Entrepreneurship Theory & Practice

This study explores the nature of entrepreneurship, its role in the economy, difficult decision making, ethical challenges, and legal disputes faced by entrepreneurs. It focuses on the activities of leading entrepreneurs Larry Page and Bill Gates of Google Inc and Microsoft Corporation respectively.

ENTREPRENEURSHIP THEORY & PRACTICE
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Table of Contents
Introduction......................................................................................................................................3
1. Entrepreneurship Nature..............................................................................................................3
2. Entrepreneurship role in developing a robust economy..............................................................5
3. Critical evaluation of difficult decision making of an entrepreneur............................................6
4. A critical assessment of ethical challenges faced by entrepreneur..............................................7
5. Critical observation of legal disputes encountered by entrepreneurs..........................................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10
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Introduction
The entrepreneurship is acted as a process of creating a business to present an innovative product
to the market to generate profit. The entrepreneurs take big issues of the comity and provide
innovation and creative solutions towards solving the specific issue in the market, the product
and services are more prone towards providing life-changing resolution introduced by the
business entries in the market (Stuetzer et al., 2018). In this study, the decision making nature,
challenges and ethical considerations of some known entrepreneurs have been introduced for
providing a brief idea over the process of innovating and transforming it to top-performing
business. In the study, with reference to leading entrepreneurs Larry Page and Bill Gates of
Google Inc and Microsoft Corporation respectively, the nature and activities of entrepreneurs are
introduced as part of in-depth and critical discussion.
1. Entrepreneurship Nature
The entrepreneurship includes all skills abilities and talent to create, direct and control a business
enterprise to grow it in the global marketplace successfully with the help of constant innovation
and creativity (Pires and Stanton, 2018). A business organization makes continuous development
if there are a regular update and engagement of new things, opportunities, activities, goals,
mission and visions to achieve by its owner and employees (Naranjo-Valencia et al., 2018).
Some of the basic nurture which is developed by Bill Gates as well as Larry Page for the
development of their respective business entities in the global market are evaluated as follows:
Risk taking and risk bearing:
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The nature of an entrepreneur is risk-taking; every business entities have scope for growth by
introducing experiments which includes risks to be bearded and faced by the business
entrepreneurs while establishing a business with a challenging idea. It is the most fundamental
nature of the entrepreneurship to take risks and introduce new ideas to a beneficial product in
regards to resolve common but significant issues faced by the consumers in the society (Singh
and Gaur, 2018). Larry Page bought search engine platform from its Google Brand to increase
usage of internet to share, learn and gather information from the online sources about a different
interesting matter of concerts of the consumers. In addition, Bill Gates has introduced the idea of
the personal computer to automate technologies and other business activities for more easy
process recording, analysis and other activities of the daily working life of human beings.
Creativity and Innovation
Innovation and creativity is another nature of the entrepreneurship, in which new creative ideas
are developed, processed, analyzed, applied and implemented by the business entrepreneurs for
developing a new beneficial product for its targeted consumers (Ahrens and Ferry, 2018). Larry
Page has developed cloud computing as one of the most innovative product with the use of
digital and information technologies for developing a data centre in which all data and
information from internet could be stored, shared and saved for longer period of time. In the case
of Microsoft, under the leadership of Bill Gates, the company has developed Microsoft Pix a
camera application which helps to make an automatic adjustment after and before shots is taken.
The constant innovation increases the performance of business entities in the marketplace
(Microsoft, 2019).
Motivation and leadership
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The nature of entrepreneurship also includes motivation and leadership; the motivation factors
increases desires of developing the new ideas and thoughts for the business individuals to
introduce new products for the consumers in the marketplace (Eckhardt, Ciuchta and Carpenter,
2018. It introduces the scope of new opportunities and scope of increasing performance of the
business by presenting new product ideas in the marketplace. In the case of leadership, a proper
direction, guidance, planning, leading and directing the team m or staff members towards growth
and development is another nurture of entrepreneurship (Kuratko, 2016). Larry Page introduces a
democratic leadership style, which helps to introduce open and equalized opportunities to growth
and development of the employees working in Google. On the other hand, Bill Gates develops an
autocratic leadership style, in which every correct decision is made for better development of
Microsoft in the marketplace (About.google, 2019).
2. Entrepreneurship role in developing a robust economy
Entrepreneurship plays a vital role in fueling economic development; there are several factors
that attribute the role of entrepreneurship for development of the economy which has evaluated
as follows:
Investment in the needful product and services for society:
In everyday life, peoples seek for some options which could help them to meet their daily
activities such as exercise, communication, transportation. This needs and demands of consumers
are met through entrepreneurship investment over new product ideas. In the present market,
communication has become more fast and efficient which has developed through the internet and
online applications introduced by Microsoft and Google Inc in the market (Rawhouser,
Cummings and Newbert, 2019). Thus, the enter-entrepreneurship is focused over developing
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products for increasing the better lifestyle of the peoples in the society, which rebuts the
economical condition of the country.
Employment opportunities:
The most core and common issues of the country economy include unemployment and poverty,
which are reduced with the introduction of new enterprises requires workforce in returns of
income sources for the individuals in the market (Garud, Gehman and Tharchen, 2018). Thus,
entrepreneurship creates job opportunities for the individuals in the market increasing the
comical position of a country in the marketplace. As per the present year 2018, Google Inc
employed about 98771 peoples; Microsoft has provided about 134944 individuals job and
employment opportunities in the market.
