Entrepreneurs and Entrepreneurship

(Part II)

Entrepreneurship is often a difficult undertaking, as a vast majority of new businesses fail. Nevertheless, the list of successful entrepreneurs goes on and on. Though different, their stories are always interesting and instructive.

Many people regard entrepreneurs as lucky businessmen with “birth ideas.” While they certainly have good ideas, their success is seldom based on luck. Entrepreneurs are often successful because they see opportunities where others don’t – in changing markets, in the need for product or process improvements, in the usefulness of substitute products, and in changes in the age or location of the population.

Successful entrepreneurs often follow one or more of the following paths:

• unexpected opportunities;

• changing market conditions;

• improving a product or process;

• providing an alternative product or service;

• identifying population trends.

Naturally, traveling these pathways calls for lots of energy and creativity.

There are four types of entrepreneurs: 1) the innovator; 2) the calculating inventor; 3) the over-optimistic promoter, and 4) the organization builder. These types are not related to the personality but to the type of opportunity the entrepreneur faces.

Entrepreneurs come in all ages, shapes, sizes, and personalities. A (stereo)typical entrepreneur is:

• primarily motivated by an overwhelming need for achievement and strong urge to build;

• a tough, pragmatic person driven by needs of independence and achievement;

• seldom willing to submit to authority;

• mercurial, that is, prone to insights, brainstorms, deceptions, ingeniousness and resourcefulness;

• cunning, opportunistic, creative, and unsentimental.

The entrepreneur’s vision is usually supported by an interlocked collection of specific ideas not available to the marketplace.

Every successful entrepreneur brings about benefits not only for himself / herself but for the municipality, region or country as a whole. Entrepreneurship has a potential to support economic growth and social cohesion. That is why the policy goal of many governments is to develop a culture of entrepreneurial thinking.

Vocabulary Notes:

1. vast [vα:st] / [væst] – широкий, безкраїй; численний; величезний;

2. to fail [feı^əl] – не досягти, не зробити; не збуватися; зазнати невдачі; не вдатися; провалюватися (на іспитах, виборах);

3. instructive [ın`strAktıv] – повчальний; інструктивний;

4. “birth ideas” [`bə:θ aı`dıəz] – природжені (дані з народження) ідеї;

5. substitute products [`sAbstıtju:t `prOdAkts] – взаємозамінювані товари; замінники;

6. to call for – вимагати; передбачати;

7. innovator [`ınəveıtə] / [`ınəveıt^ər] – новатор; раціоналізатор;

8. calculating inventor [`kælkjuleıtıŋ ın`ventə] – розважливий (такий, що розраховує) винахідник;

9. over-optimistic promoter [ֽəuvərֽOptı`mıstık prə`məutə] – надзвичайно (занадто) оптимістичний ініціатор (пропагандист, прихильник);

10. to face [feıs] – зустрічати сміливо; не лякатися, дивитися прямо у вічі;

11. shape [∫eıp] – форма; обрис; образ;

12. overwhelming [ֽəuvə`welmıŋ] / [ֽouv<sup>ə</sup>r`hwelmıŋ] – переважаючий; непереборний;

13. urge [ə:G] – поштовх; спонукання; сильне бажання;

14. to build [bıld] – будувати; споруджувати; створювати;

15. tough (person) [tAf] – дужий, сильний; непохитний; стійкий, витривалий; незговірливий, упертий;

16. to submit to authority [səb`mıt tə O:`θOrəti] – підкорятися владі;

17. mercurial [mə:`kjuəriəl] / [m<sup>ə</sup>r`kjuriəl] – моторний; рухливий; діяльний;

18. prone (to) [prəun] / [proun] – схильний (до);

19. insight [`ınsaıt] – прозорливість; проникливість; інтуїція; розуміння, усвідомлення;

20. brainstorm [`breınstO:m] / [`breınstO:rm] – несподівана блискуча ідея;

21. deception [dı`sep∫^ən] – ілюзія; обман, облуда;

22. ingeniousness [ın`Gi:niəsnəs] – винахідливість; майстерність; дотепність;

23. resourcefulness [rı`zO:sf<sup>ə</sup>lnəs] / [rı`zO:rsf^əlnəs] – винахідливість;

24. cunning [`kAnıŋ] – вправний; здібний, спритний; хитрий, підступний;

25. unsentimental [ֽAnsentı`ment^əl] – несентиментальний;

26. interlocked [ֽıntə`lOkt] / [ֽınt<sup>ə</sup>r`lα:kt] – сплетений; з’єднаний; поєднаний;

27. to bring about [brıŋ] – викликати; спричинювати; здійснювати;

28. municipality [mjuֽnısı`pæləti] – муніципалітет; місто, що має самоврядування;

29. social cohesion [`səu∫<sup>ə</sup>l kəu`hi:ჳ^ən] – соціальна єдність; єдність суспільства.

