Entrepreneurship: Philips Company, Innovation and Organization Report

This report delves into the multifaceted world of entrepreneurship, exploring the essential personality traits that define successful entrepreneurs, such as focus, resilience, communication skills, time management, risk assessment, and adaptability. It examines how entrepreneurs identify and seize opportunities, emphasizing the importance of continuous market research and understanding customer needs, using the Philips Company as a prime example. The report highlights Philips' innovative products and how innovation provides competitive advantages, driving growth and survival. Furthermore, it discusses the building of entrepreneurial teams, focusing on the selection of talented candidates, employee motivation, and the value of versatile team members. Finally, it analyzes the crucial role of leadership, including setting vision, guiding the team, and providing coaching and mentorship, emphasizing the importance of honesty in leadership. The report provides a comprehensive overview of the key elements of entrepreneurship and their practical application.

Entrepreneurship

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is converting some innovating and creative idea into reality. In this the
individual generates an idea and with the available resources and finance, it tries to grab the
opportunity by converting his idea into reality. By idea which the entrepreneur develops is very
much innovative and new in the market and by developing it into reality he tries to bring
something which have not yet brought by anybody else. Through this the entrepreneur also gains
competitive advantage into the market. This new idea helps him in developing the niche market
for his product or the service whichever he has to offer. For reference purpose this report has
taken an example of Philips Company. Philips is multinational Dutch Company; it has engaged
its business in the manufacturing and selling of electronics item like Air conditioner, refrigerator,
Home alliances, and personal care and so on. The company was founded in the year 1891 by
Gerard Philips and Anton Philips. The company has its headquarters in Amsterdam, Netherlands.
Philips develops its first product as light bulbs and with time expands its business at various
electronic fields.
This essay discusses about the personality traits which have been identified in an entrepreneur
and how does an entrepreneur identify an opportunity and believes that this is a particular area in
which he needs to get a grip and should explore. The essay also talks about the importance of
innovation and how and organization brings innovation into the market place. Apart from this the
essay also includes the entrepreneurial organization and contribution of the same into economy.
MAIN BODY
A. There are a few aptitudes and qualities which are inborn and now and again grew widely
which helps a person in turning into a fruitful business visionary. Here are a portion of the
abilities which separates such individuals from different business supervisors:
Trained: Successful business people are exceptionally focused with regards to their daily
practice and business tasks. They are sufficiently focused to work every day and make little
strides considering making more noteworthy progress in future (Acs, Szerb, and Autio, 2017).
Elon Musk is an extremely focused man which he thinks has helped him accomplish whatever he
has today.
Resilient relationship building abilities: Being a successful entrepreneur requires a person to
have amazing correspondence and relationship building abilities so he can propel and impact
individuals to work for him. Steve Jobs and Elon Musk, both are extremely extraordinary
speakers and have astounding relational abilities which causes them to impact individuals with
their allure. A business visionary can see each circumstance with the regard to its positive and
negative ramifications.
Time the executives abilities: Every individual has equivalent time available to him (Baker and
Welter, 2018). The way that these successful entrepreneurs can accomplish so much

