What might cause you to think about operating your own business? Why a lot of people excited to be as entrepreneur? Why also our governments encourage Malaysian to be entrepreneur? Some are especially attracted and pulled toward entrepreneurship by number of powerful incentives or rewards.
Longenecker, Moore and Petty (2003), grouped into three basic categories: profit, independences, and personal fulfillment.
Make Money (Profit)
Like any other job or career, entrepreneurship also provides for one’s financial needs. Starting one’s own business is a way to earn money. Indeed, some entrepreneurs earn lots of money. Islam also encourages Muslim to involve as entrepreneur. Prophet Muhammad (p.b.u.h) said that business is 90 % from sources or rizki. Profit motive is one reason, although not only reason, for operating one’s own business.
The financial return of any business must compensate its owner for investing personal time (a salary equivalent) and personal saving (an interest and/ or dividend equivalent) before any true profit are realized. Therefore, entrepreneurs should expect a reward turn that will not only compensate them for the time and money they invest but also reward them well for the risks and initiative they take in operating their own business. Indeed, some profit is necessary for a firm’s survival.
Some entrepreneurs, no doubt, are highly motivated by the prospect of profits. They have heard the stories about people who are involved as entrepreneurs became millionaires. They also have heard the stories about successful businessman and businesswomen who lived in the prestigious life.
Independences (Be Your Own Boss)
Owning a business provides entrepreneurs the independence and also the opportunity to achieve what is important to them. Freedom to operate independently is reward for entrepreneurs. Longenecker, Moore and Petty (2004), in their book identified that thirty-eight percent of those who had left jobs at other companies said their main reason for leaving was that they wanted to be their own boss. Like these entrepreneurs, many people have a strong desire to make their own decisions, take risks, and reap the rewards. Being one’s own boss seems an attractive ideal.
Entrepreneurs in general appreciate the independence inherent in their chosen careers. They can do things their own way, reap their own profits, and set their own schedules. But, remember independence does not guarantee an easy life. Most entrepreneurs work very hard for long hours. But they do have satisfaction of making their own decisions within the constraints imposed by economic and other environment factors, including undesirable working conditions. This situation normally we called as the refugee. Refugee mean that a person who becomes an entrepreneur to escape an undesirable situations. Of course I’m agreed!
Enjoy a satisfying Life (Personal Fulfillment)
Entrepreneurs frequently speak of the satisfaction they experience in their own businesses; some even refer to their work as fun. Part of their enjoyment may derive from their independence, but some of it reflects an owner’s personal fulfillment in working with their own firm.
The role of entrepreneur in even a one-person business can often bring to an individual a sense of dignity or significance that makes life worth living. Enjoy a satisfying life may derive from a pleasurable activity, from enjoyable associations, from respect in the community, or from some other aspect of the business. For many entrepreneurs, the life satisfaction they receive is much important than money or independence.
The study of entrepreneurship and entrepreneurs has relevance today, not only because it helps entrepreneurs to better fulfill their personal needs, but also because of their contribution it gives to the individual, society, country and to the world. Through the evolution of entrepreneur can wined our scope about entrepreneur.
This chapter also examine the entrepreneurial opportunities and also to give better understanding about the concepts of entrepreneur and entrepreneurship in our daily life. In addition, three basic rewards or incentives likes: profit, independences, and personal fulfillment can motivated us to be one of the entrepreneur.