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Understanding Entrepreneurial Success (Doc)

   

Added on  2021-04-17

12 Pages2610 Words47 Views
1 | PageExecutive summaryIn this report we would be focussing on success of entrepreneurs and how they beat the incumbents in the market. In this scenario, considering the case of Steve Jobs who was anAmerican entrepreneur or we can say a business magnate who changed the industrial sector with its innovative designs. He was the chairman and a co-founder of Apple Inc. The success of entrepreneurs are not easy as they need to beat the incumbent who is holding a place in themarket and is been used by the customers for a long time. Whenever challenger comes in the market, with new innovation incumbents are often overlooked.. In this report we would be focusing on the reason how Apple gained success.

2 | PageTable of ContentsExecutive summary....................................................................................................................1Introduction................................................................................................................................3Attributes for the entrepreneur success......................................................................................3Personality and personal approach of Apple..............................................................................4Services Offered by Apple.........................................................................................................4Success Story.............................................................................................................................6Entrepreneurship process...........................................................................................................7Conclusion..................................................................................................................................8References..................................................................................................................................9Appendix..................................................................................................................................11

3 | PageIntroductionApple is an American company which sells electronic appliances; software’s and provides various online services to customers. It has occupied a good place in the market because of the contribution of entrepreneurship. It is true that country’s economic growth is directly related to new innovations (Elkind, 2018). Entrepreneurship and innovation basicallyincludes developing and creating new services in the market. It’s a dynamic factor in ensuring durable economic development of the society. Establishing a new business or industry is not easy there is lot to risks that need to be taken. Entrepreneurship and new innovation helps to address social problems and environmental issues (Jobs, 2015).Attributes for the entrepreneur successMain qualities for the success of entrepreneur are self-discipline, integrity, persistence andhave clear sense of direction. First of all the entrepreneurs have strong self-control on theirresponsibilities. Apart for that for their success it is important to gain reputation in the market thatcould be achieved by quality of the product delivered. For a successful entrepreneur it is importantto possess persistence (Linzmayer, 2014). Finally, entrepreneur has clear sense of direction whichwould help them to grow without any turbulence. They come from different geographic locationshave different upbringings, different income brackets set and various social levels. While thesehindrances doesn’t affect the life of successful entrepreneur as they are consistent towards theirsuccess. The reason for their success is tenacity that is they are prepared for every situation in thefailure and do not carry any fear of humiliation or out of cash issue because they have very clearvision for their objective (Galindo & Méndez, 2014). Entrepreneurs are goal oriented and focuson execution of the vision. Like Apple went from a simple idea to a billion dollar company in aflash. The reason for their success is that they are ready to take high risk and keep on innovatingnew products for the customer.

4 | PagePersonality and personal approach of AppleThe personality approach of Apple looks at the processes by which they can get moretarget audience. Prime audience is known so that concepts and processes are discovered closer totheir actual behavior, such as specific traits and specific motivation which helped Apple todevelop difficult and specific goals for success. Literature research indicates that Apple’smotivation and action strategies helped them for running a business successfully and overcomingthe incumbents in the market (Matsubara, et. al, 2012). It can be stated that both specificmotivation of Apple and Blackberry helped in discovering competitive strategies to mediate therelationship between personality traits and success. Apple Inc. has covered the competitive markets by beating all the incumbents.Apple'sbrand has evolved in the market as it has expanded the new innovation by started from small rangeof desktop computers to laptops, iPod’s and variety of products and services. Apple has changedthe market by innovating new products and services. The release of first iPhone somewhere was ahurdle for other companies, it kept on launching new products with new innovation. The successof entrepreneur relies on the fact that they learn the market demands and work on them. Apple wasdeveloping ideas and opportunities according to the customers demand (Colombelli, Krafft &Vivarelli, 2016).Steve Jobs also started the business by launching small pocket sized gadget used forbusiness purpose for performing calculation , making calls and so on. It was very fast in reactingto the market changes. Apple had come up with iOS at that time and it grabbed the market becauseit provided a user friendly approach (Deutschman, 2010).Services Offered by AppleApple products are designed to provide better lifestyle to users. They help organizations towork effectively and productively to solve problems. The purpose of its services is to offer

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