Entrepreneurial Action

 

This entails the of entrepreneurship which encapsulates hand-on experience in taking risks, learning from mistakes made and improvement in business ventures. This action involves figuring out how to achieve entrepreneurial intent. Issues involve what actions to be taken. The

practice involves decisions, actions and resource allocation to concretize ideas into reality. It is a process which exposes an entrepreneur to all aspects of business including, operations and

human resources. Thus, when skills is applied, knowledge, attitude coupled with principles. Theories, techniques, and methods of entrepreneurship it can be called ‘practice of entrepreneurship’. Entrepreneurial action commence from three (3) internal ‘resources’ available to all desiring entrepreneurs namely; understanding of who you are, a clear understanding of what you know, and whom you know. This will translate into awareness of what you are willing, able and happy to do, the technical know-how and competencies you possess, and what social networks you are part of. Entrepreneurs are expected to be guided by these three (4) afore mentioned resources to face reality that is full of uncertainties and risk.

It must be noted that action is behavioural and carries subjective meaning (Berglund, 2005), these human action influences the notion of entrepreneurial action which has been examined in three perspectives. The three themes of these actions namely; the empiricism of behavioural approaches, the rationalism of cognitive approaches, and the interpretivism of discursive approaches are discussed below:

Behavioural approaches tend to downplay the issue of meaning in favour of direct examinations of specific actions, decisions and events. The focus has been how various activities undertaken by individuals emerge into enterprise.

Cognitive approaches address intentionality and meaning by examining entrepreneurial traits cause of action. Entrepreneurial cognitions form the knowledge structures people use to make decions, assessment or judgment involving evaluation of opportunity, venture creation and growth.

Discursive approaches also probe the nation of meaning but investigate how entrepreneurial actions are motivated through more or less public stories and discourses. Entrepreneurial identities are formed in the webs of actualized discourse rather than seeing entrepreneurs as masters of their creation. 

There are some entrepreneurial action that influenced by factors that have to do with the entrepreneur himself and environment.

Need for achievement: the concept of need for achievement denoted (nAch) encapsulate individual’s need to strive hard to attain success. This individual need often motivate entrepreneurial action. People with high need for achievement seek to excel by pursuing vigorously their intentions irrespective of hurdles. It has been reported to be a factor that encourages persistent behaviour among entrepreneurs.

Freedom: Be it economic or decision making free freedom, individuals have taken entrepreneurial action on the ground of enjoying freedom. What has made a lot of individual to have swing into entrepreneurial activity was the desire to either enjoy economic freedom because of their inconsistent wage/salary while others desire to actualize their decision making strength that is often limited when in the employment of others.

Recognition: In most cases as human being, we love to be heard and seen. Our actions are being propelled by the drive to be recognized or have some achievement attributed to us. As an entrepreneur, creating new product or market is a breaking ground for life and even in the developed nations many of these grounds have been named after the owner as a symbol of recognition.

Unemployment: This is the unavailability of job opportunities for individual in the society. Persistently high unemployment rates have triggered entrepreneurial spirit in a lot of individuals. Similarly, the emergence of necessity entrepreneur has been described as an action oriented move propelled by unemployment of an individual. From the profiles of notable successful entrepreneurs around, unemployment was their catalyst for entrepreneurial action that is start up drive