REFORMED CHURCH UNIVERSITY

(A REFORMED CHURCH IN ZIMBABWE INSTITUTION)

ASSIGNMENT MARK FORM

Faculty: Commerce Department: Business
Management
Group 2: Febbie Chirongoma, Wonder Mabwe, Jistin Bingura & Trust Chizikani
Program: Bachelor of Commerce Honours Degree in Business Management
Course: Intrapreneurship and Entrepreneurship Code: HBUM 221
Cell No.: 0772 283825 Email: [email protected]

ASSIGNMENT TITLE:

Not everyone can become a great and successful

entrepreneur given the increasing complexity of our
business environment.

Examine this statement this statement with practical

examples paying particular attention to the characteristics
of entrepreneurs

Due Date: 13 May 2017

MARKERS COMMENTS:
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...........................Overall Mark:

Markers Name: Signature:

.
There are push and pull motivational factors that cause the birth of
entrepreneurship. It is true that Not everyone can become a great
and successful entrepreneur given the increasing complexity of our
business environment. Our business environment is volatile
therefore those who succeed would have entrepreneurial
characteristics which include:- Risilience, Agility, Risk Taking,
Patience, Passion and Adaptability.

Kirchhoff (1994) defines an entrepreneur as someone who identifies

an opportunity and takes advantage of that opportunity to derive
financial benefit out of it through hard work and creativity. An
entrepreneur is self - employed and works according to his plans and
schedule. According to Audretsch (1995) an entrepreneur sees an
opportunity not seen by others, exploits yarning gaps in the market
and thrives to meet unsatisfied demand. Entrepreneurs have an
unquenchable self-belief that an opportunity can be made real
through hard work, commitment and adaptability to learn about the
market along the way. There is no real formula entrepreneurship and
thus entrepreneurs design strategies to gain an advantage to fill
gapes not covered by large corporates. Entrepreneurs start small
and in many ways later become owners of large companies. People
like Philip Chiyangwa, Nigel Chanakira, Strive Masiiwa (Econet), Mark
Zuckerberg (Facebook), Pierre Omidyar (eBay), Bill Gate (Microsoft)
and many others are an inspiration for entrepreneurship.

Schmitz (1989) has the view that motivation to become an

entrepreneur differ from one individual to another. The desire for
control drives many entrepreneurs who aspire to attain a leadership
position. When youre the boss of your own organization, youll get
to call all the shots, from who gets hired and at what salary to what
new strategic directions your business heads down. Workers tired of
their previous companies poor performances, or those working
under an inept CEO, might be especially motivated by this factor.
Once rooted in a business, entrepreneurs have full control over
every decision made under them. The flip side is, of course, the
additional stress and pressure that go along with that responsibility.
Youll get the privilege of setting the course for your business, but if
that course fails, youll have only yourself to blame.

Some entrepreneurs venture out on their own because theyre tired

of the demands of traditional work. In a high-level position, the
demands are exceptional, working long hours, catering to the whims
of your bosses and clients, and being stuck in the same old rut of
responsibilities. Being your own boss in the world of
entrepreneurship frees you from those restraints. You can work your
own hours, wherever you feel like working, and set your own goals
and responsibilities. Just be aware that entrepreneurship is
extremely demanding, especially in the early stages of growth, so
working your own hours doesnt always mean working fewer hours
or working under less stress. In fact, many people find that they
work harder, longer, and under tighter constraints as entrepreneurs
than they did as workers -- but its still rewarding.

As Schmitz (1989) says the vast majority of entrepreneurs get into

the game at least partially because of the potential to make lots and
lots of money. Stories about entrepreneurial geniuses like Richard
Branson and Mark Zuckerberg make it seem possible for any
enthusiastic citizen with a good idea to become an overnight
billionaire. This isnt exactly true, but any dedicated entrepreneur
with a good idea and great timing can make a lot more money than
they ever could in a traditional position. Theres nothing wrong with
pursuing money, but if the allure of wealth is the only thing driving
you, you risk becoming frustrated if you dont turn a profit in the first
few years.

Some entrepreneurs arent in it for the money or the experience as

much as theyre in it for a lasting legacy. They might want to
become the face of a brand and earn a taste of fame along the way.
They might want to leave behind something that appreciates them.
They might even want to pass the business on to a future
generation. The point is, they want to create something meaningful
thats going to outlast them. This motivation is one of the strongest
for entrepreneurs, because it cant be achieved in any other
application, and it lasts a lot longer than money or experience.

However it does not follow that if one decides to become an

entrepreneur they become successful. Wennekers and Thurik (1999)
postulate that having a good vision, a good business idea or good
business concept does not translate into success of a business
venture. Many have ventured into entrepreneurship but failed. Given
the ever-changing business environment and complexity, not
everyone can become a great and successful entrepreneur. Although
there is no one size, fits all formula for entrepreneurship, there are
characteristics that have been seen in most successful
entrepreneurs which has seen these succeed in any given economic
environment.

Resilience
As Piore and Sable (1984) says, entrepreneurship doles out constant
challenges, some of which would have already been considered but
many of which would never been seen coming. And it's about more
than just business opportunities and obstacles--personal life will be
challenged as well. Complex financial problems, decision-based
dilemmas, long hours, sudden changes, and predictions that
egregiously fail, family dynamics and many others.

It must remember that all these challenges, while difficult to face,

are a natural part of being an entrepreneur. Success in business
ownership is rarely a matter of how many challenges you face so
much as it is a matter of how one faces these challenges. Zimbabwe
has an example of an entrepreneur in the mould of Strive Masiiwa
whose application for mobile phone licence hit snags several times,
but with his resolve and resilience, he eventually realised his dream
and today we have Econet Wireless. Without perseverance Massiwa
would have quit. For one to become a triumphant entrepreneur,
resilience, which allows one to face an almost constant slew of
challenges without ever weakening their resolve is required.

