Role of Entrepreneurs in Society
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This assignment provides a comprehensive overview of the role of entrepreneurs in society, including their impact on economic development, innovation, and social change. It explores the characteristics and traits of successful entrepreneurs, such as Bill Gates, Mark Zuckerberg, and Elon Musk, and analyzes their contributions to economic growth and societal well-being.
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Running head: ENTREPRENEURSHIP
Entrepreneurship
Entrepreneurship
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ENTREPRENEURSHIP 1
Table of Contents
Introduction...............................................................................................................................3
Characteristics of Entrepreneurs......................................................................................3
Passion..............................................................................................................................3
Motivation..........................................................................................................................4
Taking Risk.......................................................................................................................4
Hard Work, Self-belief and Disciplined Focused........................................................4
Confidence........................................................................................................................5
Adaptable and Flexible...................................................................................................5
Product and Market Knowledge....................................................................................5
Strong Money Management..........................................................................................5
Effective Planning Skills.................................................................................................5
The Right Connections...................................................................................................6
Exit Preparedness...............................................................................................................6
Capability to Question Themselves..............................................................................6
Creativity...........................................................................................................................6
Make SMART Goals for themselves............................................................................6
Taking Ownership of the Destiny..................................................................................6
Extending Team by Networking....................................................................................7
Consistency in the Efforts..............................................................................................7
Role of Entrepreneurs.........................................................................................................7
Leader...............................................................................................................................8
Figurehead........................................................................................................................8
Visionary...........................................................................................................................8
Decider..............................................................................................................................9
Financial Analyst..............................................................................................................9
Marketer............................................................................................................................9
Receptionist......................................................................................................................9
Customer Service Representative................................................................................9
HR Manager.....................................................................................................................9
Grunt................................................................................................................................10
Mobilization of local Resources...................................................................................10
Table of Contents
Introduction...............................................................................................................................3
Characteristics of Entrepreneurs......................................................................................3
Passion..............................................................................................................................3
Motivation..........................................................................................................................4
Taking Risk.......................................................................................................................4
Hard Work, Self-belief and Disciplined Focused........................................................4
Confidence........................................................................................................................5
Adaptable and Flexible...................................................................................................5
Product and Market Knowledge....................................................................................5
Strong Money Management..........................................................................................5
Effective Planning Skills.................................................................................................5
The Right Connections...................................................................................................6
Exit Preparedness...............................................................................................................6
Capability to Question Themselves..............................................................................6
Creativity...........................................................................................................................6
Make SMART Goals for themselves............................................................................6
Taking Ownership of the Destiny..................................................................................6
Extending Team by Networking....................................................................................7
Consistency in the Efforts..............................................................................................7
Role of Entrepreneurs.........................................................................................................7
Leader...............................................................................................................................8
Figurehead........................................................................................................................8
Visionary...........................................................................................................................8
Decider..............................................................................................................................9
Financial Analyst..............................................................................................................9
Marketer............................................................................................................................9
Receptionist......................................................................................................................9
Customer Service Representative................................................................................9
HR Manager.....................................................................................................................9
Grunt................................................................................................................................10
Mobilization of local Resources...................................................................................10
ENTREPRENEURSHIP 2
The contribution of Entrepreneurs to the Innovation and Design..............................10
Impact of Entrepreneurial Contribution in Innovations and design on Society........12
The Benefits...................................................................................................................12
The Drawbacks..............................................................................................................15
Conclusion..............................................................................................................................16
References.............................................................................................................................19
The contribution of Entrepreneurs to the Innovation and Design..............................10
Impact of Entrepreneurial Contribution in Innovations and design on Society........12
The Benefits...................................................................................................................12
The Drawbacks..............................................................................................................15
Conclusion..............................................................................................................................16
References.............................................................................................................................19
ENTREPRENEURSHIP 3
Introduction
This essay is being presented in order to evaluate the role of Entrepreneurs and how
their contributions to innovation and design have impacted the society. Along with
this some real-world examples of well-known entrepreneurs will be provided such as
Mark Zuckerberg, Larry Page, Elon Musk, John Mackey, and Bill Drayton.
The procedure of planning, introduction, and operating a new business which is
mostly in the starting stage is a small business is known as Entrepreneurship. The
people who make these businesses are known as entrepreneurs (Frederick, Kuratko
and O'Connor, 2015). Entrepreneurship has been defined as the capability and
willingness to grow, establish and accomplish a business project along with risks to
make a profit. It is said to be an act of becoming an entrepreneur, or a manager or
owner of an enterprise who earns money by taking initiatives and risk. Entrepreneurs
perform as a manager and manage the introduction and development of a business
(Burchardt, Hommel, Kamuriwo and Billitteri, 2016). Entrepreneurship is the
procedure through which either an individual or a group recognizes an opportunity of
business and obtains and organizes the essential resources needed for its
exploitation (Kuratko, 2016).
Characteristics of Entrepreneurs
Passion - Entrepreneurs who are successful in their career simple love whatever
they do. They do not bother about the financial returns at the initial stage of the
business. They trade in those items in which they believe and items that attract the
customers. This is not always same in every situation, but in order to increase the
probability of creating a business, this trait is very important. If passion is there then
brain automatically starts working at a faster pace to create new and innovative
opportunities and ideas (Johnson, 2015).
For Example: At the age of 12, Zuckerberg established a program of messaging by
using Atari Basic and called it ZuckNet. In his school, he established Synapse Media
Player which is was music software such as Pandora or Amazon music (Heath,
Introduction
This essay is being presented in order to evaluate the role of Entrepreneurs and how
their contributions to innovation and design have impacted the society. Along with
this some real-world examples of well-known entrepreneurs will be provided such as
Mark Zuckerberg, Larry Page, Elon Musk, John Mackey, and Bill Drayton.
The procedure of planning, introduction, and operating a new business which is
mostly in the starting stage is a small business is known as Entrepreneurship. The
people who make these businesses are known as entrepreneurs (Frederick, Kuratko
and O'Connor, 2015). Entrepreneurship has been defined as the capability and
willingness to grow, establish and accomplish a business project along with risks to
make a profit. It is said to be an act of becoming an entrepreneur, or a manager or
owner of an enterprise who earns money by taking initiatives and risk. Entrepreneurs
perform as a manager and manage the introduction and development of a business
(Burchardt, Hommel, Kamuriwo and Billitteri, 2016). Entrepreneurship is the
procedure through which either an individual or a group recognizes an opportunity of
business and obtains and organizes the essential resources needed for its
exploitation (Kuratko, 2016).
Characteristics of Entrepreneurs
Passion - Entrepreneurs who are successful in their career simple love whatever
they do. They do not bother about the financial returns at the initial stage of the
business. They trade in those items in which they believe and items that attract the
customers. This is not always same in every situation, but in order to increase the
probability of creating a business, this trait is very important. If passion is there then
brain automatically starts working at a faster pace to create new and innovative
opportunities and ideas (Johnson, 2015).
