Entrepreneurship.

Entrepreneurship
Entrepreneurship theory and
practices
Student Name

Entrepreneurship 1
Contents
Introduction................................................................................................................................2
Entrepreneurship........................................................................................................................2
Nature of entrepreneurship.........................................................................................................2
Roles of entrepreneurship that helps in creating strong economy.............................................3
Critical analysis..........................................................................................................................4
Well-known entrepreneurs who made difficult decisions..........................................................4
Ethical challenges faced by apple: Steve jobs............................................................................5
A legal dispute the company faced............................................................................................6
Legal dispute in between apple and Samsung............................................................................7
Conclusion..................................................................................................................................7
References..................................................................................................................................8

Entrepreneurship 2
Introduction
Entrepreneurship
Entrepreneurship plays a major character in the economic development and the standard of
living of the nation. In United States, small entrepreneurs are called the backbone of the
economy because the role, which, they play in the market, is considered healthy for the
economy at large. According to the Heggins, entrepreneurship is that function who seeks
funds and the production opportunity with this they took a new production process, raise
capital, having labour, arranges the supply of raw material and lastly, select managers to
operate day to day operations in order to improve the organisation success along with the
development in overall economy (Ferrerira, 2018).
Other than this, entrepreneurship is the most important component of the economic growth
and social development. Moreover, it brings dynamism to the economy by revitalizing and
renewing markets through innovation. There is also a broad recognition that creates a
common ground for the conceptualization, development to new methodologies that allows the
field of entrepreneurial research to advance (Kelton, 2018).
Nature of entrepreneurship
Innovation: Innovation is the foremost criteria, which an entrepreneur adopts to introduce
something new in the economy. Innovation involves problem solving and through its creative
ideas, he/ she solve the entire problem within an organisation.
High achievement: People who have the high achievement needs can be a good future
entrepreneurs. Achievement motives can be increased deliberately. In addition, the
psychological needs of the entrepreneurship reveal the presence of high achievement among
the successful entrepreneurship (Kimmons, 2018).
Managerial and leadership skills: In this context entrepreneurs should have managerial and
leadership skills. Financial skills are on the secondary priority. However, the person who is
an industrial entrepreneur should have an ability to lead and to manage the entire
organisation, which fully contributes organisation in gaining success and reputation
(Kimmons, 2018).

Entrepreneurship 3
Gap filling function: The most significant feature of the entrepreneurship is filling gaps
within an organisation. Filling gaps highlights reducing deficiencies, which always exist
within the business. Nevertheless, some inputs like motivation and leadership helps the
entrepreneurs to take corrective actions against the problems and win over the issues with
hampers the success of the organisation (Seth, 2017).
Roles of entrepreneurship that helps in creating strong economy
There are several roles, which an entrepreneur plays which helps in creating strong economy
are-
Creating jobs: In this, entrepreneurs, by starting up the new venture helps to those who are
in search of the job. This kind of work creation by original and existing businesses is again is
one of the elementary goals of the economic growth. There are a lot of efforts are made by
the government by insuring and creating a lot of business chances and lastly, helps in
augmenting morals to a global level (Startup, 2017).
Community development: Community expansion requires substructure for learning and
training, healthcare and other facilities. In this case, there is a very significant role for
entrepreneurs to trigger economic growth by starting new trades, creating jobs and
contributing to enhancement in various key goals such as GDP, exports and lastly the
community development.
New technologies promote efficiency: Advanced technologies play a major role in turning
out old ideas into new products and services. Economic progress is driven by the advanced
technologies and their imaginative applications. Due to the fast innovation within the
organisation because of the technologies helped economy to grow (Startup, 2017).
Addressing environmental challenges: Innovation is very much vital when it comes to
addressing the environmental encounters. Likewise, without water one cannot live similarly,
it is very much important to have innovation due to that it helps organisation to improve its
productivity and helps in enhancing economic development
Prosperity creation and sharing: For the beginning the business entity, entrepreneurs do
invest their own funds and attract wealth from the stakeholders, lenders and the lastly from
the public. This kind of attracting the pooled capital from the various sources, results in
wealth creation and distribution, which leads to the economic development (Startup, 2017).

