“Study what will enable you to become a successful entrepreneur” (Dr Beeka)
Entrepreneurship is about effectively gathering and utilising scarce resources to add value and make products or services available to consumers. Hence, whether done on a micro informal, small formal and informal or large scale, entrepreneurship is about opportunity recognition and development. According to Joseph Schumpeter ‘Entrepreneurship is a process where an individual sees opportunity (possibilities) and has the ability to cope with issues, resistance and intricacies inherent when operating outside established practice’. While Beeka (2015) defines entrepreneurship as employment choice enabled by the ability to consistently identify, and co-ordinate scarce resources to develop opportunity.
As an entrepreneur once you have valuable products to sell you will never be broke; you will become independent and wealthy” (Hajia Beeka)
The Collins English Dictionary defines the entrepreneur as “the owner of a business who attempts to make money by risk and initiative” (Collins, 2011, p. 328). Shane (2003) and Casson (2010) support a legal entity is unnecessary for new venture existence, which supports informal entrepreneurship and self-employment. Similarly, self-employment refers to working for oneself rather than being paid wages (Shane, 2003). Furthermore, Gartner (1989) asserts entrepreneurship is the process of new organisations coming into existence, through starting new ventures or individuals assuming risk, to start innovative and fast growing ventures. Low and Macmillan (1988, p. 141) support it involves ‘creation of new enterprise’. Others argue entrepreneurship transcends simply creating an enterprise or the individual innovatively leaping toward risky ventures (Kaplan and Warren, 2007; Kuratko, 2009). It now involves idea origination and execution, sufficient research, time, determination and communicating with teams and external ‘stakeholders like the banks, investors, and corporate partners respectively’ (Kuratko, 2009). Bartlett (1988, p. 4) asserts entrepreneurs are highly motivated and effectively achieve business objectives.
“An entrepreneur is one who makes the career choice, identifies, and consistently develops opportunity” (Dr Beem Beeka)
Thus, the word entrepreneur signifies a configuration of psychological traits, attributes, attitudes, and values of an individual motivated to initiate a business venture (Thomas and Mueller 2000, p. 291). The entrepreneur supplies a good or service to the market for commercial or social profit, investing capital (Land, Labour, Capital or Leadership i.e: Business Factors of Production) and accommodates the risks associated with the investment. Therefore, an entrepreneur in simpler terms is any trader or business owner engaged in business formally or informally through self-employment, as a founder or co-founder.
“Entrepreneurship is an employment choice enabled by the ability to consistently identify, and co-ordinate scarce resources to develop opportunity” (Dr Beem Beeka)
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Excerpts from the following sources below:
REFERENCE LIST
1. Beeka, B. H (2015) Entrepreneurship as a Viable Career Choice for Nigerian Youth. Sheffield Business School, Sheffield Hallam University Doctor of Philosophy Thesis. Framework
2. Beeka, B. H. and Rimmington, M. (2011) Entrepreneurship as a viable career option for African youths. Journal of Developmental Entrepreneurship. 16 (1), 145- 164. Cited by 89
3. Beeka, B and Rimmington, M. (2011) Tourism entrepreneurship as a career choice for the young in Nigeria. Tourism Planning and Development. 8 (2) 215-223. Cited by 6
4. Beeka, B. (2011) Entrepreneurship as a career choice: Opportunity recognition model from an emerging economy. In Lee, B and Palmer, N.J (Eds) Sheffield Doctoral Conference Proceedings, pp. 19-36. Sheffield: The University of Sheffield Management School Research Office. Won Best Conference Paper
5. Beeka, B & Beeka, D (2017) Wealth Empire State of Mind: Entrepreneurship is a Viable Career. Choice. London: ECC.
6. Beeka, B & Beeka, D (2016) How to Start Your Own Business: Entrepreneurship Career. London: Timeless.
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