Entrepreneurial Stress

source

Entrepreneurial stress is the extent to which entrepreneurs work demands and expectations exceed their abilities to perform as venture initiators, they are likely to experience stress. When an entrepreneurs 'to do' work surpasses his 'can do' work,  he is likely to experience stress. There are different causes of stress, some are:

• Loneliness: The entrepreneur, although surrounded by co-workers, also faces lonliness as sometimes he lacks the service of people he can confide in and his job also isolates him more to his place of work and away from his family.
• Immersion in business: The entrepreneur is always occupied pursuing one business opportunity or another and so this gives him less opportunity to rest and have a good time with people and family.
• People problems: Entrepreneurs are subject to working with other workers in order tto assure success, but when these others fail to positively deliver hardwork and commitment, the entrepreneur who depends on these peoplle could have too much on him leading to stress.
• Need to achieve: The entrepreneur always wants to be ahead and keep achieving, but that isn't an easy task and sometimes entrepreneurs find themselves in more stressful situations than they can handle.

Characteristics and Darksides of Successful Entrepreneurs

Successful  entrepreneurs usually have some characteristics that promote their innovative behavior. Some of these characteristics are listed below and I have provided an explanation for a few.

• Persistent
• Creative
• Responsible
• Inquisitive
• Goal
• Independent
• Self-demanding
• Risk-taking
• Restless
• Action oriented
• Enthusiastic

1. Persistence: If we notice, successful entrepreneurs never give up easily no matter the situation, they are always ready to do what they have to, and also do it well and fully.
2. Creative: When we have a problem, the next thing is to think about a solution, so do entrepreneurs. The are always thinking of new valuable and effective ways of solving problems.
3. Responsible: Entrepreneurs don't allow others make decisions for their use, they always have that sense of solving their own problems and taking responsibility for their actions.
4. Inquisitive: As much as a good farmer would want to know about anything which would reduce his farms productivity, so does every successful entrepreneur want to know about anything that would tamper with their business ventures.

DARKSIDES OF ENTREPRENEURSHIP.

Although entrepreneurs seem to be well to do people, there are some dark sides to entrepreneurship also. Entrepreneurs constantly face some risks which they have to tackle one time or the other.

1. Financial risk: When an entrepreneur starts a business venture, he puts capital into this business and if the business venture fails, he loses the money.
2. Career Risk: If an entrepreneurs business venture fails, he has to consider if his former employer would take him back or figure out a new business opportunity he can undertake.
3. Family and Social Risk: Because of their commitment to their job, entrepreneurs rarely have time to enjoy themselves with friends and family.
4. Physic Risk: This is one of the major risks as some entrepreneurs who have failed could find it hard to move on whilst losing all that money and effort they put into the collapsed business venture.  This could have psychological effects on the entrepreneur. 

Corporate Entrepreneurship and Intrapreneurship

Corporate Entrepreneurship is the process of profitability and creating innovation within an organizational setting. An Intrapreneur is an employee who undertakes business opportunities under a company or an organization setting. He is provided with all the necessary support, encouragement and financial aid to help motivate success and in turn the company also benefits from this business venture. Lets take an example, say a company could be a normal investment company and one of its workers brings up the idea of creating a software which automatically sorts out all investment transactions and matches these investors with online  and recorded investment opportunity adverts considering the interests of both sides, but he has less capital to fund this project. His company is involved in corporate entrepreneurship when they fancy this idea and decide to fund this project to ease work and to promote the efficiency of the company. This worker is an example of an Intrepreneur. Consequently if other firms take interest in this program, then the company has found another way of making profit by putting this software into production and selling it to other companies.

NEEDS FOR CORPORATE ENTREPRENEURSHIP

When companies get involved in corporate entrepreneurship they offer more opportunities for making profit, improving efficiency and output, and also avoid risking losing some of their bright and talented workers to being small business entrepreneurs. This venture also increases the reputation of the company and wards off competition, whether local or international.

DEVELOPING CORPORATE ENTREPRENEURSHIP

Corporate entrepreneurship can be encouraged by:

1. Management support: The willingness of the management of an organization to support and encourage workers who bring up these ideas.

2. Autonomy/Work Discretion: Avoiding criticism of workers with innovations and allowing decision making.

3. Rewards/Reinforcement: Rewarding workers and encouraging them for ideas can help promote innovative behavior.

4. Time Availability: Giving workers less work provides more time for their working together and bringing up of new ideas





The Experiental 'Are you a high achiever' exercise

Hi!
I just took an exercise from the book 'Introduction to Entrepreneurship' by Dr. Donald F. Kuratko. The exercise is designed to help identify your achievement drive.
I scored 81% and according to the scale, I am a high achiever. I think I got this score not just by chance, but because I answered the questions according to things that I find interest in. I found out that when a person starts to think like an entrepreneur, he also starts to behave like one, and all he thinks about is not just doing something, but doing it very well.

Introduction.

                                                          

WELCOME

     Hello and welcome to my blog page.

    My name is Joseph Dalughut, a student studying entrepreneurship at the American University of Nigeria.  I would basically be talking here about Entrepreneurship as a risk but a source of valuable innovations, ideas and economic solutions. I hope you not only find what you're looking for, but also have fun whilst reading.