Entrepreneurial Management with or without the education: The success of the real people

Essay by davidpak86University, Bachelor's September 2005

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An entrepreneur is mainly classified as a risk-taker and a strong decision-maker. For many years, there have been many successful entrepreneurs who used academic education towards their business, and vice versa. This essay critically analyses both sides, giving real entrepreneurs examples as well as how they succeeded throughout their life. But is an entrepreneur what you really think it is? And is education really necessary towards making the big step in life? It is possible to say yes and no, within both views depending on the characteristic of the person.

Stoner classifies entrepreneur as one strong leader, which is usually the founder of the business (not always necessary) who makes the bold, risk taking decision more or less intuitively (Stoner, 1982).An entrepreneur is anyone is takes the final say and puts words into action. That is, if he thinks that the there is a need for an improvement or development of a new organisation/product, he/she is the one who will take all responsibility in regards to fail or success in developing the idea.

More or less, wiser managers will take the consideration and produce a prototype (whether it is a product or plan) in order to observe how their decision is made.

There have been many thoughts upon management, and how they are dealt with. There are real managers out there, who gain success with the use of education upon their managerial and entrepreneurial skill; they believe that common skills of their managerial techniques are taught with education. Barbara Elmore states, by combining challenging education skills with new active involvement among emerging ventures, entrepreneurs are able to acquire a "well-rounded" knowledge base, which prepares them for the diverse competitive marketplace (Elmore 2005). By the use of education in conjunction with entrepreneur, they are able to gain a broader view of...