First Step to Success

Reflection Blog for Chapter 2: The Entrepreneurial and Intrapreneurial Minds

Those people who are most wondering of what qualities an entrepreneur must have, I recommend they you study about entrepreneurship to know what would go to the minds of a professional entrepreneur. Sure anyone can be an entrepreneur but the lack of knowledge about it may result to failure. But it doesn’t mean that professionals do not fail. They too have those experiences that helped them to rise once again. From the words of our professor, Mr. Ramon Duremdes Jr., that being an entrepreneur is all about being successful. And from those failures, we learn from it.

I’ll mention a brief summary on what are in the entrepreneurial and intrapreneurial minds that we have learned in our class and how is it different from other professions.

Chapter 2 of the book Entrepreneurship by Robert D. Hisrich, Michael Peters and Dean Shepherd tackles important concepts that revolve around the entrepreneurial and intrapreneurial minds. Although an entrepreneur and an intrapreneur are in the same essence whereas both of them are individuals who love independence and seek personal satisfaction, the authors had nonetheless pointed out a major difference between them, which is the fact that an intrapreneur is actually an individual who practices entrepreneurship within an existing organization.

There has been no proven formula which creates an ideal entrepreneur but there have been some points established to at least be able to become a potential entrepreneur and certain trends to follow in order to attain entrepreneurial goals. The process of creating a new venture, otherwise identified as the entrepreneurial process, provide key steps for an entrepreneur to do for him to succeed in his venture. This involves identifying and evaluating opportunities, developing a business plan, determining the resources required and lastly, managing the enterprise by implementing management styles and structure drawn towards the success of the firm.

The chapter also talks about the differences between the managerial and entrepreneurial decision making. These differences can be viewed from the five key business dimensions- strategic orientation, commitment to opportunity, commitment of resources, control of resources and management structure. Where the managerial styles, or the administrative domain, are technically operant, slowly acts on opportunity, commits on the resources for the total amount needed, avoid rental and other periodic use of resources, and has a hierarchical organizational structure, the entrepreneurial domain is positioned on the other face of the coin. The entrepreneur's strategic orientation depends on the way he perceives the opportunity itself. His commitment to opportunity is pressured by the need for action, short decision windows, a willingness to assume risk and few decision constituencies. An entrepreneur is also used to having resources committed at periodic intervals that are often based on certain tasks or objectives to be reached. Thus, he works under pressure of limited resources but quench his thirst for independence for having a flat organizational structure.

If a certain organization wishes to create an intrapreneurial environment, it must be conducive to freedom and has a certain ambience of supportiveness and encouragement from top management. The organization must also operate on frontiers of technology and likewise have their resources both available and accessible. Of course, the intrapreneur needs to be appropriately rewarded for all the energy, effort and risk-taking expended in the creation of the new venture. These climates for intrapreneurship shall be perfected by several intrapreneurial leadership characteristics. A successful intrapreneur constitutes an understanding of the environment, being visionary and flexible, creation of management options, encouraging teamwork and open-discussion, building a coalition of supporters and being persistent on every endeavour that is to be undertaken.

After reading the chapter and digesting every idea printed on the pages of the book, I have come up with several insights which I have reflected as I penetrate the entrepreneurial and intrapreneurial minds. These reflections may not cover every single detail of the chapter, but I may say that these certain points are the highlights of the discussion.

Every individual has a potential of being an entrepreneur. It just simply requires knowledge, skills, and love from their venture. There are also many other requirements to be considered entrepreneur but for me, this three are the most important. Since entrepreneurship is related to ones’ own life, we may say that there are different kinds of people that may want to be entrepreneur or intrapreneur. Some entrepreneurs would be the aggressive type and would like to create a large venture at the start while some would start a small venture since they are not much of a risk taker. Of course every entrepreneur assumes risks but depending how large the risk is, there is always a reward to contemplate.