development and extension inside such a brief timeframe range has a great deal to do with their
time-the board aptitudes. They only sometimes draw in themselves in any movement which isn't
beneficial and doesn't help them in either close to home or any ability improvement.
Danger taking: Successful entrepreneur comprehend the significance of facing challenges and
the advantages related with the dangers. Notwithstanding, facing challenges doesn't mean
aimlessly taking any business hazard however suggests facing calculative challenges to build the
odds of accomplishment When Elon Musk helped to establish Tesla, it was an immense danger
since it was the primary innovation of its sort and it could upset the market yet there was a
danger related with how the individuals will see this mechanical change (Bergmann and et al.,
2018).
Adaptability: Most of the fruitful business people are adaptable enough to receive changes in
the business activities as and when they are required. Adaptability in believing is likewise a
significant perspective which helps in critical thinking and emergency the executives.
Far-sightedness: Ability to relate present business situations concerning the progressions and
models common later on is a quality characteristic in successful entrepreneurs. They are far-
located and comprehend the advantage that could be looked for later on for a current business
choice. For instance, Steve occupations gauge the requirement for a gadget that could assume a
significant part in each individual's everyday life and thus observed a business opportunity in
that thought itself.
The entrepreneurs gain success by identify the opportunities and grab those opportunities
at time. They discover a good opportunity through:
Continuous research: In research the entrepreneur searched into the market place about the
trends and patterns which are running. Through the proper research a entrepreneur gets to know
about the existing technologies and trends which are running into the market place and also
about the needs and problems which the targeted market or the people are facing with their work.
After all these research the opportunity is being found out by the entrepreneur (Bruton, Zahra
and Cai, 2018). The identified opportunity gets matches with the internal capabilities and
resources of the organization. Research enables a person in the identification of the areas where
the entrepreneur can explore more and grab his opportunity which would give his business more
growth and success.
Customer insights and requirements: An entrepreneur can grab an opportunity through
digging deep into the customer wants and insight. For example the Philips Company recognizes
about the problem about the women hair, therefore it has come with numerous electronics
through which the women can style their hair. Also the company has recognized the need of men
related to their beards and later they come up with the products of trimmer through which the
men can trim their beards or hair according to their style and requirements (Carraher, Welsh and
Svilokos, 2016). Here the company Philips has under the insights and feedbacks of customer,

recognized their problem and then come up with the idea which gave them an opportunity to
develop more innovative and creative product in the market.
The company Philips has managed to maintain their innovation and creation into their
operations and manufacturing of their products which they have offered to the customers. Some
of the recent innovative products which the company has managed to present to their customers
are as follows:
Cardiac ultrasound machine: The Company has manufactured a new cardiac ultrasound
machine with the anatomical intelligence. In this machine the images will get show in a clearer
and fine quality, the data processing speed and system would be fast, the customized services
which enable to take the better care of patients (Dutta and Sobel, 2016).
Philips S9000 advance shaver: The company has just launched the advance blade close shaver
for men to help them shave with more easy and smooth tool for shaving which enables to
perform and comfortable shaving for men.
Advanced MR machines: Philips has also launched an advanced MR machines which would
help the doctors or the medical facilities in scanning the human body with more effectiveness
and efficiency. The customized and fast processing tool would help in assisting the patient in
more effective manner.
For any company, be it Philips only, innovation is a need for them. Innovation is
necessary for company for following reasons:
Competitive advantage: Innovation helps the company in bringing the competitive advantage
into their operations (Dvouletý, 2017). With innovation the company makes itself unique in its
offering and services. For example, Philips regularly comes up with these innovative products
through which it makes a unique and separate place in the market.
Growth and survival: In the world of competition where every company is trying its best in
increasing their customer base for themselves, the more innovation in technology would help the
company in gaining an USP for its products. Through innovation the company, like Philips
would manage to bring growth and survive into the market place just because of innovation only.
If the company would not bring or initiate any innovation into its products then they must have
be obsolete yet.
B. For building up an entrepreneurial team, an entrepreneur always looks or does the following
task:
Looks for talented candidates: For employment the entrepreneur always looks for the
person or employee who possesses the required skills and knowledge. He will tend to hire that
candidate who has the willingness to pursue in the required field (Gartner and et al., 2016). A
knowledgeable and skilled employee would said to be an asset for any organization. The

