ENTREPRENEURSHIP 3: Role, Contributions, and Innovation Impact

This essay provides an in-depth analysis of entrepreneurship, examining the characteristics of successful entrepreneurs, such as passion, motivation, risk-taking, and adaptability. It explores the various roles entrepreneurs play, including leader, visionary, and financial analyst, and how they contribute to innovation and design. The essay also discusses the impact of entrepreneurial contributions on society, highlighting both the benefits and drawbacks. Real-world examples of prominent entrepreneurs like Mark Zuckerberg, Elon Musk, and others are provided to illustrate these concepts. The essay concludes by summarizing the critical aspects of entrepreneurship and its significance in driving economic growth and societal advancement. The paper emphasizes the importance of planning, resource management, and the ability to adapt to changing market dynamics for entrepreneurial success.

Running head: ENTREPRENEURSHIP
Entrepreneurship

ENTREPRENEURSHIP 1
Table of Contents
Introduction...............................................................................................................................3
Characteristics of Entrepreneurs......................................................................................3
Passion..............................................................................................................................3
Motivation..........................................................................................................................4
Taking Risk.......................................................................................................................4
Hard Work, Self-belief and Disciplined Focused........................................................4
Confidence........................................................................................................................5
Adaptable and Flexible...................................................................................................5
Product and Market Knowledge....................................................................................5
Strong Money Management..........................................................................................5
Effective Planning Skills.................................................................................................5
The Right Connections...................................................................................................6
Exit Preparedness...............................................................................................................6
Capability to Question Themselves..............................................................................6
Creativity...........................................................................................................................6
Make SMART Goals for themselves............................................................................6
Taking Ownership of the Destiny..................................................................................6
Extending Team by Networking....................................................................................7
Consistency in the Efforts..............................................................................................7
Role of Entrepreneurs.........................................................................................................7
Leader...............................................................................................................................8
Figurehead........................................................................................................................8
Visionary...........................................................................................................................8
Decider..............................................................................................................................9
Financial Analyst..............................................................................................................9
Marketer............................................................................................................................9
Receptionist......................................................................................................................9
Customer Service Representative................................................................................9
HR Manager.....................................................................................................................9
Grunt................................................................................................................................10
Mobilization of local Resources...................................................................................10

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The contribution of Entrepreneurs to the Innovation and Design..............................10
Impact of Entrepreneurial Contribution in Innovations and design on Society........12
The Benefits...................................................................................................................12
The Drawbacks..............................................................................................................15
Conclusion..............................................................................................................................16
References.............................................................................................................................19

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Introduction
This essay is being presented in order to evaluate the role of Entrepreneurs and how
their contributions to innovation and design have impacted the society. Along with
this some real-world examples of well-known entrepreneurs will be provided such as
Mark Zuckerberg, Larry Page, Elon Musk, John Mackey, and Bill Drayton.
The procedure of planning, introduction, and operating a new business which is
mostly in the starting stage is a small business is known as Entrepreneurship. The
people who make these businesses are known as entrepreneurs (Frederick, Kuratko
and O'Connor, 2015). Entrepreneurship has been defined as the capability and
willingness to grow, establish and accomplish a business project along with risks to
make a profit. It is said to be an act of becoming an entrepreneur, or a manager or
owner of an enterprise who earns money by taking initiatives and risk. Entrepreneurs
perform as a manager and manage the introduction and development of a business
(Burchardt, Hommel, Kamuriwo and Billitteri, 2016). Entrepreneurship is the
procedure through which either an individual or a group recognizes an opportunity of
business and obtains and organizes the essential resources needed for its
exploitation (Kuratko, 2016).
Characteristics of Entrepreneurs
Passion - Entrepreneurs who are successful in their career simple love whatever
they do. They do not bother about the financial returns at the initial stage of the
business. They trade in those items in which they believe and items that attract the
customers. This is not always same in every situation, but in order to increase the
probability of creating a business, this trait is very important. If passion is there then
brain automatically starts working at a faster pace to create new and innovative
opportunities and ideas (Johnson, 2015).
For Example: At the age of 12, Zuckerberg established a program of messaging by
using Atari Basic and called it ZuckNet. In his school, he established Synapse Media
Player which is was music software such as Pandora or Amazon music (Heath,

