Like I said, I was in pursuit to understand what characterizes entrepreneur and what as a potential entrepreneur could I use the literatures to become a successful one.
I was mistaken to think that there were no studies that explained the success of business based on the entrepreneur personality and upbringing.
The second half of Autumn 2 brought us courses like SME, Organizing and Leading change and Leadership, each helps to identify the leader individually and collectively as a team. The reason of team work and the role of a leader are more visible when we as team progressed through each assignment. The impact of planning, coordinating and managing is more crucial than ever, considering the short time frame or deadlines to assignment.
What was really intriguing to learn was that in the SME category, most SME’s are successful without planning and most of the business’s success are based on the owner/entrepreneur past.
I will discuss the later statement first: the entrepreneur past sets ways of making decision in the future for the organization, in other word. If the entrepreneur comes from a poor and tough financial background, they would be very obsessive about investing their company finances. This according to the case studies have been very beneficial for the organization but may also inhibit the organization for becoming more successful.
The greatest advantage have been relate to the ability to generate internal finance than borrowing from bank. The second would be the courage to take initiatives, which means experiment with new products and services etc.
The disadvantage is that these entrepreneur may also be hindrance for the future success of an organization. For instance their past might have told them that certain system works, so they might totally waive off the new idea/advises given by their consultants. Also this is ‘’my baby syndrome’’ does not allow them to let go. This is especially in the case with family businesses.
One thing that I found was missing was that the theory had only taken the aspect of successful entrepreneur thought of working and fails to mention how does an unsuccessful entrepreneur works his/her way to lead the organization.
The reason to touch this topic is because, those who have succeeded and are continuing to succeed don’t need guidelines and even if they did, as proposed by the articles…they would not bother.
Hence understanding how successful entrepreneur’s work is imperative to understand but it should incorporate guidelines to understand and aid the unsuccessful entrepreneurs. As figure show that only 20 % business succeed, and 50- 60 % fail every year. It would be very interesting if the research could be done, in order to boost the economy by helping those 50- 60 % business not to fail.