Can Entrepreneurship Be Taught or Does It Have to Be Learned Through Experience?

New Venture Creation (BUSI1041 UNMC)

2017-18

First Integrative Learning Barometer

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Student Name:   Afif Rifa’ie Bin Mohd Gazali                                                                                                                        Student Number:  025467

Provide a critical reflection to the following question: Can Entrepreneurship be taught or does it have to be learned through experience?

The Business Dictionary defines entrepreneurship as “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” It has three main perspectives, first, from a view point of ability to start a business, second in the context of economics where it refers to a capability to manage resources or input to produce products or services than can bring profit. Third, from the dimension of entrepreneurial spirit which is characterized by ability a person or people to innovate and skills for risk-taking.  Hence entrepreneurship is considered as key ingredient in determining the progress of a nation or a progress of a person in his or her life.

Therefore as a person, entrepreneur is defined as someone who controls a business and takes on the risks inherited from the business. Successful entrepreneurs are those who dare to take risk from their decision. Entrepreneurs can also be interpreted as individuals who create new creations for the benefit of society and themselves. The issues here is whether the entrepreneurs could be taught or does it merely come from experience.

I believe that experience is crucial for an entrepreneur to become successful. Experienced entrepreneurs may have gone through ups and downs, from there learnt lessons and made adjustments survive their business endeavors, through hard ways, through trial and error. There are many literature and bibliographies of successful entrepreneurs, more are telling their stories of getting into business and how thew managed challenges, and making soft and hard adjustments in order to survive.  People like Lim Goh Tong the founder of Genting Bhd, Tony Fernandez of Air Asia, Boon Siew of Honda Malaysia. Perhaps many familiar with international figure such as Bill Gates and Jack Ma.

However, no one could also possibly deny the role of structured learning and continuous learning or lifelong learning in nurturing and sharpening the business acumen of a person.  Therefore, it cannot be denied that entrepreneurship can also be nurtured and trained through formal and informal learning. It can be seen that there are many educational institutes and organizations that offer guidance and training to help entrepreneurs succeed in their field.

Many say college education is not much needed. However, for me, college education is also important element to be a successful entrepreneur. The knowledge gained from the class is probably not all used in real business world, but it can help entrepreneurs to communicate, learn, think and make business decision more rationally and effectively. It will help them to make a calculated risk, that could minimize any potential downsides.