Thomas Edison Case“Opportunity is missed by most people because it is dressed in overalls and looks like work” Thomas EdisonSo, how much work an individual has to put into an idea, in order for that little idea to reveal itself? People may have ideas and think that they can be all entrepreneurs, but they do not take into consideration all the challenges and difficulties that entrepreneurs face before reaching that level. One way or another, in order to make an opportunity profitable, to turn an idea into profit requires a lot of determination and to some extent, a lot of courage.
There were studies carried on for a long period of time on entrepreneurship which had an emphasis on the firm (Scott and Rosa, 1996); a wide range of successful firms were involved, as both scholars and practitioners tried to comprehend what exactly makes firms profitable.
The “education” of an entrepreneurial firm is immensely affected by the characteristics and values of the principal “entrepreneur”, and forced by their irrefutable predisposition in relation to factors such as: risk and innovation, consequently it allows the entrepreneur to be more flexible and make use of the opportunities that arise.
The culture of entrepreneurial firms is largely influenced by the attributes and values of the central entrepreneur and driven by their positive attitude towards risk and innovation that allows for more flexibility as they explore and exploit opportunities. (Stokes, 2000). Hence, the researchers will analyse the relation between safe entrepreneurs / risky entrepreneurs. Also, there will be an assessment carried out and show the risks that entrepreneurs are exposed to. Entrepreneurial activity is risky and poorly diversified (Galina Vereshchagina and Hugo A. Hopenhayn, 2009). Risk plays a big role in an entrepreneur’s project and it’s a phase that one has to overcome. An alternate goal of the research is to find out if it’s more optimal
It seems to be true that the role of risk-taking in the development of entrepreneurial skills seems to differ from that of the risk-taking, as it seems that people are much more likely to experience risky risk, whereas the risks that the central entrepreneur uses are far less. The authors hypothesize that risk-taking seems to be more efficient. In this case, the factors that account for the risk taking tend to be low (Borschberg, 1999). There is some debate about whether a failure of the central entrepreneur’s risk-taking strategy is due to low risk vs. risk-taking for entrepreneurs.
The study will give evidence about the role of risk-taking in social life. It also provide evidence that risky entrepreneurs / risk-taking have a negative effect on their families, which are more well-off individuals. Some studies have shown that people of young age have fewer friends, which implies that they may not be a much less dangerous person as compared with the older people in their life. Furthermore, a study that used children who were considered safe to go to public schools found that they had less fear of being arrested or jailed as compared with previous study participants.
Finally, the research has the potential to address whether exposure to risk-taking is related towards positive psychological development or negative outcome for the entrepreneur. As noted by Galina Vereshchagina and Hugo A. Hopenhayn, the authors will propose a test of the negative effects of exposure or risk-taking behaviours on psychological development.
References
Astraova S Asef, M Fotrö, I Lechner, L Ajou, P Gavalli, N Schaffer, A Arochek, A Guttmann, S Ehrler, M Verduzhanen, R Ayla, P Ekeli-RĂĽckert, R Ariely, A Käkel, S Sveige, P BĂĽttner. “Innovations in a risk-taking paradigm in education “A Case Study of Risk-Taking Behaviors by the Entrepreneurs”. Sociological Quarterly 57, 623–637 (2010).
Anshar, S. & Burs, J.E. (2009). “Innovations in a risk-taking paradigm in education,” Journal of Management & Organization Economics, 10, 1175–1179 (2009).
Blenkner M Dib, D-S Zain, J Cauche, R-S Zaidi, V Asele, E Sadeva, A Vardafranca, A Yagoda, N Pappas, Z Dib. “The role of parental control and entrepreneurial development in children through their early life exposure to risky social entrepreneurship”. Journal of Applied Developmental Psychology, 12, 793–817 (2008).
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