For Example: At the age of 12, Zuckerberg established a program of messaging by
using Atari Basic and called it ZuckNet. In his school, he established Synapse Media
Player which is was music software such as Pandora or Amazon music (Heath,
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ENTREPRENEURSHIP 4
2017). He received the offer of job form AOL and Microsoft before graduating but
remained in school. The passion of Zuckerberg for creating games at an early age
directed him to make the largest social networking site i.e. Facebook. Deprived of his
dedication, in 2008 Facebook would not have overtaken Myspace.
Motivation - The business owners which are hard-working are extremely
motivated to get succeed in their desired roles. It is an essential characteristic which
is required to commence a new business with the innovative idea (Bortz, 2018).
Secondly, the successful entrepreneurs surround themselves with highly motivated
and successful people. According to Mark Zuckerberg, who is a famous
entrepreneur invented Facebook, says that people who are motivated and have
good experience help in making good decisions for the new venture (Elkins, 2016).
He has implemented this in his real life while creating Facebook with his classmates
i.e. Dustin Moskovitz, Chris Hughes, Andrew McCollum, and Eduardo Saverin.
Taking Risk - Entrepreneurs are the one who takes the risk. They are always
prepared to dive deep into the situation of uncertainty (Chand, 2018). However, all
risk takers are not successful entrepreneurs. Successful entrepreneurs are always
ready to take a risk in terms of money and time on unknown circumstances; on the
other hand, they also maintain capital, strategies, and bandwidth for dealing with the
unknown risk in standby (Innovation Venture, 2018). While assessing risk effective
entrepreneurs will question themselves,” Is the risk will be managed with the
available money and time? And, what will be the actions plan to avoid risk?
In order to find a company titled as Zip2, Musk left Stanford University from where he
was pursuing his program. The company was later on sold to Compaq at $20 million.
But in place of keeping the money in his pocket, he once again took a big risk and
spent millions of dollars to develop a company named X.com, which was then later
merged with a company to make PayPal (Patel, 2017).
Hard Work, Self-belief and Disciplined Focused - Entrepreneurs trust
themselves and are self-assured and focused towards their work or project. Their
extreme emphasis on and trust in their knowledge may be misinterpreted as
stubbornness, however, it is their will to work hard and challenge the probabilities
that can help them in making successful (Odia and Odia, 2013).
2017). He received the offer of job form AOL and Microsoft before graduating but
remained in school. The passion of Zuckerberg for creating games at an early age
directed him to make the largest social networking site i.e. Facebook. Deprived of his
dedication, in 2008 Facebook would not have overtaken Myspace.
Motivation - The business owners which are hard-working are extremely
motivated to get succeed in their desired roles. It is an essential characteristic which
is required to commence a new business with the innovative idea (Bortz, 2018).
Secondly, the successful entrepreneurs surround themselves with highly motivated
and successful people. According to Mark Zuckerberg, who is a famous
entrepreneur invented Facebook, says that people who are motivated and have
good experience help in making good decisions for the new venture (Elkins, 2016).
He has implemented this in his real life while creating Facebook with his classmates
i.e. Dustin Moskovitz, Chris Hughes, Andrew McCollum, and Eduardo Saverin.
Taking Risk - Entrepreneurs are the one who takes the risk. They are always
prepared to dive deep into the situation of uncertainty (Chand, 2018). However, all
risk takers are not successful entrepreneurs. Successful entrepreneurs are always
ready to take a risk in terms of money and time on unknown circumstances; on the
other hand, they also maintain capital, strategies, and bandwidth for dealing with the
unknown risk in standby (Innovation Venture, 2018). While assessing risk effective
entrepreneurs will question themselves,” Is the risk will be managed with the
available money and time? And, what will be the actions plan to avoid risk?
In order to find a company titled as Zip2, Musk left Stanford University from where he
was pursuing his program. The company was later on sold to Compaq at $20 million.
But in place of keeping the money in his pocket, he once again took a big risk and
spent millions of dollars to develop a company named X.com, which was then later
merged with a company to make PayPal (Patel, 2017).
Hard Work, Self-belief and Disciplined Focused - Entrepreneurs trust
themselves and are self-assured and focused towards their work or project. Their
extreme emphasis on and trust in their knowledge may be misinterpreted as
stubbornness, however, it is their will to work hard and challenge the probabilities
that can help them in making successful (Odia and Odia, 2013).
ENTREPRENEURSHIP 5
Confidence – Confidence is a very important characteristic which is required in
every leader. Every leader has to initiate from somewhere and Zuckerberg entered in
this world with great genes. His birthplace is New York. His father is a psychiatrist
and mother is a dentist. Zuckerberg joined Ardsley High School and outshined in
classes before moving to Phillips Exeter Academy. On his application to the college,
Mark specified that he can write and read Latin, French, Greek, and Hebrew
(Sullivan, 2018).
Adaptable and Flexible - Being dedicated and passionate is very important, but
being stubborn about the needs of the customer or market will result in failure. It
should be considered that an entrepreneurial venture is not just about doing what a
person thinks is good, but also creating an effective business from it. Effective
entrepreneurs welcome all recommendations for optimization that may improve their
contribution and satisfy the needs of the market and customer (Burns, 2016).
Product and Market Knowledge - Entrepreneurs have complete knowledge
about their product. They also have knowledge about the market. Many of the
entrepreneurs become successful because they make an innovative product which is
not provided by any of the company before in the market or they considerably
enhance an existing product after facing hindrance with the method it operated.
Remaining unaware of the competitors moves, changes in the needs of the market,
and other external environmental factors can product failure.
Strong Money Management - Every entrepreneurial venture takes some time
to become profitable. Till then, capital is limited; therefore, it should be used
appropriately. The entrepreneurs which are successful do proper present and future
financial planning and keep some amount as an emergency fund. Even after
maintaining and keeping some funds aside a successful entrepreneur maintain a
proper record of cash flow because it is a very important feature of every business.
Effective Planning Skills - Entrepreneurship is all about making a business
from scratch but handling some resources (comprising a personal relationship,
money, and time) which needs planning. But, trying to design the whole thing and
taking a prepared solution in place for all conceivable issues may avert from ever
taking the initial step (Kozubíková, Belás, Bilan and Bartos, 2015).
Confidence – Confidence is a very important characteristic which is required in
every leader. Every leader has to initiate from somewhere and Zuckerberg entered in
this world with great genes. His birthplace is New York. His father is a psychiatrist
and mother is a dentist. Zuckerberg joined Ardsley High School and outshined in
classes before moving to Phillips Exeter Academy. On his application to the college,
Mark specified that he can write and read Latin, French, Greek, and Hebrew
(Sullivan, 2018).
Adaptable and Flexible - Being dedicated and passionate is very important, but
being stubborn about the needs of the customer or market will result in failure. It
should be considered that an entrepreneurial venture is not just about doing what a
person thinks is good, but also creating an effective business from it. Effective
entrepreneurs welcome all recommendations for optimization that may improve their
contribution and satisfy the needs of the market and customer (Burns, 2016).
