LCBB5001 Entrepreneurship Report: James Dyson's Entrepreneurial Drive

This report delves into the entrepreneurial journey of James Dyson, examining the factors that propelled him to success. It begins with an introduction to entrepreneurship, highlighting Dyson's contributions as an inventor and founder of Dyson Ltd. The main body explores Dyson's motivations, including his innovative approach, desire for freedom, and passion for learning. It analyzes various factors, such as creativity, risk tolerance, and leadership qualities, that drove him towards entrepreneurship. The report then critically evaluates Dyson's journey through the lens of psychological, sociological, and economic theories. It explores how psychological factors like innovativeness and risk-taking, sociological elements such as social values, and economic incentives influenced Dyson's entrepreneurial behavior. The report concludes by summarizing the key findings and emphasizing the significance of motivation and the interplay of various factors in fostering entrepreneurial success. This report provides a comprehensive analysis of James Dyson's entrepreneurial ventures and offers insights into the broader context of entrepreneurship.

LCBB5001
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...............................................................................................................................3
MAIN BODY.......................................................................................................................................3
CONCLUSION....................................................................................................................................5
REFERENCES....................................................................................................................................7

INTRODUCTION
Entrepreneurship is a great process of launching, running and designing a new business and
that is small business in a beginning. The person launch these business are called entrepreneurs.
Entrepreneurship is a business which is organize, manage and develop a business venture according
to willingness and capacity of entrepreneurs. The development of entrepreneurship is also attached
with risks. James Dyson is a British industrial inventor, founder and designer of Dyson Ltd. He was
a great entrepreneur. This report will include the theoretical knowledge of entrepreneurship and
critical analyse that drives someone towards entrepreneurship. This report will also highlight the
techniques and methods that are entrepreneurs should have to learn to review, consolidate, extent
and apply their knowledge and understanding to initiate and carry out a business plan.
MAIN BODY
James Dyson
James Dyson is best know for a British inventor, designer and founder of Dyson ltd. And
famous for best inventor of the Dual Cyclone bagless vacuum cleaner that works on by following
cyclonic separation. He also a chief executive of Dyson Ltd. Dyson and his team constantly
iterating and innovating on appliances that customers use every day such as vacuums, hand dryers
and fans. They also regularly work on fairly prescient gadgets (Kirzner., 2015). James Dyson also
invented a portable digital headset which used by customers to receive help from virtual assistance,
use applications and check mails. He also designed an auto-mobile engine. He also passionate and
encourage scientists and engineers to expand their education and talent and helps to find out their
way.
There are many factors that motivated James Dyson to become an entrepreneurs
Various factors plays a major role to motivate the James Dyson to become an entrepreneurs.
The James Dyson's creativity and innovative approach encourage them towards the launching of an
entrepreneurship. He likes accountability and freedom in your business and that why he doesn't like
to become an employee. He find that he don't fit in the corporate environment. He know his ability
and capability to discover and innovate something unique. James Dyson and his team passionate
about learning and developing knowledge. They never want to stop learning and that thing
motivated him to become an entrepreneurs. Because entrepreneurs always seeking more knowledge
and skills. It is genuine reason James Dyson was driven to become entrepreneurs. The various
sources of ideas, effective approaches to implement this ideas, uses of modelling and drawing at
several stages of product development and his expertise, specific knowledge and creative thinking
encourage him towards the entrepreneurs. He major focus on two product development such as
Ballbarrow, a wheelbarrow with a ball shaped wheel and the Cyclone vacuum cleaner, a novel type
of domestic cleaner. He designs and invent its products with market potential and manufacturing
constraints in mind. The low investment in tools required encourage him to grab this opportunity by
setting a business of ballbarrow (Venkataraman., 2019). James Dyson developed a basic technical
feasibility in their idea of invention of vacuum cleaner.
James Dyson apply his creative approach in its inventions and designs. He combines the
ability to develop and conceive technical design skill and invention to transform that invention into
a great products. His ideas and problem solving techniques influence him towards becoming
entrepreneurs. Dyson believes that the creative design and invention will be practicable only
through the development of entrepreneurship. He trust on communicating practical approach rather
than by theorising and drawing. He also says that the beginning stage of new design and invention,
it is good for a person not to be great expert. James Dyson and his team highly expert technically
and economically manufactured its products and created a great entrepreneurship. He followed that
the more you study something and get involved, the more unique ideas arise. He believed that to
become an successful entrepreneurs is not a much difficult task when focussed on specific area of

