Entrepreneurship in International Emerging Economies: A Report

This report offers a comprehensive analysis of an interview with Jeff Bezos, examining his perspective on entrepreneurship within international emerging economies. The report delves into key aspects of his business philosophy, including the importance of long-term vision, customer satisfaction, and continuous innovation. It identifies crucial personality attributes of successful entrepreneurs, such as passion, understanding of opportunities, farsightedness, and leadership. Furthermore, the report explores the challenges and hindrances to innovation, particularly in the context of new businesses, such as capital constraints, regulatory hurdles, and the distinction between creativity and innovation. By analyzing Bezos' insights, the report provides valuable lessons for aspiring entrepreneurs, emphasizing the significance of customer-centric approaches, passion, and a commitment to continuous development. The report draws on several academic sources to support its claims and provide a well-rounded perspective on the topic.

Running head: ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
Entrepreneurship in International Emerging Economies
Name of the Student
Name of the University
Author’s Note

1
ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
Executive Summery
In this report an interview of Jeff Bezos has been critically analyzed in point of view of
the development of new business and entrepreneurship. Personality traits of a successful
entrepreneur have also been discussed keeping in mind the gatherings from the interview.
Innovation hindrance is also a point of discussion along with an logical inference.

2
ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
Contents
Executive Summery.........................................................................................................................1
Introduction......................................................................................................................................3
Analyzing the interview of Jeff Bezos.............................................................................................3
Personality Attributes of an Entrepreneur.......................................................................................5
Innovation and hindrances...............................................................................................................6
Conclusion.......................................................................................................................................8
Reference List..................................................................................................................................9

3
ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
Introduction
An entrepreneur is an individual who is responsible for starting a business endeavor. At
the inception of any business the risk is evaluated to be very high, though it depends upon the
industry as well but initial capital acquisition, risk, liabilities are all on the shoulders of an
entrepreneur. Efficient and successful entrepreneurs are the growth basis of any economy as it
ensures new business. Entrepreneurship is broad and much more complex concept than just
about a new business venture, it is an distinguishing attitude of an individual to lead, manage,
organize, plan and bear risk without panicking (Kearney & Hisrich, 2014).
A person who is willing to work passionately for the business he or she has built is an
entrepreneur. Jeff Bezos began his business from his garage by selling books online. He founded
Amazon in the year 1994, this was the early days of internet and Jeff had seen an opportunity
which he grabbed. Today Jeff Bezos has taken the crown off Bill Gates of being the wealthiest
man in the world (Jeff Bezos: the 'obsessive' Amazon founder and world's next richest man,
2017).
Analyzing the interview of Jeff Bezos
Jeff Bezos has repeatedly mentioned in his interviews that there are three topics or point
of focus for his growth and development in the business. Firstly, he says that he always look at
the larger picture, thinks on a long run basis. Secondly, the focus is not on sales, not on the profit
margins of the company but on the customer satisfaction. Thirdly, he believes in innovations and
development of new and improved ways and means to grow in the market and in the industry.

4
ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
As an entrepreneur of a benchmark company and pioneering in the e-commerce field of
business, Jeff is a rather humble person. To help develop a new business idea, one must be far
sighted, and should adapt to change. Change is constant and will continue to happen within the
organization or externally. The company should be ready to face the challenge at any point of
time and it is dependent on the attitude and risk management capabilities of an entrepreneur.
When Jeff was asked about the risks and challenges or unforeseen situations suddenly hit the
market how does he keep his clam and deal with situation. He replied saying that it goes back to
being farsighted and thinking about the long term. A farsighted entrepreneur should be able to
deal with and be ready to tackle any circumstance (Ucbasaran et al. 2013)
Jeff also believes in advertising the truth about his service to his customers. As Amazon
is known for its customer centric behavior and service, the founder of the company also believes
that the center of success is the consumers and hence they should be able to see clearly what they
are being offered. He doesn’t believe in promoting something and providing something else to
his customers.
Amazon has two types of business one form the seller end and the other is the buyer end.
The seller end of the business is the people who can use the platform to sell their products. It is
seen that Amazon does not only have big selling giants in the portal. They also have a good place
for any new business or startup as well. It is important for Amazon to encourage and motivate
new business because Jeff as an entrepreneur understand the value of starting small and what
capabilities small industries have. As world’s richest man he has a responsibility to help develop
and grow new business ideas (Aldrich & Yang, 2014).

5
ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
In his interview Jeff says that he does not believe in shortcuts and there are step after step
which are to be taken in order to reach a milestone. These milestones or goals in the long run
help achieve the object of the company. There should be passion and love for the work and that
is the only way to success.
He talks about understanding of an opportunity, initially there was a just books that was
available in Amazon which he sold form his garage in Seattle. And now Amazon is a
multinational company with thousands of employees’ worldwide. Bezos says that, his passion for
Information technology and his love for reading is what drove him to begin in the first place and
rest fell in place because his knowledge about the internet and his understanding of its reach has
made him who he is today. He says that passion is what has driven him from the beginning and it
is what is still driving him to innovate and invent use new ideas to face new challenges of the
changing world (Jeff Bezos - Thinking for the Long Term, 2017).
Available at: https://www.youtube.com/watch?v=_lAizH_Ycxc
Personality Attributes of an Entrepreneur
From the above interview we can infer some of the following personality attributes of an
entrepreneur and what drives an individual in creating and developing new business ideas:
Passion: Any successful business is an outcome of the passion of its entrepreneur. It is
passion that motivates and continuously inspires an individual to develop and innovate. A
successful business is the hard work of a passionate entrepreneur. Nothing should be left on
chance it is knowledge and understanding that helps create opportunities. Be it a small scale or a

