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Drawing On Material From The Lecture Notes And Independent Research, Construct A Detailed Profile Of An Individual, Named Entrepreneur

3251 words - 14 pages

Entrepreneur: Tom Bostock- ‘The Travelling Fishmonger’

1. Introduction

The definition of an entrepreneur taken straight from the oxford dictionary is ‘a person who sets up a business or businesses, whilst taking on financial risks in the hope of profit’ (Whitelock, 2011). A definition this simple is near impossible to find in any scientific journal. Schumpter (1934) was one of the first researchers to claim that an entrepreneur was an actual state of being that was different from a business owner or manager, and since that faitful article many researchers and scholars have attempted to define the term, entrepreneur. They have found this to be a very difficult task indeed as many ...view middle of the document...

2’ and the ‘average number of siblings was 3’ among entrepreneurs (Wadhwa, Aggarwal, Holly, & Salkever, 2009). The family set-up, is believed by psychologist, to play quite a pivotal part in the creation of an entrepreneur.

He was brought up in a ‘nice house’ but did consider his family to have been ‘upper-lower class’ (Bostock, 2011). This goes against the grain slightly in terms of figures that state over ‘71.5% of entrepreneurs come from middle-class backgrounds’ with only ‘21.8%’ considering themselves to have come from ‘upper-lower class backgrounds’ (Wadhwa, Aggarwal, Holly, & Salkever, 2009). This statistic may just be down to a matter of funding, as it is harder for a family with low income to offer financial backing to a new business venture (Aldrich & Cliff, 2003). Growing up in this low income family was a resounding factor for Mr. Bostock in creating his own business, ‘it motivated me massively’ (Bostock, 2011). This is also the case for other entrepreneurs with the statistics showing ’82.1% said it was an important factor’ compared to the average of ’74.8%’ (Wadhwa, Aggarwal, Holly, & Salkever, 2009). Growing up in a low income family seems to have a big effect on people in terms of the desire to live in better conditions with more money than they had during childhood.

When asked whether Mr. Bostock thought there was a certain event from his childhood that triggered why he wanted to start his own company, he replied, ‘there was nothing specific that triggered the event, I think it was more down to the fact that my family was quite poor growing up and I hated having to see my dad go to sea for weeks at a time to try and make ends meet’ (Bostock, 2011). This shows that where and how Mr Bostock lived played a big part in creating a personality that was driven in the aspect of making money, and therefore gave him the motivation to create his own business.

‘Entrepreneurialship wasn’t something I grew up thinking I wanted to do, it was just something I fell into’ (Bostock, 2011), this puts Mr. Bostock in the smaller bracket of ‘34.7% of people who didn’t even think about’ (Wadhwa, Aggarwal, Holly, & Salkever, 2009) becoming an entrepreneur. Also the fact that Mr. Bostock didn’t attend college makes him the minority as over ‘95.1%’ of entrepreneurs taken from the sample ‘had a bachelors degree’ (Wadhwa, Aggarwal, Holly, & Salkever, 2009). ‘I was there or there abouts in the top half of the class, in the top 30%, or at least very close to it’ (Bostock, 2011) was what he thought of his education and performance at highschool, ‘If I went in every day I think I would have quite easily been up there, but of course helping out my dad on the boat held me back quite a lot’ (Bostock, 2011), ‘75 percent (of entrepreneurs) ranked their academic performance among the top 30 percent of the high school class’ (Wadhwa, Aggarwal, Holly, & Salkever, 2009). Due to the amount that Mr. Bostock missed of highschool he could be considered a “misfit”...

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