Evaluating an Entrepreneur

This report evaluates the background, traits, and characteristics of entrepreneur Jeff Bezos and discusses the process of opportunity recognition and idea development. It also explores the competitive advantages of successful entrepreneurs and provides recommendations for Amazon Company.

Evaluating an Entrepreneur

Table of Contents
INTRODUCTION.................................................................................................................................3
MAIN BODY........................................................................................................................................3
Background of entrepreneur..............................................................................................................3
Entrepreneur traits and characteristics...............................................................................................4
Opportunity recognition and idea development process....................................................................6
Competitive advantages.....................................................................................................................6
Recommendations.............................................................................................................................7
CONCLUSION.....................................................................................................................................7
REFERENCES......................................................................................................................................9

INTRODUCTION
Entrepreneurship is defined as converting the idea into a successful business model.
This report is based on the case study of entrepreneurs Jeff Bezos the CEO of Amazon
Company. In this report background of entrepreneurs will be discuss. This report would also
discuss the facts that how the background of entrepreneur has helped him in growing his
business. What are the key traits of characteristics of successful entrepreneurs will also
discuss in this report. This report would also assess about the process that involve opportunity
recognition and development of idea for entrepreneurs. Furthermore, report would also assess
the factors that provide competitive advantages to entrepreneurs which contribute in their
success of business. Recommendations would also grant in this report.
MAIN BODY
Background of entrepreneur
Jeff Bezos was born on January 12, 1964 in Albuquerque, New Mexico. Jeff Bezos
was graduated from Princeton University in the year 1986. He was also offered a job in Intel
Bell Labs and Andersen Consulting. He initially worked in Fitel, it was a French start up in
telecommunication sector. He owned the position in the start up which allows him to build a
connection with customers to conduct international trade. Jeff Bezos was also promoted at the
position role of head of development and director of customer service thereafter in that job.
Jeff Bezos than switched to the banking sector where he became a product manager at a
Bankers Trust. He worked in the Bankers Trust from 1988 to 1990. Jeff Bezos than witched
to D.E. Shaw & Co. Which was a newly founded hedge fund with a strong attention on
mathematical modelling in the year 1990 (Acs and et.al., 2018). He became the fourth vice
president of D.E Shaw &Co.
Jeff Bezos belongs to middle class family background. His father was a bike shop
owner. His family background was middle class which allowed him to understand the grass
hood situation that also helped him in understanding the actual situation of market and
customers. Due to the family background he got chances to interact with many people like
vendors, shop keepers and many others and understand the people’s mentality, culture and
other aspects of market. His family background was very normal like a middle class
atmosphere in the family. His family has a suitable culture, religious values and also he had a
great education. His father always prioritised education in his childhood which helped him in

getting a degree and jobs in his later life. All different socio culture has allowed him to set a
suitable mindset and positive attitude towards life which also guided him in his later
entrepreneurial life to run the Amazon Company.
Entrepreneur traits and characteristics
Successful entrepreneurs carry various characteristics and personality traits that can
be demonstrate in the following points.
Communication skill: Entrepreneur Jeff Bezos carry an effective communication skill that
allows him to communicate effectively with all different stakeholders associated with the
company. Communication is an integral part of the business. Communication skill is an
integral part of the business as entrepreneurs needs to communicate about each and every
aspects of the business. Communication always supported the Jeff Bezos in all its career
earlier in job as well and in later stage of business as well. Communication is an important
personality and characteristic trait entrepreneurs carry. Jeff Bezos also carry a sense of
humour which he also use while making any kind of communication with any of the
stakeholders he engaged with. Sense of humour makes the conversation more interesting
which allows the Jeff Bezos to convey the message in clear way (Acs, Szerb and Autio,
2017). Socio entrepreneurship theory also sup[port the communication as an important
personality trait entrepreneurs must possess in order to achieve success in business they hold.
Observation: Observation is another personality traits successful entrepreneur’s carry.
Entrepreneur Jeff Bezos also carry strong observation skills which allow him to observe the
needs and demand of market. Observation skill of entrepreneurs makes them able to
understand the need and demand of customers and also related to the product development in
business (Wiklund and et.al., 2017). Different entrepreneurs theories like opportunity based
entrepreneurship, sociological entrepreneurship and many other theories support the
observation as a key characteristics trait successful entrepreneurs carry in order to gain
success in the business they undertake. Observation makes the entrepreneurs to understand
the actual need and demand of market and customers which support them in delivering the
best quality of products to customers.
Motivation: Motivation is an important aspect and characteristic trait successful
entrepreneurs carry in their personality. They always motivate other stakeholders associated
with the business they operate along with the self motivation. In order to establish a
successful business empire they face plenty of failures in the earlier stages due to

