Becoming An Entrepreneur

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Entrepreneurs are they born or made, I don’t know but as I started doing this paper I had that thought. Websters definition of entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise. For myself being a young African American male in a comparative light there seems to be significant problems, or obstacles, to becoming entrepreneur. These problems are categorized by environmental factors, opportunity factors, and issues related to capital. The purpose of this paper is to establish what makes a successful entrepreneur and what steps are used to becoming an entrepreneur.

Taking North America as an example, the number of people who are self-employed

(Entrepreneurs), as well as the percentage of all workers who are self-employed,




has continued to rise over the past several years. In addition, the number of women and minorities who are self-employed has risen steadily. For example, in 1, women made up about one third of the self-employed workers. Self-employed individuals tend to be older than

salaried employees --the median age for self-employed individuals is about 44 years as opposed to 7 years for salaried employees. In addition, the number of entrepreneurs divided by all workers increases with age and is the highest for both men and women.

I want my own. I don’t think anyone, at one time or another, hasn’t felt like they wanted to own their own business. No matter how well you like what you’re doing and who you work for, there is nothing like being your own boss. How do you set yourself up to become your own boss? Do you have what it takes to become an entrepreneur to start and run your own business? I think it can be easier than you think if you have the right attitude and structure in your life, you can do it.

The first thing you have to do to become an entrepreneur is to think like one. You have to believe in yourself, set goals and put your plans into action. Thinking that you can’t do something will have you not doing it. You have to know what you want and believe you can get it. Having feelings that things might not happen or you cant succeed will be your downfall in becoming an entrepreneur. When you start and run your own business, you cant have any negative thoughts. Remember, you are responsible for every part of your business and no one else is around to motivate you. Your inspiration is what will carry you and any other people that work for you. Setting goals for your business and putting those goals into action is what will

make you start living your dreams of being an entrepreneur. Whatever type of business you decide that you want to start, you have to have a game plan.

Have a business plan so you can start off right in setting up your company and knowing which way you want to go in the future. Without a business plan you will be lost on what you’re trying to accomplish now and the direction you want to go in. Once you have your business plan laid out, thats when you have to start putting those plans into action.

Procrastinating about your plans will only keep you from succeeding at being your own boss. When you have decided what you want to do and have it all planned out, the next step is to jump right out there and start doing it.

To be an entrepreneur you have to be willing to take chances. If you want that safety net that you have always had on your regular job, being an entrepreneur is the wrong thing for you. This business will be yours and you will have to deal with the ups and downs of the business instead of a boss after all, you’re the boss. Plan out carefully what you want to do and do some research on whatever company you are planning to start. Studying about your new field is one of the best ways to start off on the right foot in opening up your new company.

Researching and studying will help you to understand and know about your new business to give you the confidence you will need to get started. Developing your own business can be one of the most satisfying things you can do. It’s great to be your own boss, but it’s also a lot of hard work. Be prepared to work harder for yourself than you have ever worked for anyone else.

The research I did on this paper I took as a real life type of goal of becoming an entrepreneur I incorporated into my dreams of owning my own nightclub. Which from everything I read isn’t the best run at becoming a successful entrepreneur, but it’s a dream of mine so I feel like I could apply a lot of the concepts I learned to become a club owner.

The nightclub business can be a high cash flow, exceptionally lucrative investment, and while (from a customer perspective), it appears to be nothing more than loud music and alcohol, I can assure you, theres a little more to it than that- at least in this day and age. I myself find that I need to be the expert in this field. No one, and irrespective of how many portfolios, success stories, r�sum�s, references, or million dollar promotions, can write you a ticket to success in this industry. Here are the top 5 issues to consider before moving forward. Keep in mind, that a third party source cannot determine, address, or accommodate these issues as they pertain to your unique marketplace So, its important you develop your own understanding of Nightclub entertainment product, (relative to your marketplace)

how to keep it profitable, how to determine what people (in your unique marketplace) really want , how to create an identity and maintain it, how to implement and maintain a vision, or operating philosophy. I sometimes find it amusing how there is absolutely no study, or class available in nightclub operations, which seems to lead many to believe that overnight success must be the result by default. Again, this is exactly why Ive observed many entertainment ventures, which have fallen into the red, or at the verge of collapse just 4-months after launch. Perhaps lead to the slaughter would be a better term. Now, why does this happen?

