), 2279-2284.
Mukherjee, K. (2016). The Psychology of the Successful Entrepreneur. International Journal of Advanced Engineering and Management, 1(1), 25-32.
Tasnim, R., Yahya, S., & Zainuddin, M. N. (2014). ” I’m Loving It!” What Makes the Successful Entrepreneur Affectively Committed to Entrepreneurial Performance?. Journal of Applied Management and Entrepreneurship, 19(2), 27.
THE BILL GATES INTERVIEW (2017). Business Insider. Retrieved 13 August 2017, from https://www.businessinsider.in/THE-BILL-GATES-INTERVIEW-An-energy-miracle-is-coming-and-its-going-to-change-the-world/articleshow/51110780.cms
The Road to Success (2017). Inc.com. Retrieved 13 August 2017, from https://www.inc.com/justin-bariso/the-road-to-success-an-interview-with-bill-gates-and-warren-buffet.html
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