I would say that entrepreneurs who have potential success are those people who are likely to be independent and would want to achieve their goals by their own self. It shall be based on the attitude of one to achieve its goal. For me, as a student of Asia Pacific College taking Bachelor of Science in Accountancy (BSA), my goal is to put up my own auditing firm. I believe I have the potential of being a great entrepreneur since I am a person who works as an individual and like to achieve my goals by myself. Being independent makes me strive for success and recognition, and the rewards in exchange give me satisfaction and to aim higher than before. But not only being independent will make an entrepreneur successful, he must be able to work with partners, creditors such as venture capitalist also in other internal and external factors. I am also a trustworthy person. According to Geocites.com, entrepreneurs can be trusted. To be able to be trusted helps me to have good relationship with others in which it could be related to being an entrepreneur trusted by the partners and investors to use their money properly. The required skill of an entrepreneur that we have learned in our Entrepreneurship subject in Asia Pacific College, an entrepreneur must have technical, business management and personal entrepreneurial skills.

Entrepreneurs have used their ability to be successful. Some of the examples of those entrepreneurs I know who have been successful are Tony Tan Caktiong, Emi Pulido, Jaime Augusto Zobel de Ayala II, Ramon Duremdes Jr., and my Aunt Marilou Yabut. Since my Aunt is the person I know most about, he will be the one that I will base of what a Filipino entrepreneur would be. Their business is on the field of printing press and they have been operating for about 18 years now. She and her husband are accounting graduate and so they decided to put their own business since they didn’t want to be working in the corporate world. They decided to be independent since they want to decide thing on their own and not being controlled by others. They believe that they can achieve their goals only by themselves with out the help of others. Because of these, they are considered as entrepreneurs who have become successful as their business continues to grow.

It’s not very ideal that a person immediately starts its business on its own. Being an entrepreneur requires experience in the corporate culture to be able to understand how to approach the plan. It may be good to start as intrapreneur to have the support of the top management and to learn more as you experience the manner of the business. Eventually there will come to a point to seek independence. As the chapter has given, there no such requirements to be an entrepreneur as long as you possess the qualities of being one. From a popular quote which is “I think therefore I am”, means if you think that you will become a successful entrepreneur, you will be one.

First Step to Success

Reflection Blog for Chapter 2: The Entrepreneurial and Intrapreneurial Minds

Those people who are most wondering of what qualities an entrepreneur must have, I recommend they you study about entrepreneurship to know what would go to the minds of a professional entrepreneur. Sure anyone can be an entrepreneur but the lack of knowledge about it may result to failure. But it doesn’t mean that professionals do not fail. They too have those experiences that helped them to rise once again. From the words of our professor, Mr. Ramon Duremdes Jr., that being an entrepreneur is all about being successful. And from those failures, we learn from it. I’ll mention a brief summary on what are in the entrepreneurial and intrapreneurial minds that we have learned in our class and how is it different from other professions.

Chapter 2 of the book Entrepreneurship by Robert D. Hisrich, Michael Peters and Dean Shepherd tackles important concepts that revolve around the entrepreneurial and intrapreneurial minds. Although an entrepreneur and an intrapreneur are in the same essence whereas both of them are individuals who love independence and seek personal satisfaction, the authors had nonetheless pointed out a major difference between them, which is the fact that an intrapreneur is actually an individual who practices entrepreneurship within an existing organization.
There has been no proven formula which creates an ideal entrepreneur but there have been some points established to at least be able to become a potential entrepreneur and certain trends to follow in order to attain entrepreneurial goals. The process of creating a new venture, otherwise identified as the entrepreneurial process, provide key steps for an entrepreneur to do for him to succeed in his venture. This involves identifying and evaluating opportunities, developing a business plan, determining the resources required and lastly, managing the enterprise by implementing management styles and structure drawn towards the success of the firm.
The chapter also talks about the differences between the managerial and entrepreneurial decision making. These differences can be viewed from the five key business dimensions- strategic orientation, commitment to opportunity, commitment of resources, control of resources and management structure. Where the managerial styles, or the administrative domain, are technically operant, slowly acts on opportunity, commits on the resources for the total amount needed, avoid rental and other periodic use of resources, and has a hierarchical organizational structure, the entrepreneurial domain is positioned on the other face of the coin. The entrepreneur's strategic orientation depends on the way he perceives the opportunity itself. His commitment to opportunity is pressured by the need for action, short decision windows, a willingness to assume risk and few decision constituencies. An entrepreneur is also used to having resources committed at periodic intervals that are often based on certain tasks or objectives to be reached. Thus, he works under pressure of limited resources but quench his thirst for independence for having a flat organizational structure.
If a certain organization wishes to create an intrapreneurial environment, it must be conducive to freedom and has a certain ambience of supportiveness and encouragement from top management. The organization must also operate on frontiers of technology and likewise have their resources both available and accessible. Of course, the intrapreneur needs to be appropriately rewarded for all the energy, effort and risk-taking expended in the creation of the new venture. These climates for intrapreneurship shall be perfected by several intrapreneurial leadership characteristics. A successful intrapreneur constitutes an understanding of the environment, being visionary and flexible, creation of management options, encouraging teamwork and open-discussion, building a coalition of supporters and being persistent on every endeavour that is to be undertaken.