company, Philips has adopted the same theory that to build up his team strong and efficient it
gives employment to the people which it thinks that they can prove to be an asset for the
organization and would help the same in attainment to its predetermined goal.
Motivating the employees: The Company Philips uses various methods for motivating their
employees. This method includes both financial and non financial methods for motivation. Here
financial method may include increase in pay, bonus, prize money and etc. And non- financial
includes appreciation, promotion, certificate and etc. Through all these methods the company
tries its best to motivate its employees so that they can product to their level best in their work.
When an employee is motivated he performance his work with full energy and willingness, that
directly or indirectly would enable in building up an efficient team (Malerba and McKelvey,
2019).
Versatile members: A team should have the members who are from different field and
also are specialist in that. When a team has the member who can perform various works and task
this would increase the productivity level as they need to have to seek help outside of their team.
This will put the team more close to their goal as their members are very much versatile with
their work. As in the case with Philips company, they when building up a team tries to put the
members who belongs to different background so that it would get easy for them in performing
various task and work.
A leader is a person who influences others to follow the path with he has directed them. A leader
always plays a role of role model for his followers. A leader has the following role to play for
any organization:
Set mission and vision: He is the person who sets the mission and vision for his
organization. He sees and decides what and how he wants to see his organization in future and
sets the strategies and goals accordingly. As in the case with Philips Company, his CEO is said
to be a leader who sets the vision and mission for the company. He will decide for the path which
he expects his team members to follow so that they can attain the goals together.
Shows path: A leader is a person who shows path to their employees and motivates them
into the determined path. The leader of a company conducts itself in such a way that he plays a
role model for his people. As he is the person who determines the strategy which needs to get
follow by the company. The CEO of Philips company shows the direction which his employees
need to follow and he is who motivates his team to follows the path which would lead them
towards the ultimate goal (Giones and Brem, 2017).
Coach and a mentor: The role of a leader is to provide the coaching and mentoring to
his team. He is the person who needs to solve all the related issue of his team and as a mentor
guide them as that they can pursue for the path. The leader coach his members about the process
or the steps which they need to follow along with the process which would lead them to their
ultimate goals. He is the one who resolves any issue which may rise in between the process.

To become a leader following skills and traits are needed:
Honesty: A leader should be very honest with his team so that the team does not feel that their
leader is playing game from them. When the leader is honest, their members would start
developing trust in him which is actually a biggest factor for any leader. Therefore a leader needs
to be very much honest with his team.
Transparent communication: To be a successful leader, a person must have the ability to
communicate well with others. When he can communicate properly with his team, he can pass
his idea and thinking with others which would help him in making people understand about his
goals.
Ability to influence: A leader must have the ability to influence others so that these people can
trust his ideas and start believing in him. Getting people influence is start major task which a
leader needs to know because through that only he would become a role model for others.
Any entrepreneur wants to grow his business, and he does that through:
Hard work: A leader consistently works in himself and upon his business. Running a business is
not an easy task; an entrepreneur works his hard to make it grow. His consistent hard work gives
him credit which he has yet put in his business (Morozova, Popkova and Litvinova, 2019).
Constant hard work would help the business in bringing the growth in it. As in the case with
Philips Company, they have put much hard work in bringing new and innovative products into
the market place; through their hard work they are able to stand strong in this competitive world.
Bringing required change: For bringing growth into the business and its operations, bringing
the changes are very much required. Changes need to get done according to the goals and
objective for the organization. as in the case with Philips company they had make changes as
when they have gone to target for more markets, here changes can be in the terms of production
activities, some legal activities, product changes or development and much more. The company
has tried its best to foster the product according to the needs of their targeted markets.
Will power and experience: Will power and the past experience are also the factor through
which an entrepreneur develops and bring growth in his business. Through his experience he had
learned many things and lessons which he follows with the conduction of his business. And apart
from this the willingness to bring growth is also a major factor which motivates an entrepreneur
to bring the growth in organization.
C. All such organizations do contribute in the development of any economy in the following
ways:
Increment in work openings: Small and miniature business utilize a dominant part of the
workforce of the individuals in UK. These organizations lean toward utilizing individuals locally
to make a superior effect on the general public too. Because of an absence of assets, work

