Entrepreneurship: Characteristics and Motivations of Thomas Edison

This report explores the characteristics and motivations of Thomas Edison as an entrepreneur, focusing on opportunity-based entrepreneurship theory. It discusses the traits of entrepreneurship such as motivation, confidence, decision-making, passion, creativity, risk-taking, planning, and empathy. It also examines the entrepreneurial motivation factors of optimism, commitment, enthusiasm, sense of accomplishment, self-reliance, and flexibility.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
About “Thomas Edison”..............................................................................................................1
Opportunity based entrepreneurship theory to evaluate characteristics and motivations of the
entrepreneur.................................................................................................................................2
CONCLUSION................................................................................................................................5
REFRENCES ..................................................................................................................................6

INTRODUCTION
Entrepreneurship is the process of developing, organize and launching a business along
with uncertainties in order to make a profit (Chen, 2018). Their vision is define by undertaking
all risk in the competitive global market. Entrepreneur bring new innovative ideas, upgrade
their technology and replace the existing idea with new one. It only mean starting a new venture
by undertaking all risk and responsibility and make profit. In the report there is an entrepreneur
is taken which name is “Thomas Edison”. Thomas Alva Edison is born on 11 February, 1847, he
was an American inventor and businessman which has been described as America's great
inventor. He developed many devices in fields such as electric power generation, mass
communication, sound recording and motion pictures. In the report there has been describe the
entrepreneurial motivations and characteristics using the model which is appropriate suit to the
traits of entrepreneur by considering Opportunity based entrepreneurship theory.
MAIN BODY
About “Thomas Edison”
Thomas Alva Edison was born on 11 February, 1847 , he was an American inventor and
businessman that has been described as America's great inventor. Firstly, the entrepreneur
invented an viable incandescent light bulb. The devices which he invented was name as electric
power generation, mass communication and sound recording and motion pictures. The
entrepreneur also helped to build America's economy during industrial revolution. The
personality have done their career as a telegraph operator, he established their first laboratory in
Menlo park, New Jersey. Later built botanic laboratory in Fort Myers, Florida in collaboration
with businessmen. Edison was an opportunity gainer that gain many opportunities to become a
successful entrepreneur their skills, characteristics and traits help them to become successful
businessman. Due to this gain he was acquired a reputation as a first- rate inventor. The
entrepreneur also developed Phonograph in December 1877. As an independent businessman,
Thomas formed many partnerships through optimising Opportunity based entrepreneurship
theory (Ghezzi and Cavallo, 2020).
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Opportunity based entrepreneurship theory to evaluate characteristics and motivations of the
entrepreneur
It is a conceptual framework that determines that entrepreneurs are always in search for
opportunities and focus on best utilization of it. Opportunities can be any circumstances or
purpose. Opportunity based entrepreneurs focus on implementing a business idea by analysing
available opportunities. Thomas Edison, one of the famous entrepreneur and inventor, also
follows approach of opportunity based entrepreneurship. The entrepreneur invented many
modern devices. Entrepreneurs, such as, Thomas Edison are passionate about finding
opportunities in every situations and then commercializing those ideas. This type of
entrepreneurs are risk takers and are not afraid of failures.
Characteristics of the entrepreneur:
 Motivation- In the business entity entrepreneur is fully motivated, after that all
entrepreneur is put their mind and strength to get their ventures in the market which is a
positive effect. The entrepreneur also take opportunity based theory so after motivation,
he take opportunity to invent some new items (Henry, Foss and Ahl, 2016). Personality
takes all risk which was lie with business and make profit from them. and the negative
effect is that when there is no motivator factor is there they get in depression and was not
succeed in their experiment.
 Confidence – Entrepreneur is fully confident in taking any decision regarding business
activity, he was confident both in positive way or negative way. Through the confidence
personality was in the position that he invented so much devices because he has that
ability to remove the difficulties and discouragement. But if the entrepreneur has no
confidence in them they are not able to fulfil all their experiment and they get nervous if
he was failed. Entrepreneur have to maintain the risks then they feel he was succeed.
 Decision making- It is the main quality of entrepreneur because it is the difference
between success and failure if the businessman take the wrong decision then he miss
many Opportunity. Success of goal is done through quickly decision taking. In the
positive way it is very important for the businessman because he invented many things
without their decision he is not able to do that which is negative point of for him while
think of invented any new item.
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 Passion- It is the main characteristics of entrepreneur, because if they are not passion
about their work they are not able to do work according to plan. The personality was also
passionate about their invention so he was able to develop them according to the
research. It is good in positive way for the entrepreneur while grabbing the opportunity
and if it is not in the mind of human they he was not able to do any task or any small
activity.
 Creativity- It is also the main traits of entrepreneur because in the market customers
need innovative product (Manso, 2016). For this entrepreneur have to think creative for
expanding of their business and increase the sales of their products. They can develop
positive atitude through creative idea and if the entrepreneur was not used creative idea
they as not able to invent any goods.
