Beautiful Minds

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Part of our curriculum in Asia Pacific College as Bachelor of Science in Accountancy students is to take up the course Entrepreneurship. And this blog I must say, is a product of taking up such course under the supervision of Mr. Ramon Duremdes. This is actually a requirement; nonetheless, I feel that my labor in here will not be in vain since the topic is very much appropriate with my soon to be profession. This blog is based on the context of Chapter 2 of the book ENTREPRENEURSHIP 6th edition by Hisrich, Peters and Shepherd. Here it goes.

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“I want to have my own business.” Lots of people that I know often utter these words when asked “what will you do if you the have money?” Pursuing and managing a business of your own may seem to be a bit easy in words. Yet, in reality it is not. In fact, you have to consider several factors including the big word in life, RISK.

Not every one of the thousands of people around the globe who aspires to put up businesses of their own has what it takes to be an entrepreneur. Even though they have the resources; these people are just better off to be working for someone else. Others are rather more affluent to be an entrepreneur in an existing organization. However, this concept will only be a success if the top management is strongly supporting intrapreneurship in their organization. These intrapreneurs are no less than the entrepreneurs. They sure have leadership characteristics which would result to the creation of new venture for the organization and successful commercialization outcomes. Small Business Notes can probably help you understand more about them.

Though there is no exact measure to determine the future success of an entrepreneur, aspirants should evaluate his or her own self before finally involving undertaking a business venture. The big question however is, “Should you really go and start your own business?”

The book by Hisrich and his co-authors had sighted an entrepreneurial process which would definitely help us answer this question. Embodied in this process are the four distinct phases an entrepreneur must undergo to defy those factors that resist the start of his venture. These phases are as follows: (1) Identify and Evaluate Opportunity, (2) Develop a Business Plan, (3) Determine Resources Required, (4) Manage the Enterprise. The first phase requires an individual’s alertness to possibilities and potential and the often fruitful sources of these are the consumers, business associates, distribution channels like SM and the technical people. The hint in this entire process is to focus on the opportunity and not the entire venture.

Furthermore, there exists differences between the way entrepreneurs and managers make decisions. These can be viewed from the five key business dimensions—strategic orientation, commitment to opportunity, commitment of resources, control of resources and management structure. Entrepreneurs are more concerned with risks; on the other hand, managers tend to follow the formal structure of his organization is decision making.

Moreover, the answer to the big question is achievable if one is certain to his goals and interests. The road to undertake in establishing an owned business will never be easy. There sure are downfalls. Some may treat downfall as a hint to stop and try something else; some may view it as a challenge to continue achieve even higher.

As for me, I view entrepreneurs as mothers, regardless of their gender. Just like mothers, an entrepreneur will do everything for the benefit of his new born venture. This includes devoting time and effort to it as his own child. I acquire this view from my mother who is also an entrepreneur. She has her own food business near the municipal hall of Makati. Her business had been running for 16 years now. I admired her determination and courage to continue even at times of difficulties. Her business would have been down now if she does not have the heart and will of a true entrepreneur. It is amazing that she had captured trust and confidence of her customers through these years.

This help me come into a conclusion that the lives of entrepreneurs are rather exciting than predictable. Behind their every venture are striking stories of successes and failures. Behind their eyes are beautiful minds that made them more unique individuals. And these beautiful minds gave them the capacity to capture the world with their new creations and ideas.