Task 5. a) Give antonyms of the words in the box. Translate them into Ukrainian.

1. Unlucky;	3. available;	5. sentimental;	7. interesting;
2. expected;	4. unwilling;	6. unsuccessful;	8. unchanging.

b) Agree or disagree with the following statements. Correct false statements.

1. The entrepreneur’s vision is usually supported by an interlocked collection of specific ideas unavailable to the marketplace.

2. Successful entrepreneurs often take unexpected opportunities in unchanging market conditions.

3. The list of successful entrepreneurs goes on and on that’s why their stories are uninteresting.

4. Entrepreneurs are often seen as cunning, opportunistic, creative, and sentimental.

5. Entrepreneurs are often unsuccessful because they see opportunities where others don’t.

6. Many people regard entrepreneurs as unlucky businessmen with “birth ideas.”

7. Typical entrepreneurs are unwilling to submit to authority.

Task 6. Use the prepositions in the box to fill in the blanks in the sentences below. Translate the sentences into Ukrainian.

about ×1;

into ×1;

from ×2;

by ×3;

on ×3;

of ×4;

for ×5;

in ×5;

to ×7.

1. Entrepreneurs and small businesses owners are motivated (1)_____ the possibility (2)_____earning profits. 2. The word entrepreneur originates (3)_____ the French word, entreprendre. 3. An entrepreneur is a person willing to put his or her career and financial security (4)_____ the line and take risks (5)_____ the name (6)_____ an idea, spending much time as well as capital (7)_____ an uncertain venture. 4. The term “entrepreneur” is typically used to refer (8)_____ anyone who owns or operates a small business. 5. An entrepreneur is a person who is willing and able to convert a new idea or invention (9)_____ a successful innovation. 6. Entrepreneurship ranges (10)_____ scale (11)_____ solo projects (12)_____ major undertakings creating many job opportunities. 7. An entrepreneur is usually prone (13)_____ overconfidence and overgeneralizations. 8. The success of true entrepreneurs is seldom based (14)_____ luck. 9. Entrepreneurs are often successful because they see opportunities (15)_____ changing markets, (16)_____ the need (17)_____ product or process improvements, etc. 10. Entrepreneurship calls (18)_____ lots of energy and creativity. 11. Major types of entrepreneurs are not related (19)_____ the personality but (20)_____ the type (21)_____opportunity the entrepreneur faces. 12. Entrepreneurs come (22)_____ all ages, shapes, sizes, and personalities. 13. A stereotypical entrepreneur is primarily motivated (23)_____ an overwhelming need (24)_____ achievement. 14. An entrepreneur is prone (25)_____ insights, brainstorms, deceptions, ingeniousness and resourcefulness. 15. The entrepreneur’s vision is usually supported (26)_____ an interlocked collection (27)_____ specific ideas not available (28)_____ the marketplace. 16. Every successful entrepreneur brings (29)_____ benefits not only (30)_____ himself / herself but (31)_____ the society as a whole.

Task 7. a) Which paths did the following successful entrepreneurs follow? Put ticks where necessary. Explain your choices.

pathway name	found unexpected opportunities	improved a product or process	used changing market conditions	provided an alternative product or service	identified and matched population trends
Mary Kay Ash
Richard Branson
Coco Chanel
Simon Cowell
Michael Dell
Barry Diller
Walt Disney
Debbi Fields
Henry Ford
Bill Gates
Milton Hershey
Steve Jobs
Rachael Ray
Ty Warner
Frank Lloyd Wright

b) How do the above business people match the stereotypical image of a successful entrepreneur?

• primarily motivated by an overwhelming need for achievement and strong urge to build;

• a tough, pragmatic person driven by needs of independence and achievement;

• seldom willing to submit to authority;

• mercurial, that is, prone to insights, brainstorms, deceptions, ingeniousness and resourcefulness;

• cunning, opportunistic, creative, and unsentimental.

Task 8. Answer the questions.

1. How does business practice prove that entrepreneurship is often a difficult undertaking?

2. Why are stories of successful entrepreneurs always interesting and instructive?

3. Do many people regard entrepreneurs as lucky businessmen with “birth ideas”?

4. Is the success of entrepreneurs always based on luck?

5. Why are entrepreneurs often successful?

6. What paths do successful entrepreneurs often follow? What does traveling these pathways call for?

7. How many types of entrepreneurs are there? What are they? How are they related to the personality?

8. What is a stereotypical entrepreneur?

9. How do successful entrepreneurs contribute to the social welfare?

10. What is the government economic policy in many countries focused on?

Task 9. Study the following notes.