Critically analyse what drives someone towards entrepreneurship Working individually, you will need to research on Henry Ford as entrepreneur in order to understand what factors have motivated, to become entrepreneurs. You will need to critically evaluate these factors against current academic perspectives of entrepreneurial motivation from psychological, sociological and economic disciplines.
Entrepreneurship is one of the processes of designing the new business that concludes startup a new company that offer several products, processes or the services. As per the viewpoint of Baron (2012), an entrepreneur mostly perceives a new business opportunity as often reveals biases in the overall perception along with some subsequent decision in order to exploit several opportunities. Therefore, it can be said of entrepreneurship is highly glorified in the society today. In this particular text, focus would be shed on Henry Ford, as he has been one of the promising entrepreneurs in the history. In order to understand the concept, the entire study would be made from several perspectives as well as some motivational factors. Bygrave and Zacharakis (2011) have opined that entrepreneurship is a tough game and this is certainly not meant for those who cannot withstand any difficult times in the business.
In this part, it is highly important to discuss about some motivational factors that drive a person towards entrepreneurship. It can be said that all the entrepreneurs possess their own respective styles as well as journeys to start their new business. However, it is no doubt to say that there are certain specific factors that play pivotal role in order to motivate as well as inspire people to own a start up (Cressy, Cumming and Mallin 2012). Therefore, the motivational factors have been discussed here in details to understand the situation clearly.
Ford, Albion and Segal (2013) has said that an entrepreneur is required to know that how to take the calculative risks in the work field that sometimes involve several things at stake. Therefore, it can be easily said that the courage of taking risks generally comes from inner side as well as faith on passion. In this case, it is no doubt to say that the faith and courage comes when a person has passion towards something. Therefore, it can be easily said that passion is one of the key factors that drives people towards entrepreneurship.
Self-reliance is another major motivating factor that has significantly driven more than half of the world population towards entrepreneurship. It has been found that most of the times not having freedom to do the work and asking for permission from the higher authority play major role for those persons who love freedom and this becomes one of the key factors to start a new business. Frese, Rousseau and Wiklund (2014) have opined that the entrepreneurs are very creative people and for anything, they do not want to slow down their creativity and thus freedom as well as self-reliance is highly required.
It is the pride and sense of accomplishment that tends to satisfy the needs and demands of a entrepreneur. In entrepreneurship, it is all about doing the best for the customers, striving very hard for achieving excellence in all the endeavors drives all the entrepreneurs to start a new venture or a company (Ijorita 2014).
Kalantaridis and Fletcher (2012) have opined that a string sense of control over the things in the organization comes across the most profound reasons for a person who wants to become an entrepreneur. It has been observed that most of the entrepreneurs get highly fascinated by the sense of immense security that automatically comes in being the own boss. Therefore, it can be said that it is the sense of security as well as control that tends to help in the driving the entrepreneurship skills and performances of a person.
Mara (2009) has stated in the work that being an entrepreneur in the work field is one of the great feelings and the entrepreneur are required to have enough passion as well as determination to get success. Therefore, it can be easily said that these motivational factors play the role of the driving factors for a person to become an entrepreneur (Kalantaridis and Fletcher 2012).
In case of Henry Ford, it is called that Henry Ford is the man who taught America to drive, as he is the founder of Ford Motor Company. American industrialist and the founder of the Ford Motor Company has the power to foresight the revolution in the transportation industry as well as enable several people to purchase their first card from the company. As per the viewpoint of Henry Ford, innovation without the proper execution is nothing but just hallucination and he has said that innovation = success (Ford and Crowther 1973). From the success story of Henry Ford, it can be said that ir is important to remember that Ford was not the innovator, he was an inventor and thus, history remembers him as a powerful entrepreneur. From the perspective of an entrepreneur, it can be said that Ford did not invent the automobile or assembly line, but what he did is that he revolutionized the way in which there were produced as well as utilized in the daily life. Most importantly, he had the vision to concentrate on something that already existed and he used to improve that existing product and resell the modified product as a new one (Ford and Faurote 1929).
Therefore, it can be said that this is one of the features that is highly significant to learn from Henry Ford. Modifications as well as improvement are two major parts of an entrepreneur that help them to become one of the prominent entrepreneurs in the work field. Therefore, it can be easily said that Henry Ford is widely regarded as one of the well accepted as well as greatest innovators and industrialists of all the time (Morris 2010). From a very early age, Ford knew that the mass production was the answer to providing the products for the benefit of all the people and most importantly, he leaned from the mistakes and this is one of the key features of a successful entrepreneur (Ford 1989).
Ford, Albion and Segal (2013) has said that although entrepreneurship is generally associated with the fields of administration, economy and management, it is being a broad subject as well as conceptual field that is studied under the field of psychology. It has been found that the psychology over entrepreneurship have played one of the major roles not only for the detailed consideration of the overall concept, but the wider meaning that is used presently. Therefore, behind a successful entrepreneur, there are several psychological factors can be witnessed. Publishing (2014) has found that entrepreneurship psychology indicates several interaction points between the organizational psychology and entrepreneurship. Passion for the work, self-reliance, felling of accomplishment, personal growth with the course of time, sense of control are some of the major psychological factors that affect a person to become a successful entrepreneur in the career (Short 2014).
The proper emergence as well as the development of entrepreneurship has become one of the important phenomenons in the contemporary economies and in this part, sociological factors are considered as highly important factors. The environment in which the entrepreneur has been working is considered as one of the important sociological factors. Government assistance as well as proper support, availability of labor along with the proper supply of the raw materials, encouragement from the big business houses, and promising demand for the specific product are some of the sociological factors that play major role to the entrepreneur. Smallbone and Welter (2012) have opined that entrepreneurs are the sum total of their life experience and thus there exist no single entrepreneurial personality and the sociological factors affect this part largely. The dynamic natured entrepreneurial behaviors are largely shaped by several sociological factors in the society.
Economic conditions as well as factors leave both positive and negative influences on entrepreneurship, the positive factors influences the comprise facilitative as well as conductive conditions for the easy emergence of entrepreneurship and on the other hand, negative influences create the inhibiting environment towards the emergence of entrepreneurship. Weber (2012) has shown in his work that the economic environments exercise the most important direct as well as immediate influence on entrepreneurship. Therefore, it can be said that this is likely because those people who become entrepreneurs because of some necessaries at that point, when there are no other jobs available in the market. Capital, labor, raw materials, market, infrastructure are some of the major economic factors that play significant role on entrepreneurship (Oakey 2012).
After conduction of the entire study, it can be opined that the entire study has focused on the motivational factors that drives a person towards entrepreneurship. In order to understand the study easily, focus has been shed on Henry Ford, who is considered as one of the greatest entrepreneurs in history. The detailed research on this pioneer has helped to have an in-depth knowledge of the research topic. Moreover, the study has been analyzed from psychological, sociological and economic disciplines of entrepreneurial motivation.
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