Product and Market Knowledge - Entrepreneurs have complete knowledge
about their product. They also have knowledge about the market. Many of the
entrepreneurs become successful because they make an innovative product which is
not provided by any of the company before in the market or they considerably
enhance an existing product after facing hindrance with the method it operated.
Remaining unaware of the competitors moves, changes in the needs of the market,
and other external environmental factors can product failure.
Strong Money Management - Every entrepreneurial venture takes some time
to become profitable. Till then, capital is limited; therefore, it should be used
appropriately. The entrepreneurs which are successful do proper present and future
financial planning and keep some amount as an emergency fund. Even after
maintaining and keeping some funds aside a successful entrepreneur maintain a
proper record of cash flow because it is a very important feature of every business.
Effective Planning Skills - Entrepreneurship is all about making a business
from scratch but handling some resources (comprising a personal relationship,
money, and time) which needs planning. But, trying to design the whole thing and
taking a prepared solution in place for all conceivable issues may avert from ever
taking the initial step (Kozubíková, Belás, Bilan and Bartos, 2015).
ENTREPRENEURSHIP 6
The Right Connections - People look for comfort in commiseration- neighbors,
colleagues, and friends are pleased to criticize about unfair competition, poor
demand, and “the global slowdown,” however that won’t recover the bottom line.
Entrepreneurs who are successful reach out to guides with more knowledge and
wide networks in strive for valuable advice.
Exit Preparedness - Every attempt or effort does not provide success to the
person. The rate of failure of the new ventures is extremely high. At times, the finest
answer is to be quitted and have to find out something new in place of regularly
dumping money in a deteriorating business. Most of the well-known entrepreneurs
were not successful at their first attempt, but they were capable enough to know
when to avoid and cut losses.
Capability to Question Themselves – A person can ask himself a question
i.e. Am I an Entrepreneur? A successful entrepreneur always asks himself this type
of question in order to clear all the doubts and gain the courage to do something
which they want to.
Creativity – No matter from which industry the entrepreneur belongs but it is very
important for an entrepreneur to have a creative thinking. This skill is used by an
entrepreneur while creating something new for the market and customer (Innerhofer,
Pechlaner and Borin, 2017).
Make SMART Goals for themselves – No doubt that the successful
entrepreneurs are passionate about what they think and do, however, deprived of
goals no one can operate analytically. S.M.A.R.T goals are set by the successful
entrepreneurs - Specific, Measurable, Attainable, Realistic, and timely which
regularly create their status by following a complete business plan. These goals are
not same as the resolutions of New Year. They are frequently followed, measured
and recreated. The goals of entrepreneurs also become a track to evaluate their
failure and success which inspires them to expand further (Bolander, 2017).
Taking Ownership of the Destiny – The entrepreneurs who are successful
always take the possession or control of their destiny. These entrepreneurs never
blame their team for any type of failure or uncertainties they face in the whole
The Right Connections - People look for comfort in commiseration- neighbors,
colleagues, and friends are pleased to criticize about unfair competition, poor
demand, and “the global slowdown,” however that won’t recover the bottom line.
Entrepreneurs who are successful reach out to guides with more knowledge and
wide networks in strive for valuable advice.
Exit Preparedness - Every attempt or effort does not provide success to the
person. The rate of failure of the new ventures is extremely high. At times, the finest
answer is to be quitted and have to find out something new in place of regularly
dumping money in a deteriorating business. Most of the well-known entrepreneurs
were not successful at their first attempt, but they were capable enough to know
when to avoid and cut losses.
Capability to Question Themselves – A person can ask himself a question
i.e. Am I an Entrepreneur? A successful entrepreneur always asks himself this type
of question in order to clear all the doubts and gain the courage to do something
which they want to.
Creativity – No matter from which industry the entrepreneur belongs but it is very
important for an entrepreneur to have a creative thinking. This skill is used by an
entrepreneur while creating something new for the market and customer (Innerhofer,
Pechlaner and Borin, 2017).
Make SMART Goals for themselves – No doubt that the successful
entrepreneurs are passionate about what they think and do, however, deprived of
goals no one can operate analytically. S.M.A.R.T goals are set by the successful
entrepreneurs - Specific, Measurable, Attainable, Realistic, and timely which
regularly create their status by following a complete business plan. These goals are
not same as the resolutions of New Year. They are frequently followed, measured
and recreated. The goals of entrepreneurs also become a track to evaluate their
failure and success which inspires them to expand further (Bolander, 2017).
Taking Ownership of the Destiny – The entrepreneurs who are successful
always take the possession or control of their destiny. These entrepreneurs never
blame their team for any type of failure or uncertainties they face in the whole
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ENTREPRENEURSHIP 7
process of the business. Therefore, they display all the abilities of an effective
leader. They have a clear understanding of when to track and when to step back.
Successful Entrepreneurs always remain prepared for every situation and do not
give up in spite of failures. Even they do not lose their focus on the goals and
eventually appear as a champion. The understanding that accusing others will only
provide provisional reasoning and not progress which is a key characteristic.
Extending Team by Networking – Entrepreneurs make their team of those
people who are of same mind or understanding so that they can give equal support,
motivation, and direction. Many times the goals are set, resources are prepared, but
there is a fear of taking a first step that he/she might get fail (Under 30 CEO, 2018).
This is the point which separates an effective or successful entrepreneur from a non-
effective or non-successful one. An entrepreneur which is successful always has a
mentor who has supported him to go through the struggles and achieve his set
goals. Therefore it can be said that as much as the network will be strong it will
increase the chances of the success.
Consistency in the Efforts – Every successful entrepreneur goes on with the
flow no matter what the situation is. By working 365 days of the year, they receive a
sweet fruit of their success. They immerse themselves in the hard efforts and
constantly find out a track which takes them towards the success at the time when
other people give up.
Role of Entrepreneurs
Entrepreneurs cover a vital position in a market. This is being said because
entrepreneurs are the one who appears as a spark plug in the engine of the
economy, stimulates and motivate all the activity of the market economy. The
worldwide nation’s economic success is the outcome of inspiring and gratifying the
entrepreneurial nature. Leading an industry or business is a multifaceted work. It is
not about just going to the office, stirring out some ideas and seeing that this is all for
the day. Not at all, the truth is that entrepreneur has to do little of everything in the
initial phase of the development of business (DeMers, 2015).
The entrepreneur does not have funds to have the complete departments, nor even
the experience of operating those departments independently. In its place, the
process of the business. Therefore, they display all the abilities of an effective
leader. They have a clear understanding of when to track and when to step back.
Successful Entrepreneurs always remain prepared for every situation and do not
give up in spite of failures. Even they do not lose their focus on the goals and
eventually appear as a champion. The understanding that accusing others will only
provide provisional reasoning and not progress which is a key characteristic.
Extending Team by Networking – Entrepreneurs make their team of those
people who are of same mind or understanding so that they can give equal support,
motivation, and direction. Many times the goals are set, resources are prepared, but
there is a fear of taking a first step that he/she might get fail (Under 30 CEO, 2018).
