AEN06_Individual essay Are entrepreneurs born or made? PDF

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AEN INDIVIDUAL ESSAY Topic: Are entrepreneurs born or made? Critically discuss. Academic English Class 6 Huỳnh Lê Thùy Dương - 31211021940 __________________________________________________________________ Think and discuss critically about whether entrepreneurs are innate or nurture, or both. This paper will demonstrate that entrepreneurs can be both born and made. On the one hand, they are born for three reasons. First, research has discovered that a special gene called the "entrepreneur gene" has an impact on becoming a successful entrepreneur. Second, one of the most important things that can assist businessmen in starting up successfully is the family foundation. Third, entrepreneurs' characteristics can help them operate their businesses efficiently and achieve their goals. On the other hand, entrepreneurs are made, and the following three reasons will assist this. The first is that entrepreneurs can be made by learning on their own and through training programs. The next reason is hands-on experience and skills, which are essential for start-ups if they want to compete in a competitive market. Finally, long-term efforts can make differences, and everyone, especially entrepreneurs, requires effort to be successful. An entrepreneur is someone who takes risks and engages in business activities with unknown outcomes (Cantillon, 1755). However, in the early twentieth century, the meaning of entrepreneur was changed to a person who strives to make a profit by starting a business or working alone in the commercial industry, especially when it involves taking risks (Cambridge Dictionary, 2021). Recently, entrepreneurship is critical to economic growth. It is the proportion of adults aged 18 to 64 who are actively involved in founding or running a startup (GEM, 2021). There are currently 582 million entrepreneurs in the world (MARKINBLOG, 2020). According to the most recent entrepreneurship statistics, there were 774,725 enterprises in the United States that were less than a year old at the end of the first quarter of 2019 (Statista, 2019). Vietnam has about 700,000 businesses and over 5.2 million business households, with over five million entrepreneurs (KPMG, 2021). One point of view, entrepreneurs are natured. Firstly, according to several research articles, genetics affect many aspects that can lead entrepreneurs to success. One of these aspects is human behavior, including personality, attitudes, intelligence, job satisfaction, work-related values, and interests. Moreover, people who have the

DRD2 gene are more likely than others to engage in entrepreneurial activities because the gene improves the pleasure they get from taking risks. Furthermore, genes may enhance extroversion, which means people will be more likely to engage in entrepreneurship because it facilitates numerous abilities, such as selling, etc. Additionally, Genes can affect people’s environments and education choices. Besides, the DRD4 gene might help people to interact with information about business opportunities. (Nicolaou, N., Shane, S., Cherkas, L., Hunkin, J., 2008) Secondly, family foundations create entrepreneurs' relationships, basic knowledge about business and opportunities. Obviously, family foundations enable entrepreneurs to utilize their wealth to address societal issues or to assist organizations focusing on education, health care research, or the arts, etc. For example, Andrew Carnegie, John D. Rockefeller, and Bill Gates are billionaires who have impressive family backgrounds. Thus, their family’s financial assistance is one of the main reasons why they can start a new venture with little worries and troubles. Not only that, a family which has traditional trades and occupations also helps their children in choosing their future jobs and expertise. One convincing example is the Rockefeller family, which is the most powerful family in the political, banking, and finance industry in the world. And the Rockefellers have been developing and following their traditional trades for four centuries from the 17th century. Not only orientations and financial support, but children might also inherit beneficial relationships from their family and it is easier for them to build and maintain those contacts. Additionally, family education is one of the best ways to share previous generations’ knowledge, information, and hands-on experience with youngsters. For instance, Donald Trump has learned a lot from his father, a real estate developer, how to invest and sell landed properties. Thirdly, the success of entrepreneurs is also due to their personal traits, an innate aspect. A study found that an individual's personality is a product of genetics and is responsible for defining the outline of the person (Narayanasamy, Rasiah and Jacobs, 2011). In other words, personality traits such as extroversion, introversion, attitudes, and so on are inherited because they progressed from parents and grandparents. According to Harvard Business School, there is no single personality profile that describes every successful entrepreneur, although some characteristics are critical when founding and directing a business, including curiosity, structured experimentation, adaptability, confidence, decisiveness, team building, risk tolerance, comfort with failure, innovation, persistence, and long-term focus. Intellectual characteristics can extremely exert on thoughts, words, and actions in managing a venture. For example, Scott Cook, co-founder and chairman of software company Intuit, highlights the power of structured experimentation when guiding a new venture. Cook explains that an entrepreneur must conduct market research and run tests to determine whether these arising new opportunities are worth pursuing.

