Essay on My Entrepreneurial Motives and Mindsets
Number of words: 858
Self awareness of one’s motives and mindsets is important for success in a small, entrepreneurial business venture. This assignment will evaluate and assess personal motives for being an entrepreneur, from the perspective of this student’s level of comparable business experience, views and support from friends and family, educational experience on starting and managing a small business venture, and a potential entrepreneurial role model. As a thesis statement, this essay will contend that this student is suitable for entrepreneurship given her sufficient level of experience and aptitude for entrepreneurship, but should improve support from friends and family for the early learning children’s daycare centre, and seek mentorship from a trusted community business leader.
Level of experience and education in managing an early learning children’s daycare center
Sufficient experience is important for small venture success, and the student possesses an adequate level of experience for the above plan (Boden Jr. & Nucci, 2000, p.3). This student has worked at a family business related to child development and education for 18 years, and won the received the district teacher’s award as an intern in 2015 for her ability to identify learning difficulties in young children and adapt educational strategies accordingly. This student has also served as a mentor and team leader for her education-based family business, and managed small teams to ensure clear success and performance improvement for the students under her charge. Furthermore, this student has adequate educational experience with innovation, financial modelling, venture building and accounting from her bachelor’s education in entrepreneurship to run the business and financial operations of a daycare center, which are key to success.
Suitability for entrepreneurship based on evaluations from friends and family
In terms of this student’s Entrepreneurial Potential Self-Assessment, this student was below average in entrepreneurial profile, with below average motivations, aptitudes and attitudes for motivations. However, this student had relatively high needs for achievement, challenges, ambition and perseverance, while having a lower threshold for power, self-sufficiency, creativity and self-confidence. Furthermore, this student had a lower level of perception to act on destiny, and a more action-oriented approach to business.
The above findings are supported by candid observations from friends and family obtained as part of this assignment. The student’s parents had remarked that ‘Crystal always seemed driven to pursue her dreams from a young age’, while the student’s high school classmates and current collaborators in the early learning daycare centre noted that ‘Crystal has the combination of analytical skill, perseverance and connections needed for success amid an increasingly uncertain daycare environment impacted by COVID-19’.
Support from family and friends in starting an early learning children’s daycare center
The student requires more support from family and friends, as a critical form of financial and social support that is positively correlated with small business venture success (Nielsen, 2020, p.11). Due to the economic impact of COVID-19, family and friends were less supportive about the risk level of a new business venture, which had a negative emotional and financial impact on this student, and lowered the level of emotional safety for this student to proceed with this venture (Edelman et al, 2016, p.5). Family loans and advice were also harder to secure during the COVID-19 pandemic.
A trusted source of entrepreneurial mentorship
An entrepreneurial mentor could help with risk prediction and assessment, discovery and creation of new opportunities in the early learning childcare sector, and manage uncertainty through advice on effective stakeholder management and business acumen (Read et al, 2016, p.56). One source of entrepreneurial mentorship could be the head of my women’s leadership community forum, who concurrently leads a small angel investor’s fund focused on social entrepreneurship. This mentor should be further cultivated given that this student has not met her in the past 3 years. In particular, the mentor, with her range of experience in socially-motivated business ventures, could help this student in controlling the controllable, and devising strategies to leverage factors this student can influence, such as a pivot toward more virtual, cost-effective forms of childcare and daycare during the COVID-19 pandemic (Read et al, 2016, p.69).
Self-awareness is the first step toward success in a small business venture. In conclusion, this student has a suitable level of experience and aptitude for entrepreneurship based on the student’s ambition, determination and educational and professional background, but should seek to develop the level of support from friends and family for the early learning children’s daycare centre, and seek mentorship from the head of the community’s angel investors club.
Boden Jr, R. J., & Nucci, A. R. (2000). On the survival prospects of men’s and women’s new business ventures. Journal of business venturing, 15(4), 347-362.
Edelman, L. F., Manolova, T., Shirokova, G., & Tsukanova, T. (2016). The impact of family support on young entrepreneurs’ start-up activities. Journal of Business Venturing, 31(4), 428-448.
Nielsen, M. S. (2020). Passing on the good vibes: Entrepreneurs’ social support. The International Journal of Entrepreneurship and Innovation, 21(1), 60-71.
Read, S., Sarasvathy, S., Dew, N., & Wiltbank, R. (2016). Effectual entrepreneurship. Taylor & Francis.