Entrepreneurial Journey: Taking on Business Challenges to Create Something New - Paper Example

Published: 2023-08-31
Entrepreneurial Journey: Taking on Business Challenges to Create Something New - Paper Example
Type of paper:  Essay
Categories:  Finance Business
Pages: 7
Wordcount: 1703 words
15 min read


I plan to work as an entrepreneur. I believe this is essential in enabling me to create a new thing, either a business or an initiative. As an entrepreneur, I intend to serve as business expertise that establishes, manages, and maintains a business enterprise like nonprofit organizations, corporations, and sole proprietorship. I believe I will be capable of handling various business responsibilities that entail firing and hiring workforce, marketing, accounting, and management. With a few years of working experience, I will have all it takes to run my own business successfully.

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My uncles, who work as an entrepreneur, inspires me because of what he does to be successful. Entrepreneur closely relates to data in that it utilizes information that already exists. The entrepreneurs and small enterprises have limited a market that captures data, but there is always a likelihood that someone else might have gathered the information (Balachandra, 2019). Again, entrepreneurship needs variation between persons like preferential access to individuals.

Moreover, management consulting is the best sought after skills in the world of business' specialized MBA in consulting empowers business learners to enter significant industry post-graduation to help clients. The entrepreneurship specialization is a perfect opportunity for learners to launch their profession in consulting to catapult their vocation to a higher level (Kerr et al., 2017). Specialization is essential in entrepreneurship because it offers learners the knowledge of analyzing and varying the competitive landscape that organizations face. The leadership skills gained enabled the development and implementation of action plans to provide the organization with a competitive advantage. The possible filed of specialization entails the medical industry, marketing, information system, finance, management, and supply chain (Balachandra, 2019). As an entrepreneur, I can pursue my passion and make money while serving as my boss. When the beginning times of hurdles and pitfalls are over, I can benefit from my sacrifices and hard work. Being an entrepreneur makes me have the freedom to control and shape my professional life (Kaptein, 2019).

Job Description and Education Required

There are specialized training and education that I need to have to practice in this career. The most frequent degree that is a requirement to join this career is entrepreneurship or business administration. This requires me to hold high schools GED or diploma to enroll. The degrees last for up to four full-time years (Henry et al., 2017). Most of the business degree programs offer invaluable internship opportunities where the entrepreneurs gain practical knowledge, hands-on experiences, and valuable contacts. Entrepreneurs take charge of building a team that carries their objectives and ideas through to success. Therefore, the entrepreneur takes full control over any person that may want to join the company by prioritizing the combination of skills, education, talents, personality, experiences that is core to ensuring that work is done correctly (Henry et al., 2017).

Various careers highly associated with this major. They entail general and operation managers, supply chain managers, and compliance managers. The supply chain manager directs the production, purchasing, and financial forecasting services to enhance accuracy, customer safety, service and limit the costs. They also examine the current opportunities to streamline the activities to attain product distribution requirements (Balachandra, 2019). Furthermore, they also direct storage, movements' and processing of inventory. Again the compliance managers plan and coordinate the organizational activities to ensure compliance with regulatory standards. Besides, the general and operation managers plan and coordinate the various services of the private and public sector organizations. They have the duties and responsibilities that entail the management of everyday activities, policy formulation, and the planning of human resources and materials (Henry et al., 2017). However, they are too general to be grouped in a given functional area of administration or management like purchasing, personnel, or even the administrative services. Most of these tasks are done by the supply chain managers, general and operation managers, and compliance managers, therefore closely related to that of an entrepreneur (Kerr et al., 2017).

Besides, there is a projection that the top executives' general employment will grow by 6% in the year 2018 to 2028 (Monitor, 2016). The growth of jobs will vary by specialization and industry, and this will broadly depend on the industry's growth rate. There is an expectation, therefore, that the top executives will encounter stiff competition for the jobs. There is a projection that the construction managers' job growth rate will be 9.8%, the financial managers will be 16%, general and operation managers will be 6.9%, sales managers by 5.1, and the training and development managers by 8.1% (Balachandra, 2019). Entrepreneurs' employment prospects are subjective and are different depending on the given demographics and industries. There is a chance that this can be the reason that makes the United States Bureau of labor statistics not to offer particular entrepreneurs job outlook but only states that entrepreneurs drive the economy. The reason for this is that they develop a business and make efforts to expand the business with the main aim of making more profits, thus resulting in more employment opportunities. According to the global entrepreneurship monitor, in the 27 million Americans that work, approximately 14% start running their businesses. Additionally, 24% of the entrepreneurs in America employ more than 20 people in five years (Monitor 2016).

