Entrepreneurship: Creating, Launching, and Operating a New Business

This essay explores the concept of entrepreneurship and the process of creating, launching, and operating a new business. It discusses the role of entrepreneurs, the importance of innovation, building entrepreneurial teams, and the contribution of entrepreneurship to the economy and society.

Entrepreneurship

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
A. About the Entrepreneur...........................................................................................................1
B. About the Entrepreneurial Organisation.................................................................................4
C. About contribution to the Economy and Society....................................................................5
CONCLUSION AND RECOMMENDATIONS............................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is signified as the process and procedure of creating, launching and
operating a new business that is often initially small venture or as the capacity and willingness to
develop, conduct and administrate a business firm along with any of its threat to make a profit. It
refers to the process and activity of converting new and innovative ideas in to a business which is
able to provide profit and revenue as well as provide social benefits. Entrepreneurship linked
with land, labour, natural assets and capital can raise a profit. Whereas an entrepreneur can be
described as someone that has capability and need to set up, manage and succeed in a start up
firm risk enabled to it, to make profitability (Venkataraman, 2019). As a businessperson, an
individual who create a new business, bearing most of the risk and enjoying of the
remunerations, The entrepreneur is ordinarily recognised as an innovator, a source of new
thoughts, goods, facilities and business or procedure. The entrepreneurship is the beginning of a
new business firm. The business persons are often acknowledged as a source of new ideas or
innovators, and bring new ides in the market through replacing old with a new invention.
Amazon is a best example of entrepreneurship which is an American multinational technology
company and was founded by Jeff Bezos as an entrepreneur. Thus essay report will consider
information about entrepreneur, personality traits of entrepreneurs, importance of innovation for
business venture. Further, it will discuss building entrepreneurial team, role of entrepreneur as
leader and role of family members. In last, the report will explain the contribution of
entrepreneur firm in economy and survival issues cause of global pandemic.
MAIN BODY
A. About the Entrepreneur
Jeff Bezos was the founder of Amazon.com and the full name of Jeff is Jeffrey Preston
Bezos and he was born in 12 January 1964, Albuquerque, New Mexico, US, The individual is an
American internet business person, industrialist, media proprietor and investor. But majorly he is
acknowledged as the founder, CEO and president of multi-national technology Amazon. His
parents, Jacklyn and Ted separated just after a year of their marriage (Kraus and et. al., 2018).
Then, after some time his mother get married to Mike Bezos and the individual took the
accountability to look after him. He completed and finished his school education from River
Oaks Elementary School, Houston, Texas and Miami Palmetto high school, Florida. He did his
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higher education from Princeton University, US. After his graduation Jeff has job and
employment offer from Intel Bell Labs and Anderson Consulting. He turned those down to start
at fintech telecommunication establishment and start-up Fitel. After that he moved in to baking
sector and worked as a product manager at Bankers Trust. When his career in finance was
extremely lucrative, the individual selected to make a risky more in to the nascent world of e-
commerce. In 1994, he left his job and began Amazo.com and he rented or owned a house and
started working from his garage (Fayolle, 2018). He named Amazon.com on the name of a South
American river. For nearly a year, Bezos and a crew of five workers worked of the garage
learning how to source books and setting up a computer system which would make Amazon.com
easy to find the way. Jeff desired to set up a virtual community where visitors and customers
could hang out. To accomplish this dream he and his team make a number of innovative
programmes, considering one that would let consumers add their own book responses and
feedbacks to the site and an attribute that suggests books supported to a target audience’s past
purchases. Apart from the books services, Amazon offer e-commerce services to its target
audiences across the world.
There are several aspects that can contribute to the success of a business person as they
launch, operate and scale their business. It is most essential to figure out when and how the
examination of the personality traits of an entrepreneur as there are so many studies reflect the
personality qualities of a business person that accounts for the entry in the business and remains
with the entrepreneur and some attributes that business person develops after the entry in to the
business and keep on improving over time like risk tolerance that is most essential quality in the
high development and high value business. To be a successful entrepreneur, there is needed to be
have effective traits like passion, flexibility, motivation, vision many more. Passion is an
effective characteristic of a businessperson because having this traits the person is passionate
about his/her business (Malecki, 20180. It is hard work and putting in long time will tough if
they do not love what they are doing, Individual with passion know that what it’s that constrains
them to manage working to accomplish their vision. Resilience is another effect personality trait
which is crucial to be a successful entrepreneur because with this traits person is resilient and can
bounce back from a setback. They utilise hindrance as an opportunity to learn and develop. They
acknowledge that failure is the part of the success.
