Exploring the Interplay between Entrepreneurship, Innovation, and Leadership

This collection of articles and books focuses on the topics of market creation, entrepreneurship education, leadership, innovation, and entrepreneurship. The authors explore various aspects of entrepreneurship, including market (re)creation through innovation and entrepreneurship, the relationship between entrepreneurship education and entrepreneurial intentions, risk management, and international entrepreneurship. Additionally, the texts examine the role of leadership in fostering a culture of innovation and entrepreneurship, as well as the impact of family ownership, management, and governance on innovation.

Running head: LITERATURE REVIEW FOR ENTREPRENEUR
Literature Review for Entrepreneur
Name of the Student:
Name of the University:
Author Note:

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Table of Contents
Literature Review............................................................................................................................2
Introduction......................................................................................................................................2
Brief overview of the entrepreneur and their journey.....................................................................3
Entrepreneurial orientation of Mark Zuckerberg.............................................................................3
The Passion..................................................................................................................................3
Testing the market.......................................................................................................................4
Going Public................................................................................................................................4
Outlining aspects of innovation...................................................................................................4
Key competencies, mindset or competencies and actions of entrepreneur critical for the
innovation’s commercialization and subsequent implementation...................................................7
Comparisons of different types of entrepreneurs and how their ideas may have shaped by
consumers or communities..............................................................................................................8
Conclusion.....................................................................................................................................14
Reference List................................................................................................................................15

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Literature Review
Introduction
This literature review section discuss about a well-known entrepreneur named as Mark
Zuckerberg who had been responsible for the successful introduction of innovation in and across
the world (Westland, 2016). The well-known online social networking website named as
Facebook begins at the college campus of Harvard University in the year 2004. Within a short
period of time, the website achieved huge recognition among the American colleges. It was
found that Mark Zuckerberg was the only person who was able to attain immense financial
benefits from his innovative website (Facebook). With his entrepreneurial orientation, Mark
Zuckerberg became billionaire at the age of 23. Everyone can only dream about having so much
assets like him but Mark Zuckerberg has it in reality. Most of the people aged 23 years are still
trying to make their eventual course towards life but Mark Zuckerberg made it true in real sense.
Mark Zuckerberg is one of the youngest self-made billionaire with net worth of US $ billion with
his innovative and visionary approach. The reason of Mark Zuckerberg’s accomplishment is
Facebook that had attained huge reputation in and across the world. There are different traits
needed to be a successful entrepreneur like Mark Zuckerberg, Steve Jobs, Larry Page and Bill
Gates. The personality traits of these entrepreneurs are role model for every individual as a way
to attain unimaginable success. Some of the common traits that these entrepreneurs have are
strong apparition, strong management skills, wonderful thinking, survivor of all tough times,
ready to tackle failure as well as exceptional influencer and risk taker (West & Bogers, 2014).

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Brief overview of the entrepreneur and their journey
Mark Zuckerberg is the co-founder and CEO of social networking websites such as
Facebook and one of the youngest billionaires in and across the world. He was born on 14th of
May 1984 in White Plains, New York (Tidd & Bessant, 2014). Mark Zuckerberg left Harvard
after his sophomore year and start focusing on the site where the user base had grown to more
than 250 million people that made him a billionaire. Facebook was lately portrayed in the film as
“The Social Network”.
Mark Elliot Zuckerberg was born in a well-educated family and raised in the nearby
village of Dobbs Ferry. Father of Mark Zuckerberg (Edward Zuckerberg) ran a dental practice
that was attached to their home. Mother (Karen Zuckerberg) worked as a psychiatrist before the
birth of the four children named as Mark, Randi, Arielle and Donna. Mark Zuckerberg from
starting had an interest in computers at an early age when he was about 12 and used Atari BASIC
that help in creating messaging program that was named as Zucknet (Storey, 2016).
Entrepreneurial orientation of Mark Zuckerberg
Mark Zuckerberg was having enthusiasm for inventions and worship for technology from
his early stages in his life. Being an entrepreneur, Mark Zuckerberg is known for his experience
(Facebook) (Sahut & Peris-Ortiz, 2014).
The Passion
Mark Zuckerberg was having enthusiasm for making computer programs especially
communication tools and games. In addition, Mark Zuckerberg initiated programming
throughout his middle school. When Mark Zuckerberg attends Philips Exeter Academy in High

