Posted: November 27th, 2013
Entrepreneurship is the process where an entrepreneur undertakes risks of innovating, financing and managing a business venture in an effort to transform his efforts into economic benefits for him as well as the people around him. Out of this, a new business entity may result, or growth of an organization may be revitalized. The Aviator is a movie that features the life of Howard Hughes, an American businessperson who is described as a serial entrepreneur. Through his daily activities and career as well as innovations in aviation, which eventually led to a new organization, the Hughes Aircraft, one can have a clear understanding of what entrepreneurship entails. His life was quite entrepreneurial, from the facts in the film, which achieved the goal of entrepreneurship, which is to create economic wealth that benefits the people.
Looking at the first basic concept of entrepreneurship, which is innovation, from the film, the main character is involved directly in innovation of aircrafts, and testing them. Very few people in life are innovators, which makes entrepreneurs few. An entrepreneur identifies an opportunity and exploits it through innovation that leads to new products that have a benefit to the people, and could render another product obsolete, or less depended on. For instance, currently, landline phones are almost obsolete, since the innovation of wireless cell phones, which are more flexible and reliable. The same way in transport industry, water transport was used across ocean borders, until innovations of aircrafts, which are faster, came to lower the demand of water transport. In the film, the innovations of the aircrafts are an indication of entrepreneurship, since there were economic benefits to the people who got employment, and generated revenue for the community.
Another concept of entrepreneurship is financing an entity, where the entrepreneur risks his money in a business that is new to the market, or entering into a market that already exists, with new products, which one is not sure will yield any benefits. The protagonist of the film, Hughes, takes new products to the aviation industry, and risks his money in the business that he was not certain it would yield. Today, very few people are willing to risk their finances to start up new businesses for fear of loosing, which limits the number of entrepreneurs, and majority prefer to employed, while other will not risk their money for innovative designs that help a business grow, and rather, prefer to grow slowly without risks. This is one great factor contributing to small businesses such as Wal-Mart, growing into a leading store, while the small provision stores that started with Wal-Mart remain stagnant, due to lack of expansion. It is important to note that entrepreneurship does not only involve new entities, but also innovative designs in already existing organization aimed at expanding the business. In the film, Hughes expanded his business when he acquired control over Trans World Airlines, served to expand his business in the aviation industry, where he provided new aircrafts, with new designs and flew faster, which won many customer, hence restoring the company, and expanding his business.
The above being the general factors determining entrepreneurship, some driving factors in the entrepreneur must exist in order to seek to achieve. One factor that drives entrepreneurship is the desire to achieve ones dreams. Hughes was driven by his dreams of film industry career, as well as his passion for flying, which drove him to innovation of better aircrafts. Generally, no body can enter into a course of entrepreneurship without a motivating factor, such as personal satisfaction, economic achievement among other factors. Majority of the entrepreneurs are driven by economic motives of creating more wealth, while some are driven by passion, and some like Hughes are driven by both.
Conclusively, entrepreneurship can be said to be the initiative undertaken by and entrepreneur to achieve economic growth as well as personal satisfaction that involves commitment, organization, drive new ideas and achievement outlook, and risk taking, which when combined, leads to specific actions that achieve the intended goal. Hence, it does not only involve new entities as many believe, but also, and initiative work or design that is aimed to create a monetary value bigger then the one existing. In addition, it involves expansion of businesses from small entities to big organizations. The Aviator is a film that illustrates how it is possible for entrepreneurs to achieve greatly in life through risk taking and innovation, as well as what pursuing ones goals without limit can lead to major achievements in an entrepreneur.
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