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2017). He received the offer of job form AOL and Microsoft before graduating but
remained in school. The passion of Zuckerberg for creating games at an early age
directed him to make the largest social networking site i.e. Facebook. Deprived of his
dedication, in 2008 Facebook would not have overtaken Myspace.
Motivation - The business owners which are hard-working are extremely
motivated to get succeed in their desired roles. It is an essential characteristic which
is required to commence a new business with the innovative idea (Bortz, 2018).
Secondly, the successful entrepreneurs surround themselves with highly motivated
and successful people. According to Mark Zuckerberg, who is a famous
entrepreneur invented Facebook, says that people who are motivated and have
good experience help in making good decisions for the new venture (Elkins, 2016).
He has implemented this in his real life while creating Facebook with his classmates
i.e. Dustin Moskovitz, Chris Hughes, Andrew McCollum, and Eduardo Saverin.
Taking Risk - Entrepreneurs are the one who takes the risk. They are always
prepared to dive deep into the situation of uncertainty (Chand, 2018). However, all
risk takers are not successful entrepreneurs. Successful entrepreneurs are always
ready to take a risk in terms of money and time on unknown circumstances; on the
other hand, they also maintain capital, strategies, and bandwidth for dealing with the
unknown risk in standby (Innovation Venture, 2018). While assessing risk effective
entrepreneurs will question themselves,” Is the risk will be managed with the
available money and time? And, what will be the actions plan to avoid risk?
In order to find a company titled as Zip2, Musk left Stanford University from where he
was pursuing his program. The company was later on sold to Compaq at $20 million.
But in place of keeping the money in his pocket, he once again took a big risk and
spent millions of dollars to develop a company named X.com, which was then later
merged with a company to make PayPal (Patel, 2017).
Hard Work, Self-belief and Disciplined Focused - Entrepreneurs trust
themselves and are self-assured and focused towards their work or project. Their
extreme emphasis on and trust in their knowledge may be misinterpreted as
stubbornness, however, it is their will to work hard and challenge the probabilities
that can help them in making successful (Odia and Odia, 2013).

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Confidence – Confidence is a very important characteristic which is required in
every leader. Every leader has to initiate from somewhere and Zuckerberg entered in
this world with great genes. His birthplace is New York. His father is a psychiatrist
and mother is a dentist. Zuckerberg joined Ardsley High School and outshined in
classes before moving to Phillips Exeter Academy. On his application to the college,
Mark specified that he can write and read Latin, French, Greek, and Hebrew
(Sullivan, 2018).
Adaptable and Flexible - Being dedicated and passionate is very important, but
being stubborn about the needs of the customer or market will result in failure. It
should be considered that an entrepreneurial venture is not just about doing what a
person thinks is good, but also creating an effective business from it. Effective
entrepreneurs welcome all recommendations for optimization that may improve their
contribution and satisfy the needs of the market and customer (Burns, 2016).
Product and Market Knowledge - Entrepreneurs have complete knowledge
about their product. They also have knowledge about the market. Many of the
entrepreneurs become successful because they make an innovative product which is
not provided by any of the company before in the market or they considerably
enhance an existing product after facing hindrance with the method it operated.
Remaining unaware of the competitors moves, changes in the needs of the market,
and other external environmental factors can product failure.
Strong Money Management - Every entrepreneurial venture takes some time
to become profitable. Till then, capital is limited; therefore, it should be used
appropriately. The entrepreneurs which are successful do proper present and future
financial planning and keep some amount as an emergency fund. Even after
maintaining and keeping some funds aside a successful entrepreneur maintain a
proper record of cash flow because it is a very important feature of every business.
Effective Planning Skills - Entrepreneurship is all about making a business
from scratch but handling some resources (comprising a personal relationship,
money, and time) which needs planning. But, trying to design the whole thing and
taking a prepared solution in place for all conceivable issues may avert from ever
taking the initial step (Kozubíková, Belás, Bilan and Bartos, 2015).

