Entrepreneurship: Creating, Launching, and Operating a New Business

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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