This is the point which separates an effective or successful entrepreneur from a non-
effective or non-successful one. An entrepreneur which is successful always has a
mentor who has supported him to go through the struggles and achieve his set
goals. Therefore it can be said that as much as the network will be strong it will
increase the chances of the success.
Consistency in the Efforts – Every successful entrepreneur goes on with the
flow no matter what the situation is. By working 365 days of the year, they receive a
sweet fruit of their success. They immerse themselves in the hard efforts and
constantly find out a track which takes them towards the success at the time when
other people give up.
Role of Entrepreneurs
Entrepreneurs cover a vital position in a market. This is being said because
entrepreneurs are the one who appears as a spark plug in the engine of the
economy, stimulates and motivate all the activity of the market economy. The
worldwide nation’s economic success is the outcome of inspiring and gratifying the
entrepreneurial nature. Leading an industry or business is a multifaceted work. It is
not about just going to the office, stirring out some ideas and seeing that this is all for
the day. Not at all, the truth is that entrepreneur has to do little of everything in the
initial phase of the development of business (DeMers, 2015).
The entrepreneur does not have funds to have the complete departments, nor even
the experience of operating those departments independently. In its place, the
ENTREPRENEURSHIP 8
entrepreneur has to step inside to fill those parts provisionally to create a basis and
track for the company to develop and grow. Throughout the process of an
entrepreneur, have to perform some roles on the regular basis:
Leader – It is not a surprise that an entrepreneur is frequently considered as a
leader, however, the real role of leadership is to take the experience to master.
Being the leader of the company person will be the in charge of forming the inner
tone, setting a decent example for the team, solving the conflicts among the team
members and increasing the morale of the employees at the time of sorrow (Lidow,
2014). It is not so easy to perform this role.
Figurehead – Performing as a role model for the company is same as being a
leader, but it’s extrinsically attentive. A person becomes a figurehead for a company
at the time when he/she make networks with other various professionals, join the
speaking events and make their own personal brand online. People will visit to
associate themselves with the company, behaviors, and personality, therefore it is
important for an entrepreneur to be true to themselves and make a respectable
impression.
For example – With the help of current survey it has been identified that among
7200 professionals from India, Singapore, Australia, Canada, United Kingdom,
United States, Hong Kong, Brazil, Mexico, and Turkey, Go Daddy intended to define
generational alteration in the opinions of entrepreneurship. Out of this figure, 2400
people between the age group of 18 to 30 were categorized as millennial. From
these 50 % of the people want to be the an entrepreneurs and from these 2400, 40
% of the people consider Mark Zuckerberg the CEO of Facebook as their role model
(Ray, 2018).
Visionary – The role which is majorly associated with the entrepreneurship is
“visionary.” Entrepreneurs act as an idea for which people are always in the search
in order to identify new opportunities for innovation and definition new methods to
handle old challenges. This role is always performed by the entrepreneur even after
launching the business. The entrepreneur has to identify new ways to enhance
performance and grow the company (Berry, 2018).
entrepreneur has to step inside to fill those parts provisionally to create a basis and
track for the company to develop and grow. Throughout the process of an
entrepreneur, have to perform some roles on the regular basis:
Leader – It is not a surprise that an entrepreneur is frequently considered as a
leader, however, the real role of leadership is to take the experience to master.
Being the leader of the company person will be the in charge of forming the inner
tone, setting a decent example for the team, solving the conflicts among the team
members and increasing the morale of the employees at the time of sorrow (Lidow,
2014). It is not so easy to perform this role.
Figurehead – Performing as a role model for the company is same as being a
leader, but it’s extrinsically attentive. A person becomes a figurehead for a company
at the time when he/she make networks with other various professionals, join the
speaking events and make their own personal brand online. People will visit to
associate themselves with the company, behaviors, and personality, therefore it is
important for an entrepreneur to be true to themselves and make a respectable
impression.
For example – With the help of current survey it has been identified that among
7200 professionals from India, Singapore, Australia, Canada, United Kingdom,
United States, Hong Kong, Brazil, Mexico, and Turkey, Go Daddy intended to define
generational alteration in the opinions of entrepreneurship. Out of this figure, 2400
people between the age group of 18 to 30 were categorized as millennial. From
these 50 % of the people want to be the an entrepreneurs and from these 2400, 40
% of the people consider Mark Zuckerberg the CEO of Facebook as their role model
(Ray, 2018).
Visionary – The role which is majorly associated with the entrepreneurship is
“visionary.” Entrepreneurs act as an idea for which people are always in the search
in order to identify new opportunities for innovation and definition new methods to
handle old challenges. This role is always performed by the entrepreneur even after
launching the business. The entrepreneur has to identify new ways to enhance
performance and grow the company (Berry, 2018).
ENTREPRENEURSHIP 9
Decider – Entrepreneur does not have much time or capability to practice
everything which is occurring in the company directly. Being an entrepreneur, team
members are responsible to inform about everything which is important like the data
related to the next shipment or delays in the deadline of the shipment, etc. It is the
entrepreneur's job to give the final verdict on these types of situations or matters,
which is frequently very harder than it looks. There are many responsibilities on the
shoulder of the entrepreneur for which he/she is accountable for the outcomes of the
taken decision.
Financial Analyst – The financial position of the company is the major factor for
the definitive achievement or failure. Even if the company has a top management
such as CFO in the company for taking the financial decisions, but still entrepreneur
will be responsible for supervising the financial records and taking corrective actions
whenever required in order to save the company from the disaster.
Marketer – As being the main visionary of the company, the entrepreneur has a
job of forming a brand image in the market. A marketing professional can be hired to
get support in identifying the nuts and bolts, but eventually, its entrepreneur's job to
finalize the marketing plan of the company.
Receptionist – When the company becomes large, it might hire a secretary or a
receptionist to get the support but meantime entrepreneur will be the receptionist for
the most of the company’s emails, inquiries, incoming calls, and visitors.
Entrepreneurs most of the daytime is consumed by just calling people back,
checking emails, and rearranging the appointments whether he/she like it or not.
Customer Service Representative - In the starting stage of the business
entrepreneur has the responsibility to confirm that the customers are happy or not.
There will be less number of customers in the starting of the business, and they will
be very vital for the survival of the business. Therefore, it will be very important for
the entrepreneur to personally ensure customer satisfaction and do the changes in
the service or products if required.
HR Manager – The entrepreneur is the in charge of creating the team that carries
the objectives and ideas towards the success. This reflects that the entrepreneur has
Decider – Entrepreneur does not have much time or capability to practice
everything which is occurring in the company directly. Being an entrepreneur, team
members are responsible to inform about everything which is important like the data
related to the next shipment or delays in the deadline of the shipment, etc. It is the
entrepreneur's job to give the final verdict on these types of situations or matters,
which is frequently very harder than it looks. There are many responsibilities on the
shoulder of the entrepreneur for which he/she is accountable for the outcomes of the
taken decision.