knowledge and finite problems. According to the James Dyson, innovation and design is a process
starting from having good ideas through the great experience and observation of actual situation of
world. It requires hard work including technical expertise and practical skills to translate that idea
into marketable products. Entrepreneurial motivation plays an integral role in the entrepreneurial
process. The development of entrepreneurship can not become successful without motivation. With
the great motivation, they will be able to overcome any pressure and difficulties and develop a
capabilities to control uncertainty. Motivation plays a vital role in improving entrepreneurial
behaviour. Dyson had a effective motivation for becoming a best entrepreneurs all over the world
which inspire him for that (Parker., 2018). Various drivers which influenced the James Dyson for
invented a business and entrepreneurship such as their accumulation of ideas and creativity, risk
tolerance quality, inspirational and leadership quality etc. They also has a quality to give their
commitment for completing specific task against all troubles that are occurs between it. In the
designing and invention, James Dyson combine its skills with the human and visual aspects. He
concerned about the proving developed and appropriate products to the customers in a very
effective and efficient manner (Hitt., 2017).
The critical evaluation regarding the factors against current academic perspectives of
entrepreneurial from psychological, sociological and economic disciplines
Psychological theory of entrepreneurship
Entrepreneurship is a psychological concept and process (Storey., 2016). The factors of the
psychological are the main source of the development of entrepreneurship. If in the society, the
number of persons have similar psychological characteristics that it is great opportunities of
development of entrepreneurship. It will help the entrepreneur to achieve their objectives in a very
proper manner. It also characteristics such as innovativeness, tolerance for ambiguity and risk
taking ability. It also involve personality traits such as a person has stable qualities to control
fluctuated situations. According to the trait theory the person has inborn and enduring potentials ans
qualities that naturally make him a great entrepreneur. The inborn and enduring potential and
qualities includes demonstrate high innovation and creativity, business know- how and high level of
management skills. They also emotionally resilient, optimistic, hard working, high mental energy,
show high level of perseverance and commitment, desire improvement etc (Burns., 2016). It is a
common nature in the entrepreneurs that their nature are transformational as they are indulged in
learning habit. Entrepreneur always use failure as their best springboard and tool for success. They
have competitive desire to win and excel in any situation and circumstances. They became
dissatisfied when the unfavourable results generated and with status quo and they have an ability to
improve these situations. Entrepreneur believes that they have an capabilities to make differences,
develop n integrity and approach vision. They are opportunity driven and don't waste any
opportunity. According to the locus of control, the entrepreneur has a quality to control all internal
and external outcomes and they have their personal control on this activities. If the person has
internal locus of control, it means that they are capable to control all life events. The internal locus
of control directly connected with the individual's desire to become a successful entrepreneur. The
high internal locus of control makes entrepreneur more strong. It involves qualities such as
competitive aggressiveness, autonomy reports ans innovativeness. It also includes the risk taking
ability and quality of work ethics and beliefs. Achievement motivation is a effective tool of
psychological factor when person created new venture. Innovativeness, risk taking, tolerance for
ambiguity and desire for achievement has significant and positive influence on entrepreneurial. The
success of entrepreneurship and entrepreneur's high risk taking ability encourage more
entrepreneurial a and venturing (Read and et.al ., 2016). The main operation of an entrepreneur is to
develop great innovation in venture. The psychological theory is also known as dynamic theory and
innovative theory. According to this, The individual encourage towards the entrepreneurs because
of various psychological factors like self intuitions, will power, tolerance capacity etc. the
entrepreneur will identify the condition of static economy and accordingly take innovative steps in
their process. Entrepreneur has a creative nature. He takes various innovative process such as