Additionally, there is a variation in the yearly pay for entrepreneurs' depending on the industry in which one's working. It can also vary from business to business and from one year to another. The earning is dependent on the yearly revenue, market trends, operating overhead, and more. The BLS reports state that the salary for the general management personnel varies between $44,000 and $208,000.one of the top-earning metro locations for the overall managers includes New Jersey, California, New York, and Connecticut (Henry et al., 2017). The projection for the annual mean wage includes $123,030 for the general and operations managers, $147,530 for the financial managers, $141,690 for the sales managers, $123,470 for the training and development managers, $71,720 for the real estate, property and community association managers, $105000 for the construction managers and $118,710 for the personal service managers(Balachandra, 2019).

According to the occupational information network, there is a likelihood that most successful entrepreneurs possess standard abilities and skills. Therefore, the essential skill level includes the ability to negotiate, have critical and deductive reasoning, and be problem sensitive (Monitor 2016). Additionally, they should have social perception and be active listeners. Entrepreneurs have the responsibility to establish goals, procedures, and policies for the organization, manage the logistical, regulatory, and financial business factors, hire, and supervise ad training employees. Furthermore, they negotiate and sign contracts or even do business to business agreements and develop and implement advertising campaigns and marketing approaches (Kerr et al., 2017).

Most entrepreneurs usually share some personal qualities that enable them to be successful. Self-discipline is one of the personality traits that enhance the success of an entrepreneur. This is a personal quality that needs self-control, self-mastery, self-direction, and self-responsibility (Burns, 2016). Again, they are people with integrity. They are honest in everything they do in every activity and transaction they do, thus enabling them to base on trust. The success of an entrepreneur depends on the person that trusts you, those willing to give credit, work for you, buy your products, and assist during difficult times.

Moreover, the entrepreneurs are persistent, which is an exact measure of one's self-belief and capability for success (Kuratko, 2016). A precise sense of direction is another personal quality of an entrepreneur that is core in the setting of clear targets for every portion of the business and oneself. Furthermore, they should be decisive and action-oriented, which enable them to make quick decisions to get fast feedback for the actions. Entrepreneurs have flex time that increases their satisfaction and productivity, along with low turnover and absenteeism. Flextime enables the entrepreneur to have a more satisfying place of work. Again, individuals usually feel properly compensated and become loyal to a given organization when bonuses are offered. This also enhances motivation in the workforce. Entrepreneurs also benefit from the bonuses that are rewarded to persons basing on their performances (Kuratko, 2016). Commissions are also provided to the entrepreneurs as a way to pay them for securing product sales. This is usually offered in terms of a given percentage for their transactions. They also have various health insurance opportunities that entail Medicare, Medicaid, and private insurance (Monitor 2016).

A Day in the Life

The entrepreneurial work surrounding is that which persons have no fear of taking calculated risks and learning ideas on something valuable from disappointment can be embraced. The mood offers individuals the authority and ability to put their stamps to the firms' way of doing business. With the current advancement in technology, an entrepreneur can work either indoor or outdoor. The various facets within enterprises-small, medium, big, and others operate refer to entrepreneurship surrounding. Surrounding is an essential aspect of any business because of its influences (Henry et al., 2017). In the United States, entrepreneurs spend less time socializing and more at work. The average day of working for the entrepreneurs is 12 hours, 30 minutes, while they utilize about five hours and twelve minutes for socializing. Noise is seen as a distraction that can be eliminated (Monitor, 2016). There is a necessity to maximize the signal to noise ratio for any successful premise. Specific noises can serve as a signal that a company is healthy. A good entrepreneur has a lot of noises that serve as positive signals. This kind of noise requires proper responses to customers' requests and appreciation when new businesses are won.

Currently, the business world goes round because of technology. It enables the new entrepreneurs' generation to utilize digital technology, thus disrupting the old business ways in which business is done while streaming business processes and operations in the more established venture. Technology has, therefore, become essential to entrepreneurs today. It enhances communication in organizations with clients, partners, and customers through blogs, websites, social media pages, and messages that result in a robust public image (Monitor 2016). Technology in entrepreneurship, therefore, refers to the project investment that deploys and assembles certified persons and heterogeneous assets that are elaborately associated with technological and scientific knowledge to capture and create the firm's value.

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