Entrepreneurship: The Dark Side of Success

RUNNING HEAD: ENTREPRENEURSHIP
0
Entrepreneurship
Report
Student Name
4/19/2019

Entrepreneurship
1
Table of Contents
Introduction.................................................................................................................................................2
Concept of Entrepreneurship relating to dark side of an entrepreneur......................................................2
Entrepreneurs.............................................................................................................................................4
Sam Walton.............................................................................................................................................4
Elon Musk................................................................................................................................................6
Conclusion...................................................................................................................................................8
References...................................................................................................................................................9

Entrepreneurship
2
Introduction
Entrepreneurship is defined as the willingness and capacity to develop, plan and organize a
business by taking risk in order to make a profit. Mainly the person who starts the business is
considered as an entrepreneur (Lowe & Marriott, 2012). The entrepreneurs have some
characteristics that help in running a business and have to face failures in order to be successful.
This can be understood with a saying “You can’t make an omelette without breaking eggs.”
The report consists of concepts of entrepreneurship and the ideological nature of an entrepreneur
that makes the business successful for long run. Furthermore, the report includes a brief
discussion on considering two most successful entrepreneurs and their skills that make them the
leader in the industry.
Concept of Entrepreneurship relating to dark side of an entrepreneur
Entrepreneurship is a process in which an entrepreneur takes action and plans to establish a
business that is profitable and convert his vision into the reality. It is a creative activity that
requires ability to take risk, be innovative and accept the challenges even after so many obstacles
in order to be competitive in developing an enterprise (Blundel, et al., 2017).
The ideological nature of the entrepreneurship can be understood with the help of these theories
that are classical theory describes that the role of an entrepreneur is more related to production
and distribution of goods in a competitive market whereas resource based entrepreneurship
theory focuses on financial, social and human resources and state that these are important criteria
in process of entrepreneurship. Psychological entrepreneurship theory emphasizes on the
different characteristics or personality trait affects the way an entrepreneur deals with the
situation. So from above it is known that entrepreneurship is multidisciplinary in nature (Dey &
Verduyn, 2018).
As seen in the diagram 1, an entrepreneur is a person who takes action to start a business and this
process of creating, developing and managing the ideas is called entrepreneurship and the end
result is an enterprise that offers goods and services in the market, provide employment,
contribute to the country’s income and in economic development. To run an enterprise the

Entrepreneurship
3
person possesses some skills that have some negative and positive outcomes some of them are
there aggressive nature, always winning attitude, capability to courageous decision, leadership
skill, creative thinking and needs to be visionary (Hajizadeh & Zali, 2016). The saying that
“You can’t make an omelette without breaking eggs” that means for achieving goals and dreams
a person has to come out of the comfort zone and in the process has to face many difficulties
which includes taking unethical decisions or rational decision without considering the others
opinion. All this can be relate with the journey of the entrepreneurs that means they have to take
risk, come out of their comfort zone, break the barriers and achieve their desires in order to be
successful in the career same as without breaking eggs it is not possible to make an omelette so
for an entrepreneur it is not possible to achieve the success without facing the challenges in the
process of entrepreneurship. As each entrepreneur has their own strengths and weaknesses that
sometimes prove to be beneficial or in other side risky or harm the organization (Bessant, et al.,
2015).
Diagram 1: The Concept of Entrepreneurship
Being a successful entrepreneur is not a trouble free task as there is no guarantee of success. It
requires huge efforts and broad competences in different areas that includes marketing, finance,
management and strong interpersonal skills. Entrepreneurs are not a homogenous group they
Entreprenuer
A Person who take
risk and has an idea
to start a business
Entrepreneurship
It is a process of
implementing that
idea to make profit
from that idea.
Enterprise
It is the end result
of the process , an
enterprise is the
outcome of risk
taken by an
enterprenuer.