Entrepreneurship 4
Standard of living: To increment the standard of living in a community is yet another goal
of economic developments. In this, entrepreneurs play an important role in incrementing
standard of living. They do it by increasing job opportunities, adopting and developing
innovations, which leads in improving the quality of life of the employees’ customers and the
entire community (Sinha, 2014).
Critical analysis
Well-known entrepreneurs who made difficult decisions
Apple is also one of the well-renounced companies. Entirely, man behind Apple was Steve
Jobs. He is one of the most fruitful commercial leaders of our time. He always picked
himself up, always learned from his mistakes and tried again. He often faces core challenges,
which helped him out to make complex decisions (Haslam, et al, 2013).
Taking the reins
The most significant judgment made by Steve job was to take control over apple. After the
obtaining of NeXT, then CEO Gil Amelio took in Jobs as a special advisor. After indulging
himself wholly Jobs quickly convinced apple’s board in case of the possible replacement. The
entire board agreed, and job was again back in control (Blumenthal, 2012).
Killing the clones:
In this, earlier apple initiated to licencing Mac OS to one of the some vendors. However, later
when jobs reverted to apple, he knew that Mac OS licensing database would decline and thus
effectively end the clone program. Later, Steve job made a strong decision regarding
regulating the total operator experience from the hardware to software and that could not be
attained if the hardware end was out of the apple’s end. If works would be there for apple,
then it would have become the most desire, secrecy (Johnson, et al, 2012).
Plugging the leaks:
Under Gil Amelio, deliberate press leaks out the data from the apple workers are later tries to
humiliate the CEO into the altering his policies. In addition, when Steve stepped in as interim
CEO, he stopped and declared and total banned on apple employees’ to not to talk to press. In
addition, over ages Jobs’ with no press rule has a better effect on creating a severe veil of
privacy and this helps the company in maintaining suspense that escorted apple product

Entrepreneurship 5
announcement. By maintaining this kind of tighter control, Jobs kept media in his palms
(Blumenthal, 2012).
Cleaning houses:
Lastly, jobs focused over the employees who are the part of the apple company. He opted for
the close by friends like Oracle CEO Larry Ellison and former VP of promoting Bill
Campbell. Job also cleared out many merchandise centric sections that fought for the
corporation resources. Instead of these, Job fixed certain department like marketing, sales,
manufacturing and finance. He also focused on hiring a high level of employees, which
ensured that few executives have made drastic changes with the change in new policies
(Khan, Alam, and Alam, 2015).
Ethical challenges faced by apple: Steve jobs
As we, all know that apple is one of the most admired companies but still it has faced and
experienced several ethical issues within recent years. These issues have majorly affected the
future success of the company. Moreover, due to all this, apple’s sterling reputation was
easily affected. This was all because of the serious misconduct and a failure to address risk
appropriately.
One of the major ethical challenges, which Steve has faced was, on one side the company
was able to increase the profits due to the outsourcing process. The company was working
with the full support of enhancing social responsibility towards its stakeholders. On the other
hand they were not treating their employees in a manner they should be treated. All of them
they went against the companies policies which were not acceptable by anyone. Hence, this
resulted to an ethical dilemma.
Individualism: In 2011, ethical issue that was exposed was on serious accumulation, which
was made against apple. The scenario explained that, there was mistreating with the
employees like machines. Apple company hired around 5, 00,000 employees to manufacture
their products in two of their factories in southern china. The report was made by seeing the
worst conditions of employees within the working environment. This was all done because of
the more demand of the apple products. In addition, apple wants to keep their owners and
shareholders happy. By this, the apple company earned money by minimizing their cost to
maximize their profits. They also opted china for their manufacturing because by going
overseas and seeing that their legal laws are more flexible (Thomke, and Feinberg, 2012).

Entrepreneurship 6
Kantianism: In this ethical theory, one should act reasonably while making corporate
decisions, respect persons and do respectable things. However, Apple Company disrespects
their workers and made lifecycle harder for them. Apple ran their plants only for their private
achievement. They even lied to the customers by declaring themselves as an ethical company.
Virtue theory: This philosophy of ethics states that one should do a bit by abiding courage,
honesty, temperance and justice. In this, apple is neither way satisfying their employees
likewise Apple Company has no courage to stop what unethical practices they are doing to
the employees. They are not at all honest to their customers and shareholders about their
doings. Lastly, temperance in which there is no justice for the employees because apple did
not apologized or compensated what all they did terrible to employees (Mickey, 2013).
Due to all this, miss happening held in the apple company made employees to do the suicidal
attempts due to the long working hours. They use to give one break in every 13 days. But
according to the Chinese law a worker cannot work for 36 hours but apple was doing against
the legal laws of the china. All this highlights that how Steve Jobs has faced the ethical
challenge doing the manufacturing output (Yu, 2013).
A legal dispute the company faced
In this, the battle was in between the company apple and the fashion brand that was named
under Steve Jobs which was started by two brothers from Naples. It was not marked under
trademark but in general, they used apple founder’s name. Two of those brothers told to press
that they first registered Steve Jobs brand in 2012. They also declared that the brand name
was not on the basis of the job’s signature black turtleneck and jeans. As expected, apple’s
legal department sent brothers the four large folders of the legal document. When all this was
done, those brothers won the case. Apple continued to fight with the brothers over the logo,
which they used. However, court has declared that brothers are free to use the logo. As court
decisions came down to the fact that letter is not a fruit so the missing chunk on right side
cannot be a bite (Elliot, 2012).
Apple’s logo Steve Jobs logo

