Week 3 Reading Reflection

Wow! Richard Schulze is certainly a visionary and role model. When most of us think of Best Buy, we think about new devices, technical support and blue shirts, most of us aren’t aware of the fascinating story behind the founder’s venture to success. The third time proved to be a charm for the determined entrepreneur as he was hit hard financially, and probably spiritually, by a tornado that wiped out his most profitable store, and a holiday inventory disaster caused by new, emerging technology. To, not only improve his long-standing, seemingly cursed business, but also become the most recognizable electronic department store in the country – throw in a 1999 Ernst & Young Entrepreneur of the Year award – Schulze could have a movie made about his life and people would certainly watch it.

“The Entrepreneurial Journey” section reminds me of a checks and balances system written out for country or business. The general idea can be understood, “the creation of a sustainable enterprise involves three parallel, interactive phenomena: emergence of the opportunity, emergence of the venture, and emergence of the entrepreneur… define and are defined by one another.” Once the author goes into further detail is when I began having trouble understanding.

This chapter of the book focuses on the mindset, traits, and characteristics of successful entrepreneurs. I would like to know about the author’s own experiences, especially failures, in his entrepreneurial journey, what led him to success, and what held him back. Also, there are many examples in the book about dealing and coping with stress. I would like to know his personal experiences in dealing with stress, some more specific examples for what worked and what worsened his stress.

It’s tough to disagree with a general study of traits and characteristics because there are an unlimited number of variables that contribute to the entrepreneurial mindset. One section in the chapter I’d like to modify, or improve, would be the “Common Characteristics Associated with Entrepreneurs” section. It may already be assumed by some readers, but I could see a majority of readers thinking “I know somebody who is an entrepreneur and has a lot of trouble receiving feedback,” or any other mentioned characteristic contradictions. The author should mention that these are traits of successful entrepreneurs with an entrepreneurial mindset, not just any small business owners.