Moreover, he advised that run experiments and run them early so entrepreneurs can see the things they can only see when they run an experiment to learn (Harvard Business School, 2018). On the other hand, entrepreneurs are nurtured. Firstly, education and early training programs can enhance knowledge and gain abilities to become entrepreneurs. According to Justin Kulla, who is the chairman of BusinessBlocks - a leading education company, lifelong learning is the essential key to entrepreneurship success. She emphasizes that learning isn’t a moment in time, nor is it just the acquisition of a range of abilities or wide knowledge. Thus, everyone, especially businessmen, needs to learn and update their knowledge every second if they want to start up and organize a new company effectively because the world moves much faster, and there’s more competition than ever as well as a large amount of people finding themselves falling behind. In other words, they have to study all their life. Besides, entrepreneurship training programs can provide youths in secondary and high schools with entrepreneurial competencies and favorable attitudes toward entrepreneurship, as well as increase entrepreneurial alertness and practice scanning and searching, evaluating and judging, associating and connecting information skills (Front. Educ., 2018). Secondly, improving operational experience and skills is also important. Entrepreneurs must rely on a broad set of skills if they are to outrun the competition in today’s business environment. Based on a study paper, there are two groups of barriers that entrepreneurs have to overcome to develop a new venture, which are external and internal barriers. External barriers such as economic climate, legislation, etc. and internal barriers consist of funding, management capability, so on. To get over these difficulties, entrepreneurs need to increase practical experience and sharpen four main skill dimensions: Technical skills, Managerial skills, Entrepreneurial skills and Personal Maturity skills. With those skills, it is easier for entrepreneurs to produce the business’s products or services, administrate the company, recognize economic opportunities and act effectively on them, anticipate needs and create good new ideas (Cooney, 2012). Mark Zuckerberg has figured out that there are many methods to acquire knowledge and skills (Justin, K., 2018). Particularly, skills in business and entrepreneurship could be studied through the formal education system (schools, higher education, and vocational training) as well as in the workplace (training or informal learning through experience). Nowadays, the work environment and failure are where entrepreneurs should learn the most to improve their experience, knowledge and essential skills. Thirdly, everyone needs the effort to achieve their goals. As a motivation, grit can help entrepreneurs push through failure. Not only that, with effort, entrepreneurs might strive to get over failures and troubles and learn a lot from them. Furthermore, putting effort into learning, working every day is more important than any natural

talent. In addition, the tenacity that entrepreneurs demonstrate as they strive for economic success can lead to the acquisition of new skills and the development of innate talent. The effort also enables entrepreneurs to discover and capitalize on possibilities. (Miranda M., 2016) To conclude, this paper has clearly shown that entrepreneurs can be both born and made. The main argument is that a successful entrepreneur must have some innate factors such as talents, genes and family support. However, because without proper training, born entrepreneurs can not last long so they have to put effort into learning and training themselves to gain experience and skills which can assist them to develop and manage their business. REFERENCE: 11 entrepreneur statistics, facts, and trends in 2021. (2021, March 19). Retrieved from https://www.markinblog.com/entrepreneur-statistics/ Brown, C.D., & Thornton, M.A. (2011). Entrepreneurship theory and the creation of economics: insights from Cantillon's Essai. Investing in Vietnam. (n.d.). Retrieved from https://ondemand.kpmg.com.vn/blog/vietnam-at-a-glance-5/post/investing-invietnam-38 Entrepreneur. (n.d.). In Cambridge dictionary | English dictionary, translations & thesaurus. Retrieved from https://dictionary.cambridge.org/dictionary/english/entrepreneur Social enterprise: Importance to organizations worldwide 2019. (2019, May 3). Retrieved from https://www.statista.com/statistics/1053048/importance-ofsocial- enterprise-to-organizations-worldwide/ Eddleston, K. (2021, June 6). Foundations give entrepreneurs a channel for doing good. Entrepreneur & Innovation Exchange. Retrieved December 9, 2021, https://familybusiness.org/content/foundations-give-entrepreneurs-a-channelfor-doing-good Li, X., & Jia, Y. (2015, January). Characteristics influence for entrepreneurship behavior ability. In International Conference on Education, Management, Commerce and Society (EMCS-15). Atlantis Press (pp. 614-619). Nicolaou, N., Shane, S., Cherkas, L., Hunkin, J., & Spector, T. D. (2008). Is the

tendency to engage in entrepreneurship genetic?. Management Science, 54(1), 167-179. Free E-book | So you want to be an entrepreneur: How to get started. (2018). Retrieved from https://info.online.hbs.edu/entrepreneurship Impact of entrepreneurship training on entrepreneurial efficacy and alertness among adolescent youth. (Front. Educ., 2018). Retrieved from https://www.frontiersin.org/articles/10.3389/feduc.2018.00013/full Increase business success by putting in the effort [Web log post]. (2016, January 10). Retrieved from https://due.com/blog/increase-chances-of-success-by-puttingin-the- effort/ GEM global entrepreneurship monitor. (2021). Retrieved from https://www.gemconsortium.org/report/gem-20202021-global-report Are entrepreneurs born or are they made?. (2019, September 5). Retrieved from https://www.wbs.ac.uk/news/are-entrepreneurs-born-or-are-they-made/ Cooney, T. M. (2012, November). Entrepreneurship skills for growth-orientated businesses.In report for the Workshop on ‘Skills Development for SMEs and Entrepreneurship (Vol. 28). Justin, K. (2018, March 5). Lifelong Learning Is The Fundamental Key To Successful Entrepreneurship. Retrieved from https://www.forbes.com/sites/forbescoachescouncil/2018/03/15/lifelong-learnin g-is-the-fundamental-key-to-successful-entrepreneurship/?sh=76f28ba94cbb Narayanasamy, K., Rasiah, D., & Jacobs, C. J. (2011). An empirical study of factors influencing gender differences in entrepreneurship. International Business & Economics Research Journal (IBER), 10(10), 17-30....