Contributions of Entrepreneurship
January 21st, 2007 | Author: GregWarnock | PermalinkOver recent years there has been an increasing interest in the study and practice of entrepreneurship. Where many in the past sought a job with a premier corporation intending to live out their professional life in relative security, today many are opting for the world of the self employed - the world of the entrepreneur.
Colleges and universities which a few years ago didn’t recognize the study of entrepreneurs, today offer dozens of premier university programs delivered across several university campuses - hundreds of classes filled with thousands of students seriously studying entrepreneurship. This growth is driven by increasing student demand. At many schools, including several top ranked schools, entrepreneurship is the hottest area with the largest student enrollment. Students are driven by the personal dream that they too can become a successful business owner.
What is driving this interest is not only the promise of success for the individual entrepreneur, but the recognition by governments and policy leaders of the tremendous contribution small business growth makes to the overall economy. Contributions include job creation, innovation, product development, economic growth and personal wealth.
Dr. Jeffery Timmons, in his recognized book, New Venture Creation said “Classical entrepreneurship means new venture creation. But it is much more…It is arguably the single most powerful force to create economic and social mobility. Because it is opportunity centered and rewards only for talent and performance…and could care less about religion, gender, skin color, social class, national origin, and the like…it enables people to pursue and realize their dreams, to falter and to try again and to seek opportunities that match who they are, what they want to be, and how and where they want to live. No other employer can make this claim.”
We should continue to invest in entrepreneurship and business creation and growth. Understanding this phenomenon of entrepreneurship and factors contributing to its’ success are important to economic growth, opportunity and jobs for future generations. How are we doing currently? What challenges are faced by would-be entrepreneurs? What can be done to remove barriers? What can be done to facilitate entrepreneurship and encourage participation?
As an entrepreneur, the biggest challenge is not so much the go - to market strategy, but what I call the “staying - in - market” strategy. I find that we can engineer great products while gaining an upward trajectory towards crossing the chasm. However, marketing and having the best resources to maintain that upward trajectory is the biggest barrier towards crossing that ever increasing chasm.
What can be done? Big question! While every entrepreneur has their own unique formula, I believe in a collaborative sales support infrastructure. Sort of a “back - up” sales infrastructure. This way, we still have the “market push”. Which will open up other opportunities and of course, facilitate entrepreneurship and participation.
Regards,
Alani
Quoting Steve jobs, innovation is being able to connect the dots! This spurns entrepreneurship and it takes a certain mind that sees how various components can work in unison to solve a problem. It’s comparable to looking for “gaps” in the business process and filling those gaps with technology and automation.
Alani Kuye
Phantom Data Systems
Unia Telecom
There is too much thinking in entrepreneurship, and not enough doing. I just finished up my MBA at Weber State University, and although it was a wonderful program, I am no better off as an entrepreneur. I am better at forecasting sales, modeling logistical patterns, calculating the best possible time to reorder inventory, etc. But as an entrepreneur, I haven’t improved. I realize that the MBA is not a degree in entrepreneurship, and I am not educated enough about an entrepreneurship degree to comment on its curriculum. However, I do feel that business education in general lacks one key element…doing. Classes are designed to stimulate conversation. If I had it my way, we as business students would get out of the class room and go start a business together. How great would that be? We would learn so much more and be so much better off if we did that as opposed to spending endless hours reading about the five forces model for the 15th time (By the way Mr. Porter – although I agree with you, I am tired of reading about it. I would much rather get out and apply it.) I think you can learn more about yourself and abilities as a business person in five minutes of cold calling to sell a product that you can in two years of studying academic business theory. Don’t get me wrong, I love my degree. If I had the choice, I would do it again. However, the program needs to be more experiential instead of conversational.
That is what I think we can do as a society to grow and groom entrepreneurs. Is it any wonder why most entrepreneurs and their businesses fail? Its because they have spent so much time in a class room thinking about how to run a business that when they finally graduate and get around to doing it, they realize that they have no idea of what to do. They have no experience to lean on.
In my mind, if you want to be an entrepreneur, tuck the office chair under the desk, grab your jacket, and get out in front of people. The rest will follow.