Entrepreneurship: Jeff Bezos and the Impact of COVID-19

This document explores the concept of entrepreneurship and focuses on the success story of Jeff Bezos, the founder of Amazon. It discusses the skills and traits that make him a successful entrepreneur and examines the theories of creativity and alertness. Additionally, it analyzes the impact of COVID-19 on businesses and how entrepreneurs like Bezos are dealing with the crisis. Subject: Entrepreneurship

ENTREPRENEURSHIP

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Entrepreneurship is the ability and skill to expand, organise and run a trade firm, along with
any of its uncertainties in reference to create a earnings. The most prominent example of
entrepreneurship is the establishing a new businesses. Basically entrepreneurship refers to the
activity of creating a new firm and bearing any of its risks, with the view of making the profit. It
can be an act and action of seeking investment and production development option, developing
and administrating a business enterprise, so as to assume manufacturing function, arranging
inputs such as land, labour, material and fund, introducing new techniques and commodities,
finding out new sources for the establishment (Venkataraman, 2019). Jeff Bezos is a successful
entrepreneur and play an effective function in the development of e-commerce as the finder and
chief executive of Amazon.com. This essay document will consider information about brief
information a successful business person, fundamental traits and skills of him. Further, it will
explain about different theories of creativity and alertness and impact of COVID 19 over
business and how entrepreneur deal with it.
MAIN BODY
Entrepreneur and e-commerce pioneer Jeff Bezos is the originator and CEO of the e-
commerce establishment Amazon. His successful business organisation has made him one of the
richest people in the globe. The full name Jeff Bezos is Jeffrey Preston Bezos and he was born
in12 January 1964, Albuquerque, New Mexico, US. He is an American internet entrepreneur,
businessman, media administrator and shareholder. But majorly the person is acknowledged as
the originator, CEO and head of multi-national technology enterprise Amazon. Hisparents,
Jacklyn and Ted, is separated just after a year of their marriage. After some time period, his
mother gets married to Mike Bezos and he took the accountability to look after him. He done his
school from River Oaks Elementary School, Houston, Texas and Miami Palmetto High School
Florida (Kraus and et. al., 2018). For his higher education, he went to Princeton University, US.
After the completion of his graduation education, Bezos got a job offer from Intel Bell Labs and
Anderson Consulting. He turned down to begin at Fintech telecommunications enterprise Fitel.
After that the individual changed into banking sector, becoming a product manager at bankers’
trust. In 1994, he quit his job and started Amazon.com and owned a house on rent and start
working form his garage with his friend. He named this company as the name of a South
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American river. This organisation went to public in1997, leading several market analysts to
question whether the firm could embraced its own traditional vendors that initiated their own e-
commerce sites. This is the company which offer a range of commodities and effective services
to its target audiences in term of meeting the needs and demands of them. Due to having
effective, fundamental and appropriate skills and traits, Bezos make this firm successful. As a
great entrepreneur, he has adequate abilities and qualities of business person.
Ability to embrace new experience is one of the key skills of Bezos and duet to have the
capability to hold several experiences permitted Jeff to reflect in different forms and to maximise
the capacity for creations. Even before the internet was truly appreciated, Jeff Bezos was offering
an idea of doing new trials with the assistance of internet (Fayolle, 2018). The individual has the
ability of anatomising a business activity of delivering products through considering help of the
internet. Therefore, the person made the largest bookstore of earth. After that he tested with a
new thought to change it into reality. Once the Amazon became the gainful bookselling outlet,
Jeff tested by constructing large warehouse throughout the nation. Along with this, as a great
entrepreneur he has influencing skill and with the help of it, Jeff sets the norms, attitudes and
ethics for his establishment and then convinces his workers to consider these core rules in the
business activities. Furthermore, he also has the skill of empowering his workers to highlight on
budding and underpinning their ability set in reference to develop their execution. Jeff has the
persuasion ability to motivate his workforce to improve innovative thoughts and solutions for
business associated complexities. He reveals his ability by influencing his manpower to elevate
their consciousness about the results.
Due to having all these skills Bezos also has effective entrepreneur traits that also assist
in making him a successful business person. He is risk taker and ruthless boss who do not
stand satisfaction at any cost. Conscientiousness, although having sturdy goal and an
courageous courage, Bezos is not so consumed with the big picture that he misses the briefs. Due
to having this quality and traits, the individual make a high focus on the business and with the
help of it, Jeff work regarding development of the business (Malecki, 2018). His another
immense quality is to suppose long term as when Jeff started business as Amazon.com, the
person had a long term idea of building this commerce successful in the whole globe. Jeff made
it potential as he acknowledged the essentialnees of the internet at that time and he recognized
the internet will play important functions in human lives. As in current time situation of COVID
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19 pandemic, the market of online shoping increase and enhance as the people prefer purchasing
goods and products through online way. In this situation it creates positive impact over the
success of company in term of increasing sales and profitability. Risk taker, this fundamental
trait of Jeff assists in making the business growing. When Jeff made up his mind to begin his
own commerce, he had no money so he tale risk by investing the fund of parents (Chowdhury,
Audretsch and Belitski, 2019). Now, Bezos is the owner of a successful business venture known
as Amazon.com. Now these days, he is also one of the richest men in the globe, and his feature
of captivating relentless threat has not died down.
Schumpeter’s theory of creative destruction links closely with view of the essentialness of
