Step by Step

As a student, I have in my vision to put up my own business in some future time. But I know it’s not that easy. There are a lot of things that I have to know so that if ever put up my own business, I will become a successful one. I am lucky because in our school, Asia Pacific College, we have this subject entrepreneurship which will teach us how to be entrepreneurs. With our Prof. Ramon Duremdes, we learned a lot of things from him. In our class, we use the book Entrepreneurship of Hisrich, Peters, and Shepherd.

An entrepreneur is one who recognizes opportunities and organizes resources to take advantage of the opportunity. They are also known as an innovator.

Entrepreneurs are builders of a society and create great influence. Many developing countries owe their success to those entrepreneurs who despite their comfort working in a company jumped out to build an enterprise to give jobs to other people and to help.

In chapter 2, in the book of Hisrich, Peters, and Shepherd, they enumerate the entrepreneurial process which involves all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them. The processes are:

1. Identify and Evaluate the opportunity
2. Develop a Business Plan
3. Determine the Resources Required
4. Mange the Enterprise

Managerial and Entrepreneurial also differ when it comes in decision making. It can be viewed from five key business dimensions which are the strategic orientation, commitment to opportunity, commitment of resources, control of resources, and management structure. Managerial styles are called the administrative domain.

There is also such word as intrapreneur which means is the practice of entrepreneurial skills and approaches by or within an organization.

Interest in intrapreneurship has resulted from events occurring on social, cultural, and business levels. The four key elements or activities in intrapreneurship are:

1. New business venturing
2. Organizational innovativeness
3. Self-renewal
4. Pro-activeness

The difference between corporate and intrapreneurial culture are also give details in this chapter. The guiding directing in a traditional corporate culture is: adhere to the instructions given, do not make any mistakes, do not fail, do not take initiative but wait for instructions, stay within you turf, and protect your backside. This restrictive environment is not conductive o creativity, flexibility, independence, ownership, or risk taking which are the guiding principles of intrapreneurs. The goals of an intrapreneurial culture are quite different: to develop visions, goals and action plans, to be rewarded for actions taken; to suggest, try, and experiment; to create and develop regardless of the area; and to take responsibility and ownership.

As I observe, there are many entrepreneurs who are very successful today, but there are also people inline with business who failed. Especially as of now, wherein our country is in crisis, many big companies are turned down and closed. Many people lost their jobs and have a hard time to find new one. People should be wise today; people should be wise in spending their money. In business, we should know what are people’s need just like on what we have in the buyer’s utility map, price mass corridor, and business model guide. ( W. Chan Kim and Renee Mauborgne)