inexperience and many other negative factors. Motivation drives the entrepreneurs to learn
from the mistake and never give up on the goals they see for the business. Motivation play a
huge role for entrepreneurs i achieving success in the business they undertake (Acs, Szerb
and Autio, 2017). Many entrepreneurship theories like Psychological entrepreneurship,
sociological entrepreneurship theory completely support motivation as an important tool for
entrepreneurs to achieve success in the business they undertake. Successful entrepreneurs not
jkust motivate themselves but they also motivate other people part of the organisation as
every stakeholder carry some kind of contribution in the growth and success of the business
model.
Critical analysis: This is another key characterise and personality trait successful
entrepreneurs carry in the personality. Critical analysis is an important personal trait which
allows entrepreneurs to assess the business decision in critical manner. Critical assessment
support entrepreneur Jeff Bezos in identifying all negative areas involve in the decision
making (Rey-Martí, Ribeiro-Soriano and Palacios-Marqués, 2016). IIt becomes essential to
overcome the negative areas involve in the business to boost the growth rate in market by
taking competitive advantages from the business decisions. Jeff Bezos has always used this
skill in taking all his business decisions so that best growth opportunities can be created and
developed for the growth and success of business. Opportunity based entrepreneurship theory
promote critical analysis approach while making any business decision to identify all
different negative areas part of the decision.
Creative thinking and innovation: Creativity and innovation is an important part of
business. Successful entrepreneurs like Jeff Bezos always follow the creativity and
innovation in all its business practices. Jeff Bezos do not just only try to channelize
innovation in product development activity but along with the product development he also
likes to innovate in different business practices that can support the same product with more
quality and efficiencies. This approach of his entrepreneurs has allowed the Amazon
Company to cut cost of different products by removing negative areas part of the operations
of company. He also give huge emphasis over utilising innovation in product development
(Bacigalupo and et.al., 2016). Today Amazon Company has been associated with numerous
products and market sector like trading, electronics and many other sectors. Innovative and
creative mindset and personality traits of the entrepreneur make him able to diversify its
business in vast areas. Opportunity based entrepreneurship theory has guided the innovation

and creativity in business while identifying different opportunities for the growth and
development of business.
The above mentioned characteristic traits are among the key personality and
characteristic trait entrepreneur Jeff Bezos carry in his personality. All the above skills and
traits has allowed him in taking the best decision related to growth and development of his
business model.
Opportunity recognition and idea development process
Business environment consist up the volatile nature and environment. Volatility of the
business environment allows it to cater numerous sectors and areas to conduct the business
operations. Opportunity based entrepreneurs clearly denote about various areas to get the
growth opportunity in business recognised and proceed such opportunity in the development
of the business model. Opportunity based entrepreneurship theory support the taking
advantages of possibilities created by social, technological and cultural changes. The theories
denote about the different stages like identifying the need of the society associated with the
sector currently entrepreneur is operating its business or planning to open up its business
venture. Identifying the need of market is the first stage of opportunity recognition process
and idea development process. Once the need and problem associated with the sector in
society has addressed entrepreneurs conduct the research over product development, negative
areas part of the idea, challenges related to the idea, possible market demand of such product
or service and other related research like potential growth rate of such idea in market and
many other areas of research (Ferreira, Ratten and Dana, 2017). Entrepreneurs research each
and every aspect of the business idea so that proper planning can be conducted related to
product development. Once the research over product development and other associated
research is done total estimated cost of developing the product is created so that the
entrepreneur can go to the next stage of selling the product. Once all the process is done
entrepreneur proceed to develop the final products. All the stages are crucial in the product
development stage in order to take the competitive advantages in business.
Competitive advantages
Competitive advantages is all about establishing some unique image of brand in front
of target customers in market so that customers staring preferring the respective brand over
other market competitors. Entrepreneur Jeff Bezos has channelized research over product
development on a constant basis. The research has supported the entrepreneur in respect to

