Entrepreneurship in Business

This assignment explores the characteristics and roles of entrepreneurs in the United States, with a focus on Jeff Bezos and Steve Jobs. It examines how entrepreneurs contribute to the economy through job creation, social change, community development, and spurring economic growth.

Entrepreneurship in
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Examining characteristics as well as role of entrepreneurs in United States..............................1
Critically evaluating the ways entrepreneurs have contributed to economy of United States....5
Critically evaluation on the ways United States contribute to entrepreneurial development......7
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneur is an individual who builds the idea and set up a business by taking financial
risks to make huge profits. These are often popular as source of new innovators as well as
bringing creative ideas in market through replacing existing ones with a new invention.
Entrepreneurship is the readiness to set, develop, organise together with run a venture with any
of uncertainties to make profits. It is all about staying committed to objectives beyond feelings of
excitement and willingly taking leaps, solving problems and working hard enough for making
sacrifices in dynamic business scenario (Acs, Szerb and Autio, 2017). In an economy,
entrepreneurship plays prominent function because entrepreneurs have the potential to improve
livings standards addition to create wealth for related businesses. The concept also drives
changes with creativity and innovation by enabling development of a market by new products.
People becomes entrepreneur for changing the world, generating employment, are ambitious,
have unique ideas and big dreams. To understand entrepreneurship in business, Jeff Bezos is the
selected entrepreneur for the assignment. Jeff Bezos is an internet entrepreneur, investor,
industrialist along with media proprietor. Bezos is popular for establishing a multinational
technology origination that is Amazon in 1994 as well as Blue origin in the year 2000. In history,
Jeff is the first personality to have net worth of nearby $200 billion. The personality also
purchased a major American newspaper that is The Washington Post and manages numerous
investments by the Bezos Expeditions venture business. The entrepreneur always looks for any
change, responds effectively towards it along with exploit the change as opportunity.
The assignment highlights characteristics addition to roles of entrepreneurs in an
economy. It also examines how the entrepreneurs contributes in an economy. At last, it covers
the ways an economy contributes widely in development of entrepreneurs.
MAIN BODY
Examining characteristics as well as role of entrepreneurs in United States
Entrepreneur is a person who possesses the ability to bring an idea into life in right
manner. The personality is always ready to face and deal all complex situation which might
come on their path for success (Akpan, 2020). For becoming success entrepreneur, it is
significant to have certain traits, knowledge and abilities for being persistent for innovation
together with progression. With talents and potentials, they are able to devise new ideas, putting
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pieces or elements together and emerge as winner. There are various characteristics and traits
that makes a person as entrepreneur. However, their thinking and working differentiate them
from others in the real business world. In this context, characteristics and roles of entrepreneurs
within United States are examined underneath:
Jeff Bezos:
Jeffrey Preston Bezos was born on January 12, 1964. The personality is popular as an
investor, industrialist and internet entrepreneur. Jeff had an early love of computers as well as
studied science and electrical engineering from Princeton University. Further, after completing
graduation, working of Wall Street have developed various skills and traits among the
personality. The successful enterprises established by the entrepreneur includes Amazon, blue
Origin and many more. The characteristics that makes Jeff Bezos unique in the business world of
United States are as follows:
Staunch experimentalist: An entrepreneur believes in innovating stuff as pet
requirements of a moment. For this, they constantly experiments with technology to build an
empire through their steadfast and reliable experiments (Berggren, Fili and Wilhelmsson, 2019).
In context to Jeff Bezos, the entrepreneur is a person who believes in innovation of stuff which
meets needs of the minute. This the characteristic of Jeff which constantly motivates for
performing experiments with technology addition to widely accepted E-Commerce venture.
Moreover, the personality has burning infatuation with experimenting as well as devising
something which complements desires with needs of customers. With this characteristic, Jeff
have transformed the venture that is Amazon from a book selling online company to greatest
internet market on the globe as the entrepreneur loves to experiment.
Risk taker: Starting a new company includes a considerable level of failure risk. An
entrepreneur requires to be courageous as well as able to evaluate together with take risks that is
essential characteristic of an entrepreneur (Bezerra, Borges and Andreassi, 2017). This
personality trait resembles taking high risks in calculated ways. In relevance to Jeff Bezos, the
personality took various risks to start the business of Amazon and hence forth. It is foremost
characteristic of Jeff that internally motivates for taking risks as to start the venture as it is not
possible to start any enterprise with taking considerable amount of risks. At same time, it is first
trait of an entrepreneur to bear impacts of all concerned risks with the venture.
