Entrepreneurship Assessment - Desklib

This essay report discusses entrepreneurship, James Dyson, and Dyson Ltd. It covers topics such as recognizing and creating opportunities, the importance of innovation, building an entrepreneurial team, and the role of an entrepreneurial leader. It also evaluates the contribution of Dyson Ltd to the economy and society, including survival issues due to COVID-19. The report is based on the LUBM301- Entrepreneurship Assessment course.

ENTREPRENEURSHIP
ASSESSMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
About an entrepreneur......................................................................................................................1
How entrepreneur recognise opportunity or did they create opportunity...................................3
Innovative products and services introduced on market and importance of innovation in
organisation.................................................................................................................................3
About entrepreneurial organisation..................................................................................................4
How entrepreneur build entrepreneur team.................................................................................4
Entrepreneurial role as a leader that helps in becoming successful in marketplace...................5
About contribution to economy and society....................................................................................7
Discuss and evaluate contribution to economy...........................................................................7
Evaluate survival issues due to COVID 19.................................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10
APPENDIX....................................................................................................................................11

INTRODUCTION
Entrepreneurship refers to an effective concept of managing and developing the business
venture with a motive of gaining profitable results by taking risk within the corporate world.
Entrepreneurship is highly focused on start a new venture where they perform the role of
economic development that helps in expanding global marketplace. In this an entrepreneurship is
the one who is willing to work himself (Audretsch and Moog, 2020). Entrepreneurship defines as
an ability and readiness to develop, run and organise the particular business enterprise, along
with several uncertainties to attain more profitable results. It defines as an act to create
something unique and innovative that is useful to attracts people attraction and generate
profitable results. The main purpose of conducting this essay report it is understand the
knowledge regarding entrepreneurship. To complete this project report Dyson organisation is to
be undertaken that is a largest organisation in UK and deals on worldwide nation. This essay
report covers information about entrepreneurs, entrepreneurial organisation along with their
contribution on economy and society. This helps in gaining knowledge about entrepreneurial
field that helps in enhancing career development of an individual person.
MAIN BODY
About an entrepreneur
James Dyson is an entrepreneur of Dysin Ltd company that is a leading British
technology company that highly focused on innovate vacuum cleaner and manufactures many
more household appliances such as hand dryers, air purifiers blameless fans etc. James Dyson is
a British investor who successfully focused on producing innovative household appliances. He is
a phenomenal engineer as he takes his passion for building innovative vacuum cleaner with the
motive of earn fortune innovative creations such as Dyson Ball Vacuum cleaner (Dana, 2021).
James Dyson is a wealthiest engineer within UK and now he become a successful entrepreneur
in the international market. To effectively understand James Dyson personality, this essay report
involves OCEAN model that are presented below:
Personality traits defines those traits which reflects characteristics patterns of thoughts
and action. It mainly implies consistency and stability that helps in recognising individual
personality as an entrepreneur that helps to become successful in business world. Basically there
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are five personality traits which is useful to examine James Dyson personality due to which he
become an entrepreneur within corporate world.
Openness trait features an attributes such as insight and imagination. Hence people who
are high in this trait tend to have a broad range of interest because they are highly curious to
know about the world and also eager to learn new things so that they enjoy more new
experiences (Landström, 2020). In context of James Dyson who is an entrepreneur of Dyson Ltd
have this personality trait because James have open minded due to this he create and innovate
products and services for people convenience. James also focus on tackling new challenges as he
face the challenge of selling their innovative household appliances to customers.
Conscientiousness is a type of standard feature that is based on high level of good
impulse control, thoughtfulness, goal directed behaviours etc. In context of James Dyson , this
trait is presented in his personality due to this they finish and complete the priority task by
enjoying regular set of schedule so that targets are attained easily and effectively. James does not
procrastinate essential task that helps in gaining successful results within marketplace.
James has Extraversion type personality because he is social, excitability, talkative,
assertiveness and many more. This trait people are belongs to outgoing technology that helps in
solving issues with effectiveness and calmness. They also feel energised around other people that
helps James to create network which assist in generating high profitable results within
marketplace. His ability to find new friends useful for Dyson ltd visibility and sustainability that
is one of the main motto of James Dyson.
