Entrepreneurship Report: JK Rowling, Theories, and Business Insights

This report delves into the world of entrepreneurship, using JK Rowling as a case study. It begins with an introduction to entrepreneurship, highlighting the importance of innovation, risk-taking, and creating value. The main body discusses the factors driving individuals towards entrepreneurship, such as passion, self-reliance, and a sense of accomplishment. It then explores JK Rowling's journey, emphasizing her creative skills and impact. The report further analyzes different business models, including small business, scalable startup, large company, and social entrepreneurship. Additionally, it applies sociological, psychological, and economic theories to understand entrepreneurial behavior. The conclusion summarizes the key findings, reinforcing the significance of innovation and risk-taking in achieving entrepreneurial success. This report aims to provide insights into the dynamics of entrepreneurship and illustrate how these principles apply to a successful entrepreneur like JK Rowling.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................................3
MAIN BODY.................................................................................................................................................3
Things that drives towards entrepreneurship business.............................................................................4
JK Rowling can termed as entrepreneur..................................................................................................5
Models and theories.................................................................................................................................7
CONCLUSION...............................................................................................................................................8
REFERENCES................................................................................................................................................9

INTRODUCTION
Entrepreneurship refers to bring some innovative product in marketplace. This generally
takes high finically risk in order to earn higher profitability. To create something new and
different for the society can be termed as entrepreneurship. To be a successful entrepreneur, this
requires high risk taking capacity and skills. Entrepreneur is someone who brings change in the
world through its action. They seek opportunities and possibilities where a average person only
seeks problems and annoyances.
Present report is based on JK Rowling who is a great entrepreneur. This study will
demonstrate the current scenario of entrepreneurship and their perspective. Furthermore, it will
justify how the chosen person is termed as entrepreneur. It will highlight the life journey of a
successful entrepreneur. Then some concepts and theories will be applied from academics like
sociological, psychological and economic outlook. Moreover, it will showcase that what drives
someone towards entrepreneurship. Lastly overall summary of study is given.
MAIN BODY
A person who set its own business by taking risk and bringing something innovative in
the market can be known as entrepreneur. As per the view point of Subbalakshmi, Tibrewal and
Khandelwal, 2016 , it is said that, “A capability of entrepreneur takes firm towards heights and
this competitive spirits of them helps to create wealth in country’s economy”. To exploit
opportunities entrepreneurs are born.
Entrepreneurship function obliged with discovery of new opportunities in battle ground
of competitive market. According to Bocken, 2019, “Entrepreneur is someone who runs
successful business and also deals with the competitors”. There are four types of
entrepreneurship businesses which are as follows –
 Small business entrepreneurship – These are the once who run business by their own.
They generally hire local employees into their business. The main motive of their
business is to feed their family. They are not in rush to build an industry but to make
profitability for their survival (The 4 Types of Entrepreneurship, 2017). Generally they

run their entity by taking small business loans by their relatives and friends. These are the
grocery stores, consultants, storefronts, electricians, carpenters etc.
 Scalable startup entrepreneurship – This type of entrepreneur start up their business
with a view to change the world. Generally they hire best and qualified employees in
their company who can lead their company towards success. Moreover, the focus of
scalable business is on expansion. These are the innovation clusters. Mainly focuses on
repeatable business model. For example, Silicon Valley is the scalable startups.
 Large company entrepreneurship - This type of business have generally high life span.
Motive is to earn profitability. Large companies exist in long run. By sustaining
innovation they are able to grow more. Number of employees and shareholders are large
in this type of firm. Many venture capitalist and stakeholders are available to such firm.
Fund can be raised through taking bank loans or through financial institution.
 Social entrepreneurship – These generally focused on resolving society problems rather
than earning profits. The main motive of such firm is to create harmony by bringing
innovative products in the market. To fulfill social needs this type of organization gets
established. This are mixture of profitable and non profitable business.
Things that drives towards entrepreneurship business
Entrepreneurial Motivation – This is type of process where an individual transformed
themselves from an ordinary person to a businessman. This is the one who can contribute
towards economic development (Soltanifar, M., 2016). It is psychological process in which a
person gets motivated based on their own perspective levels. It may not influence all individuals
with same intensity. It varies based on their perception. Factors that drive and influence people
toward entrepreneurship are:-
1. Passion -
An entrepreneur needs a lot of courage to take risks. Mind of an entrepreneur must be
calculative and must know how to react and handle risks and uncertainty (Harudin, Fattah, and
Ahman, 2016). Success of the business depends upon the hard work of the owner because if
owner will work harder then it will motivate the other employees to work hard.
2. Self-Reliance -

