Entrepreneurship of McDonald's Founder Raymond Kroc and Impact on Local and Global Economies

Entrepreneurship
McDonalds Founder
Raymond Kroc and a little
bit about McDonald
brothers

Table of Contents
INTRODUCTION.........................................................................................................................................1
MAIN BODY......................................................................................................................................1
Brief history of the founder/entrepreneur of chosen company and their fundamental
entrepreneurial skills and motives and the impact on developing their business idea..........1
Impact of entrepreneurship to local or global economies critically evaluating the impact of
chosen company...............................................................................................................................3
CONCLUSION..............................................................................................................................................4
REFERENCES...............................................................................................................................................6

INTRODUCTION
Entrepreneurship is a very critical process which involves the ability and willingness of an
individual to take risks and uncertainties for organising, establishing and operating an enterprise
with the primary aim of generating profits, social welfare etc. Entrepreneurship is very important
for developing entrepreneurial activities within a state that provides opportunities for growth and
development of the overall economy (Love, 2020). In simple words, Entrepreneurship refers to
the ability and determination of an individual or group to plan, organize and operate an
enterprise by bearing its risks and uncertainties for getting advantage/profits in return. In the
books, entrepreneurship is defined as the utilisation of land, labour, finance, people and raw
materials for furnishing new products or services with handling all unfavourable conditions to
gain a certain margin of profits. There are many benefits of entrepreneurial activities within an
economy because it creates employment opportunities, social and community welfare, research
and development, technology advancement, improves the quality of lifestyle etc. The following
report will describe the entrepreneurship of McDonald's founder Ray Kroc and McDonald
brothers. It will provide a brief history of the company and will demonstrate various skills and
motives that were used by the entrepreneur for developing this business idea. In the end it will
discuss entrepreneurship to local or global economies by critically evaluating the impact of
McDonald's.
MAIN BODY
Brief history of the founder/entrepreneur of chosen company and their fundamental
entrepreneurial skills and motives and the impact on developing their business idea
McDonald's corporation is the world's largest chain of fast food restaurants that serves
approximately 68 million customers in more than 120 countries. McDonald Corporation is a fast
food restaurant, headquartered in the United States and was established in the year 1940.
During the initial years of its establishment it operated as a barbecue restaurant that was
operated by Maurice McDonald and Richard. In 1948 the business was recognised as a
hamburger stand that was based on the production line principle, when Ray Kroc joined the
company as a franchise agent in 1955. McDonald's since then is operated by an affiliate, a
franchise or a corporate business (McDonald’s Founder Ray Kroc leadership, 2020). The
revenues of the business come from the rent, royalties, escheats and fees provided by the
franchisees and the company operated restaurants throughout the world.
1