developing products offer by Amazon Company on a constant basis. Constant market
research has also guided Jeff Bezos in respect to all different areas that can serve the vast
range of growth opportunities. Today Amazon Company is associated with multiple sectors
like retailing, entertainment and many other sectors (Khajeheian, 2017). Constant research
has played a crucial role for the company in identifying all potential growth opportunities for
the company. Different entrepreneurship theories like opportunity based entrepreneurship,
societal entrepreneurship and other theories also supported the approach of entrepreneur Jeff
Bezos in identifying all different areas that can cater growth opportunities to entrepreneur.
Recommendations
Amazon Company is one of the big brand parts of the business environment.
Currently company is operating its business operation all across the globe. Currently
company is engaged in selling multiple products of different sector of business environment.
Company can issue its franchise to other individual business persons in order to expand its
business at a grass hood level. It is also recommend that Jeff Bezos must try to launch
cheaper products so that company can expand the scale of target customers worldwide
(Morozova, Popkova and Litvinova, 2019). Cost cutting would support the Amazon
Company in attracting more customers in market. It would allow company to take
competitive advantages in the market. It is also recommended that Jeff Bezos can also look
for mergers in some new business areas. As entering in new market consist up risk factor.
Company needed to establish the entire set up which consist huge investment of company’s
financial resources. Mergers can make the investment in new business areas cheaper and
profitable for the Amazon Company. All the recommendation given is based on the growth
perspectives of the entrepreneurial business Amazon Company. Growth of entrepreneur is
directly associated with the growth of his business venture. All recommendations has
idealised profit and brand value as the key element of the business model of Jeff Bejos.
CONCLUSION
Entrepreneurship is all about converting an idea into a successful business model.
Successful entrepreneurs carry various characteristics traits like creative mindset, innovative,
critical thinking, analytical skill, communication and many other characteristic traits that
drive the entrepreneurs to achieve the massive success and growth in business they undertake.
Different theories like economic entrepreneurship theory, psychological entrepreneurship
theory, sociological entrepreneurship, opportunity based entrepreneurship and different other

theories also guide entrepreneurs in establishing the successful business empire. In order to
develop the product and growth opportunity they conduct market research related to the
product and its demand and growth potential so that proper planning can be done in relation
to the product development.

REFERENCES
Books and Journals
Acs, Z., Szerb, L. and Autio, E., 2017. The global entrepreneurship index. In Global
Entrepreneurship and Development Index 2016 (pp. 19-38). Springer, Cham.
Acs, Z. J. and et.al., 2018. Entrepreneurship, institutional economics, and economic growth:
an ecosystem perspective. Small Business Economics. 51(2). pp.501-514.
Acs, Z. J., Szerb, L. and Autio, E., 2017. Global entrepreneurship and development index
2011. Springer International Publishing.
Bacigalupo, M. and et.al., 2016. EntreComp: The entrepreneurship competence
framework. Luxembourg: Publication Office of the European Union. 10. p.593884.
Ferreira, J. J., Ratten, V. and Dana, L. P., 2017. Knowledge spillover-based strategic
entrepreneurship. International Entrepreneurship and Management Journal. 13(1).
pp.161-167.
Khajeheian, D., 2017. Media entrepreneurship: A consensual definition. AD-minister. (30).
pp.91-113.
Morozova, I. A., Popkova, E. G. and Litvinova, T. N., 2019. Sustainable development of
global entrepreneurship: infrastructure and perspectives. International
Entrepreneurship and Management Journal. 15(2). pp.589-597.
Rey-Martí, A., Ribeiro-Soriano, D. and Palacios-Marqués, D., 2016. A bibliometric analysis
of social entrepreneurship. Journal of Business Research. 69(5). pp.1651-1655.
Wiklund, J. and et.al., 2017. ADHD, impulsivity and entrepreneurship. Journal of Business
Venturing. 32(6). pp.627-656.