It is true that business entrepreneurs are not hindered from succeeding by hard work or luck. Entrepreneurs possess skills and traits that help them in distinguishing between an opportunity and a chance. One of the essential character traits is that of extraversion, which means that the entrepreneur is able to associate him or herself with people. In addition, he or she is able to express ideas in a very convincing manner (Stearns, 2014). Other traits that they possess are having big ambitions, assertiveness, being talkative, and open mindedness. This helps them to ascertain effective use of business opportunities that are feasible and make the right decisions. Therefore, it is clear that entrepreneurs are also risk takers. This is because they make decisions about business opportunities that arise in their environment. It is a characteristic that is not possessed by most people, especially when starting a new business. Most people fear that they could lose their investment in the event the business fails.
I agree with you that becoming an entrepreneur is not an easy thing, especially when someone is starting from nothing. Building a business empire on one’s own is sometimes the best approach to entrepreneurship (Shamsid-Deen, 2014). Successful entrepreneurs such as Bill Gates, Mark Cuban, and Warren Buffet prefer the idea of starting from scratch. Entrepreneurship is not in any way attached to a person’s origin in a wealthy entrepreneurial family. Entrepreneurs are always innovative in their businesses and work extremely hard to see their dreams work. They are in a position to create their own opportunities in the face of uncertainty. They then look for capital and the necessary resources to undertake the business endeavor. Even if the idea looks like it is not working, they insist and motivate their staff to work so as to achieve their goals.
Brief Paper Proposal
Wal-Mart is the biggest retail store in the world. It is a family business whose head branch is located in Arkansas, Bentonville, in the United States. The company was started by an entrepreneur by the name Sam Walton in the year 1962. It started as a small retail shop which eventually expanded to the extent of crossing the United States borders (Roberts & Berg, 2012). Sam Walton became the Chief Executive Officer of the company up to the year 1988, where he appointed David Glass to head the company; under Glass, the enterprise has already established several chain stores in the country. The company has been able to establish over eleven thousand retail stores in more than twenty seven countries. This growth is due to the operation principle of the low price it offers to its customers every day.
It has also introduced online Wal-Mart market that enables its customers to shop online. This reduces the cost involved in transportation and saves time. In the year 2014, Wal-Mart retail stores were named as the largest company in the world in terms of revenue by Fortune 500. In addition to making huge revenues, it was also the biggest employer, with around two million and two hundred thousand workers (Pope, Pope, & National Bureau of Economic Research, 2012). In the year 1972, New York stock exchange listed Wal-Mart retail stores as a dealer company on its stock dealership platform. It is operating in other countries as either a franchise or on a foreign direct investment platform. The company works on the principle of bulk buying, which enables it to sell products at the lowest price possible. Thus, the company’s success was dependent on the entrepreneurial behavior exhibited by Sam Walton.
Pope, D. G., Pope, J. C., & National Bureau of Economic Research. (2012). When Walmart comes to town: Always low housing prices? always? Cambridge, MA: National Bureau of Economic Research.
Roberts, B. R., & Berg, N. (2012). Walmart: Key insights and practical lessons from the world’s largest retailer. London: Kogan Page.
Shamsid-Deen, W. (2014). Excellence at a Minimum: The Plight of an Entreprenuer. Cork: BookBaby.
Stearns, T. (2014). Introduction to entrepreneurship. Place of publication not identified: Kendall Hunt.