Agreeableness is another trait that involves several factors such as altruism, trust,
affection, kindness and several pro social behaviours. People who are high in agreeableness
shows more corporation that is useful to gain profitable results within business point of view.
James Dyson show cares for others that helps in generate innovate ideas so that people should
done their task easily and conveniently (Belik and et. al., 2019). To focused on care for other
James Dyson innovate household appliances this will generate more profitable results. As James
also help their employees in completion of task so that issues related to manipulation and
misunderstanding at workplace is to be eliminated. Hence, James Dyson have agreeable
personality trait.
Neuroticism demonstrates by sadness, emotional instability, moodiness etc. James
Dyson has low in this personality trait because he is emotional stable and plan each and every
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task in a very relaxed manner due to which effective plan is developed that generate profitable
results within competitive marketplace. James easily handle critical situation that also motivates
their subordinates and employees to work calmly and in relaxed manner so that high profitable
results are enjoyed by company.
How entrepreneur recognise opportunity or did they create opportunity
Entrepreneur focused on discovering opportunities when they mainly search for them
within current market. It means that they observe technological, economic and social trends.
Therefore entrepreneur observe changing environment within their personal and professional life
(McElwee and Atherton, 2021). However James Dyson recognise an opportunity by observing
people and own personal life. Recently people are very busy in their professional like due to
which they does not pay attention on handling their personal life to overcome this situation
James Dyson capture an technological opportunity where they offer several innovative
household appliances to people that helps customers to survive their life in easy manner. In
Dyson, James recognise the opportunity by observing society people and their busy life.
Therefore in busy life it is essential for each and every person to use high advanced technology
and to fulfil requirements of UK people in prominent manner James Dyson design innovative
home appliances such as vacuum cleaner, blade less fans, air purifiers etc. where people does not
face any dust catching issues. This attracts large base of customers towards Dyson products and
it enhances high profitable results within marketplace.
Innovative products and services introduced on market and importance of innovation in
organisation
James Dyson launched innovative household appliances within marketplace such as air
purifiers, vacuum cleaners, blameless fans that are highly effective to attract large base of
customers because it simply day to day working of people so that they easily set their busy
schedule (Ketchen and Craighead, 2020). In 1978 James Dyson observe that air purifiers in ball-
barrow pain room was constantly clogging with powder and dirt to solve this issues James focus
on launch innovative air purifiers that removed the dirt using centrifugal force. The main
innovation at Dyson small incremental innovation that is easy to implement so that huge base of
customers are to be attracted towards it. There are several importance of innovation that is useful
for Dyson to enhance its market and sustainability within competitive marketplace. Innovation
within entrepreneurship demonstrate as a crucial part because :
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Innovation helps in creative development that develops creativity, nature and thinking
process of particular brand. A business get a high level of success by learning a step of
creativeness. This will opens a door for entrepreneur by capturing more opportunities to keep the
business on trending mode (Ahsan, 2020). In terms of Dyson Ltd, innovation in household
appliances helps in gaining competitive advantage within marketplace due to which company
enjoy success heights for long term sustainability.
Another importance of innovation in Dyson is that due to creative products and services
Dyson enjoy unique selling points that is useful to attracts huge base of customers within a
period of time. It also useful for company in generating positive exposure so that it would be
survive for longer time period within marketplace.
About entrepreneurial organisation
To effectively understand the entrepreneurial organisation such as Dyson Ltd it is
essential to focus on several terms such as how James Dyson build entrepreneurial team along
with what roles their perform as a leader to gain high level of success within competitive
marketplace. These aspects are presented below within this entrepreneurial essay report:
How entrepreneur build entrepreneur team
It is very essential for an entrepreneur that they have an tendency to think like a visionary
such as James Dyson, Steve Jobs, Bill gates etc. interestingly each and every entrepreneur start
with a small vision and with time they set long sustainable vision with the spirit of fuel
innovation (Malerba and McKelvey, 2019). In large organisation it is essential for an
entrepreneur to build an entrepreneurial team because it spur the kind of creativity and
innovation. To effectively build a team within Dyson Ltd, James Dyson focus on several points
that are elaborated below:
Emphasis on complementing employee skills as opposed to double down on them- It
is an essential aspect on which James Dyson is highly focused. It helps in getting right people
within a team so that targets are attained effectively and it also remove the personal skill gap. In
this leader of Dyson emphasis on complementing employee skills by offering suitable training
sessions so that their weak skills are also improved. It helps in building positive team that
support in generate profitable results within marketplace.
