Entrepreneurship: Role of Entrepreneurs and Leaders in Society and Economy

Entrepreneurship

Table of Contents
Introduction......................................................................................................................................3
Main body........................................................................................................................................3
About the entrepreneur....................................................................................................................3
Personality traits of an entrepreneur...........................................................................................3
Discuss how the entrepreneur have recognised the opportunity or whether the entrepreneur
have created an opportunity........................................................................................................4
Innovative products and services introduced in the market and explain why innovation is
important for the company..........................................................................................................5
About the entrepreneurial organisation............................................................................................5
Entrepreneurial teams build by entrepreneurs:...........................................................................5
Role of leadership in entrepreneurship.......................................................................................7
Growth of business......................................................................................................................7
Contribution to society and economy..............................................................................................8
Evaluate the survival issues (due to the global pandemic) ......................................................10
Conclusion.....................................................................................................................................11
References......................................................................................................................................12
(How to build a successful team as an entrepreneur?, 2020) [Online] Available through
<https://yourstory.com/mystory/build-successful-team-entrepreneur/amp>.................................12

Introduction
Entrepreneur refers to the person who set up their business with the help of skills in order
to enter the market. The focus of entrepreneur is to anticipate the needs of the customers and to
innovate a good idea or product which can help the company in attracting those customers.
Entrepreneurs are generally innovators and are continuously in search of new ideas which can
help them in bringing new ideas in the market through their products and services (Fichter, K.
and Tiemann, I., 2018). In context to amazon, the company was founded by Jeff Bezos currently
serving as the Executive Chairman of Amazon. The company was incorporated in the year 1994
and the company is considered to be one of the Big Five companies of US and one of the most
influential and valuable brand. The brand is popular for its innovation and is focussing on digital
streaming, artificial intelligence, cloud computing and e-commerce. In the given report, the focus
is mainly made on entrepreneur and their organisation. The report will include the role of
entrepreneurs as well as leaders along with their contribution in the society and economy.
Main body
About the entrepreneur.
Personality traits of an entrepreneur
Jeff Bezos is a successful entrepreneur, media proprietor, computer engineer and an
investor who have started his e-commerce company in the year 1994. Brining different products
and services in the market company started gaining good profits and in the year of pandemic
Amazon have grown their business by 38% which is around $386 billion. But for achieving this
success Jeff Bezos have developed many things in his personality which has been discussed
below-
Risk taker- Entrepreneurship is all about taking risk because the success of the business can be
accomplished when the person is ready to take any risk which comes in their way. Jeff
Bezos is one of that personality who have taken risk in every way just to found the best
opportunity to meet the objectives of a company(Ribes-Giner and et. al., 2018). In the
starting of his business he was not having any investors to make the investment except his
parents and now the company have attained a good position in the market. But taking risk is
not always easy and it involves huge investment by the entrepreneur and if that risk taking
have not achieved success then it might bring losses.

Innovating personality- Jeff Bezos have always tried to make innovation whether it is to bring
different product line or to bring new services in the market he have always tried to add
innovating feature in that which has laid in brining success to the company(Mehmood and
et. al., 2019) . But sometimes bringing more innovation might disrupt the usual working of
an employee and for that they have to develop more skills in them in order to learn new
things which is a timely process.
Highly competitive- Highly competitive personality means that the person has the strong
admiration to win in the market which Jeff Bezos always wanted to in order to gain
competitive advantage. For this only he has reduced the prices of the products against that of
its competitors so that consumers does not make the purchases from that company. But this
has made the negative image of Bezos in the market and because of this reason many
businesses have been collapsed.
Discuss how the entrepreneur have recognised the opportunity or whether the entrepreneur have
created an opportunity
Identifying opportunity is the most important things which the entrepreneur can do in
order to achieve success in the market. Successful entrepreneur always look for opportunity and
when they don't find any they have to create some of the opportunity which they can use in their
business. Jeff Bezos have done both and this is the reason why the Amazon have achieved
success in the market compared to that of other similar companies(Rezazadeh and Nobari,
2018). He have always tried to make research in the market and on the basis of research he
makes the analysis as to which factor can bring success and bring more customers towards the
business. So for this, he have collected the information as to what are the market trends and what
things consumers can demand. This is the only way by which changes can be brought by them
and they can avail the opportunity because there are chances that consumers will like the
products brought by them.
Jeff Bezos also believes in creating an opportunity and for that he made the purchases of
many small business and have acquired the rights of that business. They have always tried to put
focus on their products which are core in their business and because of making improvement in
that business segment they have created a good opportunity to build good business goodwill in
the market. With the time passes by, they have checked on to the likes and dislikes of the
consumers as to what they expect from the company and what things they want to undertake