Entrepreneurship Theory & Practice

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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