Analysis on Entrepreneurship and their Business Ventures

This study focuses on identifying the diverse traits of entrepreneurs that lead them to gain success in the business. It also explores different kinds of opportunities and obstacles faced by entrepreneurs and provides recommendations for gaining competitive advantage in the market.

Entrepreneurship
Analysis on Entrepreneurship and their Business Ventures
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Entrepreneurship
Table of Contents
Introduction......................................................................................................................................3
Entrepreneurial traits / characteristics.............................................................................................3
Opportunities recognition and idea development process...............................................................4
Competitive advantages...................................................................................................................5
Recommendations............................................................................................................................6
References........................................................................................................................................7
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Entrepreneurship
Introduction
Entrepreneurship is an activity that encompasses launching, establishing and designing new
business by an individual or a group of people known as an entrepreneur. The study focuses on
identifying the diverse traits of entrepreneurs that lead them to gain success in the business. In
order to provide wide informative knowledge on the topic, assistance from a renowned
entrepreneur name, Mark Zuckerberg, founder of Facebook number one using social media
destinations has been considered. Different kinds of opportunities and obstacles that are faced
by entrepreneurs during the time of operating business have been exhibited in an authentic
manner. Hence, the study explains that effective strategies that adapted by respective
entrepreneurs may lead them to gain competitive advantage in the market.
Entrepreneurial traits / characteristics
Undoubtedly, Mark Zuckerberg is a role model for the upcoming or to-be entrepreneur’s
generations. The personality developed by him is perfect for playing the role of budding
entrepreneurs while identifying values of opportunity-based entrepreneurship theory in order to
trigger success and growth of business in a changing environment. Some of the personality I feel
that are required to develop in every entrepreneur is discussed below portraying Mark
Zuckerberg:
● Zeal to make ideas into reality
As an entrepreneur, Mark Zuckerberg is tremendously passionate about its ambitions and work
that accentuates Psychological entrepreneurship theory. He identifies the requirement of
connectivity and society as well as visualized suitable technology that can be applied in order to
bridge the channel. Hence, using advanced technology of Internet of Things (IoT) he took steps
that lead him towards success. It has been observed that his passion for technology motivated
him to develop messaging program named, Zucknet using Atari BASIC.
● Set business goals for a higher purpose
Mark Zuckerberg was with a mission of connecting the world from different corners. Keeping
the main purpose and aim of the business in mind as well as following Economic
entrepreneurship theory, he dedicated focus toward creating a product that would serve high
purpose to the society (Terjesen et al., 2016). Adapting this trait, I believe that an upcoming
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Entrepreneurship
entrepreneur would be able to gain a better understanding of their business and would be able to
identify necessary opportunities in future.
● Believe in team and product
As opined by (Zhang et al., 2016.), good teamwork would lead to trigger success for the
company. As per the view of Mark, it is essential to find the candidates whose mission aligned
with similar purposes. Identifying the skill and capability of an individual in initial stages
enables to create values for business. Another trait that has been observed in Mark as an
entrepreneur is, he was never afraid of taking risks and new challenges when it comes to
Facebook and its success. His belief in his product was incredible. This trait enabled him to grab
all the opportunities that aroused during the time of launching Facebook.
● Adopt different leadership style
Mark Zuckerberg’s adapt both transactional and transformational style of leadership as per the
requirement. This enables him to maintain a good and long-term relationship with its members.
Hence, as per my opinion this is one of the most effective traits that can be utilized by upcoming
entrepreneurs as both tough and soft style of leadership plays a vital role in maintaining range of
employee retention in an organization and for successful business.
Opportunities recognition and idea development process
It is necessary for an entrepreneur to recognize certain opportunities while detecting obstacles
and issues that are visualized by consumer ratio or market ratio. Mark Zuckerberg was aware of
the fact that his innovation and creativity would bring challenges and he was prepared to face it
with effective ideas in development process. Many effective alternative solutions for detecting
and resolving the issues are required to be planned before by an entrepreneur (George et al.,
2016). Some of the most effective ideas in development process adapted by Mark Zuckerberg in
order to recognize opportunities are discussed below:
● Diverse kinds of the test have been performed by the team of Mark Zuckerberg in aspects
of idea development process so that effective opportunities can be identified in aspects of
opportunity-based entrepreneurship theory that would enable to trigger the success of
Facebook in the market of social media market. For instance, it has been observed that
Facebook is able to run 10,000 diverse versions that leads to measure number of
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Entrepreneurship
individuals engaged in connecting and sharing stuff on Facebook and how much revenue
is earned from surfing.
● The authentic innovative framework has been created that enabled the company to
design and plan for transition and modification of products in order to offer advance
benefits to the customers in a changing environment. This is another strategy that is
adapted in order to analyze the demands of market and hence identifies opportunities
accentuating Anthropological entrepreneurship theory. Thus, effective innovative
framework clears the mission and expectations of business and hence maintains focus
during planning and decision making (Vogel, 2017)
Competitive advantages
From the survey, it has been evaluated that social media platform is gaining tremendous
momentum among which Facebook Inc. successfully maintained its position on the top of the
list in terms of revenues and users (Huda et al., 2019). Some of its rivalries are Twitter and
LinkedIn, which are mostly incorporated for business purposes. In October, the market
capitalization of Facebook was surveyed to be $454.02 billion. Compared to LinkedIn and
Twitter, Facebook steamed to gain competitive advantages from its sheer number of active users
detected on a monthly basis. Reason to rule the competitive market of social media is discussed
below:
● Adverting about the advantages, benefits and authenticity of the products enabled Mark
to gain an extraordinary number of active users. Mark Zuckerberg has incurred $11.97
billion in order to promote its product in social media market (Block et al., 2015).
● The growth of Facebook triggered after the establishment of mobile applications in
aspects of the messenger application. Hence, the user-friendly scheme and effective
service by Mark increased the percentage of users from 60% to 80% per day.
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Entrepreneurship
Recommendations
From the above discussion, it can be concluded that Facebook has gained a good position in
social media market due to the effective entrepreneurship of Mark Zuckerberg. However, it is
recommended to identify the changing requirement and demand of corporate sectors in order to
promote their business smoothing with the help of Facebook. Facebook users have aroused many
conflicts in aspects of data protection issues. Hence, this can be mitigated while establishing
advance techniques that will protect essential information of users and strengthen privacy.
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Entrepreneurship
References
Block, J.H., Kohn, K., Miller, D. and Ullrich, K., 2015. Necessity entrepreneurship and
competitive strategy. Small Business Economics, 44(1), pp.37-54.
George, N.M., Parida, V., Lahti, T. and Wincent, J., 2016. A systematic literature review of
entrepreneurial opportunity recognition: insights on influencing factors. International
Entrepreneurship and Management Journal, 12(2), pp.309-350.
Huda, M., Qodriah, S.L., Rismayadi, B., Hananto, A., Kardiyati, E.N., Ruskam, A. and Nasir,
B.M., 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.
Terjesen, S., Hessels, J. and Li, D., 2016. Comparative international entrepreneurship: A review
and research agenda. Journal of Management, 42(1), pp.299-344.
Vogel, P., 2017. From venture idea to venture opportunity. Entrepreneurship Theory and
Practice, 41(6), pp.943-971.
Zhang, X., Ma, X., Wang, Y., Li, X. and Huo, D., 2016. What drives the internationalization of
Chinese SMEs? The joint effects of international entrepreneurship characteristics, network ties,
and firm ownership. International Business Review, 25(2), pp.522-534.
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