After reading the chapter and digesting every idea printed on the pages of the book, I have come up with several insights which I have reflected as I penetrate the entrepreneurial and intrapreneurial minds. These reflections may not cover every single detail of the chapter, but I may say that these certain points are the highlights of the discussion.
Every individual has a potential of being an entrepreneur. It just simply requires knowledge, skills, and love from their venture. There are also many other requirements to be considered entrepreneur but for me, this three are the most important. Since entrepreneurship is related to ones’ own life, we may say that there are different kinds of people that may want to be entrepreneur or intrapreneur. Some entrepreneurs would be the aggressive type and would like to create a large venture at the start while some would start a small venture since they are not much of a risk taker. Of course every entrepreneur assumes risks but depending how large the risk is, there is always a reward to contemplate.
I would say that entrepreneurs who have potential success are those people who are likely to be independent and would want to achieve their goals by their own self. It shall be based on the attitude of one to achieve its goal. For me, as a student of Asia Pacific College taking Bachelor of Science in Accountancy (BSA), my goal is to put up my own auditing firm. I believe I have the potential of being a great entrepreneur since I am a person who works as an individual and like to achieve my goals by myself. Being independent makes me strive for success and recognition, and the rewards in exchange give me satisfaction and to aim higher than before. But not only being independent will make an entrepreneur successful, he must be able to work with partners, creditors such as venture capitalist also in other internal and external factors. I am also a trustworthy person. According to Geocites.com, entrepreneurs can be trusted. To be able to be trusted helps me to have good relationship with others in which it could be related to being an entrepreneur trusted by the partners and investors to use their money properly. The required skill of an entrepreneur that we have learned in our Entrepreneurship subject in Asia Pacific College, an entrepreneur must have technical, business management and personal entrepreneurial skills. Entrepreneurs have used their ability to be successful. Some of the examples of those entrepreneurs I know who have been successful are Tony Tan Caktiong, Emi Pulido, Jaime Augusto Zobel de Ayala II, Ramon Duremdes Jr., and my Aunt Marilou Yabut. Since my Aunt is the person I know most about, he will be the one that I will base of what a Filipino entrepreneur would be. Their business is on the field of printing press and they have been operating for about 18 years now. She and her husband are accounting graduate and so they decided to put their own business since they didn’t want to be working in the corporate world. They decided to be independent since they want to decide thing on their own and not being controlled by others. They believe that they can achieve their goals only by themselves with out the help of others. Because of these, they are considered as entrepreneurs who have become successful as their business continues to grow.
It’s not very ideal that a person immediately starts its business on its own. Being an entrepreneur requires experience in the corporate culture to be able to understand how to approach the plan. It may be good to start as intrapreneur to have the support of the top management and to learn more as you experience the manner of the business. Eventually there will come to a point to seek independence. As the chapter has given, there no such requirements to be an entrepreneur as long as you possess the qualities of being one. From a popular quote which is “I think therefore I am”, means if you think that you will become a successful entrepreneur, you will be one.