Entrepreneur must be a creative person who does not corrupt his creativity for any reason. In
entrepreneurship the main problem is of freedom and working in each and everyone's own style
which forces people to do his own entrepreneurship. So an entrepreneur is creative and
independent.
3. Feeling of accomplishment -
The sense of satisfaction one moves towards entrepreneurship. It needs a sense of
accomplishment by which one must feel its customers value, just as one saw herself before doing
certain things that if he is ready for that or not, because for excellence in this field needs to
satisfy each and every customer.
4. Personal Growth -
When anyone start's his own ventures also starts knowing him and as an entrepreneur a person
must be aware of himself. When a person starts working for his own then that entrepreneur starts
working to remove his weakness which ultimately helps him to grow his business (Leong, Pan
and Cui, 2016)
5. Sense of Control -
Most of the people starts their own venture to be their own boss and wants complete control
over their business, as well as a sense of self security which helps to seek on their own abilities
and entrepreneurial skills (Supriadi, Anwar and Suryana, 2017).
JK Rowling can termed as entrepreneur
Joanne Rowling having a pen name of J.K Rowling was born on 31st July 1965 in Yates,
Gloucestershire. His mother Anne was a science technician and his father Peter James Rowling
was a aircraft engineer .She worked as a producer and screen writer, also as a philanthropist .But
his one of the great achievements were that she had written a fantasy series named Harry Potter
this series became the best of the all others. One of her another famous pen name was Robert
Galbraith. She has taken educational qualifications from the University of Exeter. She was also
the author of Cormorant Strike series.

Her two famous series, Harry potter and Philosopher's stone were published all together
in 1997. In the early stages of his life she has gone through relative poverty but has became
world's first billionaire.
As per the view point of Abdul-Hameed, , Adebiyi and Amole, 2016, it is stated that,
“A successful entrepreneur is not only someone who comes up with a new idea but also who
survives for long period in all circumstances”. To be a successful entrepreneur one should have
creative skills.
Rowling has been selected as one of the most influential woman in Britain in October
2010. She had supported a number of charities such as Comic Relief and Multiple Sclerosis
Society of Great Britain, also she had launched his own charity named, Lumos. She had also
received honorary degrees. Jane Austen was among one of his favorite authors. Rowling also
took to be in Oxford University but was not accepted and then just earned a B.A. degree from
University of Exeter. In 1995 when she was moved to Manchester, in December 1990 her mother
Anne died due to Sclerosis. Her mother was not known to his writing of the Harry Potter series
but her mother's death didn't affect his writing.
As per the view point of Андріїв, 2017, it is stated that, “It is just matter of start”. One
can be great entrepreneur with less amount of capital. No much money is needed overtime. Once
the business achieves popularity, simultaneously lots of investors came to invest their capital. It s
high time to create something innovative in the market as economy is in downfall. Hence,
demand for entrepreneur like JK Rowling gets increased.
She got the idea of doing Harry Potter series when in 1990 she was delayed on a journey
from Manchester by train to London's king's cross. She was also the author of five prominent
adult books, The Casual Vacancy, The silkworm, Lethal White, etc. Her sales exceeded £238
million which helped her to become UK'S best-selling living author.
As per the view point of Acs, Szerb, and Lloyd, 2018, it is stated that, Entrepreneur is
an individual who takes action in order to make a change in the world. Thus, Harry Potter series
is a great invention. Our childhood would be boring if JK Rowling doesn’t come up with such an
extraordinary mind set.