6
ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
large scale business it is important for the entrepreneur to be passionate about what he or she is
offering and should strive for betterment (Cassar, 2014).
Understanding opportunities: It is important for an entrepreneur to understand and
develop on existing opportunities and should also have policies which will may way for more
opportunities in the future (Baum, Frese & Baron, 2014).
Farsightedness: thinking long term is the basis of any successful endeavor. A company
has to lay down policies and develop in accordance with the external and internal business
environment and this requires the entrepreneur to be farsighted (Almeida, Ahmetoglu &
Chamorro-Premuzic, 2014).
Leadership: A leader is a person who can motivate and inspire others to follow a definite
path or ideology. A successful entrepreneur should be a good leader so as to make others work
and share his passion for the development of the company.
Customer centric: An entrepreneur should focus and form his policies keeping in mind
first the quality of the product or service that is being offered to the customer. It is important for
a new business build a customer base people who are loyal to the brand that the new business is
trying to create. This will only happen if the company focuses on the development of customer
service and cultivate the product or service they have to offer keeping in mind the end consumer
(Caliendo, Fossen & Kritikos, 2014).
Innovation and hindrances
For any new business to develop and expand in the market it is important to keep
innovating and upgrading according to the changes in the environment. One of the major

7
ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
difficulties that new businesses face is the capital generation for innovation. It is a hard fact to
accept that a new business will get any profit in the first few years. Hence the availability of
rotational funds is comparatively less. But this is where the passion of the entrepreneur is at test
(Leutner et al. 2014).
Sometimes strict rules for the resources also can behave as a barrier towards innovation.
Open thinking and opportunity to test is one of the key elements of innovating new and improved
business (Kuratko, 2016).
It is imperative for new business to have an open mind and liberal through process so that
the resource at disposal has the opportunity to innovate on their own. There is also a lack of
control and improper disposal of power in a new business, which can work as a barrier in
innovation.
People also confuse creativity to innovation. They are different and have a different
approach and requirement. On need to be creative in order to invent and think with an open mind
(Drucker, 2014).

8
ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
Conclusion
The above interview of Jeff Bezos is very insightful for any aspiring entrepreneur as it
gives us idea about the do and don’t. The point that Bezos is talking about in the interview has
practical relevance and is a proof why he is now the richest man on earth.
His view on being “obsessive consumer centric” is something all industries should follow
and incorporate in their policies. He is also spot-on about being passionate if one wants to start a
business he or she should love what he is doing. A new business is not like a 9-5 job the
entrepreneur has to live in the dream that he or she is about to build. There are no holidays for an
entrepreneur as there are no short cuts to success.

9
ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
Reference List
Aldrich, H. E., & Yang, T. (2014). How do entrepreneurs know what to do? Learning and
organizing in new ventures. Journal of Evolutionary Economics, 24(1), 59-82.
Almeida, P. I., Ahmetoglu, G., & Chamorro-Premuzic, T. (2014). Who wants to be an
entrepreneur? The relationship between vocational interests and individual differences in
entrepreneurship. Journal of Career Assessment, 22(1), 102-112.
Baum, J. R., Frese, M., & Baron, R. A. (Eds.). (2014). The psychology of entrepreneurship.
Psychology Press.
Caliendo, M., Fossen, F., & Kritikos, A. S. (2014). Personality characteristics and the decisions
to become and stay self-employed. Small Business Economics, 42(4), 787-814.
Cassar, G. (2014). Industry and startup experience on entrepreneur forecast performance in new
firms. Journal of Business Venturing, 29(1), 137-151.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Jeff Bezos - Thinking For The Long Term. (2017). youtube.com. Retrieved 12 August 2017, from
https://www.youtube.com/watch?v=_lAizH_Ycxc
Jeff Bezos: the 'obsessive' Amazon founder and world's next richest man.
(2017). theguardian.com. Retrieved 12 August 2017, from

10
ENTREPRENEURSHIP IN INTERNATIONAL EMERGING ECONOMIES
https://www.theguardian.com/technology/2017/jun/02/jeff-bezos-amazon-founder-
worlds-richest-man-bill-gates
Kearney, C., & Hisrich, R. D. (2014). 6. Entrepreneurship in developing economies:
transformation, barriers and infrastructure. Necessity Entrepreneurs: Microenterprise
Education and Economic Development, 103.
Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.
Leutner, F., Ahmetoglu, G., Akhtar, R., & Chamorro-Premuzic, T. (2014). The relationship
between the entrepreneurial personality and the Big Five personality traits. Personality
and individual differences, 63, 58-63.
Ucbasaran, D., Shepherd, D. A., Lockett, A., & Lyon, S. J. (2013). Life after business failure:
The process and consequences of business failure for entrepreneurs. Journal of
Management, 39(1), 163-202.