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MBA Review Magazine:
Entrepreneurs: The Backbone for a Nation's Development
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This article discusses the qualities and some insights of hero entrepreneurs, who drive innovation and efficiency in the economic system of a country.

 
 
 

Who is a hero? A hero represents a person who lives up to his/her cherished values such as honesty, integrity, courage and bravery. For others, a hero is someone who is steadfast or someone who sets a good example for others. To many, being a hero means self-sacrifice, even of life itself, for the sake of others. And many are regarded as heroes just because they are celebrities, even though they receive adulation due to their profession or notorious lifestyle which most of us covet. Because of all these qualities we may call the entrepreneur also a hero.

The word is originally from the French word entre, meaning "between", and prendre, meaning "to take", the French verb, entreprendre means "to undertake". It refers to a person who undertakes and operates a new venture, and assumes some accountability for the inherent risks. Being in business or being an entrepreneur is about taking risks and confronting challenges.

Entrepreneurship is a multifaceted phenomenon. Definitions of entrepreneurship focus on different aspects of the phenomenon (Davidson, 2003) and originate from different disciplines.

Thus, entrepreneurs are characterized by boundless energy, farsightedness and bold determination to push into the unknown. They are alert, watching for new opportunities to change the status quo, and often through failure, develop a better than average sense of timing, learning to balance patience and immediate action. This brings us to the second stage of the classic heroic journey.

There are two schools of thought about what makes an entrepreneur. The first is that anyone can do it if he really want to, provided he puts in the effort. The second—and this is the view of psychologist Adrian Atkinson—is that you have to be a certain type of person and, if you are not that type, you are wasting your time.

Atkinson, who is Chief Executive of Human Factors International, a business-psychology consultancy, is so convinced that entrepreneurs are born and not made that he has set up a research project, in conjunction with the Prince's Trust, to identify which of the young people aged 14 to 18 advised by the trust should be encouraged—and which should not. According to him: "This theory that anyone can become an entrepreneur is absolute nonsense. And what is terrible about that message is that it is making people risk their money and is, therefore, creating larger debts. It is just awful. I often have people saying they are going to sell everything and become an entrepreneur, and I say for goodness sake, don't do it. Very few people are wealth creators and it is really important that people realize where their strength lies."

 
 
 

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