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 [ֽəuvə r ֽOptı`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` h welmıŋ] –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.

· Intrapreneur is a person who while remaining within a larger organization uses entrepreneurial skills to develop a new product or line of business as a subsidiary of the organization.

Etymology:	INTRAPRENEUR
INTRA- + (ENTRE)PRENEUR → intrapreneur

· Інтрапренер – співробітник великої корпорації, який має повноваження та фінансові ресурси розробляти й організовувати виробництво нових товарів і послуг, тобто такий, що діє як підприємець в межах окремої корпорації; менеджер, який сприяє творчим і маркетинговим інноваціям в рамках власної компанії.

Task 10. a) Read the passage. Fill in the blanks with the words from the box.

risks	venture	undertake	innovation	entrepreneurial
skills	dates to	employees	capabilities	intrapreneurship

Intrapreneurship is the practice of using entrepreneurial (1) _____ without taking on the (2) _____ or accountability associated with entrepreneurial activities. It is practiced by employees within an established organization using a business model. (3) _____, perhaps engaged in a special project within a larger firm are supposed to behave as entrepreneurs, even though they have the resources and (4) _____ of the larger firm to draw upon.

The term itself (5) _____ the 1983 PhD dissertation by Burgelman and later defined in a 1985 book by Gifford Pinchot III, “Intrapreneuring”. The concept apparently dates back to 1976.

The use of this term helps name the differences in (6) _____ activity and the theory that most business opportunity seekers are not just risk-adverse, they will not accept high levels of risk that entrepreneurs will.

(7) _____ refers to employee initiatives in organizations to (8) _____ something new, without being asked to do so. This intrapreneur focuses on (9) _____ and creativity and who transforms a dream or an idea into a profitable (10) _____, by operating within the organizational environment. Thus, intrapreneurs are inside entrepreneurs who follow the goal of the organization.

b) Answer the questions.

1. What is intrapreneurship? What does it refer to?

2. How does intrapreneurship differ from the entrpreneurship?

3. What year does the term “intrapreneurship” date back?

4. What does the intrapreneur focus on?

5. Intrapreneurs are inside entrepreneurs who follow the goal of the organization, aren’t they?

Task 11. Translate into English.

1. Існує чотири основних типи підприємців. 2. Підприємництво зазвичай є важкою справою. 3. Успіх у підприємництві рідко залежить від везіння. 4. Переважна більшість новостворених підприємств банкрутує. 5. Історії успішних підприємців є завжди цікавими та повчальними. 6. Вважається, що підприємці не схильні підпорядковуватися владі. 7. Підприємницька діяльність вимагає чимало енергії та креативності. 8. Успішні підприємці вбачають можливості там, де інші їх не бачать. 9. Підприємцями стають люди будь-якого віку та розмаху особистості. 10. Кожний успішний підприємець приносить користь не лише собі, але й суспільству в цілому. 11. Підприємці та власники малих підприємств мотивовані можливістю отримання прибутків. 12. Багато хто вважає, що підприємцями стають щасливчики з “природженими ідеями”. 13. Внутрішнє підприємництво зазвичай не пов’язане з персональним ризиком для інтрапренерів. 14. Основою державної політики у багатьох країнах є розвиток культури підприємницького мислення. 15. Підприємець – це людина, яка здатна перетворити нову ідею чи винахід на успішну інновацію.

Task 12. Say what you know about:

1. Luck and “birth ideas”, energy and creativity of successful entrepreneurs.

2. The four types of entrepreneurs.

3. Character traits and qualities of a stereotypical entrepreneur.

4. Importance of entrepreneurship for economic growth and social cohesion.

5. Ways of developing a culture of entrepreneurial thinking.

Task 13. Comment on the following sayings.

1. Few entrepreneurs are just lucky businessmen with “birth ideas.”

2. “Those who have succeeded at anything and don’t mention luck are kidding themselves.” (Larry King – American talk show host)

3. Entrepreneurs come in all ages, shapes, sizes, and personalities.

4. “There are no secrets to success. It is the result of preparation, hard work, learning from failure.” (Colin Powell – US Secretary of State)

5. Every successful entrepreneur contributes to the social welfare.

6. “Nothing in the world can take the place of persistence. TALENT will not; nothing is more common than unsuccessful men with talent. GENIUS will not; unrewarded genius is almost a proverb. EDUCATION will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan “Press On,” has solved and always will solve the problems of the human race.” (Calvin Coolidge – the 30^th President of the United States 1923–1929).

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