Question

Scenario

Wanda comes to you because she is discouraged and needs to talk. Her parents have heard she is thinking of expanding her business and even possibly taking out a second mortgage on her home to fund the expansion. They have never been overly supportive of her business, but as long as it seemed like a “hobby,” they didn’t have much to say. Recently Wanda’s mother called and expressed strong reservations about Wanda taking such a large step. This made a big impression on Wanda. She tells you that she doesn’t want her business to cause a rift in the family. Perhaps she should take her parents’ advice and just forget expanding the business. Moreover, she doesn’t understand why her parents aren’t as excited about the prospects for the business as she is.

For Discussion

1. Using what you know about entrepreneurs, why would Wanda’s parents not see things the way that she does? What positive characteristics of entrepreneurs is Wanda exhibiting?
2. Do you know an entrepreneur personally? If so, what characteristics do you see in entrepreneurs that you have to presume Wanda shares? If you don’t know an entrepreneur, then look to the world of business and use one about whom you can do a little research. Some examples of famous entrepreneurs are Sir Richard Branson (Virgin Wireless, Virgin Galactic), Elon Musk (Tesla), Oprah Winfrey (The “O” Brands). What characteristics do you think these famous entrepreneurs probably share with Wanda?

Answer 1

1. Entrepreneurs are risk takers. There foresight about subject matter is not easily understood by layman. That is what sets them apart from others doing nothing about the need and vision an entrepreneur has. Wanda exhibits the behaviour of business person who conceives an idea and in full swing set themselves to achieve their vission or forecast. Such entrepreneurs firmly believe in what they think.

2. Wanda shares the characteristics of vision to identify opportunity, guts to convert hobby/passion into business venture with all risks, financial and behavioral independency, exhibiting creativity and many more.

3. Virgin Airlines owner Mr Branson is an inspiring entrepreneur. Read his entire story from his childhood from a book over world's famous business personalities. He was a unstoppable man who knew no limits. His sheer determination made him achieve who is he now. Wanda continued to persue her business inspite of not being emotionally supported by her parents. Even these famous entrepreneurs slogged over their dreams. Convincing parents is just a minor hurdle which i believe Wanda shall surely overcome soon.