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Knack for innovation: An entrepreneur is characterised as a personality who is highly
innovative for generating new and creative ideas, starting an organisation together with earning
huge revenues from it (Guerra and de Gómez, 2016). In context to Jeff Bezos, the personality is
an innovator for various remembered things that ranges from developing a sound alarm to
guarding the room against annoying siblings for devising widely recognised internet retailing
website. Bezos have driven for creating various ingenious with intensified time.
Other than characteristics, there are various roles played by an entrepreneur. Some roles
of Jeff Bezos are as follows:
Initiator: An entrepreneur plays role of initiator in which new ideas of business are
initiated in the competitive and dynamic market. The personality identifies opportunities, grab
them and convert them into reality with efficient along with strategic planning (Julien, 2018). In
relevance to Jeff Bezos, initiator role is played in which an idea of multinational technology
entity was initiated that emphasises towards digital streaming, E-Commerce, artificial
intelligence and clod computing which influence people to purchase electronics, apparel, toys,
video games, jewellery and many more.
Generating employment: All entrepreneurs have role of generating employment directly
and indirectly by establishing small, medium or large size of units which provides employment.
With the role, an entrepreneur alleviates problem of unemployment. In context to Jeff Bezos, the
entrepreneur generated employment in both direct together with indirect manner. In direct
manner, self-employment as a personality offers effective ways for honourable addition to
independent life. Likewise, within direct manner, entrepreneur performs the role by setting large
or small scale units of venture that offers millions of jobs (Karimi and Walter, 2016).
Steve Jobs:
Steve Paul Jobs is popular for being an American industrial designer, media proprietor,
business magnate along with investor. Steve was a charismatic pioneer of personal computer
century. The personality founded Apple Inc. in the year 1976 along with transformed the
enterprise into a global leader within telecommunications. The characteristics of Steve Jobs are
as examined:
Powerful believer of perfection: An entrepreneur possess characteristic of strong believer
of elements with perfection (Lin and Xu, 2017). In case, when things do not turn up as per
expectations then they would reaches to any extent for making things meeting their expectations
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level that demands perfections from all corners. In relevance to Steve Jobs, the personality
rejected prototype (which was designed by the team) on the basis of its weight. All the time
when engineers conveyed the message that it is really impossible to make it as small then Jobs
dropped the iPod into the Aquarium. In the moment when iPod reached bottom then bubbles
were seen floating on top. In this, the entrepreneur found the defect and asked the team to make
the iPod small it is was.
Strong and clear vision: An entrepreneur requires to be visionary for anticipating future,
choices of people and how to meet them in cost effective manner. When an entrepreneur have no
future needs for an enterprise then the personality becomes aimless together with never reaches
at success peak (Momani, 2017). In association to Steve Jobs, the entrepreneur was never
trapped into dogma of beliefs and thoughts of others. Steve always believed on own ideas and
always clear about the goals or objectives in life. Since early age, Jobs knew what he wanted to
do attain in the life and occupied the mind-set with the aim of making a successful entity. When
Steve had hold over the globe of personal computer, phones and so on, the entrepreneur had set
the vision of conquering the world of television and making it easy to use television. However,
the unexpected death of Steve had restrict the personality from achieving the vision.
The role of Steve Jobs are underneath:
Meeting needs: It is foremost role of entrepreneur to meet needs of society, consumers
and self (Nazareno, Zhou and You, 2019). At early stage entrepreneur, all have roles to ensure
that essential responsibilities towards society are met and customers are happy. In relevance to
Steve Jobs, the entrepreneur have role to meet requirements of all by satisfying them with
offerings and making necessary adjustments within their commodities together with services
wherever possible.
Grunt: Entrepreneur is not all about glory addition to charisma. Tactlessly, an
entrepreneur also serves role of grunt in early phases of their entrepreneurship (Panikarova,
Vlasov and Velinov, 2020). In Steve Jobs, it is determined that the entrepreneur plays role of
grunt wherein they performs frequent tasks such as minification, compilation, testing units and
linting. The role never goes away over time and assist tycoons to take their responsibilities by
making effective decision as well as establishing direction that other businessman follows.
With examined characteristics and responsibilities, entrepreneurs such as Jeff Bezos and
Steve Jobs have achieved success in their entrepreneurship.
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Critically evaluating the ways entrepreneurs have contributed to economy of United States
Entrepreneurs have always touted consistently as key for successful economy. During
times of economic unrest, entrepreneurs have contributed widely in developing the economy of a
nation. Within United States, entrepreneurs are considered as engine of economic development
as these personalities introduces innovative ideas that have capability to change the world as well
as capital invested in an enterprise ultimately influences economy of a country. In U.S.,
entrepreneurs including Jeff Bezos and Steve Jobs enable new markets to expand as well as
creates new wealth. These entrepreneurs throughout the traditional and modern economic history
have been responsible for radical innovations which have fundamentally transformed lives of the
population along with fundamentally changed whole economy (Petrakis, 2020). Some of the
contributions that are made by these entrepreneurs in U.S. Economy are as evaluated:
Providing employment opportunities: It is crucial for all entrepreneurs to hire employees.
