Entrepreneurship Report: Amazon and Jeff Bezos's Journey

This report delves into the world of entrepreneurship by examining the success story of Amazon and its founder, Jeff Bezos. It explores the core entrepreneurial motivations that drove Bezos, including the initiation of big things from small beginnings, passion, a focus on long-term goals, and a clear vision and mission. The report then analyzes the entrepreneurial characteristics exhibited by Bezos, such as initiative, customer priority, risk-taking, flexibility combined with obstinacy, the ability to accept failure, and tolerance of critics. Furthermore, it applies the Regret Minimization Theory to Bezos's decisions, highlighting the importance of considering future outcomes. Through this analysis, the report provides insights into the key factors that contributed to Bezos's and Amazon's success, offering valuable lessons for aspiring entrepreneurs. The report concludes by emphasizing the importance of understanding entrepreneurial concepts and their practical application in real-world scenarios. Desklib offers comprehensive resources for students, including past papers and solved assignments, to aid in their studies.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Entrepreneurial Motivations........................................................................................................1
Entrepreneurial Characteristics...................................................................................................2
Regret Minimization Theory.......................................................................................................4
CONCLUSION................................................................................................................................4
References:.......................................................................................................................................6

INTRODUCTION
Entrepreneurship is defined as the developing a values in terms of product or services for
sale and revenue generations. Enterprise is defined as a project or business which is undertaken
to gain some profit. Importance of entrepreneurship includes growth in economy, job
opportunity, innovation, community development, refines living standard and encourages R&D
(Entrepreneurship - Types of Entrepreneurship, 2020). Amazon is one of the leading
international E-commerce firm. It founded in 1994 in US. Other than E-commerce, it also deals
with cloud computing, artificial intelligence and digital streaming. It was established by Jeff
Bezos, he is an entrepreneur in internet, media proprietor, investor and industrialist. He is the
founder, CEO and president of Amazon. The following discussions is based on entrepreneurial
motivation and characteristics using academic models in context of Amazon-Jeff Bezos.
MAIN BODY
Entrepreneurial Motivations Initiation of big things starts from small things: It refers to the plan which is made by an
entrepreneur by starting from small that can take them to the highest level. In context of
Jeff Bezos, he started his career in computer and electrical engineering and did a job in
banks then he started aiming high and land it up to be an entrepreneur. This is a
motivation for him to start from small to target to big things, that is why he is owning the
world largest E-commerce company-Amazon. Because of his motivated thinking today
he is on it's heights that what actually he aimed for in his life (Boudreaux, Nikolaev and
Klein, 2019). Passion: It refers to the obsession of doing something in terms of career or hobby in
order to attain achievement in life. This is an important motivation to every person who
looks for an entrepreneurship. In context of Jeff Bezos, he was passionate from starting
only when he pursuing graduation, he has rejected many companies in campus
placements because he was passionate about of what he is today, so he started working
for it and took experiences about what he aimed in his life. His passion motivated him to
be an entrepreneur of such an amazing firm and made the firm of what he actually dreamt
of.
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 Do things which gives life rather than focusing on current trend: It refers to the
motivation where one aims for the opportunity which gives them the life to the fullest
instead of not always following the current trend even if it's not in interest of doing. In
context Jeff Bezos, when started Amazon, online book selling was never initiated by
anyone, and that was not even a trend at that time. He made his own trend in the world of
online shopping with a full ease for it's customers. His interest motivated him to do
something which give him life to the fullest rather than working on current trend
(Gianesini, Cubico, Favretto and Leitão, 2018).
 Vision and Mission: It refers to the goal or game plan by an entrepreneur that motivates
them to work for what they aimed for. Their vision and mission in terms of their
entrepreneurship and enterprise. In context of Jeff Bezos, he was motivated at the time of
initiation of Amazon, his vision was to make the firm to touch the heights in the market
and mission was the customers to take them on prior basis and create the importance and
need of online shopping. This motivation helped Jeff Bezos to set the goals and working
on them passionately without any hindrance in his mind.
Entrepreneurial Characteristics Initiative: This characteristic refers to the willingness to invent something new which
was never before taken in this world. For any entrepreneur, it is important to be initiative
of what they are doing with their business because until and unless if they could think out
of the box then they would not be a good entrepreneur. Because initiation highly needs
concept beyond thinking. In context of Jeff Bezos, he initiated the online shopping which
made him successful in life. He thought out of the box and uniquely started this new
journey efficiently. If he hadn't thought of being an entrepreneur then he would still be
doing the job in banks (Gianiodis and Meek, 2020). Customers priority: This is one of the most important feature to be an entrepreneur,
because the main aim for them is to make money and generate profits or their business,
and this can be attain by proper customer satisfaction with their products and services. In
context of Jeff Bezos, when he thought of Amazon, he though of serving the people in the
market to give them the best products and services without any complaints. He is
achieving this feature by hiring as many as customer care executive to attend each and
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every customer who are facing problems and any difficulty with the firm's products and
services. Risk Taker: It refers to the risk taking in a business, because no business works if risk is
not associated with it. Entrepreneur must have this characteristic to run a business at it's
heights. They should be having this much guts and courage to face the risk and analytical
skills of analysing the consequences of decision making. In context of Jeff Bezos, when
he initiated Amazon, there was no other business who was doing the same in the market.
