Philosophy of Entrepreneurship Essay Sample

From ancient merchants to modern start-up businesses, the spirit of entrepreneurship continues to develop globally. Therefore, this paper will seek to evoke the philosophy of entrepreneurship via the lens of an aspiring entrepreneur, “me”. Through much deliberation and endless playlists of TED talks, searching for a definition of a term so readily used was indeed a task. Then I realised that there is no politically correct definition of the term. For instance, traders on the isolated borders of Nepal would be confused by the simple explanation of the dictionary definition of the term “Entrepreneurship”. Because trading is done as a method of survival, not to see how far or successful they can go, but to ensure that their family does not go hungry during the long winters. Hence, I thought it best to use a definition that connects with my story, culture, and ambition.

To ensure that my philosophy of entrepreneurship is encapsulated in this discussion, a notable mention of the Godfather of entrepreneurship within the Harvard Business School must be made. Professor Howard Stevenson, an esteemed intellect, defined entrepreneurship as “the pursuit of opportunity beyond resources currently controlled” (Eisenmann, 2013, para.2). Growing up, I always admired how my mother always made something out of nothing, be it pastries made from fruits in the backyard or even creating dishes from limited resources to retail. Not to mention how well-versed we are as Caribbean people in mobilising little or uncontrolled resources to form a start-up business, medium to large organisations or mom-and-pop shops. And in my opinion, that is what distinguishes an entrepreneur: a steadfast commitment to producing a product or service despite limited resources and insurmountable risks. 

Therefore, how can this entrepreneurial spirit be taught, and at what age? The idea of infusing entrepreneurship into education seems to be spurring much discussion over the decade. Based on my past experiences, I vividly recall being a part of summer programs that engaged teenagers in many skill-packed activities. These programs made me more opportunity oriented, innovative, proactive, and creative, fundamentals which form the common denominator to the diversity of skills I now possess. Imagine how much more impact these programs would have if they were introduced earlier in my academic journey. As a result, I vehemently believe that entrepreneurial programs should be taught from as early as age ten to eleven and continued throughout all academic entries. Detailed research highlighted how significantly low entrepreneurship education is introduced globally at the primary school level, indicating room for improvement at the primary level (Martinez et al., 2008). Planting entrepreneurial seeds at the primary level, specifically grade six, when kids are approximately around the ages of ten and eleven, can begin the nurturing process to build progressive attitudes and allow children to acquire basic knowledge on the topic. Hence, a recommendation would be geared towards policymakers to include free enterprise within the curricula using creative methods to hone personal and business skills through a learning-by-doing approach. For example, young teenagers will better understand more profound entrepreneurship ideas by fostering productiveness and creative ideals early in life. 

Nonetheless, equally crucial to the discussion is how entrepreneurship aids the development in my community. Born and raised in a rural community historically known as “Grand Pauvre.” A name given by the French translated to mean “grand poor” or great poor” truly is something different today (Grenada, 2019). Victoria, St Mark’s, or most may now know as Sunset City, is a small-town bustling with small businesses owned by locals. From Restaurants, Supermarkets, Clothing Stores, Hardware Stores to Bars, to name a few. The rural development of my community is directly linked to entrepreneurship, especially as it relates to the civic vitality of Victoria. For example, a couple of years ago, the housing stock and public institutions available within the community were significantly limited in scope. However, the lives of the people within the community have changed; more employment is provided by the sole local proprietors and family businesses which makes a substantial difference to the poverty line that was once a civic issue.

Additionally, entrepreneurship aids in bringing new dollars to the economy as most young people within my community sustain their livelihood with profits from small-scale entrepreneurial activities. Most notably are the mentorship benefits local entrepreneurs provide indirectly for young adults. Therefore, it is without question that the spirit of entrepreneurship dwells within the community, which adds astronomical value to the inner society and Grenada as a whole. Nevertheless, challenges are present, especially when it comes to financial literacy. Making money is one thing but knowing how to manage and invest profits into solid assets is another. Most proprietor businesses usually remain small scale throughout the company’s lifetime with no effort to operate at a larger scale by opening connecting branches in different parishes. An issue I imagine stems from the mismanagement of funds or failure to invest appropriately. However, despite the challenges, the opportunity to start a new business that is demanded is constantly in favour of young aspiring individuals within my small parish. 

Moreover, having developed this literature of entrepreneurship connecting my stories and the wider community, I am most definitely on a journey to establish myself as a community entrepreneur. In five years, I hope to have established Sunset City Enterprise, my family hardware store, as a well-known Grenadian brand. In addition, I intend to write an entrepreneurship handbook, which will guide ambitious entrepreneurs through the steps necessary to launch a firm in Grenada. Manuals, methods, recommendations, and motivational speeches will be included in the book to cultivate an entrepreneurial mindset and expand the island's free enterprise sector.

Overall, I am a firm believer in the power of entrepreneurship to act as a wheel to market the economy’s growth engine. Engaging and educating individuals on the fundamentals and benefits of free enterprise can stimulate new employment, which undoubtedly results in the acceleration of economic development. As mentioned earlier, entrepreneurship is not a parallel phenomenon but reflects society’s fundamentals. However, the proper guidance and incorporation of entrepreneurship education as early as the ages of ten to eleven can lead to individuals creating new innovative ideas with the know-how of utilising existing resources in the most effective ways. Abu Bakr’s words, “knowledge without action is meaningless” (The BigCommerce Blog, para. 5, 2021). As a result, it is up to us, the academics, to network with those who have the expertise to teach the fundamentals of entrepreneurship to the younger aspiring generation so that Grenada's economy and people can thrive.