introduction of new products, n\methods of production, searching a new market and new sources of
raw materials etc.
Sociological entrepreneurship theory
The sociological factors are the alternative of the psychological factors. For the
entrepreneurship development, these are the secondary source (Etzkowitz and Zhou., 2017). The
social factors such as social values, social attitudes and institution. The social factors importantly
affects the supply of entrepreneurial in a society. The entrepreneurial activities are influenced by
social values and status hierarchy. The entrepreneurship development is also affected by the cultural
values, individual's traditions, position, social status and mobility. According to the Frank W. Young
model, only unit of entrepreneurs have an ability to expand entrepreneurial activities because they
have high capacity and power. He focuses on the changeable society concept. According to the
Hoselitz, if the society has appropriate employment pattern are available and society are
encouraging for personality development to entrepreneurs than it will generate development of
entrepreneur. The marginal person plays an important role to make creative adjustments in variable
situations and they help to developing true innovations in society. They also make efforts to
develop personal qualities for development of entrepreneurial. The leadership qualities and
managerial skill are most important elements for entrepreneurship. It also requires social values,
education, social behaviour and training for proper personality development. Entrepreneurship
development is depend on many factors such as effective employment patterns, social progress,
personality development of persons, culturally marginal groups in the society, innovation ability in
marginal group, leadership quality and managerial capability etc (Light, Bhachu and Karageorgis.,
2017). The individual's religion, community etc. influence their professional life, livelihood, energy
and enthusiasm. The success of entrepreneurs is linked with effective social ethical values systems
in society. The entrepreneurship development also dependent on the protestants and various non
convents. The moral values and religions are affected to individual's thinking, power and attitude.
The entrepreneurship development is based on the operational desires of the job, social attitude
towards occupation etc.
Economic theory of entrepreneurship
This theory says that the entrepreneur will execute all this activities because of economic
incentives. Profit motive is the main factor that encourage the individual towards the entrepreneur.
The main aim of entrepreneur is economic profit an d incentives. The individual is totally
associated with economic profits and gains (Cooper., 2017). The need of enhancing economic
profits an d actual income available in any society. These elements influences the person for
economic development. They believe that the basic and key condition of entrepreneurship is
economic incentive. It also describe that the entrepreneurs have an ability to discover opportunities
in any situation. The entrepreneur find out the situations of opportunities in which can gain
economic profit by ma manufacturing products at low costs. Entrepreneur is a great seeker of
profitable opportunities. The economic growth and entrepreneurship are developed when economic
conditions are appropriate and favourable. As per the economic situation, the person will encourage
towards becoming entrepreneurs. It includes many economic elements which will increase
entrepreneurial behaviour.
CONCLUSION
From the above report, it is concluded that in the current scenario people are attractive
towards the entrepreneurship. The development of Entrepreneurship is begin with a small business.
It requies less capital and investment. The entrepreneur have to conduct research and development
activities in a short manner. James Dyson was a great entrepreneur. James Dyson is famous for its
invention of vacuum cleaner. They started their entrepreneurship as a small business by inventing
Ballbarrow. In this invention, he used ball instead of wheel. The many factors motivate the James
Dyson to become an entrepreneur. Their innovative ideas, skills, leadership quality, new thoughts,

learning skills, positive behaviour towards the entrepreneurship etc. helps the James Dyson to
become a successful entrepreneurs in that period. The various factors such as psychological,
sociological and economic will motivate the individual towards the entrepreneurial. They plays an
important role to influence the individual's decision towards the entrepreneurship. The whole
abilities and qualities make the James Dyson a famous and popular entrepreneurs in the world.

REFERENCES
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas for
the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016.Effectual entrepreneurship. Routledge.
Etzkowitz, H. and Zhou, C., 2017. The triple helix: University–industry–government innovation
and entrepreneurship. Routledge.
Light, I., Bhachu, P. and Karageorgis, S., 2017. Migration networks and immigrant
entrepreneurship. In Immigration and entrepreneurship (pp. 25-50). Routledge.
Cooper, A.C., 2017. Networks, alliances, and entrepreneurship. Strategic entrepreneurship:
creating a new mindset, pp.201-222.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.