For this, they creates jobs. New, young and other kinds of entrepreneurs are engine of net
employment creation within the economy of United States. For example, Jeff Bezos contributed
in the economy by creating as maximum as possible jobs in different areas. The entrepreneur
have provided new job opportunities in short term along with long term. At same time, majority
of jobs are given to local residents that are not selected or positioned in other countries. The
entrepreneur have hired around 1,000,000 people among which maximum belongs to United
States. Similarly, one of important contribution of Steve Jobs in economy of United States is
building amazing teams which is grand economic success. With combination of competent and
productive people making quality products employment gets generated in lot of size.
Creates social change: The other contribution made by entrepreneurs within economy of
U.S. is creating social change by offering unique commodities and services. With this,
entrepreneurs breaks away traditions as well as reduces dependence on obsolete technologies
along with systems (Plachkinova and Pittz, 2020). All these have resulted in improving morale
and enhancing quality of life that results in greater economic freedom. In context to Jeff Bezos,
the entrepreneur have contributed through establishing a company initiated as an online
marketplace for books along with electronics, food, jewellery and so on. Also, the entrepreneur
have impacted positively by devoting time, efforts and personal resources that translated towards
growth of United States economy. Similarly, Steve Jobs have made various changes in society
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with technology giants as well as new investments for building commitments to support
economy of U.S. together with fuelling fast growing app economy.
Community development: In an economy, entrepreneurs regularly nurtures enterprises
through like-minded people. Entrepreneurs invest in community projects along with contributes
financial support for local charities that further develops the economy beyond expectations
(Wang, 2020). one of famous entrepreneur that is Jeff Bezos have used some proportion of their
money for financing good causes ranging from public health to education. In a report, it is
examined that Jeff Bezos have contributed or donated around $ 125 Million of the wealth of
$142 billion in development of community of U.S. and others. At same time, Steve Jobs have
developed the community by giving computers to various non-profit and educational institutions.
Furthermore, the entrepreneur have contributed by improving lives of millions of population via
technology.
Spurring economic growth: New commodities along with services produced by
entrepreneurs generates cascading effect and stimulates related businesses or industries which
require to support a new enterprise for development of economy. Through enabling companies to
launch innovation to scaling their business ideas, entrepreneurs aim to identify as well as scale
effective solutions for economic related issues including health services, education and so on
(Michael and Et. Al., 2020). In relevance to Jeff Bezos, the entrepreneur had contributed in
spurring economic growth by establishing a venture that is Amazon which is first e-commerce
sites in United States to initiate selling commodities and this ideas was followed by millions of
businesses since the date. The e-commerce retail industry quickly expanded along with
benefitted other businesses also. Similarly, Steve Jobs have launched various Apple Inc. products
that are followed by other business for further development. Moreover, these entrepreneurs have
developed infrastructure of the industries by capitalising on required areas. Future development
efforts within United States needs capital investment, productive workforce as well as logistic
support, in all these aspects, entrepreneurs contributes that takes in economy of United Stated
towards growth aspects.
With mentioned information, it is evaluated that entrepreneurs including Jeff Bezos
together with Steve Jobs have taken relevant decisions that resulted in development of United
States Economy as whole. Through the products offered by these, the living standards of
population and infrastructure of United States have improved to great extent (Wadid, 2016).
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However, production and marketing of the products required huge natural resources that resulted
in depletion of resources or making resources scare for future generation that leads towards
negative contribution of the entrepreneurs in economy of United States.
Critically evaluation on the ways United States contribute to entrepreneurial development
Economy of a nation also plays significant role in contributing towards development of
entrepreneurs and their activities, ideas, etc. Entrepreneurs takes actions to develop economy of a
nation and in return, a nations also helps or takes required initiatives for development of
entrepreneurs through multiple kinds of strategies, regulations and programmes that foster
entrepreneurial development (Popescu, 2020). In relevance to United States, various
contributions are undertaken with the objective of entrepreneurial development. In this, political
system or government of United States played and plays major role. Some of the contributions
are as evaluated:
Fostering growth of entrepreneurial ecosystem: From last couple of century,
government of United States have contributed in developing entrepreneurial ecosystem which is
a situation that helped entrepreneurs to bring people together, creates wealth and foster economic
prosperity (Venturing, 2020). United States have formed an effective policy for entrepreneurial
ecosystem that actively involves all Government Ministers to work with senior public servants to
assist institutional entrepreneurs for shaping their entrepreneurship to great extent. In case of Jeff
Bezos, United States have supported the ideas and allow for natural development by guiding
from initial idea to managing the venture. United States have also ensured growth in E-
Commerce Industry and developed policies that addresses requires of business and its
management.