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The Right Connections - People look for comfort in commiseration- neighbors,
colleagues, and friends are pleased to criticize about unfair competition, poor
demand, and “the global slowdown,” however that won’t recover the bottom line.
Entrepreneurs who are successful reach out to guides with more knowledge and
wide networks in strive for valuable advice.
Exit Preparedness - Every attempt or effort does not provide success to the
person. The rate of failure of the new ventures is extremely high. At times, the finest
answer is to be quitted and have to find out something new in place of regularly
dumping money in a deteriorating business. Most of the well-known entrepreneurs
were not successful at their first attempt, but they were capable enough to know
when to avoid and cut losses.
Capability to Question Themselves – A person can ask himself a question
i.e. Am I an Entrepreneur? A successful entrepreneur always asks himself this type
of question in order to clear all the doubts and gain the courage to do something
which they want to.
Creativity – No matter from which industry the entrepreneur belongs but it is very
important for an entrepreneur to have a creative thinking. This skill is used by an
entrepreneur while creating something new for the market and customer (Innerhofer,
Pechlaner and Borin, 2017).
Make SMART Goals for themselves – No doubt that the successful
entrepreneurs are passionate about what they think and do, however, deprived of
goals no one can operate analytically. S.M.A.R.T goals are set by the successful
entrepreneurs - Specific, Measurable, Attainable, Realistic, and timely which
regularly create their status by following a complete business plan. These goals are
not same as the resolutions of New Year. They are frequently followed, measured
and recreated. The goals of entrepreneurs also become a track to evaluate their
failure and success which inspires them to expand further (Bolander, 2017).
Taking Ownership of the Destiny – The entrepreneurs who are successful
always take the possession or control of their destiny. These entrepreneurs never
blame their team for any type of failure or uncertainties they face in the whole

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process of the business. Therefore, they display all the abilities of an effective
leader. They have a clear understanding of when to track and when to step back.
Successful Entrepreneurs always remain prepared for every situation and do not
give up in spite of failures. Even they do not lose their focus on the goals and
eventually appear as a champion. The understanding that accusing others will only
provide provisional reasoning and not progress which is a key characteristic.
Extending Team by Networking – Entrepreneurs make their team of those
people who are of same mind or understanding so that they can give equal support,
motivation, and direction. Many times the goals are set, resources are prepared, but
there is a fear of taking a first step that he/she might get fail (Under 30 CEO, 2018).
This is the point which separates an effective or successful entrepreneur from a non-
effective or non-successful one. An entrepreneur which is successful always has a
mentor who has supported him to go through the struggles and achieve his set
goals. Therefore it can be said that as much as the network will be strong it will
increase the chances of the success.
Consistency in the Efforts – Every successful entrepreneur goes on with the
flow no matter what the situation is. By working 365 days of the year, they receive a
sweet fruit of their success. They immerse themselves in the hard efforts and
constantly find out a track which takes them towards the success at the time when
other people give up.
Role of Entrepreneurs
Entrepreneurs cover a vital position in a market. This is being said because
entrepreneurs are the one who appears as a spark plug in the engine of the
economy, stimulates and motivate all the activity of the market economy. The
worldwide nation’s economic success is the outcome of inspiring and gratifying the
entrepreneurial nature. Leading an industry or business is a multifaceted work. It is
not about just going to the office, stirring out some ideas and seeing that this is all for
the day. Not at all, the truth is that entrepreneur has to do little of everything in the
initial phase of the development of business (DeMers, 2015).
The entrepreneur does not have funds to have the complete departments, nor even
the experience of operating those departments independently. In its place, the

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entrepreneur has to step inside to fill those parts provisionally to create a basis and
track for the company to develop and grow. Throughout the process of an
entrepreneur, have to perform some roles on the regular basis:
Leader – It is not a surprise that an entrepreneur is frequently considered as a
leader, however, the real role of leadership is to take the experience to master.
Being the leader of the company person will be the in charge of forming the inner
tone, setting a decent example for the team, solving the conflicts among the team
members and increasing the morale of the employees at the time of sorrow (Lidow,
2014). It is not so easy to perform this role.
Figurehead – Performing as a role model for the company is same as being a
leader, but it’s extrinsically attentive. A person becomes a figurehead for a company
at the time when he/she make networks with other various professionals, join the
speaking events and make their own personal brand online. People will visit to
associate themselves with the company, behaviors, and personality, therefore it is
important for an entrepreneur to be true to themselves and make a respectable
impression.
For example – With the help of current survey it has been identified that among
7200 professionals from India, Singapore, Australia, Canada, United Kingdom,
United States, Hong Kong, Brazil, Mexico, and Turkey, Go Daddy intended to define
generational alteration in the opinions of entrepreneurship. Out of this figure, 2400
people between the age group of 18 to 30 were categorized as millennial. From
these 50 % of the people want to be the an entrepreneurs and from these 2400, 40
% of the people consider Mark Zuckerberg the CEO of Facebook as their role model
(Ray, 2018).
Visionary – The role which is majorly associated with the entrepreneurship is
“visionary.” Entrepreneurs act as an idea for which people are always in the search
in order to identify new opportunities for innovation and definition new methods to
handle old challenges. This role is always performed by the entrepreneur even after
launching the business. The entrepreneur has to identify new ways to enhance
performance and grow the company (Berry, 2018).

