Entrepreneurship is rightly considered as the foundational pillar of modern economy. Western countries invest enormous resources in promoting the value of private business activity. Small and medium businesses are believed to be responsible for the rapid economic development nationally and globally. For many people, successful entrepreneurs act as role models in the world of business and as perfect examples of productive self-realization and unlimited creativity. The venture creation process is surrounded by numerous controversies. Being a successful entrepreneur is a challenging task even for the most talented personality. Stories of successful entrepreneurs present the rule of thumbs other people should follow to ensure the profitability of their projects and pursue excellence in their professional fields.
The focus of the present assignment is on a successful entrepreneur, who used her creativity and talent to bring together potential investors and the most promising startups. The young woman organized the so-called “business incubator” for agricultural manufacturers and small business owners. Her venture had passed a long and thorny way towards sustained profitability and public success. Now that her position in this market niche has become particularly strong, she has agreed to share her recipe of entrepreneurial success with others. Mrs. H., this is how she asked to be mentioned in the interview transcript, tells her story of venture creation.
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Before she started her first venture, Mrs. H. had been working in the field of agriculture. Actually, her entire life had been closely associated with agricultural business. The woman grew up in small rural estate. Her father enjoyed a recognized status of one of the best agricultural workers in their community. Mrs. H. confesses that she did not plan to end up in agriculture. Yet, no matter how hard she tried to escape the agricultural fate, she always returned to it. One day, the young woman decided that she needed a good investor to launch her agricultural project. That was the moment of revelation, when Mrs. H. suddenly realized how large the gap between her entrepreneurship spirit and that of potential investors was. She met numerous men and women, who shared brilliant business ideas and irradiated determination to become a success in agriculture.
As a result, Mrs. H. decided to try herself in the so-called helping business. That is, she would look for an investor for a business venture she believed to be potentially profitable. She says that she wanted to see how the process would go to avoid similar issues with her own business idea. However, once the venture was started and the first project was completed, her fame of the investor-glue quickly spread within and beyond the community. Today, Mrs. H. manages dozens of agricultural projects and meets with at least two potential investors every day. Her venture is flourishing and thriving, and she does not want to talk of the times, when she could hardly meet her basic needs.
For Mrs. H., the most valuable asset is creativity. This sounds surprising, given that many contemporary entrepreneurs emphasize the crucial role of human resources behind the success of their business ventures. Had it not been for Mrs. H.’s creativity, she would have never managed to succeed in her market niche. The services she provides are unique but extremely important for the future of local agriculture. The only thing she says she would do differently is relying on the real-life experiences of other business owners rather than her own intuition and perceptions of the future. More than once, Mrs. H. acknowledges that she owes the success of her venture to incidents, accidents, and coincidences. An impression persists that the business woman never engaged in any planning activities. Today, Mrs. H. cannot imagine her venture without thorough planning and controlling activities, administrative support, and strategic decision making. She says that, had she been more thorough planning her initial venture activities, she would have managed to reduce the costs of her business activity, minimize the risks of financial losses, and avoid the hurdles of misbalanced human resource management.
Overall, from the perspective of Mrs. H., the venture creation process resembles a spontaneous occurrence. The interviewee does not specify the strategies she employed to obtain the desired results. She constantly emphasizes the fact that she did not follow any predetermined course. Many of her decisions were made intuitively. This is actually where the discussed venture fell short. Despite its profitability and strategic success, one should not ignore the relevance and utmost importance of strategic planning. I find it particularly admirable about the entrepreneur’s ability to make quick decisions, based on a surface analysis of the situation. Still, I would discourage other young entrepreneurs from following the same path.
One of the key things I have learned from this interview is that being successful in venture creation is never possible without having experience and expertise in the selected business activity. Mrs. H. knew the taste of being an agricultural worker inside out, and she knew how she could help other business people to close the existing investment gaps. Simultaneously, the results of the interview once again confirmed the essential role of planning, marketing, and advertising in venture creation, development, and growth. The success of Mrs. H.’s venture looks more like an accident rather than a result of thorough planning. These planning priorities will certainly influence my career in the next five years. I will be much more considerate to ensure that the results I manage to achieve in business can sustain in the long run.
To conclude, venture creation is a sophisticated process that encompasses numerous elements, decisions, and actions. It requires talent and creativity. However, it is also impossible without thorough planning. The results of the present interview suggest that business owners cannot rely solely on their intuition. They must make grounded decisions to make sure that the venture they manage to create brings long-term profits.
