“Entrepreneurship holistic in approach, and leadership balanced

“Entrepreneurship is a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced for the purpose of value creation and capture” (Jeffry A. Timmons, Stephen Spinelli, “Entrepreneurship for the 21st century, Ch. 3, p. 101).

Entrepreneurship is the starting a new business in order to make profit while taking on financial risks and imagining new ways of problem solving. Every career and business demand some set of skills related to what you are doing. Some of these competencies are general, some specific to the chosen career. In order to identify my entrepreneurial competences, I did a test edited by EDI including 70 questions. As a result of the test I found myself the best in the competency – “Knowing”, “Concern for High Quality of Work”, “Commitment to Work Contract” with 23,25,22 scores out of 25, respectively.

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“Knowing” means consulting with experts who have done your work before you, reading different relevant materials and being open to different ideas and information. I agree with this part, because I am pretty sure that reading and consulting with successful people help me to gain experience, which demands a lot of time and even failure, if I try.

         “Concern for high quality of work” means to be attentive to all details and follow the established standards and norms. Actually, I cannot say that I have never broken the rules, but I can say that I have never done it deliberately or damaging other’s purposes. If I run into my business, for sure, I will never take a risk as violating the norms. On the other hand, asking many questions in order to be sure about something proves that I am always careful about all details.

         “Commitment to Work Contract” means pushing your plans into the background, in order to finish your work in time. I am totally agree with this part, because I never postpone things, which have to be done. I always repeat this sentence: “Having rest and fun has no deadline, but my work has”. 

         As to the second test, that I want to write about is what we have done during our lecture. The result of this test shows that I am likely to have strengths in some of the enterprising characteristics.

1.     Need for achievement

People with a high need for achievement take the responsibilities for the outcomes of the work, and try to engage in activities, which do not have high risk and demands effort in order to be successful. “Need for achievement is defining the problem, wanting to solve it, thinking of means to solving it,  thinking of difficulties that get in the way of solving it (either in one’s self or  in the environment), thinking of people who might help in solving it, and anticipating what would happen if one succeeded or failed.” (Entrepreneurial competencies, motivation, performance and rewards, Dr. Jyotsna Sethi, Dr Anand Saxena, p. 7). Having high score in this part means that I am probably good at striving my goals and being successful.

2.     Need for creative tendency

 The entrepreneurs tend to see life in a different way to others, defining opportunities around them in order to develop ideas to create new products and new businesses. I have the same high score in this part as well, which shows that I am open to innovative ideas and I have an imaginative approach to solving problems.

3.     Need for moderate/ calculated risk taking

To my mind, an entrepreneur should be risk taker in order to achieve all goals what he/she wants. Because in all type of businesses taking some risk to their time, finance and relationships is required. The core of this part is to convince everybody that your goal is worth to take the risk. Having high score in this part shows that I am good at taking risks which have more probability of success and judging and using information which is enough for taking action.

         After analysis our entrepreneurship competences, I am going to focus on how to develop them. To my mind, in order to improve your skills, everything begins from reading. I read many books about leadership, motivation and entrepreneurship. One of them which I am going to write about is “Leader who had no title” by Robin Sharma.

         Robin Sharma is from Canada, who is known as a writer, personal development expert, leadership speaker and former lawyer. In his book, he wrote about how to be a good leader, an entrepreneur and how to motivate yourself when you face with failure. He mentioned these following methods about improving skills:

1.     Learn from experience. Focus on other’s failures in order not to repeat them.

Most companies have common mistakes and it should not be difficult for an entrepreneur to learn how to cope with such kind of situations before getting wrong.

“Intelligent entrepreneurs turn difficult situations into their free consultants, become more dynamic and successful”. ( Robin Sharma, “Leader who had no title”)

Certainly, you will face some failures,but the main thing is to stay motivated, solve your problems and learn from your own mistakes.

One Japanese proverb was used in this book as well : ” Fall seven times and stand up eight”.

2.     Recognize your own competences, being self-aware and self-assessment

In our daily life, public opinion tries to convince us that if you feel strange, you are wrong. In order to be sure that you are right in your way, you need to know about your own skills and assess your actions before or while doing them.

The second and one of the most successful entrepreneur for me is Pejman Ghadimi who had to flee Iran because of war as an immigrant and landed in America with nothing more than his mother. Now he is the founder of “Secret Entourage”, host of “Secret Academy” and author of “Third Cycle Theory”. He mentioned these following techniques in his videos and in his book as well:

1.     Define your core

Make sure that you are doing what you want. Because entrepreneurship demands hard work, and you need to be persistent in this way and develop your competencies, which are demanded in order to be successful, and motivated in your business. If you know what you need, you begin to research information and it helps you to improve your skills as well as to turn this information into actions.

2.     Focus on your mission and self-education

“If you count the time I am in the office, it is probably no more than 50-60 hours a week. But if you count all the time I am focused on our mission, that is basically my whole life” (Mark Zuckerberg). When you focus on your mission, you always try to find ways to develop yourself and achieve your goals. In this process, I also think that, self-education is important. Nobody gives you standard methods of something what you need, or nobody helps you to identify which field is good for you. “Life never gives you what you want; it gives you what you work for” (Pejman Ghadimi). Being successful depends on your competences; your competencies depend on how you improve them through education.

         Besides these abovementioned ideas, if you ask me, I can say that how I try to improve my skills. In my view, participating in different trainings related to entrepreneurship, leadership, motivation is necessary. Until today, I have been in different seminars about what I said, and I have seen the difference in my thoughts and skills before and after.  Because, in such kind of events, firstly, I meet with different successful persons who already achieved the goals, which I want and they influence my ideas, my goals as well as my proficiency.

         Furthermore, reading books and watching different interviews about the most victorious entrepreneurs and leaders help to improve entrepreneurial competences. When you find out some useful abilities, thoughts and ways to achieve your goals, you begin to do almost the same things in order to be like them.

         The last but not least way for me is having a degree from a good university. Knowledge learnt at university cannot be disregarded. Experience through entrepreneurial education may help in own businesses.

         “How many people come up with the task of promoting their job, thinking that after performing a more responsible task, they will show what they can do, and will do a great job. However, as far as I know, the only place where you can buy a good thing and then pay for it is a restaurant. You have to pay the price of success in life and work before you can see its benefits” (Robin Sharma). For sure, you have to do something to develop your skills and always try to be persistent, sometimes taking risks in your life.

        

         Bibliography:

1.     Dr. Jyotsna Sethi, Dr. Anand Saxena

“Entrepreneurial competences, motivation, performance and rewards”, lesson 3

Test edited by EDI (Entrepreneurship Development Institute of India)

2.     Marc H. Meyer, Frederick G. Crane

New Venture Creation

“An innovator’s guide to Entrepreneurship”, 2nd edition

3.     Robin Sharma, “Leader who had no title”

4.     Pejman Ghadimi, “Third Cycle Theory”

5.     Jeffry A. Timmons, Stephen Spinelli

New Venture Creation

“Entrepreneurship for the 21st century”, 8th edition

6.     Sari Pekkala Kerr, William R. Kerr, Tina Xu

NBER working paper series, 2017 December

“Personality traits of Entrepreneurs: A review of recent literature”