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School, he built a program that assisted his dad in office. This program helped his dad’s office
workers at the time of communicating activities. Mark Zuckerberg developed a music player
named as Synapse that extends artificial intelligence for learning heeding habits of users.
Testing the market
Mark Zuckerberg planned to expand his service after attaining level of success in initial
months where every entrepreneur execute who have skills as well as risk-taking capability. In the
year 2004, Mark Zuckerberg expanded Facebook to Stanford, Yale and Columbia. The growth of
the website was extensive and unfolds League and Boston area schools (Robinson et al., 2017).
“Going Public”
Mark Zuckerberg made two major life changes in the year 2012. To that, Facebook had
an Initial Public Offering that raised $16 billion that made it biggest in the internet IP history
(McLuskie & McLuskie, 2017). Mark Zuckerberg looked for other acquisitions as well where he
individually negotiated the business deal in purchasing Instagram. After initial accomplishment
of the Initial Public Offering, the stock price of Facebook dropped especially in the early days of
trading. In addition, Mark Zuckerberg projected to look that performances will increase in the
near future. He personally holds for more than a quarter of its stock as well as retains 57% power
over the voting shares.
Outlining aspects of innovation
As rightly put forward by Drucker (2014), the term innovation can be explained to
invention and successful profitable development. After understanding the concept of innovation,
it becomes easy to have proper insights of information about different dimensions of innovation.
It can be revised or new products, revised or new services, revised or new business process,

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revised or new manufacturing process and revised or new business models. There are mainly
three phases of innovation that includes ideas, selection and then implementation. It is important
to understand the concept of innovation strategy or framework of innovation for setting the
organizational objectives as well as support innovative activities at the same time.
As opined by Drucker (2014), Innovation needs collaboration, implementation as well as
ideation and value creation. Most of the community developers get engaged in carrying out
innovative activities.
Collaboration- Collaboration is one of the types of group activity that is quite similar to
community development. There is no shortage of initiatives that intends to be collaborative in
some form or other. Collaboration can never be easy as there takes place conflict and
competition that in real dominates the landscape (Matzler et al., 2015).
Ideation- Fresh and new ideas help business enterprise stand out. With increased competition for
resources, business enterprise differentiates in order to survive in this current marketplace.
Implementation- There is no use of good ideas if that cannot be implemented in short span of
time. Business enterprise must engage the best people who have the ability to give best ideas that
can help the business to move forward in this tough competitive world (Lopez-Valeiras, Gomez-
Conde & Naranjo-Gil, 2015).
Testing for Innovation
Do organizations really innovate?
Aspire To find out whether organization regards
innovation-led growth critical and have able to

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cascaded targets that reflects in terms of results
or data points.
Choose To find out whether organization are investing
in a logical, time and risk impartial portfolio of
initiatives with allocated property
Discover To find out whether organization has
differentiated market, technology insights and
business that translates into winning value
propositions.
Evolve To find out whether organization create new
business modes that provides defensible as
well as scalable profit sources (Livermore,
2013)
Accelerate To find out whether organization is bale to beat
competition by developing as well as launching
innovations quickly and efficiently
Scale To find out whether organization can launch
innovations at right scale in the appropriate
markets as well as segments
Extend To find out whether organization can win by
creating as well as capitalizing on external
networks
Mobilize To find out whether organization is keeping

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their people motivated, rewarding them and
make ways for innovations on repeated basis.
Key competencies, mindset or competencies and actions of entrepreneur critical for the
innovation’s commercialization and subsequent implementation
According to Kirzner (2015) and entrepreneurship relates to functions, activities and
proceedings, it mainly perceives opportunities as well as buildings organization for
accomplishing the objectives. For attainment of success, it is important to:
Research on market and customers
Team building activities
Service as well as Product Innovation
Allocating as well as managing resources
Leadership
The above entrepreneurial aspects were assumed by Mark Zuckerberg at the time of creating
Facebook as well as for complete his dreams. Mark Zuckerberg tested the market with the launch
of Facemash. This entrepreneur also served people with sophisticated improvement where they
can connect with anyone in and cross the world. Facebook is a social networking websites that
offers its users with getting access to flexible information and add small applications to pages.
By using this social networking websites, users as well as members will be able to start or run
the trade that explains the implication of Mark Zuckerberg innovation (Kuratko, 2016).