Financial Analyst – The financial position of the company is the major factor for
the definitive achievement or failure. Even if the company has a top management
such as CFO in the company for taking the financial decisions, but still entrepreneur
will be responsible for supervising the financial records and taking corrective actions
whenever required in order to save the company from the disaster.
Marketer – As being the main visionary of the company, the entrepreneur has a
job of forming a brand image in the market. A marketing professional can be hired to
get support in identifying the nuts and bolts, but eventually, its entrepreneur's job to
finalize the marketing plan of the company.
Receptionist – When the company becomes large, it might hire a secretary or a
receptionist to get the support but meantime entrepreneur will be the receptionist for
the most of the company’s emails, inquiries, incoming calls, and visitors.
Entrepreneurs most of the daytime is consumed by just calling people back,
checking emails, and rearranging the appointments whether he/she like it or not.
Customer Service Representative - In the starting stage of the business
entrepreneur has the responsibility to confirm that the customers are happy or not.
There will be less number of customers in the starting of the business, and they will
be very vital for the survival of the business. Therefore, it will be very important for
the entrepreneur to personally ensure customer satisfaction and do the changes in
the service or products if required.
HR Manager – The entrepreneur is the in charge of creating the team that carries
the objectives and ideas towards the success. This reflects that the entrepreneur has
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ENTREPRENEURSHIP 10
the complete control over every person who visits the company and can highlight
whatsoever mixture of education, personality, talents, skills, experience, and talents
is needed to make things work.
Grunt – Entrepreneurship is not only about glory and personality. Unfortunately, an
entrepreneur has to perform the role of grunt in the starting years of the business.
Coffee runs, paperwork, data entry, and other understated jobs take most of the time
but it will be worthy.
Mobilization of local Resources – Entrepreneurs are the one who provides
various opportunities or innovations which result in mobilizing and utilizing the
domestic resources such as talents of friends and relatives and small savings, which
might then stay indolent and unutilized. Therefore, they support in proper utilization
of the resources.
The contribution of Entrepreneurs to the Innovation and
Design
Source [(Park, 2005)]
In today’s scenario, entrepreneurship is said to be the important factor in the
economic growth. Entrepreneurs try to generate more openings in the industry,
offering more options of employment and eventually provide an effective impact on
the lifestyle, revenue generation, and capital income, etc. (Anastasia, 2015).
Entrepreneurs are also the reason behind innovation and designing of new business,
products, and services. Innovation means a new invention which is done to improve
the process already exist in the market or to provide a new arena of thinking
(Braunerhjelm, 2013). Technological approach emphases majorly on the innovation
the complete control over every person who visits the company and can highlight
whatsoever mixture of education, personality, talents, skills, experience, and talents
is needed to make things work.
Grunt – Entrepreneurship is not only about glory and personality. Unfortunately, an
entrepreneur has to perform the role of grunt in the starting years of the business.
Coffee runs, paperwork, data entry, and other understated jobs take most of the time
but it will be worthy.
Mobilization of local Resources – Entrepreneurs are the one who provides
various opportunities or innovations which result in mobilizing and utilizing the
domestic resources such as talents of friends and relatives and small savings, which
might then stay indolent and unutilized. Therefore, they support in proper utilization
of the resources.
The contribution of Entrepreneurs to the Innovation and
Design
Source [(Park, 2005)]
In today’s scenario, entrepreneurship is said to be the important factor in the
economic growth. Entrepreneurs try to generate more openings in the industry,
offering more options of employment and eventually provide an effective impact on
the lifestyle, revenue generation, and capital income, etc. (Anastasia, 2015).
Entrepreneurs are also the reason behind innovation and designing of new business,
products, and services. Innovation means a new invention which is done to improve
the process already exist in the market or to provide a new arena of thinking
(Braunerhjelm, 2013). Technological approach emphases majorly on the innovation
ENTREPRENEURSHIP 11
of process and product or innovations in the technology frequently said to be the
outcome of information-intensive entrepreneurship.
Innovation is done by the entrepreneurs for the development. Changes in the
technology are personified in new generations of equipment and machinery and
better-educated workers (Yeong, 2012). However, technology advances also result
in an enhanced catch-up in emerging countries.
Source [(Value, 2013)]
For Example, Today Google is the most familiar name and brand, which is being
reflected by the above graph which shows that approx. 65% of people use Google
across the world. If anyone wants to know anything about anyone then he/she just
need to Google it. Larry Page is the one who is behind this innovative and creative
concept. Undoubtedly he is the best entrepreneur in the sector of the internet the
world has ever seen. He is the first and leading computer scientist and at Standard
University he studied computer engineering. Today, Google which is invented by him
is the most used search engine in the whole world and the company even has
become a multinational, having acquired YouTube (Anastasia, 2016).
of process and product or innovations in the technology frequently said to be the
outcome of information-intensive entrepreneurship.
Innovation is done by the entrepreneurs for the development. Changes in the
technology are personified in new generations of equipment and machinery and
better-educated workers (Yeong, 2012). However, technology advances also result
in an enhanced catch-up in emerging countries.
Source [(Value, 2013)]
For Example, Today Google is the most familiar name and brand, which is being
reflected by the above graph which shows that approx. 65% of people use Google
across the world. If anyone wants to know anything about anyone then he/she just
need to Google it. Larry Page is the one who is behind this innovative and creative
concept. Undoubtedly he is the best entrepreneur in the sector of the internet the
world has ever seen. He is the first and leading computer scientist and at Standard
University he studied computer engineering. Today, Google which is invented by him
is the most used search engine in the whole world and the company even has
become a multinational, having acquired YouTube (Anastasia, 2016).
ENTREPRENEURSHIP 12
Source [(Imran, 2010)]
Mark Zuckerberg is a well-known personality on the internet, and a have a success
story that a film was directed about his success and innovation of biggest social
networking website i.e. Facebook (Biography, 2018). All thanks to Facebook that
Zuckerberg is counted in the list of the world’s youngest billionaires.
Impact of Entrepreneurial Contribution in Innovations and
design on Society
The successful entrepreneurs make so many good things at the local and national
scale that cannot be measured in purely monetary terms. These entrepreneurs are a
great resource and individual in their own path. The entrepreneur who has created a
service or product has made a considerable customer base and earned a profit
around the globe. They as expected have a wealth of vision, innovation and
intelligence to provide (Zahra and Wright, 2015). The entrepreneurs contribute to the
society in various forms. This contribution by the entrepreneurs can provide benefits
as well as drawbacks to the society that are discussed below
The Benefits
Economic Growth – The bottommost line of lively entrepreneurialism is that it
generates wealth or prosperity: for the people who are hired, for the local economy
and for the entrepreneurs. On the national scale, it generates wealth for the
government in the form of taxation, which are the reallocated consequently to the
communities and services that require the most (Szirmai, Naudé and Goedhuys,
2011).
Source [(Imran, 2010)]
Mark Zuckerberg is a well-known personality on the internet, and a have a success
story that a film was directed about his success and innovation of biggest social
networking website i.e. Facebook (Biography, 2018). All thanks to Facebook that
Zuckerberg is counted in the list of the world’s youngest billionaires.