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As a successful businessperson, Jeff Bezos has several personality traits which make him
and contribute in his success. Bezos is a risk taker and ruthless boss who do not tolerate
complacency at any cost. Innovator is one of the most important traits of Jeff and with this; the
person hunger for developing something new has only risen with time. His force for making
something resourceful has only exaggerated with time. His creative skill directed the online
portal to offer everything and anything a person could need for (Chowdhury, Audretsch and
Belitski, 2019). Risk taker is another effective quality of Jeff and with the help of this trait
Bezos has made up his mind to establish his own business as Amazon.com. He had not fund and
not only investors, in this situation, the person has his parents as capitalists. He acknowledged
that there were 70% chances of failure, but he take risk and in current time the person is one of
the richest men in the entire globe.
Entrepreneurs create growth options when they involve with others in bouncing ideas and
thoughts back and forth and each time it becomes more particular what the consumer requires are
and how they are going to be solved. There are two ways to distinguish opportunities like
discovering and creating. In addition to this, it is also based on entrepreneur that what actions the
person consider to take to enable opportunity recognition. Opportunity is therefore connected to
the people’s activities that are rooted in a social context and the activity of opportunity
emergence needs an innovative people. For example, Amazon’s founder Jeff Bezos launched and
established the firm the company not as a business also a hobby or his dream. This business also
creates an opportunity and now makes him a one of the richest person of the world.
Amazon focuses on e-commerce, cloud computing, digital streaming and artificial
intelligence. It is included one of the Big Five organisations n the US Information technology
sector. The establishment has been referred as one of the most important financial and cultural
forces in the world as well as the world’s most valuable brand (Liang, Wang and Lazear, 2018).
The enterprise began as an online marketplace for books but expanded to sell electronics,
software, video games, apparel, furniture, food, toys and accessories etc. In context of company,
innovation is crucial as it permits ventures to remain reliable in the competitive market as well as
play an essential role in financial development. The capability of resolving critical issues based
on new innovations and especially developing nations highly require.
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B. About the Entrepreneurial Organisation
Entrepreneurs are futuristic individual who have innovative and creative as well as forward
thinking ideas and conception that they deliver into operational business ventures. The business
person requires investing in team building to reap the fruits of the labour. In context of team
building, there are diverse kind of skills, attributes and traits as well as great experiences so that
with the assistance of them, the person can select skilled, knowledgeable and experienced
individual who will show their interest in performing the job work and duties in effective manner
as well as make their contribution in running the business of the firm in mire developed manner
(Drobyazko and et. al., 2019). Amazon CEO and founder Jeff Bezos is popular for his
unorthodox management ideas and thoughts to get the most out of team talented individuals.
These effective ideas and thought assist him to build an effective business team. At Amazon,
they grow certain behavioural design principles that are created to confront group think and
promote superiority. The particular entrepreneur considers diverse rules which assist in building
and managing team in effective manner.
The most popular rule is the “Two Pizza Teams” rule; each team should be capable to be
nourished with no more than two pizza’s. The idea is that the small groups inspire a sense of
ownership over projects. The drawback of this design is that workers placed on such small
groups can also knowledge a greater fear of failure as there is no wide team within to hide or to
more largely allocate blame. Another rule is 6-page memo which also play a crucial role in team
building and management of group. Amazon has a push of process to lead its disparate groups.
Bezos perseveres and manages that plans be pitches in six page memos, written in full sentences
a form he defines as narrative. Bezos’s techniques and tools for team building and
communicating are often surprising at first glance, but they have been undeniably successful in
making Amazon the behemoth it is in current era (Azoulay and et. al., 2020). The respective
entrepreneur consider his most famous axioms of team administration is that each group should
be small enough, no more than five to seven so that people can perform their job duties and
responsibilities in effective manner without facing issues and confronts within the team. This is
crucial for the company as well as team members because when there is certain number of
people within the team then they can perform their responsibilities in effective manner as well as
make appropriate contribution in the business success. With the help of six page memos the team
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can also manage in effective manner by framing their ideas a part of a large narrative and their
group will be much more respective to them as they will feel like part of the team and work.