concentrated procedures are utilized for creation which further expands the business openings in
the nation. As in the case with Philips Company, they have given a total employment of around
77,400 employees in their company. This somewhere or the other does helped the economy in
bringing the increase in the job opportunity, which helps in bringing the poverty down for a
nation.
Increment in expectation for everyday comforts: With greater business openings, salary of the
individual’s increments in the economy and individuals can bear the cost of products of better
quality which helps in expanding the expectation for everyday comforts of the individuals. This
contributes profoundly in social upliftment of the economy. As the jobs provided by the Philips
Company has helped its employees in developing their living standards and some percentage of
disposable income. With the increase into the disposable income those employees would
purchase more products and avail more services that would increase in the demand and income
for other people also.
Expanding income for the legislature: Over the years, the measure of income created by little
and miniature business has expanded enormously as these are increasing greater ubiquity and
client picture of merchandise made by these specialty units is additionally expanding. High
measure of income infers high expenses paid to the administration which would then be able to
be used by the country in making of schools, medical clinics and different spots of public
intrigue. It helps in development and upliftment of the general public. The company Philips gives
taxes to the government from some percentage of its profit, from that tax the government builds
up the infrastructures for the public like government schools, hospitals, service centers and etc.
When the infrastructure of a nation is advance and upgraded it is a sign for the developing or
developed nation.
But due to the Covid-19, the current pandemic which the whole world is facing presently has
stopped the working and operations of the whole world. Every shop, industry, premises, office,
schools, university has shut down due to its speedy spreading process. As all the operations are
completely stopped, the organizations have faced a huge problem and now it has become very
hard for them to survive in the market (Neck and Corbett, 2018). The companies, for example
Philips has stopped their production activity due to which the labor faced a huge problem as they
did not received their pays. Many of the labors lost their jobs and when slowly the lockdown gets
unlocked, the companies face the shortage for labor initially as they have to hire new labor to
restart their production activity. Apart from this the company faced the problem of supply where
they face shortages for raw materials to carry out their production activity and lack of transport
facility to transport the goods to the market. Also the company faced a major decline in their
demand for their products. Apart from all these challenges which the company Philips faced they
have managed to survive this through their strategies and planning which enable them to survive
through this pandemic.

CONCLUSION
From the essay presented above, the traits and the skills which are necessary to be a
leader has been presented. Bringing innovation is very necessary and important for any business
and its importance may include growth, survival, profit, gaining competitive advantage and etc.
The essay also points out the contribution which these entrepreneurs give in an economy; some
of them may include increase in employment, increase in the living standard of people, increase
in the percentage of taxes to the government and much more.

REFERENCES
Books and Journals
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Bergmann, H., and et al., 2018. The climate for entrepreneurship at higher education
institutions. Research Policy. 47(4). pp.700-716.
Bruton, G. D., Zahra, S. A. and Cai, L., 2018. Examining entrepreneurship through indigenous
lenses.
Carraher, S. M., Welsh, D. H. and Svilokos, A., 2016. Validation of a measure of social
entrepreneurship. European Journal of International Management. 10(4). pp.386-402.
Dutta, N. and Sobel, R., 2016. Does corruption ever help entrepreneurship?. Small Business
Economics. 47(1). pp.179-199.
Dvouletý, O., 2017. Determinants of Nordic entrepreneurship.Journal of Small Business and
Enterprise Development.
Gartner, W. B., and et al., 2016. Entrepreneurship as practice: Grounding contemporary practice
theory into entrepreneurship studies.
Giones, F. and Brem, A., 2017. Digital technology entrepreneurship: A definition and research
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Malerba, F. and McKelvey, M., 2019. Knowledge-intensive innovative
entrepreneurship. Foundations and Trends® in Entrepreneurship. 14(6). pp.555-681.
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.
Neck, H. M. and Corbett, A. C., 2018. The scholarship of teaching and learning
entrepreneurship. Entrepreneurship Education and Pedagogy. 1(1). pp.8-41.