The very nature of an entrepreneur would suggest that he or she has a high tolerance for ambiguity and may even like it. This is suggested due the the various ambiguous aspects of entrepreneurship such as not having set hours, not having any set way to conduct your business, and not being 100% certain of the future direction of the company. One of the things entrepreneurs enjoy most about having their own business is the ability to set their own hours (even tho most of the time they end up working more hours, they are still set by the business owner). This along with the ability to decide how the business of the company is conducted are amongst the top motivators for steeping out on one's own.
Being a calculated risk taker not only encompasses the mindset of an entrepreneur, but it essentially encompasses the mindset of the average person. Everyday we take calculated risks. Many times during our day we take calculated risks without recognizing them as this. We sometimes calculate the risk of skipping class and missing important information, or the risk of exceeding the posted speed limit and receiving a speeding ticket. An entrepreneur takes risk calculation in a much more deliberate and methodical manner. An entrepreneur must ask him or herself what the probability of success is, how deep is he or she willing to get into a venture, what amount of money they would like to devote to the venture, and what the possibility of failure could mean for the business and it's owner. These risk must be carefully calculated and assessed in order for the entrepreneur to make an intelligent decision.
Entrepreneurs must have a high regard for integrity and reliability both on their end and on the end of their suppliers and other inputs. With these two key pieces the business will eventually sink. In a new venture a reputation must be established. This should be one of both reliability and integrity. This will set the business up to begin to build a loyal following and a good name amongst consumers. Also these things are important in a supplier. Without a good supplier a business cannot function.
Justin T. Brown
I agree that entrepreneurs do possess all of the qualities that you mentioned. I think that social entrepreneurs take these qualities to a different level. Social entrepreneurs set out to solve the problems that societies face. Instead of wanting to generate large profits for private benefit, they focus on giving to communities. While making profits, creating wealth, and serving customers is part of what social entrepreneurs set out to do, these actions are just means to social improvements, not the desired outcome. They calculate their risk in a manner to make sure that they will be able to bring about social change and sustainability. The social impact that their venture has is their marker for success. A social entrepreneur’s tolerance for ambiguity is shown through how they react to failures and sudden changes that have to be made throughout the process. Like all entrepreneurs, the treat failure of a project as an opportunity for learning and changes are looked at with excited not a setback. The never-ending process of exploring, learning, and improving keeps their innovations continuous. As far as integrity and reliability go, social entrepreneurs often have to get to know the community they are helping to see what they need and what effectively help them. This helps them build trust and confidence in the communities and the investors that are helping their venture.
ReplyDeleteHoney Care Africa is a great example of a social venture. It was established to help increase the income of rural farmers by training them in beekeeping, along with organizational and management skills, farm economics, and book-keeping, and buying their honey at a guaranteed price. Their main goal is “to empower the people in the rural areas to take charge of their lives and learn how to overcome many of the obstacles that they face.” NGOs and donor agencies pay for the training that the farmers receive. Honey Care Africa has opened up the door for women to also be beekeepers, which was once dominated by men. They have used their venture to help many.
~ Adrianne Siler
One myth about Entrepreneurs is that we are risk takes. No, we just pay attention to what we care about. Some poker players go into a game without thinking and loose all of their money. Now other poker players going into the game and think how to win which gives them a greater chance of winning. This is just like Entrepreneurs we think before we loose a lot of money. If we are buying a $100,000 house and we do not: put clawes in the contract that state if the inspections do not go through and the owner does not agree to the contract I can back out, I am just dumb! That is common sense to some people and others not. If you care about what you are doing you are going to do everything not to waist your money and everything to get more money and more of a positive reputation.
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