In a business, an entrepreneur plays an effective role as a leader. The person provides an
effective support to its employees and business people so that they can execute in effective
manner. Along with this, they also play an effective role of communicator by offering and
delivering all the relevant information to team members so that they can execute their task in
effective manner. Jeff Bezos also play an effective role of leader with effective leadership quality
like charismatic and transformation as well as risk taker who directs by a set of values and
ethical passion (Bosma, Sanders and Stam, 2018). As a transformational leader, the respective
businessperson enhances confidence, empowerment and a sense of purpose in his followers.
With this leadership form, Jeff motivates autonomy and creativity in people of the venture.
There diverse things which play an effective role in development of the firm and business of
the company. Basically, for the development and success of a business consumer needs is one of
the main aspect. In context of entrepreneurship, as a business person, Jeff Bezos use their
knowledge, skills and experience in the development of their business. Apart from this, they also
identify consumer needs and market trends by market analysis so that they can fulfil and meet
their needs by offering products and services according to them. Along with this, e-commerce
concept also plays an effective role in the growth and success of the establishment. As, now
these days, people are prefer online shopping and company offer online delivery services to its
target audiences which make an effective contribution in the development of firm. In context of
it, the main role is play by the parent of Jeff Bezos as they make investment and offer fund to
him to set up this business
C. About contribution to the Economy and Society
Entrepreneurship is basically signifies as the process of setting up a business by using
innovative ideas or converting them in to a business which is crucial to meet consumer needs by
producing effective commodities and services (Lipset, 2018). Economic development essentially
means an activity of upward change whereby the real capita income of a nation maximises over a
period of time. Entrepreneurship plays an effective role in economic development. Entrepreneurs
serve as the catalysts in the process of industrialization and economic development. Employment
generation and creation of job is an effective aspect which make an effective contribution in the
development and progress of society and economy. By offering job option and creating job
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opportunities to the people of the entire world, the business venture make an effective
contribution in the development of community by providing the job and employment and
improving their living standard. When the people get job then it enhance or improve employment
rate of the nation which contribute in the development of financial system of nation. Along with
this, entrepreneurship also make and effective involvement in new production innovation. By
identify the needs and demands of consumer and market, the firm manufacture and produce new
and innovative commodities which play an effective role in development of venture.
Entrepreneurs in the public and private sectors also assist to remove regional inequalities
in economic development. They establish businesses in backward areas to gain several
concessions and subsidies provided by the central and state national authorities. By generating
employment opportunities and producing new and innovative commodities entrepreneur firms
remove and decrease scarcity of essential products and introduce new commodities,
Manufacturing of products in high quantity and production etc. assist the standard of life of a
common man and local people (He, Lu and Qian, 2019). These provide manufacture products at
lower costs and maximise range and variety in consumption. In context of Amazon, the firm
make an effective contribution in the economic and social development in term of creating
employment, new product innovation and wealth creation. In current era, the respective venture
offer and provide employment to 10,00,000 people of whole world. Along with this, the unique
and innovative services of this firm also make an effective contribution in generating more
revenue and profit in term of wealth creation.
During the 21st century, Amazon has led the way on many technological fronts, from cloud
computing to e-readers, online grocery shopping, video streaming and gaming. Most are not by
the way, traditions to receive, consumer and store data, entertainment and commodities that are
sold by Amazon. The firm has host of new technologies in its pipeline, working their way by
several phases of development. Amazon Dash Button is the effective technology which is a
single function controller about the size of a pack of gum that Amazon prime members. Another
effective technology is AmazonFresh which permits users in certain geographic markets to lace
grocery orders from the nation’s expansive inventory of fresh produce, brand name packaged
goods and Amazon branded ready to heat and ready to eat meals (Acs and et. al., 2018). These
all assist in retaining target audiences of the firm which enable in making development in
organisation’s economy as well as nations also. If the company will retain large number of
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customer then it will also make an effective contribution in wealth creation and generating more
revenue.
In Spite of having complements Amazon’s strategy of business during this worldwide
epidemic, Amazon was still submerged by the quantity of orders, from both anxious customers
and normal customers. To deal with the drastic increment in orders, the company decided to hire
800,000 new employees. In this pandemic more than 150 million customers have subscribed to
Amazon Prime, by this get access to free 24hours delivery as well as also streamed over service
provided by the company (Rippa and Secundo, 2019). This helps customers to go for online
shopping for their needs as few of the queues for physical shops were very long, capital was less
& which became terrifying for various people and also the customers herding the running
software, it is very fast to get popular among the persons. In Spite of the increment in staff, the
cases weren’t solved. The work pressure on the workers was too much. For storehouse workers
to get their allowance they’d have to gather and bundle minimum 1 order every 9 seconds. These
workers travel miles throughout the day in the storeroom finding objects to be composed and
give for packing. Unavailable to get this caused to a ‘write up’ and sometimes the employee lost
their employment for not giving up the same effort as given by Robot in the workhouse. Due to
the above scenario on the 1st May the employees went for protest for a smooth working
environment and more effective protection measures to be set up in the area.