According to Madu, Okanazu and Egbulonu, 2019 it is said that, “A successful
entrepreneur is the one who also thinks of its society, people and surroundings”. Risk taking
capacity of an entrepreneur is high. Thus, they are able to come out with something new in the
market. It is just matter of believe that rise within.
Models and theories
Meaning- It refers to starting a new firm or entity for providing job opportunities for individuals
or groups, with a motive for deep study of growth disabilities. There are three models of
entrepreneurship -
1. Psychological entrepreneurship Theory -
This theory basically focuses on individual personal views and behavior. Personal views
are an important factor which can help an entrepreneur to drive him to his success (Činjarević,
and Veselinović, 2017). This is more clearly defined in personality trait theory, which states that
individual qualities as a person's own stable qualities which help him to be a great and successful
entrepreneur. In other words in each person there are some qualities which helps him to find the
hidden abilities of an individual which are with him from birth, also it helps a person to overlap
the un-useful traits which are hazardous for the firm
For example, An entrepreneur named John Stapleton was failed to be a good entrepreneur
as compared to J.K Rowling. The main reason by which J.K Rowling succeeds was his
psychological understanding of himself as a person. As understanding of a person to his
capabilities help him to choose right venture which may be one's greatest strength in his success.
As J.K Rowling quickly understood his capabilities of writing creative novels and stories which
helped him to his success whereas John Stapleton took the wrong choice and his wrong
perceptions became the reason of his failure
2. Sociological E entrepreneurship Theory -
Sociological theory is considered as one of the important theories, it basically states about
social relationships and public relations. It firstly points towards building public relation and
social bonding Darsono, 2019). In other words it refers to faith and truthful understanding with it

social mates. An entrepreneur can only be a person whose social background is full with faith
and behavior. This faith can be a key be a key reason for anyone's success.
For example, J.K Rowling not only focused on his own beliefs but his writing was on a
high note of faith. On the other hand Darren Hockley was running his firm on the stairs of fake
public relations which damaged his goodwill which at last became a reason to close his firm, but
J.K Rowling only did a business of faith and as a result became successful and first billionaire.
3. Economic Entrepreneurship Theory -
The most effective theory was the economic theory, it directly focuses on factors of
production which may change the end result or affect the end result directly. But only effective
factors of production are not sufficient one's own creativity and effective decision making are
essential for successful venture (Chepurenko, 2017). If Only factors of production are used with
no own creativity then it might be short term success but for long term both are key ingredients
for success.
For example, Harvey Pearce came in the entrepreneurship with huge and effective factors
of production but with no own creativity which resulted in only short term success but a long
term failure. On the other side J.K Rowling mainly focused on his own creativity in his writing
and firm with less value to factors of production which gave him a long term joy and success.
CONCLUSION
It has been concluded from above project report that entrepreneurship can be termed as a
process that creates new enterprise. The person that brings something innovative in the
marketplace can be referred as entrepreneur. It has concluded that JK Rowling was a great
entrepreneur who came up with a new idea and becomes successful. She has introduced series of
harry potter. It is summarized that there are four type of entrepreneurship business. From the
models and the theories, it is been concluded that effective theory would be economic theory as
it majorly focuses on factors of production. Thus, Passion is to be known as one of the key
factors of motivating people to do entrepreneurship.

REFERENCES
Books and Journals
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and Enterprenerial Development in Nigeria: Myth or Reality?. Vestnik Volgogradskogo
Gosudarstvennogo Universiteta. Serii︠a︡ 3, Ė konomika, Ė kologii︠a︡. (4 (37)).
Андріїв, Н.М., 2017. Valuation of the institutional supply of the development of the
competative trading enterpreneurship in Ukraine.
Acs, Z.J., Szerb, L. and Lloyd, A., 2018. Global Enterpreneurship Index. Washington,
GEDI.
Bocken, N., 2019. Sustainable consumption through new business models: The role of
sustainable enterpreneurship. Sustainable Entrepreneurship Discovering, Creating and Seizing
Opportunities for Blended Value Generation,.
Chepurenko, A. 2017., Innovation Enterpreneurship in Transition Economies: Problems
and Outlook. Форсайт. 11(3 (eng)).
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Conference on Business, Management and Entrepreneurship. Atlantis Press.
Leong, C.M.L., Pan, S.L. and Cui, L., 2016, June. Digitally Enabled Grassroots
Enterpreneurship for Rural Development. In PACIS (p. 85).

Madu, M.A., Okanazu, O.O. and Egbulonu, E.J., 2019. ENTERPRENEURSHIP
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The 4 Types of Entrepreneurship, 2017 Available through :< https://www.efe.ph/blog/4-
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