Development of national income and regional economy
The entrepreneurship introduces a set of innovative and creative products in the market which
increases the new wealth of the business and its workforce, the increase in market and business
certainly develops income sources for the individuals (Kyj and Romeo, 2015). Thus, better
income sources and an increase in employment rates pushes the national income in a positive
direction. In addition, entrepreneurship plays a vital role in developing its business in several
regions for its market reach and performance in the global business playground. The increases of
business in different arena increase the regional economy by providing a source of income and
expenditure (Microsoft.com. 2019).
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3. Critical evaluation of difficult decision making of an entrepreneur
Singh and Gaur, (2018) has stated entrepreneurship performance, and position are affected by the
internal and external factors. There are different risks and challenges introduced which requires
an effective decision making from the entrepreneurs end in the market Eckhardt, Ciuchta and
Carpenter, (2018) has argued that a correct decision has results for better business, although a
poor decision declines the business performance in the market. Thus, the tough decisions made
by entrepreneurs such as Larry Page might have a positive and negative impact which is called
an uncertain point of action. Garud, Gehman and Tharchen, (2018) opined that funding the
business entity is one of the difficult decision as minimal entities or individuals takes a risk with
their monetary value in terms of investing into a business. It is tough for an entrepreneur to make
a choice of funding to be introduced for generating money value to invest in its business.
Huarng, (2018) has observed that entrepreneur’s decision making regarding the recruitment and
selection process, the entrepreneurs seeks a tough challenge to seek and decides a right candidate
for a right position to increase the productivity of the firm in the marketplace. Cecora (2019) has
argued that decision making over recruitment might be easy if there is focused over expertise,
skills, and talent and experienced owned by an individual. It has deduced that every employee
has a certain area of expertise, although it ibis tough to acknowledge which individual has the
capability to adopt a certain corporate culture. Naranjo-Valencia et al., (2018) has added that
entrepreneurs face issues regarding business expansion due to affordability and adaptability of a
new product in the market. It is uncertain for an entrepreneur to make a decision over the
acceptability of new product of Google or Microsoft in the specific marketplace. In the decision-
making process, the tough decisions introduced by entrepreneurs are market entry and exit,
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which is solely depended over the economy, consumer choice and other external factors which
has a tendency to change with time in the market (Eckhardt, Ciuchta and Carpenter, 2018).
4. A critical assessment of ethical challenges faced by an entrepreneur
As per the ethical dilemma, the entrepreneurs face different issues regarding delegation of tasks,
strategic applications of business, cash flow management, budgeting and funding and seeking
stakeholders engagement into the development of the organizations in the marketplace (Kets de
Vries, 1985). The ethical dilemmas faced by Bill Gates includes tax evasion which has been
recently reported and accepted by the entrepreneur, which has been stated not going with the
corporate compliance by Microsoft in the marketplace (O’Hagan, 2019). On the other hand,
another ethical issue has been faced by the entrepreneur has been treatment regarding its
competitors, the company under the supervision of Bill Gates tries to share the market with
Netscape, which has been rejected by the company. In addition, the company might have limited
to share codes to write language program for Windows 95, in relation to restrict the company to
be market dominant. It has observed that the company might have involved in copying the
operating system for Apple Inc in regards to produce a new product line in information
technologies in the marketplace. In the case of Google Inc Larry Page has faced protests from its
employees while the company under the leadership tried to develop and provide censored search
engine for China which has termed as project Dragonfly. In addition, Larry Page has also faced
allegations related to manipulation of the search results by its search engines, which might have
affected user’s privacy and personal information (CNBC, 2019). Larry Page has also faced issues
regarding behavioral approaches for its employees and management of the organization, as most
of the cases the CEO of the company has seen stated as rude behavior approach applied for
management and decision-making process for the company.
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5. Critical observation of legal disputes encountered by entrepreneurs
Google has faced different legal disputes, in which the company has been asked to remove some
of the search results which has provided information over misappropriate results towards the
business entity. There are over 300 websites has been bought to ban by the legal associations
which have been ordered to Google to remove them from Canada and other portals whereby it
has been operating (CNBC. 2019). Larry Page leadership Google has faced with several other
lawsuits such as privacy concerns, advertising, intellectual property case, there has been an
increase in the lawyers from 100 to 400 due to increasing legal issues faced by the company
from past decades. The company has been charged for keeping terrorism contents in its
YouTube channels. The charges have also introduced for the company over Android Antitrust
case with fine of $5.1 billion for abusing its market power on the mobile phone market by
alternating and reinstalling android applications to increase its personal revenue benefits. The
anti-trust law charges have also faced by American technology giant Microsoft under the
leadership of Bill Gates; the company has been charged for violation of United States Antitrust
act (Theregister.co.uk, 2019). The US justice department has made lawsuit to the company over
privacy act, in the year of 2013 it has been founded that data storage system of the company has
included some private information's of drug dealing individuals and illegal activities related data.
Microsoft has been using similar graphical user interface which has been copyright of Apple Inc,
the company has charged for copying the operating system of Apple Inc which has faces
significant charges for Microsoft. The company has also charged ageist trademark violation for
Windows, which was renamed and presented by the company as Lindows (Stories., 2019).
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Conclusion
The study introduces learning over entrepreneurship activities, role and significance in the global
and national economy. It has observed that entrepreneurship includes new idea development and
transforming it to a business in regards to earning profit by presenting beneficial products
required in the market to the targeted consumers. The entrepreneurship has increased source of
income, invested in required products of society, developed wealth generation options for
developing the national income. The entrepreneur Bill Gates and Larry Page has faced several
ethical and legal issues in regards to its company management, although it has introduced
significant strategies to develop Microsoft Corporation and Google Inc in the global market.
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