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Team should be collaborative does not mean they are close friends- To build an
entrepreneur team is is essential for James Dyson that they develops friendly atmosphere where
employees are engaged in working effectively and in collaborate manner. This helps in
completing targets on time (Ratten, 2019). Collaboration means good understanding between
team mates that does not mean that they have good friends. It is essential for James Dyson that
they ensure that team mates spend lot of time together so that communication among them is to
be improved. This helps in gaining successful results within marketplace.
Team engagement is highly important- It is another framework that entrepreneur of an
organisation focus to build an strong team. Team engagement is essential factor to create
compassionate image in front of the people. In context of Dyson, James emphasis on team
engagement by properly allotting task as per time along with developing participative style of
leadership where every employees suggest ideas and solutions. This reflects employees full
engagement in goals achievement which is major objectives of business enterprise within
competitive marketplace.
Leadership play a significant role in team building because they encourage staff member
to perform task appropriately and efficiently. In context of Dyson, James Dyson adopts
transformational leadership style so that team accept the changes easily. In this leader offer
preferential treatment to employees to avoid negativity.
Therefore by this information company easily attain targets and objectives related to long
term sustainability in marketplace.
Because of James Dyson 360 degree vision related to robotic vacuum cleaner helps in
gaining profitable results in international business world (Mehmood and et. al., 2019). He
become successful because of getting frustrated from being stuck in dust extractor at factory.
Due to this he got an idea of innovate vacuum cleaner and develops bag free efficient machines.
Entrepreneurial role as a leader that helps in becoming successful in marketplace
Entrepreneurs occupy a central position within economy of a nation and business and
business world. Those entrepreneurs who serve spark plug within economy engine focus on
stimulating and activating economic activity. Within corporate world entrepreneurial energy,
motivation trigger production and sale of innovation or new offerings. Entrepreneurs are the
optimistic and future oriented that play an effective role within organisation as a leader so that
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they become successful within marketplace. There are several roles of a entrepreneurial as a
leader that are presented below:
Self confidence is a crucial role that leader of an organisation perform because it is
useful to attract other people and exude a sense of security. Self confidence within a person
create network and win customers, clients and joint ventures. It is stated that an entrepreneur
shows high level of success because of having confidence to take decisions correctly (Huda and
et. al., 2019). Due to this they easily handle the complex situation in easy and calm manner.
Therefore because of self confidence entrepreneur easily demonstrate their skills that is useful as
a leader and to influence and handle team mates for goal achievement. Hence it reflected as an
entrepreneurial role as a leader within Dyson so that firm enjoy long term sustainability within
marketplace.
Entrepreneurial leader sense the significance of reactiveness and initiative where they go
out from the way to support team mates so that goals are attained easily and effectively. In this
James Dyson does not punish employees for the employees mistakes instead of this they sit
down with employees to analyse the issues so that they emphasis on rectify their mistakes that
does not seen in future context.
Another role of entrepreneurial as a leader is creating an atmosphere that is conducive
to growth. In this James Dyson creates an atmosphere where every individual share their ideas
for growth and development of business that helps Dyson Ltd to gain competitive advantage
within marketplace. In this James actively observe other opinion and also motivates them to
come up with new innovative ideas so that problems is to be solved effectively. IN this
entrepreneurial leader show proper interconnection when an employee come up with an
innovative idea or solution.
Entrepreneur perform a role of developing learning culture in an organisation so that
knowledge and skills of employees are updated according to time which is effective to attain
profitable results within marketplace (Croce, 2020). This role is performed by James Dyson
within their organisation so that every time employees come with an innovative and unique ideas
about products that is useful to attracts large base of customers within marketplace.
Hence it is crucial for Dyson to build an effective team where entrepreneur perform a role
of leader so that targets are attained on time frame with will engagement of employees. This
generate high profitable results within marketplace.