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Entrepreneurs always need to think outside the square. They should be ready to take
challenges and engage in getting new experiences as it will give them fresh perspectives as well
as new way of thinking. They should have a desire to change the world, belief in simplicity that
mean focusing on what is important and ability to say no for maintaining the focus intact. An
entrepreneur needs to select people. They need to be an innovator where they foresee and set
trends for the future. Entrepreneurs need to have strong vision and leadership skills.
Comparisons of different types of entrepreneurs and how their ideas may have shaped by
consumers or communities
Bill Gates Mark Zuckerberg Larry Page Steve Jobs
From strictly a
programmatic
standpoint, Bill Gates
was one of the
entrepreneurs who
have a superior grasp
of technical
knowledge as well as
how to involve during
implementation of a
system.
Bill Gates is going to
return to Microsoft as
Mark Zuckerberg is
one of the best
programmers where
he actively involved
with his top-level
engineer especially in
feature development
as well as roll outs. It
is noted that Mark
Zuckerberg has pulled
all nighters with his
chief engineers that
hacks out code as well
Larry Page is the co-
founder of Google
and one of the most
significant technology
influencers in and
across the world.
Larry Page is of the
opinion that invention
and innovation are not
enough to change the
future. In order to be
successful, Larry Page
suggests that
Steve Jobs is one of
the most successful
CEO of Apple in
America. Till, 1970,
Steve Jobs was still a
scrappy engineer
working with
computer parts in a
garage. He is of the
opinion that people
will not need a college
degree to achieve
success. Dropping out

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a technology advisor
as well as treated as
one of the highly
recognized MS
engineers for his
technical abilities.
as roll out or
troubleshooting new
features.
entrepreneurs need to
concentrates on
commercialization.
Solid business plan is
needed; otherwise
most-shaking
invention has no
change of making in
actual marketplace.
Larry Page had
advised that a
constant focus on the
future will lead the
entrepreneur to
establish a lasting
success. A forward-
thinking mindset will
help the entrepreneurs
to solve any small
issues. Larry page
follows his own
advice by investing
more time in forward-
from school is risky
affair if any individual
are uncertain whether
business will be on
the path to success.
He also stated that
setbacks can help
individuals to re-
prioritize things and
make ways to build a
better company for
future. In the year
1985, Apple was
faring poorly and
Steve Jobs was ousted
from the company he
helped build. He was
of the opinion that
customers do not like
too many choices.
Most of the computer
manufacturers
produce a dizzying

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thinking companies
like Tesla Motors.
array of products. On
the other hand, Steve
Jobs realized that
simplification was the
best key to attain
success. He believed
that instead of
offering dozens of
choices, business
should focus on
producing as well as
perfecting just a Mac
product lines like
MacBook and iMac.
Steve Jobs believed in
focusing mainly on
accessibility rather
than elitism that is
concerned with sales
(Akaka et al., 2016).
Bill Gates, Mark Zuckerberg, Larry Page and Steve Jobs have drawn a great deal of respect these
days for their revolutionary success that changed the world as a whole (Galindo & Méndez,
2014). These entrepreneurs have been the revolutionaries in their own business that deliver world

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new products as well as business that creates enormous wealth for themselves, stockholders,
associates and society as a whole. These entrepreneurs had marketed as well as developed
hundreds of engineers and marketers both inside and outside in their business boundaries that is
paid based on presentation mostly in stock options rather than on the flat wage basis (Bae et al.,
2014). One of the personality traits that is important and common to all these famous
entrepreneurs are unbelievable imagination. All had one thing in their mind that their company
would change the scenario of the world and its functions. All these entrepreneurs had uncanny
ability to develop as well as design technology products that people will start loving. They are all
passionate as well as fearless when it comes to innovation or taking challenges that can bring
changes to their company. All of them are risk taker. They believed in open and transparent
communication where all the employees are free to share their opinion, viewpoint and ideas for
the betterment of the company (Goffin & Mitchell, 2016).
Parents are always present to teach life skills but there are even other lessons about life
skills that are illustrated by the founder of Facebook (Mark Zuckerberg). He was one of the
person that taught people from his own experience and what are the ways that help in achieving
success in near future. Some of the life skills are mentioned below that Mark Zuckerberg had
applied in his real life and individual can easily apply in their own career or take a reference for
sure (Baum, Frese & Baron, 2014).
Equanimity- Mark Zuckerberg does not lose his temper when he is under pressure or in
a stressful situation. He believes in approaching the difficult situations calmly as anger
does not breed success, it can only give rise to serve for alienating or giving impression