Entrepreneurs need to be able to deal with obstacles. A business

does not get built overnight, and turning your idea into a reality will
take time. You'll have to become accustomed to people saying no to
you. What makes entrepreneurs great is having the perseverance to
grow regardless of how many times they are shut down. Follow-up is
key. People might present plenty of excuses for not getting back in
touch with you. Yet if you show persistence in trying to make things
happen, success would probably come.

Agility
Start-ups have one critical weapon that distinguishes them from
their larger, better-established counterparts: they're nimble. As the
leader of your start-up, one must be nimble as well. Agile
entrepreneurs are able to treat every problem they encounter
quickly and adeptly, without taking too long to address them. This
agility an entrepreneur to remain proactive and vigilant, preventing
small problems from becoming major ones. On a larger scale, this
ability also allows entrepreneurs to constantly change, and therefore
improve, their businesses. With new technologies, new resources,
and new trends emerging daily, the most successful businesses are
ones who are able to adapt and grow with the times. Remaining
agile in a position of leadership enables this course of growth.
Econet started with voice call products, and sms but through agility
and innovativeness, the company has increased product lines like
Ecocash, and Ecosure.

Risk Taking
Risk taking has been known to be an ingredient of entrepreneurial
success. According to Acs and Audretsch (1990) an entrepreneur
should be a risk taker who is ready to dive deep into a future of
uncertainty. Nigel Chanakira, in one of his many presentations, tells
aspiring entrepreneurs, that he had to sell his only house to start a
business. This is risk taking of large proportion. Successful
entrepreneurs should be willing to risk time and money on
unknowns, but also keeping resources to deal with unknown
unknowns. Risk taking is a character synonymous with successful
entrepreneurs.

Patience
Dreams and visions form an integral part of entrepreneurial
motivation. Too many entrepreneurs get started with a business
based on dreams of becoming an overnight millionaire. Several
leaders in the tech sector with some great new idea have been able
to seemingly rise to success out of nowhere, but the reality is this
level of success can only come after years of hard, and committed
effort. Successful entrepreneurs realize that all great things take
time, and aren't impeded when their great ideas don't take off
immediately.

Patience also goes a long way when building the infrastructure of

your company. Great entrepreneurs want to build the best team, not
one pieced together with the first candidates that cross their paths.
They should also be willing to make mistakes and go through
temporary hardships if it is the way to a more stable, successful
long-term vision. Patience is a characteristic that an entrepreneur
should have if dreams are to be realised.

Passion
Baumol, (1993) says that it is impossible to be a successful
entrepreneur if one is not passionate about their work. Passion can
be defined subjectively, but what's important is that you're excited
to come to work on your project or business every day. One may not
like every task which has to be performed or every person one has
to work with, but at the end of the day, one must be both satisfied
and exhilarated to be the leader of your own enterprise. Without
passion, productivity suffers, but more importantly, there is no
happiness. When an entrepreneurship is truly passionate about their
work success is a certainty. While you should rely on your own
personality and instincts in your style of entrepreneurship, attempt
to embody these qualities in your own unique approach. You'll find
that with these characteristics backing your actions and leadership
style, you'll have a much easier time making measurable steps
toward progress. With time and experience, one could easily push
the company to the next level, matching or exceeding the successful
start-ups that came before them.
Adaptability and Flexibility
Inflexibility and inability to adapt to the dynamics of the market
spells doom for an entrepreneur. Market needs are dynamic.
Successful entrepreneurs welcome all suggestions for optimization
or customization that enhances their offering and satisfies client and
market needs. A product should satisfy market needs not the owner
of the business. Remaining unware of changing market needs,
competitor moves and other external factors can bring even great
products to failure. Nokia has lagged behind as a result of failure to
adapt to current market trend following behind such novice
companies such as GTEL Mobile Phone Company.

Bork (1978) alludes, a realistic self-assessment checklist against the

above characteristics of an entrepreneurs and many others ensures
that an entrepreneur take the right steps in the right direction to
succeed and having these or not determines the success or failure of
an entrepreneur and truly, not everyone can become a great
and successful entrepreneur given the increasing complexity
of our business environment without embracing the widely
accepted guidelines and characteristics of an entrepreneur.

All the above characteristics are useful in entrepreneurship and

even to determine how the entrepreneur does their business.
Personal qualities and their correct demonstration with the right
stakeholders are the determinants for success or failure of an
entrepreneur.
References

Acs,Z.J. and Audretsch, D.B. (1990), Innovation and Small Firms, MIT
Press, Cambridge, MA

Audretsch, D.B. (1995), Innovation and Industry Evolution, MIT Press,

Cambridge, MA

Baumol, W.J. (1993), Entrepreneurship, Management and Structure

of Pay-Offs, MIT Press, Cambridge

Bork, R.H. (1978), The Antitrust Paradox: A Policy at War with Itself,
Basic Books, New York

Kirchhoff,B.A. (1994), Entrepreneurship and Dynamic Capitalism,

Praeger, Westport, CT
Piore, M. AND Sable, C. (1984), The second Industrial Dvide;
Possibilities for Prosperity, Basic Books, New York, NY

Schmitz, J.A. Jr (1989), Imitation, entrepreneurship, and long-run

growth, Journal of Political Economy Vol.97

Wennekers, A.R.M. and Thurik, A.R. (1999), Linking entrepreneurship

and economic growth, Small Business Economics , Vol. 13