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Decider – Entrepreneur does not have much time or capability to practice
everything which is occurring in the company directly. Being an entrepreneur, team
members are responsible to inform about everything which is important like the data
related to the next shipment or delays in the deadline of the shipment, etc. It is the
entrepreneur's job to give the final verdict on these types of situations or matters,
which is frequently very harder than it looks. There are many responsibilities on the
shoulder of the entrepreneur for which he/she is accountable for the outcomes of the
taken decision.
Financial Analyst – The financial position of the company is the major factor for
the definitive achievement or failure. Even if the company has a top management
such as CFO in the company for taking the financial decisions, but still entrepreneur
will be responsible for supervising the financial records and taking corrective actions
whenever required in order to save the company from the disaster.
Marketer – As being the main visionary of the company, the entrepreneur has a
job of forming a brand image in the market. A marketing professional can be hired to
get support in identifying the nuts and bolts, but eventually, its entrepreneur's job to
finalize the marketing plan of the company.
Receptionist – When the company becomes large, it might hire a secretary or a
receptionist to get the support but meantime entrepreneur will be the receptionist for
the most of the company’s emails, inquiries, incoming calls, and visitors.
Entrepreneurs most of the daytime is consumed by just calling people back,
checking emails, and rearranging the appointments whether he/she like it or not.
Customer Service Representative - In the starting stage of the business
entrepreneur has the responsibility to confirm that the customers are happy or not.
There will be less number of customers in the starting of the business, and they will
be very vital for the survival of the business. Therefore, it will be very important for
the entrepreneur to personally ensure customer satisfaction and do the changes in
the service or products if required.
HR Manager – The entrepreneur is the in charge of creating the team that carries
the objectives and ideas towards the success. This reflects that the entrepreneur has

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the complete control over every person who visits the company and can highlight
whatsoever mixture of education, personality, talents, skills, experience, and talents
is needed to make things work.
Grunt – Entrepreneurship is not only about glory and personality. Unfortunately, an
entrepreneur has to perform the role of grunt in the starting years of the business.
Coffee runs, paperwork, data entry, and other understated jobs take most of the time
but it will be worthy.
Mobilization of local Resources – Entrepreneurs are the one who provides
various opportunities or innovations which result in mobilizing and utilizing the
domestic resources such as talents of friends and relatives and small savings, which
might then stay indolent and unutilized. Therefore, they support in proper utilization
of the resources.
The contribution of Entrepreneurs to the Innovation and
Design
Source [(Park, 2005)]
In today’s scenario, entrepreneurship is said to be the important factor in the
economic growth. Entrepreneurs try to generate more openings in the industry,
offering more options of employment and eventually provide an effective impact on
the lifestyle, revenue generation, and capital income, etc. (Anastasia, 2015).
Entrepreneurs are also the reason behind innovation and designing of new business,
products, and services. Innovation means a new invention which is done to improve
the process already exist in the market or to provide a new arena of thinking
(Braunerhjelm, 2013). Technological approach emphases majorly on the innovation

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of process and product or innovations in the technology frequently said to be the
outcome of information-intensive entrepreneurship.
Innovation is done by the entrepreneurs for the development. Changes in the
technology are personified in new generations of equipment and machinery and
better-educated workers (Yeong, 2012). However, technology advances also result
in an enhanced catch-up in emerging countries.
Source [(Value, 2013)]
For Example, Today Google is the most familiar name and brand, which is being
reflected by the above graph which shows that approx. 65% of people use Google
across the world. If anyone wants to know anything about anyone then he/she just
need to Google it. Larry Page is the one who is behind this innovative and creative
concept. Undoubtedly he is the best entrepreneur in the sector of the internet the
world has ever seen. He is the first and leading computer scientist and at Standard
University he studied computer engineering. Today, Google which is invented by him
is the most used search engine in the whole world and the company even has
become a multinational, having acquired YouTube (Anastasia, 2016).