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that someone feels they do not have a control over a specific situation. In addition,
developing equanimity help in bringing improving in relationship with employees as well
as colleagues by providing a way to think clearly on matters relating to critical problems
or pressures that come in the way (Drucker, 2014).
Critical Thinking- Mark Zuckerberg always believed in keeping a note of his interested
and coming with an idea or issue in order to make a difference, value maximization and
disruptive actions. He narrated an example by stating that when he was in 6th grade, he
got his first computer. On getting it, he was only interested in finding out how it works
and how the programs worked and then how to write the programs within the system. He
believes that success only comes by giving time and critically analyzing than just
accepting the first idea that comes to the mind (Dana, Grandinetti & Mason, 2016).
Problem-solving- Mark Zuckerberg always believed in solving problems. He had a habit
of questioning everyday to himself like is he doing the most important thing that he
thought of. To answer it, Mark Zuckerberg should feel that he is doing something
interesting or important, otherwise there is no point going further on that topic. He is of
the opinion that there ought to be some relevant problems that need to be solved that will
help either consumer or business in long run (Crow, 2017).
Effective Communication- Mark Zuckerberg strongly believes in effective
communication and takes the role all by him. He believes in communicating with his
employees directly as he feel that creating a company that enhances communication and
interacting between people, it is his responsibility to start the communication at the
present company itself (Brown & Bourke, 2017). People who are part of Facebook will
be able to keep a note on how Mark Zuckerberg is always walking, talking with everyone

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and interested in getting to know people personally. This positive culture had made the
people working at Facebook comfortable where they can share what is going on, voice
any ideas that they feel need changes. Open communication with the team help in
building trust among the team members where everyone has the right to come up with
new ideas, opinions and feedback.
Assertiveness- Mark Zuckerberg does not believe in following or performing things on
other people’s team. He is a risk taker because sometimes it is needed to do stuff that is
controversial and that will lead to mistakes (Carland, Carland & Stewart, 2015). This
positive attitude will help an entrepreneur to look at product, service and brand that has
the potential to change an industry completely. Mark Zuckerberg believes that success
does not come if an individual only take tension about work, instead it is preferable to
look for solutions.
Mindfulness- Mark Zuckerberg does not let his critics get to him. He had learned that the
ability to ignore noise around had helped hum to use the positive energy that already is
present. It is waste of time to think of people who are just there to criticize things.
Criticism should be used for fueling creativity as well as innovation and actions where it
will lead to further success (Cañeque & Hart, 2015). Mark Zuckerberg believes in taking
mindful approach where he can accomplish what he wants and blocks out rest that is not
needed.
Vision- Mark Zuckerberg recently engaged in shaping the global business landscape. He
met with other country leaders as that was a part of his vision for shaping future
generations as well as helping ways for tackling different global social problems
(Clinebell, 2014).

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Conclusion
At the end of this section, it is concluded that innovation is really important and plays
major role in recent marketplace where there is increased competition. In order to stay ahead of
competition, companies or business enterprise need to change their business model and try to
adapt something innovative so that they can generate profits in the upcoming financial year. To
that, this study explains the leadership style of Mark Zuckerberg. Comparison had been made
among different famous entrepreneur that actually involved in innovation and these are Mark
Zuckerberg, Larry Page, Bill Gates and Steve Jobs. Each of the personalities is different to each
and has innovative thinking power where they look at the world in different ways than any other
person. These entrepreneurs are extremely successful in their work and individuals have to learn
a lot of positive attributes from these personalities.

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Reference List
Akaka, M. A., Alvarez, S., Kjellberg, H., Nenonen, S., Storbacka, K., Vargo, S. L., ... & Young,
S. (2016). Market (Re) creation Through Innovation and Entrepreneurship.
In Celebrating America’s Pastimes: Baseball, Hot Dogs, Apple Pie and Marketing? (pp.
415-416). Springer International Publishing.
Bae, T. J., Qian, S., Miao, C., & Fiet, J. O. (2014). The relationship between entrepreneurship
education and entrepreneurial intentions: A meta‐analytic review. Entrepreneurship
theory and practice, 38(2), 217-254.
Baum, J. R., Frese, M., & Baron, R. A. (Eds.). (2014). The psychology of entrepreneurship.
Psychology Press.
Brown, D., & Bourke, J. (2017). Risk management: Leadership, disrupted. Governance
Directions, 69(4), 212.
Cañeque, F. C., & Hart, S. L. (Eds.). (2015). Base of the Pyramid 3.0: Sustainable development
through innovation and entrepreneurship. Greenleaf Publishing.
Carland, J. C., Carland, J. W., & Stewart, W. H. (2015). Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy, 7(1), 1-20.
Clinebell, S. (2014). Snapshots of great leadership. Academy of Management Learning &
Education, 13(1), 139-141.