Impact of Entrepreneurial Contribution in Innovations and
design on Society
The successful entrepreneurs make so many good things at the local and national
scale that cannot be measured in purely monetary terms. These entrepreneurs are a
great resource and individual in their own path. The entrepreneur who has created a
service or product has made a considerable customer base and earned a profit
around the globe. They as expected have a wealth of vision, innovation and
intelligence to provide (Zahra and Wright, 2015). The entrepreneurs contribute to the
society in various forms. This contribution by the entrepreneurs can provide benefits
as well as drawbacks to the society that are discussed below
The Benefits
Economic Growth – The bottommost line of lively entrepreneurialism is that it
generates wealth or prosperity: for the people who are hired, for the local economy
and for the entrepreneurs. On the national scale, it generates wealth for the
government in the form of taxation, which are the reallocated consequently to the
communities and services that require the most (Szirmai, Naudé and Goedhuys,
2011).
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ENTREPRENEURSHIP 13
Source [(Metro Girl, 2014)]
An entrepreneur’s success is eventually in making a service or product that can add
extra value to the user’s lives; whether it is an intrinsic want for the product or a
simple wish to have that item or product. On this scale an innovation can support in
pushing the market forward on the local level, and wherever it is needed drive
exports to foreign markets. This is said to be a wealth-making practice, which is the
main motivator of economic growth (Ortiz and Lindahl, 2015).
Mostly an entrepreneur needs to take some type of risk in order to achieve success
and it is their motivation which provides them a wake-up call for managing the
economy and ailing industry. Those governments that encourage entrepreneurialism
by an appropriate legal and economic framework will help in acquiring the ultimate
benefit.
Job Creation – The entrepreneurs which are successful also need labor and skills
of many people that result in creating jobs. As a prosperous business develops the
opportunities for other people also develops and the collective influence of new
venture in a specific geographic region will go towards eliminating queues at the
center of the job (Dolly, 2017).
John Mackey, the CEO of Whole Foods Market initiated a business of healthy-eating
by commencing a store of vegetarian food with his girlfriend in Austin. Currently, the
stores of Whole Foods are present at 300 locations for which it has hired many
people and gave them the opportunity to earn (Driscoll, 2011).
Philanthropy - Frequently the statistics are very difficult to evaluate not every
entrepreneur desire to increase their activities of charitable but it is reasonable to say
that numerous owners with a successful business, many of them would have to
arrive from financially uncertain childhoods, are keen to reallocate their newly
created wealth to donations and ventures of local community.
As per the survey was done by Ernst and Harris Interactive 90% of the
entrepreneurs contribute or charity their wealth. For example: In 2010 Mark
Zuckerberg donated approx. $100 million to the Newark Public Schools. Along with
Source [(Metro Girl, 2014)]
An entrepreneur’s success is eventually in making a service or product that can add
extra value to the user’s lives; whether it is an intrinsic want for the product or a
simple wish to have that item or product. On this scale an innovation can support in
pushing the market forward on the local level, and wherever it is needed drive
exports to foreign markets. This is said to be a wealth-making practice, which is the
main motivator of economic growth (Ortiz and Lindahl, 2015).
Mostly an entrepreneur needs to take some type of risk in order to achieve success
and it is their motivation which provides them a wake-up call for managing the
economy and ailing industry. Those governments that encourage entrepreneurialism
by an appropriate legal and economic framework will help in acquiring the ultimate
benefit.
Job Creation – The entrepreneurs which are successful also need labor and skills
of many people that result in creating jobs. As a prosperous business develops the
opportunities for other people also develops and the collective influence of new
venture in a specific geographic region will go towards eliminating queues at the
center of the job (Dolly, 2017).
John Mackey, the CEO of Whole Foods Market initiated a business of healthy-eating
by commencing a store of vegetarian food with his girlfriend in Austin. Currently, the
stores of Whole Foods are present at 300 locations for which it has hired many
people and gave them the opportunity to earn (Driscoll, 2011).
Philanthropy - Frequently the statistics are very difficult to evaluate not every
entrepreneur desire to increase their activities of charitable but it is reasonable to say
that numerous owners with a successful business, many of them would have to
arrive from financially uncertain childhoods, are keen to reallocate their newly
created wealth to donations and ventures of local community.
As per the survey was done by Ernst and Harris Interactive 90% of the
entrepreneurs contribute or charity their wealth. For example: In 2010 Mark
Zuckerberg donated approx. $100 million to the Newark Public Schools. Along with
ENTREPRENEURSHIP 14
this in 2013, he donated $1 billion to the Community Foundation Silicon Valley
(Hendricks, 2014).
For example, Bill Drayton is the one who started the non-profit organization names
as Ashoka. He invented this to support and celebrate social individual entrepreneurs
who make innovative and new ways to resolve the social problems. He is called as
the Father of Social Entrepreneurship. It is a program that has developed intensely
since 25 years. Till date, Ashoka has helped approx. 1800 social entrepreneurs of 60
countries. Besides this Bill Drayton is involved in various other organizations who are
working for social change, such as Get America Working, Youth Venture, and
Community Greens. Many awards are presented to him in relations to his huge
contribution in supporting, inspiring, and empowering social change by social
entrepreneurship across the world (The Creativity Foundation, 2016).
Innovation – Necessity is the foundation of Invention. Most of the entrepreneurs
arrive in a market effectively just because of their innovative products: it can be
intrinsic in the service or product they provide, or it can their way of offering the
products (Dallago, 2017).
By identifying an answer to the problem, it can be obvious or just can be an
opportunity for the competitive advantage, a business owner or an entrepreneur can
bring innovation in the market and generate competition; a proposition that
consequences in improved and frequently more reasonable services and products
for customers. Steve Jobs along with his colleagues of Apple created the iPod, and
this makes a space of invention in MP3 players. Nowadays, this is an opportunistic
industry with various participants; which has shaped technological excellence at the
market’s highest end and flawlessly useful products at the end of the budget. Who
gains? The public buying.
Increased Competition – Success raises success, and when an entrepreneur
has succeeded in a market more frequently than other businesswoman or
businessman appears to be enjoying their individual piece of the pie. As it is known
that competition is a worthy thing for the customer, as it wants companies to supply
an improved quality of the product to survive in the market. This can also start price
wars and it is factual that mostly the toughest will flourish. But it provides benefits to
this in 2013, he donated $1 billion to the Community Foundation Silicon Valley
(Hendricks, 2014).
For example, Bill Drayton is the one who started the non-profit organization names
as Ashoka. He invented this to support and celebrate social individual entrepreneurs
who make innovative and new ways to resolve the social problems. He is called as
the Father of Social Entrepreneurship. It is a program that has developed intensely
since 25 years. Till date, Ashoka has helped approx. 1800 social entrepreneurs of 60
countries. Besides this Bill Drayton is involved in various other organizations who are
working for social change, such as Get America Working, Youth Venture, and
Community Greens. Many awards are presented to him in relations to his huge
contribution in supporting, inspiring, and empowering social change by social
entrepreneurship across the world (The Creativity Foundation, 2016).