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About contribution to economy and society
Business organisation play an essential role in the development of economy of country.
Therefore they offer maximum contribution to economy so that country develops its
infrastructure effectively and efficiently. Hence, this mainly impact economy of country
effectively. In context of large organisation they contribute largely on the economy and society.
Discuss and evaluate contribution to economy
GDP of a country enjoy high growth and development by taking contribution from
several business organisation such as small, large and medium organisation or start-up firms. In
context of Dyson which is a leading organisation in UK generate huge job opportunities and
revenues that impact positive on the growth and development of GDP of country. Within UK
there are large number of organisation who impact on enhancing growth of economy because of
this UK government offers adequate support to these organisation so that they spend more to
offer high benefits to economy of country. In this To evaluate the contribution to economy
several points are to be considered in favour of Dyson are presented below:
job creation- Company like Dyson that is a leading organisation within UK creates and
offers high job opportunities because of having more requirements of workforce in an
organisation that indirectly supports people of UK in enhancing and developing their living
standard (Tkachenko and et. al., 2019). Beside this offer high quality job opportunity to people
helps Dyson to manufacture quality products for customers that maximise competition in market
so that beneficial outcome is to be enjoyed by company and economy of nation in efficient
manner.
New product innovation- In context of Dyson innovation in product and services is to
be done that helps in attracting huge base of customers on worldwide platform due to this nation
enjoy more growth opportunity that enhances economy of nation in effective and efficient
manner. New product innovation also enhance people living standard that develops goodwill of
particular nation in all over the world.
Improve standard of living- Large organisation within nation gives high contribution in
improving the living standard of people by fulfilling their needs and wants effectively so that
they enjoy their life conveniently. As large organisation works on global level and to maintain
sustainability within marketplace they mainly focused on fulfilling requirements of people of
society. This generate high profitable results due to this Dyson pay taxes on time. Hence, it
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reflects positive contribution of Dyson in developing the economy of nation in positive manner.
Providing opportunity to people so that they earn income for maintaining their effective lifestyle
helps in maximising living standard of people and also increase economy of country.
Economic growth- large business and start up firms focus on generating high level of
income each and every year by offering quality products and services to the people of society at
an effective cost. Due to this Dyson feel comfortable to pay taxes to government that helps in
maximizing the financial health of nation (Alsos and et. al., 2020). These also generate
motivation in the several other entrepreneurs so that they start their own business for generating
high profits that indirectly helps in developing economy of nation in positive manner.
From the above discussion it is to be understood that contribution of entrepreneurial
ventures on the growth of economy is high because they open their stores with innovative ideas
where they also offer high job opportunities to people so that their living standard is to be
developed effectively. Fulfilling opportunities related to employment helps people as they are
capable to meet the needs and requirements in effective and appropriate manner.
Evaluate survival issues due to COVID 19
Pandemic situation occurs in all over the world because of this government imposed the
rules related to follow social distancing and nationwide lockedown. Due to COVID 19 various
issues are to be faced by an organisation which are presented below in context of Dyson:
The major issues that entrepreneur face during pandemic situation is loss of employees as
due to COVID 19 customer purchasing power is affected in negative manner due to which
company cannot generate profitable results so that they fire most of their employees. This issues
affects performance of an organisation so that they cannot properly contribute the nation
economy in positive manner.
This pandemic situation affects the labour market outcomes that impact unprovability and
sustainability of business in marketplace. Due to COVID 19 James Dyson not not focus on
expanding their business within new area or city because of shortage of funds due to low profit
and revenues. Many employees loss their jobs during live video with Dyson executive that
impact company productivity. Therefore this interlinked with developing negative brand image
in market and because of this company sustainability is also affected.
In context of Dyson, they sell their products on high cost because of this people of nation
switch to another company to buy electrical household appliances this impact company
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profitability in negative manner. Due to pandemic situation occur in all over the world affects
Dyson as it accelerate changes in consumer behaviour that needs high changes in engaging with
customers so that they will retain for longer time period within marketplace (Zhu, Kara and Zhu,
2019). Therefore because of COVID 19 relation of Dyson with UK workforce is affected in
negative manner. Therefore in a country due to pandemic situation company cannot effectively
done the market research due to which they cannot innovate or produce product and services.