Following the protest Amazon decided to expend $4 billion or more in 2nd quarter on this
pandemic related issue which also contains purchasing of PPE and safety stuffs. Company was
collecting earnings levels of up to $32 million per hour in the starting months of pandemic but
not surprising. Amazon’s business model is diagrammed to gain from a worldwide epidemic and
which absolutely occurred, in spite of CEO Jeff Bezos saying it as” the toughest period we’ve
ever faced’.Company was in advance had the facilities and equipment to deal with such a type of
situation, including big data, AI & machine learning by which they had the ability to deal with
epidemics. In the epidemic, sellers say, communication went worse and company has slowed its
reply to conspicuous issues on the site (Wiklund, Wright and Zahra, 2019). In July, company
said to sellers that company is going to regulate limited products they could keep in warehouses
on the basis of performance scale. The increment and decrement of the COVID-19 caused the
decrease in sales of sellers during the starting months. Most disappointing for all those is
variability, they have no visualisation when company will change their policies. Company says
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that their platform provides everybody to collect an earning in an competitive crisis economy,
and it helps sellers in seeing increment in the demand of customers.”Our obligation to our selling
partners has never been more faithful” said a company’s spokesperson. Previously in the twelve
months ending May 31,2020, micro and mini size businesses traded up to 3.3 billion products,
which is up 25% from the same time last year, according to a report by the company.
Amazon’s current value is at $1.5 trillion by the stock market, a value which dwarfs the
GDP of Saudi Arabia. The important factor which makes a company too lucky in the COVID-19,
is its size and various forms of its businesses due to which the company griped on sellers,
employees and governments. Existence of antitrust laws is made to save the customer from
hunting price. Due to this, the company got a shield, while the company in various scenarios
saves customer money, but it is asked by bachelors and now lawmakers (Barba-Sánchez and
Atienza-Sahuquillo, 2018). Experts say that controlling and releasing Amazon will be good for
business partners on its sites and also in the long term, for the economy. The frequency of start-
up settings in the United States has been declining for years; there are few examples due to
which big companies such as Amazon utilise its size to impact smaller challengers other than
business, or save them from being created in the starting place. If mini producers and sellers had
a competitive possibility in competing with Amazon, they might support reverse the decrement
in start-up design. New start-ups in America are the main sources which drive the country’s
productivity and financial growth, lifting up its quality of living and extending property and jobs.
CONCLUSION AND RECOMMENDATIONS
This has been summarised form the defined information that entrepreneurship is an
activity and process of creating, making and operating business in effective manner by producing
quality products as per consumer needs and demands. Entrepreneur is the people who set up and
establish a business by using their effective and innovative ideas. With the help of effective
personality traits an entrepreneur can operate the business in effective manner. With the help of
effective leadership style and attributes, the businessperson can assist in development of
establishment. A business also makes an adequate contribution in the development of firm in
diverse manner by creating job opportunities, offering products and generating revenging. Along
with this, by considering effective management aspects the firm can operate its business in more
appropriate manner. To overcome from the global pandemic, the venture can adopt effective
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technology which assist and facilitate it in running its business activities adequately as well as
make its survival easy.
REFERENCES
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Malecki, E.J., 2018. Entrepreneurship and entrepreneurial ecosystems. Geography
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Azoulay, P., Jones, B.F., Kim, J.D. and Miranda, J., 2020. Age and high-growth
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Bosma, N., Sanders, M. and Stam, E., 2018. Institutions, entrepreneurship, and economic growth
in Europe. Small Business Economics, 51(2), pp.483-499.
Lipset, S.M., 2018. Values, education, and entrepreneurship. In Promise of development (pp. 39-
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He, C., Lu, J. and Qian, H., 2019. Entrepreneurship in China. Small Business Economics, 52(3),
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Acs, Z.J. and et. al., 2018. Entrepreneurship, institutional economics, and economic growth: an
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