Innovation – Necessity is the foundation of Invention. Most of the entrepreneurs
arrive in a market effectively just because of their innovative products: it can be
intrinsic in the service or product they provide, or it can their way of offering the
products (Dallago, 2017).
By identifying an answer to the problem, it can be obvious or just can be an
opportunity for the competitive advantage, a business owner or an entrepreneur can
bring innovation in the market and generate competition; a proposition that
consequences in improved and frequently more reasonable services and products
for customers. Steve Jobs along with his colleagues of Apple created the iPod, and
this makes a space of invention in MP3 players. Nowadays, this is an opportunistic
industry with various participants; which has shaped technological excellence at the
market’s highest end and flawlessly useful products at the end of the budget. Who
gains? The public buying.
Increased Competition – Success raises success, and when an entrepreneur
has succeeded in a market more frequently than other businesswoman or
businessman appears to be enjoying their individual piece of the pie. As it is known
that competition is a worthy thing for the customer, as it wants companies to supply
an improved quality of the product to survive in the market. This can also start price
wars and it is factual that mostly the toughest will flourish. But it provides benefits to
ENTREPRENEURSHIP 15
the general public. Competition between PlayStation 4 and Xbox One are the good
examples.
Trade and Regional Economic Collaboration – Technology has helped in
making possible for entrepreneurs and small businesses to develop into global and
regional markets. At the time when new business distributes services and goods to
neighboring regions, these firms subsidize straight to the earnings and productivity of
the region. This result in increasing the revenue reinforces an economy and
endorses the complete population welfare. Countries with different economies trade
with each other are continuously improving. Politics sideways, engaging in
international and regional trade endorses investment in regional infrastructure and
transportation, which also supports in strengthening the economies (Sappin, 2016).
Promotion of Exports – With the help of the innovative ideas of the
entrepreneurs the pressure of the country reduces in relation to the balance of
payments (Account Learning, 2018). This is being done by transferring the goods to
the neighboring countries and in return earning foreign exchange.
Addressing Environmental Challenges – Innovation is vital when we talk
about the huge environmental challenges that are faced today contend with
preserving biodiversity, decreasing greenhouse gas emission and climate change in
the environment. Deprived of power for long periods of time, business comes to a
pause. Deprived of water, the living beings cannot live. Consistent access to the
innovations like urban infrastructure, electricity, and irrigation technology grows
efficiency and improves economic development.
The Drawbacks
It has been assumed that the operations of the entrepreneurs are always positive,
but unluckily there are certain distresses involved with the activities of
entrepreneurship which are discussed below.
Exploitation of Natural Resources – There is some group of business
owners which can be classified as social entrepreneurs, but all the entrepreneurs are
not blessed with an environmental morality. Pretty much all the companies that
function nowadays make use of natural resources in few ways- paper, water,
the general public. Competition between PlayStation 4 and Xbox One are the good
examples.
Trade and Regional Economic Collaboration – Technology has helped in
making possible for entrepreneurs and small businesses to develop into global and
regional markets. At the time when new business distributes services and goods to
neighboring regions, these firms subsidize straight to the earnings and productivity of
the region. This result in increasing the revenue reinforces an economy and
endorses the complete population welfare. Countries with different economies trade
with each other are continuously improving. Politics sideways, engaging in
international and regional trade endorses investment in regional infrastructure and
transportation, which also supports in strengthening the economies (Sappin, 2016).
Promotion of Exports – With the help of the innovative ideas of the
entrepreneurs the pressure of the country reduces in relation to the balance of
payments (Account Learning, 2018). This is being done by transferring the goods to
the neighboring countries and in return earning foreign exchange.
Addressing Environmental Challenges – Innovation is vital when we talk
about the huge environmental challenges that are faced today contend with
preserving biodiversity, decreasing greenhouse gas emission and climate change in
the environment. Deprived of power for long periods of time, business comes to a
pause. Deprived of water, the living beings cannot live. Consistent access to the
innovations like urban infrastructure, electricity, and irrigation technology grows
efficiency and improves economic development.
The Drawbacks
It has been assumed that the operations of the entrepreneurs are always positive,
but unluckily there are certain distresses involved with the activities of
entrepreneurship which are discussed below.
Exploitation of Natural Resources – There is some group of business
owners which can be classified as social entrepreneurs, but all the entrepreneurs are
not blessed with an environmental morality. Pretty much all the companies that
function nowadays make use of natural resources in few ways- paper, water,
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ENTREPRENEURSHIP 16
electricity, gas, etc. and this is just unavoidable. Many of the entrepreneurs will
maintain the balance while using the resource by contributing to related
organizations and charities. It company does this then it is said to be a practice of
self-taxation, otherwise every organization does not follow this.
Government Control – Despite the fact that no applicable statistics is present to
support this theory, it is supposed that governments that continuously seek for
encouraging entrepreneurship can really disturb a market by making an environment
that can be demoralized by business. This can be seen in corruptions, monopolies,
fraud, and unfair pricing. Moreover, Wim Naude, a protuberant scholar and
economist in the Maastricht School of Management, inscribes that “Though
entrepreneurship may result in material welfare and increase in economic growth, it
might not constantly result in enhancements in non-material prosperity or
happiness.” (Trenchard, 2015)
Unemployment – This aspect is not always specific in every situation or
business, however, it has also been said that the time one market competitor
flourishes, so the other existing company who is incapable to compete in the market
with the new innovative idea has to depart the scene. For example, this mostly
happens in the retail sector of UK where a national store chain can start a new store
in a town or village which emphasize an independent domestic retailer to cut prices
or die.
Conclusion
In the conclusion, it can be said that the Entrepreneurs are the treasure for every
country due to their innovations, inventions, and ideas which provide the new
dimension of thoughts to the society. There are many famous entrepreneurs in the
world who have proved themselves by their innovative inventions such as Bill Gates
(Microsoft), Steve Jobs (Apple), Mark Zuckerberg (Facebook), Larry Page (Google),
Walt Disney (Walt Disney), etc. All these entrepreneurs have provided something
innovative which has been very fruitful for the world and being used on the daily
basis by the people.
electricity, gas, etc. and this is just unavoidable. Many of the entrepreneurs will
maintain the balance while using the resource by contributing to related
organizations and charities. It company does this then it is said to be a practice of
self-taxation, otherwise every organization does not follow this.
Government Control – Despite the fact that no applicable statistics is present to
support this theory, it is supposed that governments that continuously seek for
encouraging entrepreneurship can really disturb a market by making an environment
that can be demoralized by business. This can be seen in corruptions, monopolies,
fraud, and unfair pricing. Moreover, Wim Naude, a protuberant scholar and
economist in the Maastricht School of Management, inscribes that “Though
entrepreneurship may result in material welfare and increase in economic growth, it
might not constantly result in enhancements in non-material prosperity or
happiness.” (Trenchard, 2015)
Unemployment – This aspect is not always specific in every situation or
business, however, it has also been said that the time one market competitor
flourishes, so the other existing company who is incapable to compete in the market
with the new innovative idea has to depart the scene. For example, this mostly
happens in the retail sector of UK where a national store chain can start a new store
in a town or village which emphasize an independent domestic retailer to cut prices
or die.
