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The Broad Definition of Entrepreneurship
- You may find that you already have many of the characteristics of an entrepreneur
- Entrepreneurship is now much more broadly defined
- A clear understanding of how to apply the Entrepreneurial Decision-Making Cycle when making a business decision increases your chances for success and identifying new opportunities
What this means for the Older Worker
Chances are that as an Older Worker with many years of life and work experience to your credit you have also acquired many of the following Entrepreneurial Skills:
- Creativity and innovation
- Ability to make decisions
- Ability to communicate with others
- Focused
- Motivated and persistent
- Ability to adapt well to change
- Can set goals and make action plans
- A spirit of adventure
- Self-confidence
- A positive attitude
- Willingness to take initiative
- A strong sense of commitment
- Feels a need to achieve
- A strong work ethic and commitment
Often an Older Worker will think that an entrepreneur is "someone else", and they may not recognize the entrepreneurial characteristics they possess. Entrepreneurs share a passion for what they do and certain skill sets that help take their ideas from vision to reality.
In the past, many people and organizations have defined an entrepreneur as someone who owns a business. The Oxford dictionary defines an entrepreneur as "a person who starts or organizes a commercial enterprise, especially one involving financial risk".
Entrepreneurship actually has a much broader definition which can be applied to all aspects of your life. An entrepreneur may be defined as "one who has the ability to make an informed decision and take responsibility for the consequences of the action emanating from that decision (risk taking)." You do not have to own a small business to have any or all of these characteristics. They could be demonstrated in your job search, your educational training, career decision making and in your personal life. You can be entrepreneurial in everything that you do.
Each of us can take an entrepreneurial approach to our careers, business and life. Older Workers can incorporate their Personal Vision into business decision-making by using the Entrepreneurial Decision-Making Cycle process.
To make a decision about starting a business you need to consider a number of different areas and go through several steps in making decisions. These steps are outlined below.
Step 1: Know Yourself.
Personal Vision refers to your interests, values and beliefs. In the context of starting a business, things like wanting to have freedom, wanting to make lots
of money, or wanting to be able to maintain a certain lifestyle comes into play. There is no "right" or "wrong" answer when it comes to Personal Vision. Your
vision is YOUR vision. It is a proven fact that when you base business decisions on your Personal Vision you will likely find more enjoyment and fulfillment through
your business. If you are able to do something that reflects your interests and values, the idea of doing this for a living becomes exciting, motivating and creates enthusiasm about work. This way of approaching your business also allows you to define business "success" in your own terms and context. Because a personal vision is made up fundamental interests, values and beliefs, it is often the guiding star for most life decisions. For that reason, following your personal vision in your work-life often brings fulfillment and meaning to you income-earning activities.
Step 2: Business Vision refers to the business idea you have in mind and want to pursue. It can also refer to the "idea generation" stage. This is when you know you want to start a business but you're unsure about what type of business you want. By ensuring that aspects of your Personal Vision are inherent or mesh with your Business Vision, you begin to take a look at how your interests, values and beliefs might be manifested in a business. Your business might be based around a passion or strong interest, or your business might embody the essence of your values and beliefs.
Step 3: Internal Analysis is the decision-making stage that takes a look at the skill sets necessary for a given business idea and whether you possess those skills. It will help to determine whether this business idea truly fits for you and determine whether you have the necessary skills to successfully operate this business. If there are gaps present, it may be necessary to revisit the Business Vision or look at how missing skills can be obtained.
Step 4: External Analysis takes a look at the 'market'. In the business context this involves understanding the demand or need for your product or service. It means defining your customer and understanding the competition. Overall, External Analysis involves seeing if there is a need for this business as well as looking at forecasting possible opportunities or obstacles.
Step 5: The Overall Strategy is intended to take a look at goals that should be met over the short and long term. It's deciding on things like the size of your business, how you will treat customers, mission statements, etc.
Step 6: Planning and Preparation examines all of your research to decide if this idea still meets with your Personal Vision. It also outlines activities such as contacting suppliers, talking with possible financiers and preparing documents like menus, price lists, etc.
Step 7: At the Action stage you finalize your plans from the previous stage. This might include placing orders, moving things into your location or setting up your home office/business. Action is the point at which you open your doors for business.
Step 8: Results - having completed the decision-making components in the cycle and having taken action, there will be a result. It is at this point of result that the process starts all over again - assessing what has occurred and why you have the result that you have.
It is important to note that if at any point in the decision-making process your idea does not seem feasible, you can go back to your Business Vision to decide if it's still a good idea, or to see if you need to adjust or modify your idea. If you should need to modify your Business Vision it is important that you refer and reflect on how this change might affect your Personal Vision.
Your personal vision should be the foundation for your business decision - be true to yourself and what you want out of life.
Things to think about.
- The more information you bring to your decision making, the better those decisions will fit with your values, interests, skills and Personal Vision. The better the fit the better the chances for life and work satisfaction.
- Making leap-in-the-dark decisions is a high stress, high risk way to determine if a business idea is a good one. Ultimately informed decision making will save you both time and money.
Thing to do.
- Work your business idea through the stages of decision making to help you determine if the idea will be a good fit for you and your Personal Vision.
- If you have several business ideas then working through all of them will give you good information on what decisions and steps you will need to take now.
Additional Information
Acadia Centre for Small Business and Entrepreneurship - http://www.acsbe.com
Edwards, Paul & Edwards, Sarah. (1996) Finding Your Perfect Work: The New Career Guide to Making a Living, Creating a Life. New York: Tarcher/Putnam.
Gray, Douglas & Gray, Diana (2000). The Complete Canadian Small Business Guide. Toronto: Mcgraw-Hill Book Co.
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