So he had undertaken the risks of inventing it as he was passionate about it so he don't
want to regret later of not following his passion. Then he finally build his empire by risk
taking and now he is the most successful businessman in E-commerce sector (Gür,
Oylumlu and Kunday, 2017). Flexibility and Obstinate simultaneously: It refers to the flexible nature and stubborn
nature at the same time in an entrepreneur. Only flexibility or only stubbornness makes
negative impact on entrepreneur's characteristic. They must posses both according to the
situations in a business because business is dynamic in nature, so to be prepared
accordingly is the best feature of an entrepreneur. In context of Jeff Bezos, Amazon is a
vast firm with various branches all across the world, so undoubtedly occurrence of
different situations can also be there, so in some it is important to be flexible and some
needs stubbornness to handle the dynamic nature of a business. Accepting a failure: It refers to the facing of failure with good courage and motivation.
Because the good entrepreneur is who knows to handle or tackle the failure instead of
running from that. Person who have a ability to learn from it's failure can be a future
entrepreneur as this is the most important characteristic of any entrepreneur and they
must possess this on priority. In context of Jeff Bezos, there are many failures in terms of
offering products and services by Jeff Bezos, he faced a loss due to such failures but he
didn't stopped or loose. He made a stand again and come up with new motivation and
courage to explore something new. He basically learnt from those failures and used it in
further innovation of it's firm (Mathisen and Rasmussen, 2019).
 Tolerance of critics: It refers to the criticism faced by an entrepreneur for something new
for the firm. Critics are the part of business development, point is to overcome by an
entrepreneur. If they tolerated this, then he would be able to initiate something new and if
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he took criticism so seriously then he would not be able to grow, develop and expand it's
business. In context of Jeff Bezos, he also faced many criticisms about his products and
services offered like free shipping and initiation of Amazon prime. But he all tolerated
that and faced with positivity and still took a step to initiate these things after a lot of
criticism, and now he is successful in what he thought to achieve for (Mrkajic, 2017).
Regret Minimization Theory
It states that for any person, it is important to aspire themselves to look into the future on
the basis of the decisions that are to be taken today. In context of Jeff Bezos, if had not thought
of trying to establish the Amazon, he would be in a regression today that if he was passionate
about it then why didn't he started or chose to be an entrepreneur. This theory has basically two
factors that are: Yes: This means that in coming years, if current decision not taken results in regression in
future then one should go for that decision.
 No: This means that in coming years, if current decision not taken result in no regression
in future then there is no sense in taking that decision (Schaufeli, 2017).
CONCLUSION
It is concluded that entrepreneur, entrepreneurship and enterprise has vast meaning and
differentiation in terms of motivation and characteristics. This report is discussed on the basis of
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Amazon-Jeff Bezos, who is a great entrepreneur and handling it's entrepreneurship very
unpredictably. Motivational power and characteristics are observed of entrepreneurs by taking
the example of Jeff Bezos. Moreover, academic theory is also analysed of regression in
perspective of or given by Amazon-Jeff Bezos.
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References:
Books and Journals:
Boudreaux, C.J., Nikolaev, B.N. and Klein, P., 2019. Socio-cognitive traits and
entrepreneurship: The moderating role of economic institutions. Journal of Business
Venturing. 34(1). pp.178-196.
Gianesini, G., Cubico, S., Favretto, G. and Leitão, J., 2018. Entrepreneurial competences:
comparing and contrasting models and taxonomies. In Entrepreneurship and the
industry life cycle (pp. 13-32). Springer, Cham.
Gianiodis, P.T. and Meek, W.R., 2020. Entrepreneurial education for the entrepreneurial
university: a stakeholder perspective. The Journal of Technology Transfer. 45(4).
pp.1167-1195.
Gür, U., Oylumlu, İ.S. and Kunday, Ö., 2017. Critical assessment of entrepreneurial and
innovative universities index of Turkey: Future directions. Technological Forecasting
and Social Change, 123, pp.161-168.
Mathisen, M.T. and Rasmussen, E., 2019. The development, growth, and performance of
university spin-offs: a critical review. The Journal of Technology Transfer. 44(6).
pp.1891-1938.
Mrkajic, B., 2017. Business incubation models and institutionally void
environments. Technovation, 68, pp.44-55.
Schaufeli, W.B., 2017. Applying the job demands-resources model. Organizational
Dynamics. 2(46). pp.120-132.
Online:
Entrepreneurship - Types of Entrepreneurship. 2020. Available through
<https://byjus.com/commerce/what-is-entrepreneurship/>./
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