Uploaded February 27, 2020
This guide will address the following Commerce Years 7–10 syllabus dot-points of Option 4: Running a Business
- Discuss the characteristics of an entrepreneur, including: (ACHEK019)
- Qualities and capabilities that have contributed to the success of individual entrepreneurs, e.g. Aboriginal and Torres Strait Islander entrepreneurs (ACHEK019)
Content (Theory)
When we hear these names:
- Oprah Winfrey
- Walt Disney
- J. K.Rowling
- Laura Berry*
- Luke Pearson**
What comes to mind? Creativity, passion and persuasion might be a few.
What about these names:
- Steve Jobs
- Elon Musk
- Bill Gates
- Mark Zuckerberg
- Jeff Bezos
Entrepreneurship, innovation and technology come to mind.
It’s interesting, isn’t it? How we associate entrepreneurship with individuals who have successfully created a business. We associate Steve Jobs with the creation of Apple. Mark Zuckerberg with Facebook. And Elon Musk with Tesla. These are physical, tangible businesses.
On the flip side, we associate J.K Rowling with the Harry Potter series. Oprah Winfrey with The Oprah Winfrey Show. And Laura Berry with Supply Nation. None, however, can be associated with a physical, tangible business.
Does that mean they’re not entrepreneurs? Absolutely not.
The ten aforementioned names were among those listed in Inc.’s “11 Most Famous Entrepreneurs of All Time” article. So what makes them all entrepreneurs, even though not all ten own well-known businesses?
Essential characteristics of entrepreneurs.
10 characteristics that almost all entrepreneurs possess are as follows:
- Creativity — The ability to think outside the metaphorical box to look for new opportunities and devise new solutions to unsolved problems
- J.K. Rowling’s creativity manifested into the world of Hogwarts
2. Passion — Perhaps the most important characteristic for entrepreneurs — without passion, there is often no reason for one’s work and no drive to do it
- Walt Disney’s passion for making films brought us gems like The Lion King
3. Perseverance — Entrepreneurs are their own boss, which means they must be in charge of their own time and how they spend it. It also involves committing to a task even in the face of opposition and setbacks and even failure.
- Steve Jobs said, “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance”
4. Optimism — When entrepreneurs are confronted with challenges, they don’t see them as problems; they see them as opportunities — the glass is half full instead of half empty. Optimism is strongest when employed in the face of opposition and setbacks. It strengthens the will to persevere and to remain hopeful.
- Elon Musk’s optimism helps him combat scepticism surrounding well-functioning electric cars
5. Future orientation — Entrepreneurs are clear about their vision, they set their goals and everything they do is aimed at achieving those goals. They also have the ability to read the market and the zeitgeist, enabling them to forecast what the future will bring.
- Jeff Bezos founded Blue Origin to prepare the world for future space travel
6. Persuasion — Out of the box ideas are often met with considerable scepticism — entrepreneurs need to be able to sell and persuade their idea to relevant stakeholders
- Laura Berry’s role in stakeholder and reputation management requires superior levels of persuasion
7. Flexibility — Entrepreneurship can be a lonely journey that requires many ‘solopreneurs’ to wear several hats at the same time — being the secretary, bookkeeper and CEO.
- Oprah Winfrey began her pursuit as a solopreneur
8. Resourcefulness — The ability to make the most of what they have, whether that be time, money or effort, is crucial to the entrepreneurial journey
- Luke Pearson created IndigenousX after seeing a gap in the market which he was willing to spend time filling in
9. Risk-Taking — Facebook founder, Mark Zuckerberg claimed, “In a world that is changing so quickly, the biggest risk you can take is not taking any risk
- Mark Zuckerberg dropped out of Harvard University to move to Palo Alto to spend all his time and energy on Facebook back in 2004
10. Decisiveness — There are far too many problems and pathways to tackle and follow — true entrepreneurs appreciate that they must decide and deal with the consequences accordingly
- Bill Gates’s decision to divorce IBM was hugely controversial at the moment but became one of the best decisions Gates would ever make.
Content (Practical)
Activity (for students): Conduct research on an entrepreneur of your choosing (from the last 40 years) and describe the characteristics which they possess(ed). Evaluate how these characteristics led these entrepreneurs to succeed in their respective fields. You may use any of the entrepreneurs listed above or an entrepreneur of your choosing.
* Laura Berry is a Wiradjuri woman and is currently the CEO of Supply Nation.
** Luke Pearson is a Gamilaroi man and is the founder and CEO of IndigenousX.
