People around the globe are fulfilling their dreams of becoming business owners. With the help of the internet, entrepreneurship continues to thrive at a staggering pace and creates myriads of opportunities that are being seized around the world (Spinelli & Adams, 2016). Entrepreneurship is central to the establishment and growth of businesses. It also plays a significant role in growing and developing regions and nations. These wide-reaching outcomes start from humble backgrounds – entrepreneurial activities are initiated by enterprising persons possessing lucrative opportunities (Hisrich et al., 2016). This paper discusses a business concept I intend to make a reality soon.
Current Entrepreneurial Position
My current entrepreneurial position is developing a business concept. Just as the typical expression of entrepreneurship, the business venture is a raw start-up. Barringer and Ireland (2016) state that the first entrepreneurial step is for an entrepreneur to recognize opportunities and generate ideas. As such, I came up with the idea of a cyber-security software company that caters to the security needs of both individuals and small businesses. According to Scarborough and Cornwall (2016), the next step is to assess the idea. I have, as a result, examined the market’s need and the solution required for the said need. I also conducted a feasibility study to determine the viability of the business. A feasibility study is mainly an investigative tool for analyzing a proposed business idea (Barringer & Ireland, 2016). Therefore, I concluded that the concept is worth pursuing since cybersecurity threats and their severity are on the rise year over year. Individuals and small businesses are vulnerable to these attacks and threats.
The next step was developing the business model of the company. This model outlines how a company intends to create, deliver and extract value (Neck et al., 2017). Using the model, I documented several activities and resources to ensure the company can sustainably deliver value to its intended market. I then developed the business plan, which outlines its background and finances, and describes its goals and how they are to be fulfilled (Neck et al., 2017). With all the steps mentioned above, the business is set to proceed to the launch phase.
Personally exhibited Entrepreneurial Behavior
An entrepreneur’s behavior or traits is central to either the success or failure of their venture. I understand this idea and, in turn, demonstrate entrepreneurial behaviors as I develop my business. One such behavior has been crucial in coping with the little resources available. Hisrich et al. (2016) contend that entrepreneurs’ resources are often limited; therefore, they maximize what they have to create opportunities. As I develop my business concept, I have also had to utilize my existing resources to solve problems that arose and create other opportunities.
Possessing dynamism and flexibility is another entrepreneurial behavior that I exhibit. These traits often aid entrepreneurs in decision-making regarding market changes (Hisrich et al., 2016). My ability to quickly adapt to changes in the market has proven crucial in keeping alive my dream of establishing a company. Consequently, in assessing my business idea, I have had to make a few adjustments to be consistent with the changes in the market. Lastly, I have shown a lack of fear of failure in my activities. Entrepreneurs with low fear of failure believe in their abilities, set clear goals, and take risks – essential actions for the growth of a new venture (Porcar & Soriano, 2018). Thus, I have set my goals and included certain risky activities in my business plan. I intend to implement these activities when I launch the business.
Evaluation of Current Entrepreneurial Position
My cybersecurity software company intends to solve the threat of cyber-attacks on individuals and small businesses. The contemporary world has undergone a profound digital revolution, which has transferred almost all business activities online. Individuals and small companies initiate business transactions from their smartphones and computers, and in the same devices, they keep other sensitive information. This information is unsafe and can be stolen by cybercriminals who gain unauthorized access to systems to advance criminal acts (Seemma et al., 2018). Vulnerable parties can take precautions, but they cannot afford big-name information technology companies or software systems to secure their information. Therefore, my company intends to offer software security services to secure this individual information and basic areas of small businesses.
Entrepreneurial opportunities are activities that entrepreneurs undertake to make a profit. It is a situation in which the service costs outweigh the production costs (Hisrich et al., 2016). The problem of cyber-threat provides various opportunities in the cybersecurity world. Virtual data rooms are one such opportunity, and they secure businesses’ sensitive information in cloud-based locations. Protection against identity theft is another opportunity whereby software and analytics detect unauthorized credit cards and other personal identification data usage. Cyber threats or crimes also align with network monitoring in which activities of a company or individual are monitored to see who uses their network at given times.
There is a consensus that risk-taking is a prerequisite for being referred to as an entrepreneur. Even in the initial stages of creating my business, I have learned some risks associated with the cybersecurity software business. Although I’m planning to hire experienced experts in information technology, there is always the possibility of being hacked. In case this happens, all clients’ information will be at risk. Also, there is a financial risk since I anticipate friends, family, and angel investors to assist with the funding. It is a risky idea that can easily go wrong and jeopardize the whole business.
Barringer, B. R., & Ireland, R. D. (2016). Entrepreneurship: Successfully launching new ventures (5th ed.). Pearson.
Hisrich, R., Peters, M., & Shepherd, D. (2016). Entrepreneurship (10th ed.). McGraw-Hill Education.
Neck, H. M., Neck, C. P., & Murray, E. L. (2017). Entrepreneurship: The practice and mindset. Sage Publications.
Porcar, A. T., & Soriano, D. R. (2018). Inside the mind of the entrepreneur: Cognition, personality traits, intention, and gender behavior. Springer Verlag.
Scarborough, N. M., & Cornwall, J. R. (2016). Essentials of entrepreneurship and small business management (8th ed.). Pearson Education.
Seemma, P. S., Nandhini, S., & Sowmiya, M. (2018). Overview of cyber security. International Journal of Advanced Research in Computer and Communication Engineering, 7(11), 125-128. Web.
Spinelli, S., & Adams, R. J. (2016). New venture creation: Entrepreneurship for the 21st century (10th ed.). McGraw-Hill Education.