Approaches to explain Entrepreneurship Essay Example | Topics and Well Written Essays - 2000 words

Approaches to explain Entrepreneurship - Essay Example There are several approaches using which one can analyze the personality of an entrepreneur. In this paper, we will discuss some key approaches, which can help us explain an entrepreneur. 2. Environmental Background of An Entrepreneur Environmental background of an entrepreneur is very important to consider when assessing different approaches to explain entrepreneurship. Environmental background includes several elements, which play critical roles in the development of an entrepreneur. Some of those elements include family, education, role model, experience, and government support. Let us analyze these elements in some detail. 2.1 Family Family plays a vital role in the development of an entrepreneur. Professions and businesses of the family members of a person have a lot of influence on his/her professional mindset. According to Bruin and Dupuis (2003, p. 93), family business has a deep association with the concept of entrepreneurship. In some families, if the father of a person is involved in the business of construction, son will also try to step into that business by opening a firm or an independent construction company. Similarly, businesses of relatives also influence the mindset of an entrepreneur. 2.2 Education Education also plays a critical role in shaping professional approach of a person. Education makes a person aware of the legalities of different businesses, which help him/her become an entrepreneur at some stage of life. Education not only creates awareness among the entrepreneurs but also ensures economic development. Bruin and Dupuis (2003, p. 178) state, â€Å"Raising overall education and skill levels of indigenous peoples is undoubtedly crucial to indigenous economic development†. 2.3 Role Model Another element, which plays a role in shaping the mindset of an entrepreneur, is role model. As discussed earlier, a person is likely to step into the business of his/her ancestors. The reason is that success of parents or other relatives in any specific business positively influences the professional thoughts of an entrepreneur, which results in making that person an entrepreneur at some stage of life. Similarly, some successful businesspersons also become the role models for some people and they try to test their luck in the businesses of those people. 2.4 Experience Professional work experience is also an important element in the life of an entrepreneur. According to Bruin and Dupuis (2003, p. 69), entrepreneurs having little or no prior experience are less likely to succeed in their ambitions. A person is likely to start his/her own business after getting some experience in the related field. For example, a person doing job in a fresh food store or in a construction company may open his/her own company at some point in life after getting some practical experience and knowledge of all issues related to the business. 3. Entrepreneurs are Born or Made According to Shefsky (1994, p. 2), entrepreneurs are made, they are not born. Various factors play their roles in shaping an entrepreneur. Every entrepreneur is a normal person like every other person. The difference is just of their approaches to professional life. A normal person is generally less enthusiastic and innovative. He/she does not think of starting an independent business. On the other hand, an entrepreneur has some determination to do something new in life. Various

Write an essay on globalisation of trade related to economic

Write an on globalisation of trade related to economic globalisation - Essay Example Among the many movements, globalisation had and is also having a major impact on the people worldwide. Globalisation literally means the transformation of local phenomena into a global one. Globalisation is a practice of interacting and mixing or assimilation among people, companies and governments of different countries whose significant feature is international industrial and financial business structure. Globalisation may be thought of as the widening, deepening and speeding up of worldwide interconnectedness in all aspects of contemporary social life, from the cultural to the criminal, the financial to the spiritually. More formally, globalisation can be categorized as a process that embodies a transformation in the spatial organization of social relations and transactions (Wiley, Nandi & Shahidullah 1998, p. 21). Hyperglobalism conceive globalisation as a new age of economic integration that is characterized by open trade, global financial flows as well as multinational corporations. Hyperglobalism is driven by capitalism, communications and transportation technology, integration into one world market and it is increasingly eroding state power and legitimacy. Howe ver another perspective is, in the past few years, more and more people have been complaining that the new liberty in the form of globalisation have gone too far, giving rise to a hypercapitalism (Roberts and Hite 2007, p.263). Probably the largest body of opinion - and one that spans the entire politico-ideological spectrum - consists of what might be called the hyper-globalists, who argue that we live in a borderless world in which the national is no longer relevant (Dickens 2008, p. 6). The so said social relations and transactions are assessed in terms of their extensitivity, intensitivity, velocity and impact and the rate at which they generate transcontinental or interregional flow and networks of activity, interaction and exercise of power. The purpose of this study is