For the most part, its a lack of general understanding on what it is theyre supposed to be doing. Sounds pretty funny, doesnt it? How could one invest into a business without a basic understanding of what it is theyre supposed to be doing? In actuality, no one would intentionally

attempt this, however perception is reality. In other words, many perceive the business as a tangibly based commodity. In short, they believe the product theyre marketing is sound, lights, VIP rooms, and alcohol. Hey?.. Anyone can put this together, right? This is 0% wrong, 0% of what youre marketing is an intellectually based product, and not a tangible one per say. This is where many nightclubs go wrong when trying to put the nightclub business into clear perspective. As a number of my findings in researching this topic have found, think of standing in line -hours for a ride on the worlds biggest roller coaster ride. What is it youre really paying for? Why are you waiting in line -hours for something that will end in under -minutes?

I would say lets look at the possibilities Is it the shinny new roller coaster, Is it the state of the art steel rails; is it the cool lights that illuminate it at night? In all likelihood, the answer is a clear no to all of the above. Your money and investment of time lining up is justified by the ½ minutes of intellectual thrill and excitement, hence the commodity in this case, being an intangible product. Intangible meaning, people are purchasing a product, which evokes sensations of excitement, elation, adrenalin, and passion! This is what people are paying for, and its why theyll wait hours for a small taste of it. The product itself has little to do with the tangible, but everything to do with providing an intangibly based human experience. Another term for this is a concept driven commodity.

How do nightclubs relate to this? They’re amazingly similar! While the lights, sound, and alcohol are fundamental components of any entertainment venue, they are not the soul drawing card for high-volume, profitable crowds. Similar to the product a roller coaster provides, the nightclub must provide the following elements, and or essence, which is Ability to excite a room by means of social ambience, not sound and lighting alone, ability to invoke passion, excitement, romance, sex, humor, and adrenalin from a crowd, ability to understand and read into a marketplace- no two are exactly the same, ability to gain insight, and or anticipate the future needs of a room- it never stays the same!

So, to sum it up, a nightclub is really selling an experience and not a product, which is based on shiny new gizmos, or cutting edge music. Unlike the 80s and 0s, the 1st century marketplace is a little too smart for that, and as the many failures, and or low profit nightclubs have clearly illustrated.

While promotions, experts, high-priced DJ acts, and canned solutions may have a place, they are not the place to start. There are no schools or certified courses, as teaching people the nightclub business in some type of organized classroom environment could pose a number of challenges.

This is definitely a business that has no cookie cutter format to it at all. It only works if you have something that makes people like what they came to your establishment to do, forget about there existing problems or unwind from the long work week that just ended with giving them the feeling that the nightclub experience that you are providing them will be just enjoyable every time they enter your venue.

In doing the research of becoming an entrepreneur and running my own club I feel nervous to take a step like that because it seems to be very hard work. At the same time I realize that no true entrepreneur who started out with a dream and lots of ideas could have never had huge hang-ups about starting their career dreams because if they did they wouldn’t have been people like Henry Ford, Donald Trump, Sean Combs, Russell Simmons, and Percy Miller. These are definitely men who I take inspiration from when thinking of becoming an entrepreneur. I

could not think of a better place to be than America, the best and the only country to live in. The boxing promoter Don King once said “Only in America”, he definitely spoke volume. I also came to the conclusion that if you have a dream and work hard at it and try to make your vision work it doesn’t matter what race, sex , culture you come from you just have to a passion to become successful at whatever it is your going to do.

So I conclude by saying becoming an entrepreneur isn’t for everybody but at the same time that is why there are leaders and followers and I am proud to say that I am a leader and some day I will own a piece of that American pie an my own entrepreneurship venture.



Works Cited

Entrepreneurship and Dynamic Capitalism The Economics of Business Firm Formation and Growth by Bruce A. Kirchhoff.

Growing New Ventures, Creating New Jobs Principles & Practices of Successful Business Incubation by Mark P. Rice, Jana B. Matthews, Laura Kilcrease, Susan Matlock, Julius Morgan, Robert Sherwood.

Marketing and Entrepreneurship Research Ideas and Opportunities by Gerald E. Hills. pgs.

Reinventing Government How the Entrepreneurial Spirit is Transforming the Public Sector

by David Osborne, Ted Gaebler.

Governments, Globalization, and International Business by John H. Dunning. 518 pgs.

Entrepreneurial Origins A Longitudinal Inquiry, in Economic Inquiry

by Bradley R. Schiller, Philip E. Crewson.

Entrepreneurship and the Privatizing of Government

by Calvin A. Kent.

Race, Ethnicity, and Entrepreneurship in Urban America

by Ivan H. Light, Carolyn Rosenstein.

Exceptional Entrepreneurial Women Strategies for Success

by Russel R. Taylor.

Soul Food 5 Principles of Black Entrepreneurial Success

by Robert L. Wallace.

Entrepreneurship Education Current Developments, Future Directions

by Calvin A. Kent.

Innovation and Entrepreneurship Practice and Principles

by Peter F. Drucker

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