MgMT13151 Essay: Developing Entrepreneurial Attributes through Events

This essay discusses the role of entrepreneurship, innovation, and start-up events in fostering entrepreneurial attributes. It identifies and describes events like Spark Festival, Smart City Hackathon, and Southstart, highlighting their focus on promoting innovation and connecting entrepreneurs with investors. The essay explores the insights gained from participating in such events, including knowledge of market strategies, team building, and financial planning. It also addresses the potential downsides of these events, such as the risk of start-up failures and diversion from traditional career paths, while emphasizing the positive impact on job creation and economic growth. The essay concludes that entrepreneur and start-up events play a significant role in shaping successful entrepreneurs and contributing to economic development.

Running head: Entrepreneurship
Entrepreneurship

Entrepreneurship 1
The actual process of starting a new business and process of creation of business is
called Entrepreneurship. The creation of a new venture requires an innovative idea which
evolves any product, service, process or new technology. For an idea to get successful one
need a platform and a market where you can share your idea. To bring the idea into reality
resources has been required and it is not necessary one who has idea have resources and one
who has resources have the idea. To bring that into one platform various start-up events
aimed for developing new innovations has been organised. From these events various
leanings can also be gain that how to pitch an idea and how one can become a successful
entrepreneur.
There are certain start-up events has been organised to promote and accelerate ideas
and innovation such one event happen every year called Spark Festival. Last year this event
took place in Sydney but also in NSW. This event is a project of Spark Festival Ltd. and it
has majorly sponsored by NSW government and City of Sydney (Spark Festival, 2017).
There are around 9000 attendees of this event. It is a two week program of events and
activities covering all things start-up, innovation and entrepreneurship. Spark Festival
provides opportunities for individual who has from a diverse background, age and gender and
to provide them with ample of opportunities and also they connect each other like
government, investor to the entrepreneurs (Spark Festival, 2017).
Smart City Hackathon took place last year in May, 2017. Its main focus is to provide
a solution to smart cities. Innovators participated in this two day event hosted by Energy
Management Company (Hoh, 2017). They found a solution for Sydney’s congested trains by
installation of image reconciliation system from which it can identify the occupancy level in
carriages. Forward this data through artificial intelligence via train camera and send to real
time indicators from that passenger can be distributed accordingly to that carriage which is
less crowded (Schneider Electrical, 2018).
Southstart is an event which took place in Adelaide every year and its main focus is to
inspire a new era of creativity and innovation. They connect entrepreneurs, innovator, and
service provider of whole world. In this event their aim is to educate the new innovators by
sharing experiences of entrepreneurs. Through innovative and technological ways how
industries can transform is the main key of this event. This two day event has been organised
by the Government of South Australia and the department for industry and skills (Southstart,
2018).

Entrepreneurship 2
From above Start-up, hackathons and innovation events gives you an ample of
knowledge when you attend these events. These events share you the experiences of
entrepreneurs and from that one can know the challenges he would face to start a start-up and
how to use your strength and overcome your weakness for becoming a successful
entrepreneur (Casnocha & Hoffman, 2012). For becoming a successful entrepreneur your
idea for your product must be innovative and new in the market. Your strategy to compete
with your competitors should be strong, so that it will give you a space in the market. A
successful entrepreneur must have the knowledge of the market in which his product or
service will be launched (Cassar, 2004). It is not enough only to have a good idea but it is
also necessary how to implement that idea and what are your strategy and your team strength.
It is also important to know that the finance you have and for that it is required to do a long
research about your angel investors. It is always necessary to have a strong business plan for
every step. Business plan is the mirror of your idea and it must be presented in a proper
manner and it should have in a power point presentation (Colombo & Piva, 2012). These
events give you an opportunity to present your idea with them and get funded. From these
events shows how some ideas that changed the lifestyle and makes things simpler. A
successful entrepreneur is the one who never fear from the competition but always take a
competition as an opportunity. These events give you a learning how to manage your
operations, leading your team and to manage your partners or investors. The market research
is a key factor for any business to success. A good research gives you more flexibility for
your product and service.
A new era for entrepreneurs and for start-up has begun. In recent times the number of
start-up coming into the market as more than ever before. For this increasing number of start-
up there is something which also should be appreciated that the increased entrepreneurship
spirit among youth. Various start-up, hackathon and innovation events helped the new
entrepreneurs to gain knowledge from the entrepreneurs and their experiences and to provide
a platform to meet the investor. Some people oppose these events as they are exploiting the
society (Juntunen, 2012). Due to number of start-up failing and the youth has been diverted
from their studies and their jobs. They are start dreaming of being their own boss. But it is
totally wrong the positive side of these events are much stronger than the negative side.
Entrepreneur means to take risk and this world is full of risk. To achieve something it is
necessary to take risk and to face challenges (Van de Ven, 2004). These events guide you

Entrepreneurship 3
how to tackle these challenges and eliminate the risk. Today with this boom of start-up there
is a lot of jobs have been generated from which the employment rate of countries has been
improved. The overall rate of successful start-ups has been increased in recent times. Start-up
market capitalization in the market of Australia is gaining as ever before. These events helps
start-up to get funds even government is also supporting these events and in the funding of
start-up and they are getting the results (Katz & Corbett, 2016). The entry policies for a new
start-up has also made easy and at a very low cost. A new entrepreneur who is new in the
market needs to learn the right skills to use for every platform from which it can make a way
to success. So it is required anyone who can support him and show him a way. So in a view
the start-up events have a big role in success of start-up and its contribution in the economy.
In conclusion, today in this changed business prospective the entrepreneurs and start-
up events playing a big role in making an entrepreneur successful. These events provide
opportunities to those who have a dream to build his idea into reality. These events connect
each other like investor to the entrepreneur. New idea has been generated which provides a
solution to the common people of their day to day problems. Events had played a very big
role in establishment for any start-up. From the above it is very clear that how important are
the events for the country development.

Entrepreneurship 4
References
Cassar, G. (2004). The financing of business start-ups. Journal of business venturing, 19(2),
261-283.
Colombo, M. G., & Piva, E. (2012). Firms’ genetic characteristics and competence-enlarging
strategies: A comparison between academic and non-academic high-tech start-ups.
Research Policy, 41(1), 79-92.
Hoh, A. (2017). Hackathons innovators find potential solution Sydney’s congested trains.
Retrieved from: http://mobile.abc.net.au/news/2017-05-10/what-is-the-solution-to-
sydneys-crowded-trains/8514056?pfmredir=sm
Juntunen, M. (2012). Co-creating corporate brands in start-ups. Marketing Intelligence &
Planning, 30(2), 230-249.
Schneider Electrical. (2018). Smart Cities Hackathon. Retrieved from:
https://apcpacific.com/hackathon/
Southstart. (2018). Frontiers of the Future. Retrieved from: http://southstart.co/
Spark Festival. (2017). What is Spark Festival? Retrieved: http://sparkfestival.co/about/
Van de Ven, A. H., & Engleman, R. M. (2004). Event-and outcome-driven explanations of
entrepreneurship. Journal of Business Venturing, 19(3), 343-358.
Katz, j., & Corbett, A. (2016). Models of Start-up thinking and Action. Wingley: Emerald
Group.
Casnocha, B., & Hoffman, R. (2012). The Start-up of You. London: Random House Business