ENTREPRENURSHIP CAPITAL & THE FIRM Essay Example | Topics and Well Written Essays - 2250 words

ENTREPRENURSHIP CAPITAL & THE FIRM - Essay ExampleThis is followed by the factors contributing to the planned start-up business and the attendant running and management of the venture. Influence of Personal Background The interview with the enterpriser revealed that he is the only chela of his parents. As a result, his parents were very attentive to his upbringing. According to Veciana (2007, p. 55), family context and childhood are among the basic factors poignant the decision to create a firm. As he belongs to a developing country, his parents gave utmost importance to his education. He was home-schooled for a year before joining kindergarten. The entrepreneur believes that during this time, he was taught by his parents as well as a home tutor. His fix, in particular, often took him along to several parts of the city that he had to rattle on in the course of business. In this way, he got exposed to various trades from a very early age. His fetch is probably the very first ec onomic consumption manikin that inspired him to become an entrepreneur. He owned a textile business and the entrepreneur would spend a few hours in the day with his father at the shop. This fits in with Shanes (2010, p. 149) statement that children of entrepreneurs are more likely to become entrepreneurs themselves. The entrepreneur also describe that his parents did not place m any restrictions on him as a child and allowed him to pursue his interests. This encouraged him to be bold and take up challenges. Although the entrepreneurs parents were affectionate towards him, they also encouraged him to be free-lance and assume responsibility for his actions. He state that from the age of three, he began to sleep in a ruin room and was responsible for keeping it organized from the age of seven. Even at school, his parents did not interfere when he was punished or scolded by his teachers for not following instructions. He recollects that these influences played a great role in shapi ng his personality to take up entrepreneurship as a career choice. As stated by Ginbcus, Vermeulen, and Radulova (2008, p. 23), entrepreneurs tend to be independent and do not have high needs for conformity. This intent is reflected in the personality of the entrepreneur interviewed. As mentioned earlier, family influences played an important part in shaping the entrepreneurs eventual career choice. The father being an entrepreneur himself, there was a role model readily available within the immediate environment of the entrepreneur. As a child and even musical composition growing up, the entrepreneur observed his father making business decisions and responding to challenges. During the interview, the entrepreneur stated that observing his father made him aware of the benefits as well as the risks of being an entrepreneur. Sometimes, his father had to make decisions that put the fiscal future of the family at risk. Sometimes, the risk paid off. But the family also had to face fina ncial difficulties during some periods. The entrepreneur stated that the determination of his father to persevere and the support of his mother helped them to overcome temporary setbacks. At any rate, the challenges did not deter the entrepreneur from following in his fathers footsteps. In fact, the entrepreneur say that often he felt that his father was not making the right decision. He then unflinching that he would not make the same mistakes if he were to run his own business someday. Douglas (2009, p. 7) describes