economic dynamism. Most economic determinations are executed in the static sense, where the
economist looks at the globe in its current state to estimate the impact of the introduction of a
new policy. Creative obliteration can be distanced when the dismantling of long footing activities
in reference to make form for modernization. Creative obliteration was first coined by Austrian
economist Joseph Schumpeter in 1942. The person defined innovative annihilation as creations
in the production activity which maximise efficiency, but the term has been accepted for utilise
in several other context. In context of business development, the entrepreneur like Jeff Bezos can
use as the activity of manufacturing alteration that unremittingly transforms the economic
framework from within, continually obliterates the one in term of continually making new one.
Along with this, original devastation theory delights economics because an untreated and vibrant
activity. By following this theory, the business is most often utilised to define disruptive
technologies like the pathways in their own time and the internet. Kirzner’s theory of Alertness
is developed by Israel Kirzner who is a British-American economist and emeritus professor at
New York University. Kirzer argues that entrepreneurs balance supply and demand by noticing
market imperfection and developing them. For example, in UK and other nations of the world
people prefer online shopping in term of buying commodities and taking the benefits of the
services which are offered by the business enterprise (Nambisan, Siegel and Kenney, 2018). But
in this COVID pandemic, the sales and profitability of firm affect in unfavourable manner.
According this respective theory, the profit industrialists obtain from entrepreneurship is their
remuneration for their acceptance of hesitation because they get rid of arbitrage development
option made by the unawareness or ineffectiveness of current organisations. Businessperson
requires being alert in reference to be capable to observe economic prospects those others cannot
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see such as the demand for innovative products and facilities. This conception considers that
industrial attentiveness cannot be taught. However, this belief has been analysed as marketplace
research and consumer detection can accurately assist to identify certain kinds of occasions. It
does not analyse the economic manners like purchasing assets or making new commodities as
entrepreneurial. Rather it is only the act of alertness that is entrepreneurial.
Impact of COVID-19, Within the face of international COVID-19 pandemic,
entrepreneurs has to goes through new reality, which is not only large sanitary as well as health
crisis that impacts millions or even billions of individuals all over the world (Azoulay and et. al.,
2020). It is also unprecedented downturn within international economy. Additionally, the France
has tracked their huge fall into GDP-5.8%. Since, 1949 into the initial quarter of respective year.
Meanwhile, within U.S, the underemployed or unemployed numbers has currently passed about
40 million individuals. Along with this, the government, economical responses and public heath
are largely distinguished in case the entrepreneurs are depends in USA or Europe. as the founder
of any business, it would be also required very distinguish tactics into place based upon
respective industry. In addition to this, entrepreneurs into COVID-19 affected industry that have
to be ready for loosing around 50% to 80% of its turnover also most of the marketing value.
Such as the urban mobility e- scooter, start-up lime in formal star firm has lost about 80% of
their value. Also, the firm’s in year 2019 fundraising $310 million developed their valuation at $
2.4 billion (What are the impacts of COVID-19 on entrepreneurship?, 2020).
Therefore, as entrepreneurs are fighters, by nature positive and resilient, they would
overcome from respective duration of problems as this is into its DNA for bouncing back. Also,
all crisis have an end point, so this will be an opportunity as well as cue for various entrepreneurs
for undertaking something new and innovative (Drobyazko and et. al., 2019). So, at this period,
the CEO of Amazon utilises their skills as well as competencies for their and business beneficial.
As he introduced as well as recruited in about 175,000 full and part time staff at lesser salary.
Also, by Amazon future engineer programme, they are donating around 4000 laptops to higher
school students all over U.S. as well as developing online resource related to computer science
that includes preparations of exam free. Moreover, respective entrepreneurs innovative ideas is
Amazon web services as well as NIH, NCBI both announced the development of Corona virus
Genome Sequences Dataset for supporting COVID-19 research as well as administration of
virus. As this data set is hosted through AWS open data sponsorship programme as well as
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accessible upon registry of open data upon AWS, facilitating investigators fast as well as simple
access towards corona virus sequence information at no cost for utilised into its investigation of
COVID-19 (Amazon’s COVID-19 blog: updates on how we’re responding to the crisis. 2020).
Thus, this impacts the entrepreneurs in positive and negative way. Also, it develops various
opportunities for entrepreneurs especially for online business (Bosma, Sanders and Stam, 2018).
As these are enhancing during these times and can able to obtain more profitability and
productivity. Moreover, their various competencies as well as traits assist him to open up
opportunities for them during crisis period also.
To be a successful businessperson and entrepreneur, it is essential to effectively aware with
the own skills, qualities and traits so that a business can be establish and offering commodities
and services in more developed manner. Along with this, the knowledge of particular business
area is essential before staring and setting of company because it will assist in providing a
direction and guidance to set up a business in more efficient and adequate form.
CONCLUSION
This has been concluded from the above defined information that entrepreneurship is an
activity and process of establishing business by considering new and innovative ideas and
thoughts. For set up and incorporate an effective business, the entrepreneur require effective and
adequate skills and qualities which assist in developing and growing the business in more
developed manner. Different creative and alertness conception assist in making development in
the business. COVID 19 is one of the key issues which affect the business of a company in
diverse manner.
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REFERENCES
Books & Journals
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