This impact negatively on the sustainability of business because it effects company image and
also demotivate customer buying behaviour in negative manner.
CONCLUSION
From the above report it is to be concluded that entrepreneurship is a significant concept
for gaining success within business world. Entrepreneurship is an ability to generate profitable
results by taking risk. This report inculcates personality trait of an entrepreneur that help to gain
success and growth within corporate world. It also inculcate about entrepreneurial organisation
and role of entrepreneurial as a leader that help entrepreneur to become successful in
marketplace. Further it also elucidates contribution to economy and society in terms of job
creation, wealth creation etc. along with various issues that are faced by an organisation due to
COVID 19 such as loss in profit generation and sales. Within an enterprise it is very essential
that entrepreneur perform a role of a leader such as developing learning culture, self confidence
at the time of taking decisions and many more so that high profitable results are attained by
business that is useful to generate sustainability in marketplace.
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REFERENCES
Books and Journal
Ahsan, M., 2020. Entrepreneurship and ethics in the sharing economy: A critical
perspective. Journal of Business Ethics, 161(1), pp.19-33.
Alsos, G.A. and et. al., 2020. Effectual exchange: from entrepreneurship to the disciplines and
beyond. Small Business Economics. 54(3). pp.605-619.
Audretsch, D.B. and Moog, P., 2020. Democracy and entrepreneurship. Entrepreneurship
Theory and Practice, p.1042258720943307.
Belik, E.B. and et. al., 2019, May. Influence of technological revolution in the sphere of digital
technologies on the modern entrepreneurship. In Institute of Scientific Communications
Conference (pp. 239-246). Springer, Cham.
Croce, F., 2020. Indigenous women entrepreneurship: analysis of a promising research theme at
the intersection of indigenous entrepreneurship and women entrepreneurship. Ethnic
and Racial Studies. 43(6). pp.1013-1031.
Dana, L.P. ed., 2021. World encyclopedia of entrepreneurship. Edward Elgar Publishing.
Huda, M. and et. al., 2019. Towards cooperative with competitive alliance: Insights into
performance value in social entrepreneurship. In Creating business value and
competitive advantage with social entrepreneurship (pp. 294-317). IGI Global.
Ketchen Jr, D.J. and Craighead, C.W., 2020. Research at the intersection of entrepreneurship,
supply chain management, and strategic management: opportunities highlighted by
COVID-19. Journal of Management. 46(8). pp.1330-1341.
Landström, H., 2020. The evolution of entrepreneurship as a scholarly field. Foundations and
Trends® in Entrepreneurship, 16(2), pp.65-243.
Malerba, F. and McKelvey, M., 2019. Knowledge-intensive innovative
entrepreneurship. Foundations and Trends® in Entrepreneurship, 14(6), pp.555-681.
McElwee, G. and Atherton, A., 2021. Rural entrepreneurship. In World encyclopedia of
entrepreneurship. Edward Elgar Publishing.
Mehmood, T. and et. al., 2019. Schumpeterian entrepreneurship theory: evolution and
relevance. Academy of Entrepreneurship Journal. 25(4). pp.1-10.
Ratten, V., 2019. Older entrepreneurship: a literature review and research agenda. Journal of
Enterprising Communities: People and Places in the Global Economy.
Tkachenko, S. and et. al., 2019. Social partnership of services sector professionals in the
entrepreneurship education. Journal of Entrepreneurship Education. 22(4). pp.1-6.
Zhu, L., Kara, O. and Zhu, X., 2019. A comparative study of women entrepreneurship in
transitional economies: The case of China and Vietnam. Journal of Entrepreneurship in
Emerging Economies.
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APPENDIX
Dyson is a leading British technology company since 1991 that design and manufacture
household appliances like Hair dryers, Heaters, air purifiers, vacuum cleaners, blade-less fans
and lights. The headquartered of company is in Malmesbury, UK by James Dyson with a
revenue of 730 crores USD. In this organisations around 13000+ employees are working to gain
profitable results in the international marketplace.
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