Conclusion
In the conclusion, it can be said that the Entrepreneurs are the treasure for every
country due to their innovations, inventions, and ideas which provide the new
dimension of thoughts to the society. There are many famous entrepreneurs in the
world who have proved themselves by their innovative inventions such as Bill Gates
(Microsoft), Steve Jobs (Apple), Mark Zuckerberg (Facebook), Larry Page (Google),
Walt Disney (Walt Disney), etc. All these entrepreneurs have provided something
innovative which has been very fruitful for the world and being used on the daily
basis by the people.
ENTREPRENEURSHIP 17
The above essay has provided some of the highlights of the successful
entrepreneurs and this will definitely provide an idea of the hard work that every
entrepreneur put at their initial stage of their business or struggling period. In the
essay the characteristics of the entrepreneur have been explained such as passion,
motivator, risk taker, hard worker, flexible, self- belief, confidence, adaptable,
knowledge of service and product, money management, creative, etc. All these
characterises represents that to become an entrepreneur it is important to have a
strong belief and opinion on the own idea only then others will believe on it and will
support in developing that idea.
Besides this, the essay has presented some of the roles which entrepreneur
performs in his/her lifespan. Some of the roles which are highlighted above are a
leader, figurehead, visionary, decider, financial analyst, marketer, receptionist, and
customer service representative, HR Manager, etc. From all the above roles some of
the roles look like inglorious jobs which are not expected to be performed by an
entrepreneur. But in the reality, the entrepreneur has to perform all these roles in
order to have supervision on every activity and get success. In the initial stage of the
business the entrepreneur does not have much of the funds to hire experts and
employees for every department there it bounds them to perform all the roles.
In the context of the contribution of the entrepreneur in the innovation and designing,
he/she is the only one who provides a maximum number of the ideas and new
products to the world. Today, every technology, product, service are the example of
invention and innovation which are done by successful entrepreneurs. For example,
Mark Zuckerberg established Facebook, is the social networking website which is
used by almost everyone and has helped people to interact with friends, family,
relatives living in any corner of the world. Another example of innovation is Google
used as a search engine which was established by Larry Page and team.
Further, the contribution of entrepreneurs in the innovations and design has
impacted majorly to the society. They have a lot of benefits as well as drawbacks to
the society. Job creation, economic growth, philanthropy, innovation, increasing
competition and export are some of the examples of the benefits due to which the
society and country have developed with time. The drawbacks to the society are
exploitation of natural resources, unemployment, etc. At the time new invention or
The above essay has provided some of the highlights of the successful
entrepreneurs and this will definitely provide an idea of the hard work that every
entrepreneur put at their initial stage of their business or struggling period. In the
essay the characteristics of the entrepreneur have been explained such as passion,
motivator, risk taker, hard worker, flexible, self- belief, confidence, adaptable,
knowledge of service and product, money management, creative, etc. All these
characterises represents that to become an entrepreneur it is important to have a
strong belief and opinion on the own idea only then others will believe on it and will
support in developing that idea.
Besides this, the essay has presented some of the roles which entrepreneur
performs in his/her lifespan. Some of the roles which are highlighted above are a
leader, figurehead, visionary, decider, financial analyst, marketer, receptionist, and
customer service representative, HR Manager, etc. From all the above roles some of
the roles look like inglorious jobs which are not expected to be performed by an
entrepreneur. But in the reality, the entrepreneur has to perform all these roles in
order to have supervision on every activity and get success. In the initial stage of the
business the entrepreneur does not have much of the funds to hire experts and
employees for every department there it bounds them to perform all the roles.
In the context of the contribution of the entrepreneur in the innovation and designing,
he/she is the only one who provides a maximum number of the ideas and new
products to the world. Today, every technology, product, service are the example of
invention and innovation which are done by successful entrepreneurs. For example,
Mark Zuckerberg established Facebook, is the social networking website which is
used by almost everyone and has helped people to interact with friends, family,
relatives living in any corner of the world. Another example of innovation is Google
used as a search engine which was established by Larry Page and team.
Further, the contribution of entrepreneurs in the innovations and design has
impacted majorly to the society. They have a lot of benefits as well as drawbacks to
the society. Job creation, economic growth, philanthropy, innovation, increasing
competition and export are some of the examples of the benefits due to which the
society and country have developed with time. The drawbacks to the society are
exploitation of natural resources, unemployment, etc. At the time new invention or
ENTREPRENEURSHIP 18
innovative idea comes it provide a fear to the existing company which operates with
the classic methods and techniques. The new invention deeply affects the existing
company and many times results in winding up and failure of the business, it also
results in increasing unemployment. The example of innovation is the Android mobile
technology due to which Nokia has to face huge losses as it did not adopt the new
technology.
innovative idea comes it provide a fear to the existing company which operates with
the classic methods and techniques. The new invention deeply affects the existing
company and many times results in winding up and failure of the business, it also
results in increasing unemployment. The example of innovation is the Android mobile
technology due to which Nokia has to face huge losses as it did not adopt the new
technology.
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ENTREPRENEURSHIP 19
References
Account Learning (2018) Role of Entrepreneurs in Economic Development of
Country [online]. Available from https://accountlearning.com/role-entrepreneurs-
economic-development-country/ [Accessed 28 March 2018]
Anastasia (2015) Why Creativity is so Crucial for Entrepreneurs? [online]. Available
from https://www.cleverism.com/why-creativity-is-so-crucial-for-entrepreneurs/
[Accessed 28 March 2018]
Anastasia (2016) 8 Most Creative Entrepreneurs in History [online]. Available from
https://www.cleverism.com/8-creative-entrepreneurs-history/ [Accessed 28 March
2018]
Berry, T. (2018) 35 Common Characteristics of Successful Entrepreneurs [online].
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entrepreneurs/ [Accessed 28 March 2018]
Biography (2018) Mark Zuckerberg Biography [online]. Available from
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2018]
Bolander, J. (2017) 7 Characteristics of a successful entrepreneur [online]. Available
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entrepreneur/ [Accessed 28 March 2018]
Bortz, D. (2018) 9 traits of successful entrepreneurs you should develop [online].
Available from https://www.monster.com/career-advice/article/entrepreneur-traits
[Accessed 28 March 2018]
Braunerhjelm, P. (2013) Entrepreneurship, Innovation and Economic Growth
[online]. Available from
http://entreprenorskapsforum.se/wp-content/uploads/2013/03/WP_02.pdf [Accessed
28 March 2018]
References
Account Learning (2018) Role of Entrepreneurs in Economic Development of
Country [online]. Available from https://accountlearning.com/role-entrepreneurs-
economic-development-country/ [Accessed 28 March 2018]
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ENTREPRENEURSHIP 22
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ENTREPRENEURSHIP 24
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