Entrepreneurship Project: Bill Gates as an Example

Entrepreneurship
Project

INTRODUCTION
An entrepreneur is the person who create the new business by bearing most of the risks and
also enjoy rewards and this process is termed as entrepreneurship. Entrepreneurs play an
important role for the development of economy considering the skills and initiatives which are
important to anticipate the requirements and also bring new ideas and product in the market
(Yang and Liu, 2021). For this report, Bill Gates is considered as an entrepreneur who was an
American entrepreneur and also the second richest person in the world with the net worth of
around $133 billion. He grew up in Seattle and begin his life with computers at the early age.
The following report cover background information of the entrepreneur, concerning traits,
opportunity recognition and idea development and competitive advantages.
Background of the entrepreneur
Bill Gates is an American businessman as well as an author of many books who was born in
Seattle, Washington. He is fluent in different languages such as English, German as well as Irish.
It can be said that his father was a well-known lawyer and his mother had served in the Board of
Directors for well-known organizations such as First Interstate BancSystem and United way of
America. During his early years, Gates’ parents wanted him to develop a career in law. Not only
this, his family also encouraged him to take part in different competitions in order to improve as
a runner. But as time progressed, he started taking interest in programming of the basic and also
showed his interest in math classes. It was during this time when he decided to build a career in
this field. Bill Gates wrote his first computer program and implemented the same on a tic-tac-toe
wherein the users were permitted to play games against the computer. During this time, he was
fascinated by the machine and how it always implemented the code so accurately. He was just 17
years old when he formed his start up named Traf-O-Data along with his friend Allen to make
the traffic counters based on the intel 8008 processor. He was also the national merit scholar at
the time when he graduated from the lakeside school in 1973. He also chose a pre-law major but
also took mathematics and graduate level computer science courses. Bill gates also devised an
algorithm for the pancake sorting as one of the best solution to the series of unsolved issues.
Entrepreneurial traits/characteristics
Focused: It is the main trait of Bill Gates as knowing something is quite different than
having wisdom. Bill gates also focused on one thing which is he knows best for his behaviour

that include software and also makes it best for his work. He worked hard in order to dominate
over the industry, made implementation over the top priority and also stuck with the prominent
skills which he consider to be the strongest. Bill gates also focuses through the work as he does
several things with his charitable foundations.
Creativity: Rather than staying at the comfort zone, Bill gates motivated himself and his
employees to embrace towards the creativity. His prominent leadership style works to empower
individuals due to the individual perspective as it leads to create new opportunities to explore his
mind-set and ideas (Tantau and Frăţilă, 2021). Further, people also followed him due to the
charisma which he exudes as most of the people followed Bill gates as they knew he could help
them regarding the better transformation into the better leader.
Passionate: There is no other fact that Bill gates put lot of love into each and everything as
he did for his company. Even if, the only thing he require to do was to write a thank you note and
also make sure that this message came straight from his heart. Most of the transformational
leaders believe that Bill gates tends to do something worth and did things best with his abilities.
Opportunity recognition and Idea development process
Opportunity recognition represent the suitable principal activities which takes place before
the business is being formed or structured. These stages are classified into five main steps which
are discussed as underneath:
 Getting the idea: It represent the strong link among getting the initial idea and also the
starting the new enterprise. It represents the idea for the conception of the possibility and
the reflective method for evading the barriers and challenges (Payne and Hayes, 2021).
Here, the entrepreneurs tend to search for the most suitable idea for their business and
identify the market opportunity to develop a successful business around it which is the
essential aspect of entrepreneurship.
 Opportunity identification: This theory describes the alertness and the ability of
entrepreneur to see and discover the significant opportunities (Prabhugaonkar and et. al.,
2020). It is quite difficult task as most of the opportunities do not appear but also result
from the entrepreneur’s alertness to the possibilities.
 Opportunity development: It leads to recognise the significant opportunity, timely
adaptation that suit to the actual market requirement as it is the key to new venture