Entrepreneurship 7
(Source: Elliot, 2012)
Now the brothers claim that they are free to use this logo and name of their brand worldwide.
They are also thinking of forming electronics with the same brand logo and name. In
addition, with this apple company’s lawyers will find a way to continue fighting (Brennan,
2013).
Legal dispute in between apple and Samsung
Samsung a well renounced company in terms of electronics. The problem, which they faced,
was of culture, which was to inward considering. Then the Lee Kun- Hee, a chairperson of
the South Korean electronics giant, directed the company a handful of his optimistic young
workers to the far turns not for the work but to immerse themselves with the cultural aspects,
learn linguistic and building systems so that it benefits Samsung in revenue making.
With apple and Samsung, case was in regarding the design of the smartphones ad the tablet
computers. The dispute in 2011 states that Samsung slavishly copies IPhone designs. Then,
Samsung sue on apple for infringing their patent software’s. Moreover, on this multiple cases
were filed on multiple patents. In 2012, again apple sue on Samsung for coping certain
features of iPhone and iPad. Lastly, In May 2018, US jury declared, Samsung needs to pay
539 million dollars in lieu of the damages for coping features of the original IPhone (Chang,
Kim, and Joo, 2013).
Conclusion
The above answered questions conclude that entrepreneurship having different concepts
applied by the various entrepreneurs in order to make their efforts successful by gaining
profits and reputation within and outside the firm. Firstly, this assignment highlights the
nature of the entrepreneurship that how innovative, creative and full of skills they have to be
in order to run their businesses effectively and efficiently with more of profits earning as well
as gaining reputation. In addition, the other part highlights that how the apple the most well
renounced company has also faced the difficult decisions in order to win over others. Not
only this, they have also faced the ethical challenges and the legal disputes, which have made
them stronger over other companies and leads to the best competitive advantage.

Entrepreneurship 8
All this as an entrepreneur can be possible only when an entrepreneur is fully focused over
the goals he has set for future. Likewise, Apple Company, Steve Jobs has those skills, talent,
idea, innovative and creativity, which made him different from others.
References
Blumenthal, K., (2012) Steve Jobs: The man who thought different. Macmillan.
Brennan, C., (2013) The bite in the apple: A memoir of my life with Steve Jobs. St. Martin's
Press.
Chang, Y., Kim, J. and Joo, J., (2013) an exploratory study on the evolution of design
thinking: Comparison of Apple and Samsung. Design Management Journal, 8(1), pp.22-34.
Elliot, J., (2012) Leading Apple with Steve Jobs: management lessons from a controversial
genius. John Wiley & Sons.
Ferrerira, M.N. (2018) what is entrepreneurship? Entrepreneur definition and meaning
[Online] Available from: https://www.oberlo.in/blog/what-is-entrepreneurship [Accessed
4/01/2018]
Haslam, C., Tsitsianis, N., Andersson, T. and Yin, Y.P., (2013). Apple's financial success:
The precariousness of power exercised in global value chains. In accounting forum (37(4),
pp. 268-279.
Johnson, K., Li, Y., Phan, H., Singer, J. and Trinh, H., (2012) The Innovative Success that is
Apple, Inc [Online] Available from: https://mds.marshall.edu/cgi/viewcontent.cgi?
article=1420&context=etd [Accessed 7/01/2019]
Kelton, W. (2018) Entrepreneur [Online] Available from:
https://www.investopedia.com/terms/e/entrepreneur.asp [Accessed 4/01/19]
Khan, U.A., Alam, M.N. and Alam, S., (2015) A critical analysis of internal and external
environment of Apple Inc. International Journal of Economics, Commerce and
Management, 3(6), pp.955-961.
Kimmons, R. (2018) what are the basic concepts and characteristics of entrepreneurship?
[Online] Available from: https://smallbusiness.chron.com/basic-concepts-characteristics-
entrepreneurship-18526.html [Accessed 4/01/19]

Entrepreneurship 9
Mickey, S.F., (2013) Constructing the prophet: Steve jobs and the messianic myth of Apple
[Online] Available from: https://scarab.bates.edu/cgi/viewcontent.cgi?
article=1101&context=honorstheses [Accessed 7/1/19]
Seth, S. (2017) 5 Characteristics of successful entrepreneurs [Online] Available from:
https://www.investopedia.com/articles/personal-finance/101014/10-characteristics-
successful-entrepreneurs.asp [Accessed 4/01/2019]
Sinha, D.K.(2014) role of entrepreneurship in economic development [Online] Available
from: http://www.yourarticlelibrary.com/essay/role-of-entrepreneurship-in-economic-
development/40658 [Accessed 4/01/2019]
Startup. (2017) the role of entrepreneurship in economic development [Online] Available
from: http://thestartupmag.com/essay-on-role-entrepreneurship-economic-development/
[Accessed 4/01/2019]
Thomke, S.H. and Feinberg, B., (2012) Design thinking and innovation at Apple. President
and Fellows of Harvard College.
Yu, H.H., (2013) Decoding Leadership: How Steve Jobs Transformed Apple to Spearhead a
Technological Informal Economy. Journal of Business & Management, 19(1).