Subsidies: It is type of financial aid extended to an economic sector with hope of
promoting entrepreneurship development (Terziev, Natalia and Georgiev, 2019). The aim behind
subsidy is to ensure that all required necessary products and services are available with
entrepreneurs that are planning or working in United States. In the nation, all types of
entrepreneurs including scalable startups, social, small business and large company entrepreneurs
are eligible for subsidies. In this, United States have contributed in development of Jeff Bezos by
providing subsidies in establishing venture at any part of the areas. With this contribution, United
States have reduced required number of investment and providing opportunities to open and
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manage their ventures at large scale that encourages them to take multiple initiatives resulting in
their developments.
Incentives and Grants: Incentive is said to something which motivates a person to take
some action. Similarly, grants are termed to non-repayable funds or gifts from one party or
product disbursement. Incentives and grants aims to deliver value for money along with
contributions towards entrepreneurial success (Tur-Porcar, Roig-Tierno and Llorca Mestre,
2018). United States contributes by providing various categories of incentives including moral
incentive, remunerative incentive, coercive incentive and financial incentive to Jeff Bezos and
other entrepreneurs. Moreover, political system of United States also gifts various properties and
other essential to support entrepreneurs for development.
Other than contributions, there are various roles that are played by United States in the
entrepreneurship. One of the role is of technical assistance in which government conducts
multiple training sessions that help entrepreneur such as Jeff Bezos to undertake multiple tasks
together with manage resources in well systematic manner. Through the training assistance,
skills and competence of entrepreneurs are improved that improves their efficiencies and
productivity to achieve desired goals (Vassallo, 2016). Moreover, the other is financial assistance
which involves monetary aids which entrepreneurs receive. It is in form of cost sharing
arrangements, welfare payments and guarantees that United States provides to entrepreneurs
including Steve Jobs, Bill Gates and many more.
CONCLUSION
From the assessment, it have been concluded that entrepreneurship is most vibrant along
with essential part of economy. It is related to measures of participation of people in new
enterprise creation along with gives systematic overview of various patterns in business creation
process. The term is an act to build a business while designing addition to scaling it for making
huge revenues. In modern world, entrepreneurship is about transforming an economy through
solving big issues with innovative products and services. It brings changes in society or creates
innovation that challenges status quo of the ways population live on daily basis. Entrepreneurial
development process aid new organisations to get better in attaining goals, improving nation’s
economy and ability of person to manage, develop as well as build an empire by keeping all
concerned risks in mind. The concept supports entrepreneur in advancing their competence
through training programmes and coaching sessions. At same time, entrepreneurship encourages
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entrepreneurs to devise better judgements and make sensible determinations for concerned
activities.
An entrepreneur takes risk to start a side hustle which eventually generates full-time addition
to sustainable business with manpower. This kind of person see possibilities together with
solutions where an average personality only sees problems and annoyances. They makes their
path down a never ending set of complexities with grit, passion as well as energy. Being an
entrepreneur is to live life learning unbelievable amount together with maximising impacts on
the globe as they tackles hardest problems easily. They dives headlong into very risky venture of
their making, long hours, carving out and working hard for success and never giving up.
Jeff Bezos, Steve Jobs, Bill Gates and so on are entrepreneurs who have characteristic
traits of Staunch experimentalist, Risk taker, powerful believer of perfection, strong and clear
vision. The personality takes huge quantity of resources for turning a vision into reality. Among
these resources, one is human resource which is hired by the entrepreneur for performing
multiple resources including market research, preparing reports, productions, marketing,
supplying, relationship management, accounting and hence forth. At same time, some of
essential roles that are played by entrepreneur in a country are initiator, generating employment,
meeting needs and grunt. Desire of an individual for creating new business, developing new
technologies together with venture into the unfamiliar have propelled a country from small
assortment of gatherings to one of greatest economic powers across the globe. In short,
entrepreneurship is all about growth of a person and economy of a country as whole.
Entrepreneurs whether small or large contributes in economy of nation in wide manner.
They providing employment opportunities, creates social change, develops community and
spurring economic growth which delivers advantages to population round the world. Moreover,
they first transformation which take place in lives of citizens and communities which fosters
powerful culture of entrepreneurship. At same time, in return nation also contribute in
development of entrepreneur. Fostering growth of entrepreneurial ecosystem, subsidies,
incentives and Grants are the contributions made by a country for entrepreneurial development.
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REFERENCES
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