 Risk taking- In the entrepreneur risk taking ability is important, they can make different
approach towards risks. They always keep backup for every risk and ready to invest and
time in the business. In the personality if they are not take risk they are not able to invent
any product. Due to this Thomas Edison is able to invent different item in their
laboratory.
 Planning- It mean plan the activity before doing anything so entrepreneur execute all
things according to plan. Thomas Edison was always use the guidelines with minimum
with no damage occur to invention. And without plan they are not able to utilize all the
resources which are require in the plan. Empathy- It means discover that product which is the requirement of all needs.
Entrepreneur have such strength and weakness that they are able to read the customer
mind very well. Thomas Edison is creating the environment positive so the peoples are
enjoying that innovation and create new ideas. This develop positive idea in their
behaviour so they were able to invent better thing, and if the entrepreneur don,t know the
requirement then they are not able to sale their product according to trend.
Entrepreneurial motivation:
Entrepreneurial motivation is the process of creating and developing opportunities by
individual and converting into business idea for the purpose of wealth maximization (Muñoz
and Cohen, 2018). Hence, it is a drive or force that that directs, intensify, energizes and persists
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entrepreneurs for achieving set goals. Following variables of entrepreneurial motivation has
channelized actions of Thomas Edison:
 Being optimistic: Optimism is a state of mind that drives person to think positive in
every situation. This approach has guided Thomas Edison in overcoming failures and
rejections . It neglects self blaming and instead provides direction in finding new ways of
achieving targets. On the other hand, it makes person underestimate the risk factor
involved in task and its consequences that may arrive.
 Commitment: It refers to dedication of entrepreneurs for achieving success. It motivates
entrepreneurs, such as, Thomas Edison to stick to its mission and makes them more
focused. While, on the contrary, it neglects entrepreneurs in accepting fact that their idea
is not realistic or practical in current scenario which may cause them to bear huge losses.
 Enthusiasm: It motivates entrepreneurs to find better solution and makes them
passionate to compel mission. It enhances commitment level of entrepreneur towards
channelizing excitement of individual for effective of goals. While, bringing emotions
into work may sometimes restricts entrepreneur from practical thinking.
 Sense of accomplishment: Making difference or implementing some innovating ideas in
society bring a sense of pride or accomplishment in entrepreneurs (Ram, Jones and
Villares-Varela, 2017). It enables Thomas Edison in improvising several devices and
inventing modern products to improve lifestyle of people. It provides recognition and
drives a sense of achievement. But, it may also generate involvement of ego and
superiority in entrepreneur. It may result in distraction from objective and cause a hinder
in success achievement.
 Self-reliance: It indicates personality of a person to be his own boss. This variable states
persons mentality to not work under any other person. Hence, it drives them to set up his
own entrepreneurial venture. Thomas Edison was self reliant hence worked hard to
commercialize his ideas into business. On the other side, this trait restricts person to take
guidance from other experts. Hence, it hampers learning process and increases risk factor
as huger capital and time is invested in setting a business.
 Flexibility: Being flexible about approaches according to the circumstances is referred as
flexibility. Thomas Edison has innovated many devices and was not successful at first
attempt. The entrepreneur was able to succeed because of his attitude of trying several
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times with different approaches. While considering negative side of this trait, it can be
evaluated that it restricts developing a strategic plan for achievement of targets
(Sorenson, 2017).
CONCLUSION
From the above report it can be concluded that entrepreneurship is the process of
developing a business venture with innovative idea and risk-taking capability for the purpose of
profit-making and economic growth. Opportunity based entrepreneurship is a theory or
framework that suggests identifying opportunities and developing a business idea for
commercialization. Motivation, confidence, decision-making, creativity, passion and risk-taking
are some characteristics of entrepreneur. There are several motivation factors that encourages
entrepreneurship, such as, optimism, commitment, self-reliance, enthusiasm, sense of
accomplishment and flexibility.
REFRENCES
Books and journal
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Chen, Y., 2018. Blockchain tokens and the potential democratization of entrepreneurship and
innovation.Business Horizons. 61(4). pp. 567-575.
Ghezzi, A. and Cavallo, A., 2020. Agile business model innovation in digital entrepreneurship:
Lean startup approaches. Journal of business research. 110. pp. 519-537.
Henry, C., Foss, L. and Ahl, H., 2016. Gender and entrepreneurship research: A review of
methodological approaches.International Small Business Journal. 34(3). pp. 217-241.
Manso, G., 2016. Experimentation and the Returns to Entrepreneurship.The Review of Financial
Studies. 29(9). pp. 2319-2340.
Muñoz, P. and Cohen, B., 2018. Sustainable entrepreneurship research: Taking stock and looking
ahead.Business Strategy and the Environment. 27(3). pp.300-322.
Ram, M., Jones, T. and Villares-Varela, M., 2017. Migrant entrepreneurship: Reflections on
research and practice.International Small Business Journal. 35(1). pp.3-18.
Sorenson, O., 2017. Regional ecologies of entrepreneurship.Journal of Economic
Geography.17(5). pp.959-974.
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