Entrepreneurship and Innovation: A Case Study of Mark Zuckerberg and Facebook

Running head: ENTREPRENEURSHIP AND INNOVATION
Entrepreneurship and Innovation
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1ENTREPRENEURSHIP AND INNOVATION
Executive Summary
This report will discuss about the concept of entrepreneurship and the role of the innovative
ideas in the business ventures established by them. It is generally seen that the various
entrepreneurs take the help of diverse kinds of innovative ideas for the process of the
establishment of their business ventures. This report will shed light on the entrepreneur Mark
Zuckerberg and his development of Facebook. The report will begin by introducing the
personal attributes of Zuckerberg which helped him to create his business venture and also to
develop his innovative business idea. Furthermore, the report will also discuss about the
personality and the personal approaches of Zuckerberg and the role which they played in his
success. The report will conclude with a discussion of the business service as well as market
of Facebook and also the identification of the business idea and its commercialization.

2ENTREPRENEURSHIP AND INNOVATION
Table of Contents
Introduction................................................................................................................................3
Mark Elliot Zuckerberg: Main Attributes..................................................................................3
Personality and Personal Approach...........................................................................................5
Business services and market.....................................................................................................6
Opportunity identification and commercialization....................................................................7
Conclusion..................................................................................................................................8
References................................................................................................................................10

3ENTREPRENEURSHIP AND INNOVATION
Introduction
The changing business climate of the world has made it imperative for the various
business enterprises to not only “think out of the box” but at the same time to take the help of
various kinds of innovative strategies and ideas for the sustainability of their business (Dees,
2017). It is here that the role of the various entrepreneurs as well as the process of
entrepreneurship itself becomes very important. Entrepreneurship can be defined as the
process of establishing a business venture and at the same time to undertake financial risks
with the latent hope to gain significant amount of profit (Drucker, 2014). Furthermore, the
entrepreneurs are the individuals who establish their own business ventures with the help of
innovative or “out of the box” business ideas. It is significant to note that the term
“innovative idea” is generally associated with the kind of ideas which are totally new as well
as revolutionary (Kuratko, 2016). However, in reality it is generally seen that the innovative
business ideas utilized by the various entrepreneurs are not necessarily new or revolutionary
rather they are mostly some modifications of the older ones with diverse amendments made
to them to fulfill the requirements of the present day business world (Kuratko, 2016). This
report will analyze the correlation between the process of entrepreneurship and innovation
through the personal attributes as well as professional undertakings of the entrepreneur Mark
Elliot Zuckerberg.
Mark Elliot Zuckerberg: Main Attributes
Mark Elliot Zuckerberg, famous as the cofounder of the social networking website
“Facebook”, is an “an American technology entrepreneur” who was born in the year 1984 in
New York, USA (Wong, 2018). He is also one of the most popular philanthropists of the
world and has pledged to donate 99% of his wealth for the cause of charity (Clifford, 2018).
Alongside Facebook he also developed various other kinds of software which has helped to